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GBP/USD hit the resistance level, known as a mirror level on H4. The price has broken through it earlier and is probably retesting it now. To confirm a reversal, the price needs to break through the local extremum point in the opposite direction. It is what is happening to the pound. Its decline has been too rapid, and the nearest extremum point has been formed only at 1.3525. I hope today we’ll get a new one so that the price doesn’t have to fall for so long. It could be a hint of a reversal if there is any. I wish the pair reversed today for me to enter the market at a good price. As a rule, goes, “buy at a lower price, sell at a higher one.” On H4, the engulfing candlestick has formed already. It appeared right after the accumulation of levels at the 1.3400 - 1.3470 range. I went long because I expected GBP/USD to decline towards these targets. When this happens on the chart and several targets coincide, the likelihood of reaching them increases significantly. When the targets are reached, a pullback or a reversal might started. As for me, I hope for a reversal but the market may have its plans. I set the target of 1.3750, which will be the retest of the first wave’s high. It
The pair is likely to decline without any upward spikes. In addition, I expect the data on USD to announce later today that may support the currency. Thus, we should not expect a sideways movement. The pair may maintain the downtrend. The target is at 1.1100. There is no support and the myfxbook shows that market participants are opening long positions. This means that the trend may continue. Yesterday, if the price triggered traders’ stop-losses, it would be seen on the chart today. The price bounced by 30 pips from yesterday’s low, so it can hardly be called a pullback. In conclusion, the pair is likely to decline today, so I will consider opening short positions. However, the situation may change after the data is released.
We can forecast what happens during the day by using the levels indicator The euro closed yesterday’s session at lower levels without a correction, which indicates a strong downtrend. Yesterday’s level indicator declined up to the lower boundary of the channel. It coincided with the mandatory zone at 1.1141, which was has left for testing. There is no mandatory zone on the chart today, but the layout doesn’t look complete. It is another sign of a decline. Maybe it won’t move in the way I marked on the chart, and the price may rise slightly to the upper boundary at 1.1191. But in general, I expect the quote by moving lower, and I set the mandatory zone at 1.1015 as the next target. As for the pound, it also has no mandatory zone today. The one left from yesterday at 1.3498 has not tested yet. The price tested another mandatory zone left after an upward movement and stopped at 1.3357. Today’s levels indicator is near the channel’s boundary, so I don’t expect to see a strong correction. I will look for selling opportunities near the next mandatory zone at 1.3288. I don’t think the pair will close the week with a reversal. Most likely, it will continue to move down within the trend.
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Shantiman Trading Journal
Good afternoon friends, how are you all? I hope you are all well today is Friday. It's the last day of trading this week; the next two days forex market will be closed due to holidays. I congratulate the gold sellers and the USD index buyers. Yesterday again, there was a big stir in the market, and the USD index broke the high of the last two months. On the other hand, the price of gold has fallen sharply in the last two days. It has decreased by about 50 points. Gold is currently under sellers' control, and gold has already broken below the 1800 level, so according to the Daily Time Frame, Gold's next target is 1750$. It is safe to sell gold in the next few days. News Events! There was a lot of market influence news about the US economy in the news calendar yesterday, which caused the price of the USD index to rise dramatically. There is some important news about the US economy if the USD index is vital today in the news calendar. In the information, it will break 97.50$. I write below today's market influence news events, so please look at them. Today high affected news events! (USD) Core PCE Price Index m/m Today medium affected news events! (CHF) KOF Economic Barometer (US
USD/CAD Yes, I also plan only sales for the Canadian market. As far as the technique is concerned, the option that the current growth is like a correction is clearly visible. The only thing is, I still threw my plans quite far again, but here it is probably because I got a little stuck on the euro... So, on H4, you can see that the pair broke the level 100 on the fibro grid, namely the tip of 1.2700. They formed a new local maximum and are trying to go down, and I built a trend line using two points. Within the framework of fibs, it is worth waiting for an upward movement, but here, depending on where else, we will roll back. On H1, we still have support in 1.2650, where we were yesterday, so even if we break through it, then 1.2620 will be the next obstacle. While I leave my thoughts in the same place, namely the rise to 1.2770 - 1.2790. It will be more comfortable to sell there, as for me See that this time, our fibro meshes are stretched the same way. Let's see how accurate working out will be for two people trading on grids Of course, the pair could gain a foothold above 1.2700, but then the thought came to me. What if the pair stays today within the framework of the built blu
ayan555's - Trading journal
