Daily analysis of major pairs for October 30, 2017

The USD/CHF went upwards last week, gaining about 180 pips. Price went briefly above the strong resistance level at 1.0000 (as USD and CHF gained a momentary parity). The parity would be achieved again this week as the market goes towards the resistance levels at 1.0000, 1.0050 and 1.0100. However, the parity would be transient because an expected rise on EUR/USD would result in a selling pressure on the USD/CHF.

EUR/USD: This currency trading instrument consolidated from October 23 to 25, and then dropped about 230 pips on October 26 and 27. The support lines at 1.1550, 1.1500 and 1.1450 could be reached this week, as price drops further. The outlook on the market is bearish for this week, but bullish for November (the outlook on EUR pairs). So the price would eventually rally to gain at least 300 pips in November.

USD/CHF: The USD/CHF went upwards last week, gaining about 180 pips. Price went briefly above the strong resistance level at 1.0000 (as USD and CHF gained a momentary parity). The parity would be achieved again this week as the market goes towards the resistance levels at 1.0000, 1.0050 and 1.0100. However, the parity would be transient because an expected rise on EUR/USD would result in a selling pressure on the USD/CHF.

GBP/USD: The GBP/USD has been caught in short-term upswings and downswings. Soon, there would be a rise in volatility, which would propel price above the distribution territory at 1.3300 or below the accumulation territory at 1.3000. GBP pairs would undergo very strong movements in November, which would be bullish in most cases.  

USD/JPY: This pair made a feint bullish effort last week, but it did not close above the supply level at 114.00. There is a lot of activity around that supply level, and price would eventually close above it as it journeys further upwards this week, because the outlook on certain JPY pairs is bullish for the week; plus USD is expected to retain some of the stamina in it.

EUR/JPY: Most EUR pairs plummeted in the last few days of last week, and the EUR/JPY cross also was not spared. Price initially made some bullish effort on Monday to Wednesday, but further bullish effort was rejected at the supply zone at 134.50 – a point from which price dropped 260 pips. While the demand zones at 131.50 and 131.00 could be tested before price rallies, price could reach the stubborn supply zone at 134.50 again (which would be attained within the next few weeks).

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Weekly Trading Forecasts for Major Pairs (October 30 - November 3, 2017)

Here’s the market outlook for the week:

EURUSD

Dominant bias: Bearish

The market consolidated from Monday to Wednesday and then dropped sharply on Thursday and Friday. There is a Bearish Confirmation Pattern in the market, which makes further drop a possibility. Since the outlook on EUR pairs remains bearish for this week (just as it was bearish for last week), the support lines at 1.1550, 1.1500 and 1.1450 are the next targets. However, the market would start rallying sometime in November, for the outlook on EUR pairs is bullish for November (especially starting from next week).

USDCHF

Dominant bias: Bullish

USD/CHF gained 200 pips last week, moving briefly above the strong resistance level at 1.0000, but closed below it on October 27. The parity that was briefly achieved by USD and CHF would be achieved again this week, because the outlook on the pair is bullish for this week. USD is supposed to remain fairly strong, and thus, price would reach the resistance levels at 1.0000, 1.0050 and 1.0100 this week. But the bullish domination would not hold out very long in November, because it is expected that EURUSD would rally in that month, and this would cause a selling pressure on USDCHF. 

GBPUSD

Dominant bias: Bearish

This trading instrument is slightly bearish. It has been engaged in short-term upswings and downswings for about two weeks – a condition that is expected to continue until a strong volatility arises in the market. The volatility would propel price above the distribution territory at 1.3300 or below the accumulation territory at 1.3000. In November, there would be strong movements on GBP pairs, which would be bullish in most cases.  

USDJPY

Dominant bias: Bullish

Although there was no strong northwards movement last week, this pair is bullish.  Effort to stay above the supply level at 114.00 has been thwarted, but a lot of activity remains around that supply level. A closer look at the market reveals that bulls are still strongly determined to push the pair upwards, and that is what they will likely achieve this week, for the outlook on certain JPY pairs is bullish for this week.

EURJPY

Dominant bias: Bearish    

EUR pairs became mostly bearish in the last few days of last week, and EURJPY was not spared either. The market initially made some bullish effort, but further bullish movement was rejected at the supply zone of 134.50 (which was tested several times, without being breached). From that supply zone, price plummeted below the supply zone at 132.00 (about 260 pips). The demand zones at 131.50 and 131.00 could be tested before price begins to rally this week. The rally would continue until a fresh opposition is met at the supply zone of 134.50.  

GBPJPY

Dominant bias: Bullish

This cross is bearish in the short-term, and bullish in the long-term. From October 23 to 25, some bullish attempt was made, but price came down in October 26 and 27. The outlook on the market is bullish for this week and for most of the month of November. Therefore, price would eventually rally, gaining at least 400 pips in November. There are demand zones at 148.50, and 148.00, which could be tried before price rallies eventually.

