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Friday, 20 December 2013

Gold XAUUSD H1, H4 & Daily

General Overview for 20/12/2013:
On Daily time frame traders can see two possible scenarios forming:
- SCENARIO 1 - Main Count - ABC corrective cycle wave 4 with wave C to the upside missing
- SCENARIO 2 - Alternate Count - Black alt:4 as a corrective ABC cycle is done and now price is developing Ending Diagonal termiantion pattern in wave alt:5. New low below 1179 is needed to complete this pattern.
Non Linear Regression model channel slope is pointig upward indicating more gains for Gold.

On H4 chart one can see that the overall progression in wave B is a Triple ZigZag formation and there is wave (b) and wave (c) missing to complete this cycle. Bias si to the downside for a little while.

H1 chart shows more detailed possibility of inside wave developing structure in complex wave (b) formation. Target  level here would be $1222 before downtrend resumes.

Support/Resistance:
1179 - Swing Low
1192 - WS1
1207 - 1210 - Techncial Resistance
1213 - WS1

Trading Recommendations:
For intraday scalpers: long positions should be in play  from 1200 level with SL below the 1189 and potential target TP1 @ 107 and TP2 @ 1210 and above.
For swing traders: wait for correction to complete and go short again for last push to the downside.

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Wednesday, 18 December 2013

EUR/GBP H4

General Overview for 18/12/2013
Impulsive rally with has been finished withtermination patter of Ending Diagonal at the end.Currently pair is in corrective cycle that looks like a ZigZag. First leg is sone (a purple), now leg b purple is missing and then final push to the downside. Targets on chart.

Support/Resistance:
0.8500 - WR2
0.8470 - WR1
0.8456 - 61%Fibo
0.8409 - Weekly Pivot
0.8381 - WS1
0.8346 - Technical Support
0.8319 - WS2

Trading Recommendations:
Sell the rallys up to the level of 0.8418.


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GBP/USD H4


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USD/JPY H1


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USD/CHF H4


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EUR/USD H4


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Tuesday, 17 December 2013

Guest Article: Mentoring in Forex



Mentoring in Forex
Like everything else in life, venturing into a new trade requires learning different skills.
It’s not always easy to learn new investment skills. Many experienced stock traders who have been actively involved in NASDAQ for years are now moving over to Forex trading which seems to be offering far profitable trades with far less effort. They often need to learn new techniques
What they soon realize is that Forex Trading is not as easy as it seems at first. There really is more to know about currency trading than one thinks at first. That is why it is highly recommended that all traders, even those that have been trading other financial instruments for years, should educate themselves in Forex before opening a Forex account.
Newbie traders should make every effort to learn all about Forex markets by taking a good educational tutorial. Most brokers offer this type of instruction to all their account holders and this is an excellent way to learn the basics. If you want to move ahead and learn more advanced techniques, you might want to take a course provided by an independent Forex service that is not linked to any particular broker such as FXAcademy.
Fundamentals
The fundamentals of Forex trading don’t differ much from other conventional trading and the concepts used are similar. It is important to know all the ins and outs of trading so you can place profitable trades. Knowing the history of currency trading is also advisable as it gives you a good background to how currencies have evolved.
Start your trading experience with a demo account. This account gives you the opportunity to practice your trades for a specific period of time with virtual money provided by your broker. By using a demo account you can learn about Forex trading without putting any money at risk. Most brokers offer a demo account so with the vast choice of brokers available these days, make sure you choose one that is proud to offer it.
Here is where a good mentor can be of help. Mentors can help you select the right broker and the account that is best suited to you. An objective mentor can sift through the plethora of brokers and compare their features before advising you which broker to select.
When you feel confident that you know enough to discuss Forex intelligently, your mentor can now help you move to the next step in trading. One of the main mistakes made by most traders is jumping into the market too quickly, before knowing enough to make the right decisions. Knowing when to enter and exit a trade can make the difference between profit and loss.
 One way to hone your skills in Forex trading is to understand both technical and fundamental analysis. A good mentor will be able to show you how to read charts and interpret graphs that indicate price movements. Many successful Forex traders use these tools primarily in order to place profitable trades.
Interpreting charts and graphs is not an easy undertaking and a personal tutor can be very helpful at this point. He will also teach you how to develop your own trading system which you should follow throughout your trading experience. Once you have set a strategic plan in action, you must have the discipline to follow it no matter what happens in the market. Despite seeing success at the start, most traders incur more losses than wins. Statistics show that new traders lose their money 95% of the time. If you manage to have some trades that move in the direction you chose, take your profit, no matter how small, and reinvest it in a new trade. Many small profits are better than no profits at all and certainly preferable to losses.
Working together with your mentor, you should be able to come out with some successful Forex trades. 

Alex P.

SP500 H4

General Overview for 17/12/2013:
The simple corrective cycle of (a)(b)(c) Irregular Flat wave 4 has been terminated into 161%Fibo Ext @ 1754 points and impulsive wave progression to the upside has been initiated. Wave (i) of this progression has been done and now price is in corrective cycle. More upside is in view as long as 1754 is not broken. First target is 1824 WR2 level.



Support/Resistance:
1824 - WR2
1812 - Swing High
1791 - WR1
1786 - Intraday Resistance
1778 - Weekly Pivot
1754 - Intraday Low | Invalidation Line |
1745 - WS1
1722 - WS2
1726 - 1735 - SUPPLY BREAKTHROUGH ZONE

Trading Recommendations:
As long as 1754 holds long positions should be in play with 1824 as a first target.

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GBP/JPY H4


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AND
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Crude Oil H4


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Monday, 16 December 2013

GBP/USD H1


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USD/JPY H4 & Daily


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Sunday, 15 December 2013

EUR/USD H1



General Overview for 16/12/2013:
There is a possibility that the correction has been a some form of complex Irregula Flat correction and as long as 1.3830 high is not taken out, the bias is bearish. Nevertheless, any price above the mentioned level invalidates the impulsive bearish count and higher prices are expected. The KEY LEVEL here would be the small grey rectangle zone between 1.3761 - 1.3769 and the nearby golden trend line.
On the other hand, to confirm the top, price must break below 38%Fibo first as a weak confirmation level. Intraday the most important zone to observe would be  a zone between 61%Fibo and previous wave A high @ 1.3618. If broken, this is first top confirmation.

Support/Resistance:
1.3830 - Swing High
1.3761 - 1.3769 - Key Level
1.3694 - Techncal Support | Weak Confirmation Level
1.3637 - 61%Fibo
1.3618 - Previous wave A high

Trading Recommendations:
If You are short already - SL above 1.3831 and wait. More shorts to add only if  1.3618 is broken and price will make H1 close below.
Any price above 1.3831 is bullish.

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Saturday, 14 December 2013

Bitcoin Elliott Wave Analysis H4 & Daily


General Overview for 14/12/2013:
The speculatiove bublle on its best.
You have not seen the top in bitcoin yet.
Projected support level is based on One-to-One geometry levels with some fractal showing up on H4 charts.
Any price below 700 means the market is still in corrective cycle of wave 4 pink with possible Triangle shape.

Support/Resistance:
1090 - All Time High
  968 - Techncial Resistance
  900 - Techncial Resistance
  822 - Techncial Support
  736 - Target Level
  700 - Invalidation Line

Trading Recommendation:
Buy  @ 736 with SL @ 698 and TP1 @ 968 and TP2 @ 1090.
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Tuesday, 10 December 2013

SP500 Futures H4 & Daily


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EUR/USD H1


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Seb
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As You might have noticed I'm taking a part in "Analyst of the year" contest organised by InstaForex  broker MT5.com portal.
AND
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