Greetings: Yesterday, some previously opened trades closed, and overall those trades gave me a loss of over 100$. You know, two days ago, I opened three buy trades in GBP/USD. Because of FOMC news, the US dollar index showed an instant rise that brought the GBP/USD downward. All GBP/USD buy trades hit the stop loss level of 1.3440 and gave me an immense loss of over $210. However, the gold sell trades gave me some relief. I opened two sell trades in gold from $1818 with a tiny target of $1810. The gold market continued its bearish movement and hit its target. Both sell trades gave me a total profit of over $83. Active trades: In yesterday's update, I told you I am interested in opening some buy trades in the USD/CAD. In the London session, I opened three buy trades in USD/CAD from 1.2690 with a target of 1.2750 and set a stop loss at 1.2640. After the opening of buy trades in the USD/CAD, the pair started a bullish movement, and all trades are floating with a decent profit of $92.34. The pair is 21 pips away from the target, and hope it will take some time to hit the target. For a long time, the USD/CAD pair has been trading in an ascending channel. A few days ago, the pair start
Helsinki Trading Journal
Hello, dear forum family. How is everyone? I hope everything goes well and you are earning a lot of money for your daily expenses. However, the USD Index is well above the 97.00 mark and reflects the strong momentum of buyers in the US dollar index. However, as we have seen, almost all SMA lines are moving below the current price, and the US dollar index is showing strength. Therefore, technically, buyers can target the next possible resistance at the nearest resistance, and the price may remain in the hands of the buyer until there is a strong sell signal in the price. Also, in the current economic calendar, we have lower to high impact news on the US dollar, Core PCE Price Index m/m report with high impact, following the Employment Cost Index q/q, Personal Income m/m, Personal Spending m/m, Revised UoM Consumer Sentiment, and Revised UoM Inflation Expectations. These all reports have low impact categories. Closed Trades: As you can see in the appendix below, Unfortunately, my crude oil, GBP/USD, and USD/CHF trades closed automatically. I lost about 150 US dollars. Stop Out Warning: Running Trades: With all trades automatically closed, there is now only one trade in GBP
GBP-USD continues the bearish trend: The strengthening of the USD continues, it seems that the news effect that occurred on the USD this time was not only instantaneous so that the USD yesterday saw even greater strengthening power that occurred so that it also had a major impact on pairs that were correlated with USD, including also on the GBP-USD which yesterday continued its movement. bearish and there is an increase in bearish power, in technical analysis the actual bearish power that occurs in GBP-USD is in accordance with the direction of the magnitude trend, especially if you pay attention to GBP-USD from the daily timeframe where GBP-USD movement after the interest rate news effect pushed GBP-USD to move bearish, was able to bring the GBP-USD to a significant bearish move to below the 50 MA or a moment of breakout of the 50 MA as the lowest support level after the 200 MA and 50 MA, This moment is an indication that GBP-USD is returning to the bearish trend from the daily timeframe And the bearish movement that occurred yesterday, Thursday, turned out to be more powerful, thus confirming that the bearish trend in GBP-USD continues. Technically analyzing from the daily timefr
A pleasant day to all traders and speculators who are here in the forum! Analysis for the euro/dollar currency pair: The low may not be updated during the Asian trading session, but the pair move in the flat during the American one. But during the European session, the pair may resume its decline, especially if the GDP in Germany is released in the red zone. It wouldn't harm to go to the level of 1.13, after which it would drop to 1.0880. The US dollar usually appreciates in response to Fed rate hike announcements and market expectations, but it swiftly loses its momentum once the Fed begins raising rates. Buy on rumors, sell on facts, as the saying goes. As the US fund ended at a neutral level, risk appetite will return to the market, and the US dollar's rise will come to an end. In general, it's too soon to discuss the range of 1.10 - 1.09, but we can test the level of 1.11, following which the pair may begin to recover by 1.13. It is possible to move to 1.10 in the middle of the year, but no one expects it to fall further below it. On the upside, the target is set at 1.1180, and it will be required to consider the fact there as well.
grasper's - Trading journal
Hi, welcome to my forex trading journal. Finally, we arrived at the last trading day of this week, this was a very lovely week for my forex trading predictions and I didn't lose a single forecast. I will be polishing my analytical skills better these days, I'm done wasting my talent in the financial market, and special thanks to the great Instaforex broker that helps me to discover myself in trading. The USD has not stopped appreciating, it must have been the persistent increase in the treasury yields that is causing it and I recommend restraints in selling the greenback till next week when it would make a major correction before buying again. As this week is not over yet, two US news are to be considered today, the Core PCE Price Index and Revise UoM Consumer Sentiment are to be released during the US session. As unpredictable as the two news could be, the Core PCE Sentiment should not be taken lightly since its inflation-related news at this crucial time that the US battles inflation. The news could set a new lower price for the USD index today or cause a major reversal of a trend. BONUS ACCOUNT Closed Trades: Although I closed my three positions on GBPJPY at a good total profit