This forecast is concluded with the quote below:

“One thing is true in trading: when things are going so well that it is hard to believe what is happening, don't change the disciplines and behavior that are working for you!” – Andy Jordan

Source: www.tallinex.com

Traders’ Mindset: http://www.advfnbooks.com/books/insights/index.html 

  

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Alba Minerals will soon break forth northwards

Alba Minerals stock (LSE:ALAB) is expected to break forth, to the upside, following a recent protracted consolidation in the market.

The ADX period 14 is slightly above the level 20, showing a lack of momentum (though momentum is expected to rise anytime soon). The DM+ is above the DM-, showing that price is expected to rise from here. The MACD default parameters, has its signal lines and histogram almost above the zero line. There is a kind of Bullish Confirmation Pattern in the market, which is expected to become strong with time.

Alba Minerals is expected to experience an upside breakout soon, and price may reach the supply levels at 0.5, 0.75 and 1.0 within the next few months.

Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

Traders’ Mindset: Traders' Mindset

  

Source: http://uk.advfn.com/newspaper/authors/azeez-mustapha

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Immupharma pulls back in an uptrend, to resume going upwards

Immupharma shares (LSE:IMM) have pulled back in the context of an uptrend, and that is supposed to be a temporary sale, giving traders and investors a good opportunity to buy long at better prices.

Price has been trending upwards since September 2017, and it moved briefly above the distribution territory at 100.00, and then pulled back below it.

Despite the pullback, price is above the EMA 56, and the Williams’ % Range period 20 is not far from the overbought territory.

Immupharma is expected to continue going upwards from here, going above the distribution territory at 100.00 and then going towards other distribution territories at 101.00 and 102.00.

Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

Traders’ Mindset: http://www.advfnbooks.com/books/insights/index.html 

  

Source: http://uk.advfn.com/newspaper/authors/azeez-mustapha

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ItuGlobal/InstantForex: Why we don’t do automated transactions

Automated transactions don’t make sense to us because of the reasons below:

We deal with human beings who want to buy or sell. For demand and supply to make sense, there must be a willing buyer for what you want to sell. There must also be a willing seller for what you want to buy.

As stated on our website, contact us before you send any e-currency to us. After we ask you to go ahead, then send it to us and hold on for your payment. Likewise, when you contact us first before buying e-currency from us, you can be sure that we’ll process your order fast (once your payment has been confirmed).

There are times when we don’t want to buy a particular digital currency. We tell you this. There are also times when we don’t have the digital currency you want to buy. We also tell you this, so that you won’t send money to us when we don’t have what you want to buy.

There are times when en exchanger doesn’t have enough cash to pay you because the capital has been tied down. You’ll send money to them through automated order and your payment would be delayed for several days or months? Is that what you want?

Even if your payment would be delayed for several days, there must be a mutual agreement first. Then you can go ahead to place the order if the agreement is OK by you.

Many people have blindly sent digital currencies to exchangers who do automated transactions, only to see that you don’t get paid. They display their e-currencies/digital currencies wallets for you to see so that it’ll be easier to send funds to them. But you’ll see that it’s never easy for you to get your money. You’ll face unpleasant surprises.

There are people who end up receiving only half of their monies after they’ve been delayed for many weeks or months. Some would even be thankful that they receive half.

When you transfer cash to buy digital currencies that are not currently available, you deliberately give yourself unnecessary heartaches (because you’ll be delayed for too long, whereas your need for the digital currency is urgent). It’s good to ensure that an exchanger has what you want to buy, +the exact amount, before you send your money to them. 

If you send money to any exchanger (no matter how popular) that doesn’t have a physical address you can visit, you’ll regret it forever, we guarantee you. Some even display fake addresses.

At ItuGlobal/InstantForex, we encourage our customers to inform us before they buy or sell digital currencies. We’ll then tell them to go ahead and how soon we’ll process their orders. By doing this, we don’t delay any customers or make them regret doing business with us.

We’re the fastest-paying exchanger in the country. No-one pays faster than us and our customers know this.

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Daily analysis of major pairs for October 23, 2017

The USD/JPY started making bullish efforts at the beginning of last week, and the efforts were successful. Price gained 170 pips, testing the supply level at 113.50 on Friday. The outlook on the market is bullish for this week, owing to the expected stamina in USD and expected weakness in JPY. Thus, the supply levels at 114.00 and 114.50 would be tested. A very strong bullish momentum could even cause another supply level at 115.00 to be reached.

