EURUSD Halts Weakness, Eyes Further Upside

EURUSD faces risk of further move higher having rallied of its lows the past week. Resistance comes in at the 1.0900 where a break will turn risk to the 1.0950 level. A breach below here will target the 1.1000 level. Further up, resistance stands at the 1.1050. Conversely, on the downside, support comes in at 1.0800 level with a violation of there opening the door for further gain towards the 1.0750 level. Further down, resistance lies at the 1.0700 level. A cut through that level will clear the way for a move towards the 1.0600 level. All in all, EURUSD looks for more recovery.


Inspired from,

Time is the most important factor in determining market movements and by studying past price records you will be able to prove to yourself history does repeat and by knowing the past you can tell the future. There is a definite relation between price and time. -William Delbert Gann


Using Japanese Candlestick Patterns in Profitable Pattern Scanner

Using Japanese Candlestick Patterns in Profitable Pattern Scanner

Profitable Pattern Scanner is the powerful pattern trading system with highly engineered functionality. Properly used, this tool can yield excellent trading results. One of the trading system built inside Profitable Pattern Scanner is Japanese candlestick patterns. Profitable Pattern Scanner can detect around 52 different Japanese candlestick patterns. They are categorized under five categories including one, two, three, four and five candlestick patterns.

To use Japanese candlestick patterns, you have to enable the candlestick pattern from Profitable Pattern Scanner. See the attached screenshot for the purpose. Then you can switch on and off the individual category of patterns according to your preferences. For example, you can only use two and three candlestick patterns if you wish.

Cash management in trading with BitMEX

It is dangerous to make a leverage trade of currency pairs other than XBTUSD in BitMEX.

The recommended currency pair for using BTC Trend Trader is BTCUSD (XBTUSD). This article describes trading with XBTUSD.

In BitMEX, the volume of XBTUSD is very high, and you can trade at a price close to the average value of bitcoin prices on other exchanges. In Bitcoin trading, it is probably the most reliable exchange in the world.

As an aside, currency pairs other than XBTUSD may have a sharp price move due to the low volume. For this reason, trading of currency pairs other than XBTUSD may lose all margin when leveraged. For example, at 23:00 on February 13, 2020, the price of XRPUSD could drop to less than half in an instant and return to its original price in less than a minute. Be careful with leveraged trades other than XBTUSD.

Forex and Cryptocurrency Forecast for February 24 – 28, 2020

First, a review of last week’s events:

– EUR/USD. The dollar index has already gained 2.5% since the beginning of February, reaching the highest since May 2017. The euro continues to lose ground. Beginning on January 01, the advance of the dollar has weakened the European currency by 440 points. It has lost almost 300 points, or 2.7%, in the last three weeks of continuous decline alone.

Experts have managed to put forward many reasons for what is going on during this time, most often referring to fears about the coronavirus. But even here, when they talk about the same thing, they manage to draw opposite conclusions. As a result, some attribute the dollar to safe-haven currencies, while others, on the contrary, consider it a rather risky asset that will bring losses to investors as soon as the peak of the epidemic is passed and the Chinese economy begins to recover. It is quite possible that this will start to take place in the near future, since the Chinese leadership is applying ef

Trading Price Patterns

Trading Price Patterns

Advanced Price Pattern Scanner and Price Breakout Pattern Scanner are the powerful tools to trade with Price Patterns. To improve its trading performance, you might use other technical indicators to assist your trading decision. However, you can also use Peak Trough Analysis tool together.

I use this Peak Trough Analysis  together with Advanced Price Pattern Scanner and Price Breakout Pattern Scanner. I basically try to find the intersection or overlapping of the patterns detected by indicator and by peak trough analysis.  This approach hybridizes the price pattern trading. This approach can help to detect the true breakout direction.

Here is the download link for the free Peak Trough Analysis Tool for MetaTrader 4 and MetaTrader 5. They are absolutely free. Make sure to spend some time on Peak Trough Analysis tools to get comfortable with them.

(21 February 2020)DAILY MARKET BRIEF 2:PMI data in focus.

News is discouraging, but the US surveys show no evidence of spillover from the coronavirus outbreak. Yesterday’s data showed that the Philadelphia manufacturing index not only rose unexpectedly but also pointed at a three-year high of 36.7 in February, versus 10.1 expected by analysts and 17.0 printed a month earlier.

The US dollar gained more strength on the back of solid economic data, which has been diverging from data released elsewhere in the world.

One explanation is that, there may be a certain disconnect between sentiment and reality in the US, hence even the US hard data could come as a bad surprise in the coming weeks and take some shine off the positively diverging US dollar. For now, the US dollar index is challenging the 100 level.

In Europe, German producer prices jumped 0.8% in January, versus 0.1% expected by analysts and printed a month earlier, but the consumer index reminded that sentiment in Germany remains sour, mostly due to coronavirus worries.

(21 February 2020)DAILY MARKET BRIEF 1:Travel stocks to feel the pressure of renewed coronavirus anxiety.

It’s about time we start seeing bad data creeping in and giving us a better perception of the true impact of the coronavirus on the global economy. In this respect, recent releases point that new car sales plunged 92% in China in February and the airline traffic is expected to post the first drop since 2011 amid heavy virus containment measures in China and elsewhere took a heavy toll on travel globally.

US stock indices closed Thursday’s session in the red. Most Asian equity markets edged lower on Friday. Korean stocks (-1.49%) led losses on news that coronavirus infections jumped by 52 to 156 cases in South Korea. Nikkei (-0.39%) and the ASX 200 (-0.33%) eased, while stocks in Shanghai (+0.31%) gained on hope that decent monetary and fiscal measures deployed by China could help fighting back the virus impact on the economy.

What’s next on AUD, NZD, and JPY?

What’s next on AUD, NZD and JPY?

Today we’ll have a closer look at the Asian currencies AUD, NZD and JPY.

Of course, the Dollar gained amazing strength across all currencies since the beginning of the year

but the Asian currencies AUD and NZD seem to get an additional hard hit from the Corona topic.

The JPY is not that affected because the japanese main trading partner is the USA ahead of China.

Tactical Use of Pattern Completion Interval (PCI)

Tactical Use of Pattern Completion Interval (PCI)

Our Harmonic Pattern Plus, Harmonic Pattern Scenario Planner and Profitable Pattern Scanner exclusively provide the Pattern Completion Interval for your tactical trading.

Sounds complicated but not. Simply, if the price is inside the PCI box, then the pattern will stay alive. If the price move outside the PCI box, then the pattern is invalid. (We brought this concept from prediction interval or confidence interval from multiple regression techniques).

Maybe it is the view you need to see not the technical language. It is the PCI box that you will calculate your entry + your risk management. Inside PCI, your will pick up the good timing for your entry based on your risk management. Everything should be happen inside PCI. Otherwise, your reward/risk does not have too much merit.