EUR/USD: This pair moved downwards on Monday and Tuesday, moved upwards on Wednesday and Thursday and then came down on Friday. The erratic (zigzag) movement has resulted in a neutral bias, which would be overridden this week as price goes above the resistance line at 1.1900, or it would go below the support line at 1.1700. Price must breach either of these two boundaries for the current neutral bias to end (and this would require a strong momentum). However, a movement to the downside is more likely this week, owing to a strong bearish outlook on EUR pairs.

USD/CHF: The market is bullish in shorter-term and longer-term. Price has gained 110 pips this month, and the resistance level at 0.9850 has been tested (it would be tested again). This week, the resistance levels at 0.9900 and 0.9950 would be aimed. Two factors would me this possible: 1) an expected stamina in USD. 2) an expected fall in the EUR/USD.

GBP/USD: The price of the Cable has gone downwards by 170 pips last week, resulting in a Bearish Confirmation Pattern in the 4-hour chart. The shallow rally that happened on October 20 could end up being an opportunity to go short at a slightly higher price, for price would continue moving downwards this week, reaching the accumulation territories at 1.3150, 1.3100 and 1.3050. 

USD/JPY: The USD/JPY started making bullish efforts at the beginning of last week, and the efforts were successful. Price gained 170 pips, testing the supply level at 113.50 on Friday. The outlook on the market is bullish for this week, owing to the expected stamina in USD and expected weakness in JPY. Thus, the supply levels at 114.00 and 114.50 would be tested. A very strong bullish momentum could even cause another supply level at 115.00 to be reached.

EUR/JPY: This cross consolidated in the first few days of last week, and then started moving northwards around the middle of the week. The market gained close to 200 pips, closing above the demand zone at 133.50 on Friday. This week, further bullish movement is expected because the outlook on certain JPY pairs is bullish for the week. The supply zones at 134.00, 134.50 and 135.00 could thus be reached.

Performed by Azeez Mustapha,

Analytical expert

www.instaforex.com    

InstaForex Companies Group

                                                                                                                    

Traders’ Mindset: http://www.advfnbooks.com/books/insights/index.html 

Start your journey to permanent success: http://www.tallinex.com/open-account?i=128521 

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Why do people ask me if I’ve stopped trading?

 The question above is common whenever I come across people who used to be traders. They started trading because they thought it was easy and because they thought they’d strike it rich. Nevertheless, they discovered that trading isn’t easy and after they dashed their heads into the rock many times, they gave up.

Whenever one of them comes across me, they ask: “Are you still trading?”

It’s simple. If they can’t do trading successfully, they feel no one else can do it, or very few people can do it. They gave up and they expected me to give us. Surprisingly, I have not given up. In fact, I got what works for me and I like it. It’s a personal strategy: Manual + discretionary.

The World Of Trading Is Full Of Hypocrisy

I’m sick of those who talk about their profits alone, but who hide their losses. When NZD pairs moved maniacally on October 19, I saw how many people posted the profits they made. But none of them would ever post loses they made. Very few traders would post their losses. The world of trading is full of hypocrisy.

When someone makes 300 USD or let’s say, 300 pips, they post it on forums, WhatsApps group, Facebook, etc. When the person makes a loss, they remain silent about it. That’s why some rookies would come and think trading is easy – just because everyone is talking about profits.

FACT: Trading isn’t easy, though the marketer would want you to believe otherwise. Success is, nonetheless possible.

Liberate Yourself With Trading Realities

You will never find a perfect trading system or signals service.

You can’t avoid losses. But you’ll be OK as long as your average losses are smaller than your average profits.

I recently showed one of my trainees my trading results. I placed a trade, I lost it (-1%).

I placed another trade, I lost it (-1%).

I placed another trade and I lost it (-1%).

I placed another trader and I lost it (-1%).

4 losses in a row (-4%).

I placed the 5^th trade and I won it (+6.9%). I let my profit run.

You see, I made sure that I limited my losses and I let my profits run.

I didn’t throw away my strategy because of a transient losing streak, since I know it’s a statistical edge.

There are many bogus high probability strategies (manual, automated or semi-automated) that can win 99% of trades in a row. But one big loss would wipe away everything.

Think about the rest. It’s up to you.

I’d end this article with the quotes below. Please read what these highly experienced master traders have to say:

“It is the fear which tends to be the biggest challenge….It is fear which stops us from taking a solid setup in the markets because we have been on a losing streak, only to see it work out well and the opportunity missed. It is fear which causes us to not follow the trading plan and make irrational changes because that other trade failed to work. It is fear which causes us to get out of a trade far too early with only a small profit because we are scared to hold on in case it became another loser, and it is fear which makes us search over and over again for the perfect strategy which does not exist, simply because we think there is always something out there we are missing out on or don’t know about. Fear, my friends, is the biggest hurdle any retail trader has to face and will hold you back more than anything else.” – Sam Evans (Source: Tradingacademy.com)

“But you know what I learned? I learned that people don't want to change. People don't want to be told that they have to change. People resent being corrected. Do you know anyone like that? It's understandable, right? It's not easy to be corrected. Yet experience shows that life as a trader is a life of correction. So whereas you may know people that don't want to be corrected, the fact is, if you are going to trade successfully you are going to have to learn how to receive correction. It's really the hardest part, what I'm giving you right now. It's the hardest part. Everyone wants to think that they are lovable just the way they are, and maybe they are lovable just the way they are but that's not going to necessarily help the real deep things that hide in your soul that will destroy true success. We can't like ourselves too much. Do you understand what I am saying? You know what to do, now do it! That’s a correction, by the way.” - Joe Ross (Source: Tradingeducators.com)

“In trading we talk about the need for a variety of emotional strengths. We talk about the need to be calm, confident, and disciplined but we very rarely talk about the need for courage and the majority of traders fail because they do not have the courage to succeed. It is often bloody hard to hang onto positions that have very large open profits. Your brain plays all sorts of tricks on you and you begin to rationalise the foolish action you are about the take. I am quite certain that Ronald Wayne who sold his original share in Apple for $800 (now worth about $75B) rationalises that decision. Rationalisation is a wonderful human skill – it insulates us from the harsh knowledge of our own failings and traders are experts both making foolish decisions and hiding from them.” – Chris Tate (Source: Tradinggame.com.au)

Traders’ Mindset: Traders' Mindset

Source: www.tallinex.com  

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Weekly Trading Forecasts for Major Pairs (October 23 - 27, 2017)

Here’s the market outlook for the week:

EURUSD

Dominant bias: Neutral

Price went down on Monday and Tuesday, went up on Wednesday and Thursday, and came down again on Friday. This kind of erratic, zigzag behavior has resulted in a neutral bias on the market. This week, a rise in momentum is expected, for price could rise above the resistance line at 1.1900; or price could fall below the support line at 1.1700. As long as price stays within the two boundaries, the outlook on the market would remain neutral. A movement to the downside is, however, more likely this week, owing to a strong bearish outlook on EUR pairs.

USDCHF

Dominant bias: Bullish

This pair has gained roughly 110 pips this month – making further bullish effort last week. Price has tested the resistance level at 0.9850, and it would test it again, breach it to the upside and then target another resistance level at 0.9900. This expectation would be easily realized as EURUSD slides further southwards (a likelihood), and as USD gains stamina. The support level at 0.9800 could be tested briefly despite bullish effort is being made.

GBPUSD

Dominant bias: Bearish

The Cable dropped some 190 pips last week, testing the accumulation territory at 1.3100 before the shallow rally that was seen on October 20. The rally could turn out to be an opportunity to go short at a slightly higher price, for there is a Bearish Confirmation Pattern in the market. This week, the accumulation territories at 1.3150, 1.3100 and 1.3050 could be reached (especially as long as USD has some stamina in it).     

USDJPY

Dominant bias: Bullish

Early last week, USDJPY began to make some attempt to go northward, and the attempt was successful, for its price went upwards by 170 pips last week, reaching the supply level at 113.50. Further northwards movement is possible this week (a strong US dollar versus a weak Yen), and thus, the targets for bulls are located at the supply levels of 114.00 and 114.50. A very strong northwards movement could also cause another supply level at 115.00 to be tested.  

EURJPY

Dominant bias: Bullish.    

This trading instrument consolidated in the first few days of last week, and then broke out northwards. The market went upwards by close to 200 pips, closing above the demand zone at 133.50 on Friday. This week, further upward movement is more likely than a downwards correct. A downward correction would be shallow and would get challenged by the demand zone at 133.00. Apart from this this, price is expected to reach the supply zones at 134.00, 134.50 and 135.00 before the end of the week.

GBPJPY

Dominant bias: Bullish

The biases on this volatile cross used to be neutral in the short-term and bullish in the long-term. Nonetheless, a bullish signal has been generated in the 4-hour chart, to corroborate the bullishness on higher time horizons. The outlook on the cross is bullish (as it is on certain other JPY pairs). The supply zones at 150.00, 150.50 and 151.00 could be reached this week. There are demand zones at 149.00 and 148.50: a formidable challenge to bears.  

This forecast is concluded with the quote below:

“Following a detailed plan is important because it removes any underlying emotions from the decision-making process and thus enforces ongoing discipline in our trading activities. The less the trade becomes about us and the more it becomes about our rules and plan, the more we have steered ourselves towards achieving success in the markets on a consistent basis. The plan tells us what to do, as opposed to us looking at a chart and guessing what we should do.” – Sam Evans

Source: www.tallinex.com

Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

Traders’ Mindset: Traders' Mindset

  

Buy and sell Perfect Money/Payeer/Epay; get funded quickly: www.ituglobalfx.com.ng

Start your journey to permanent success: http://www.tallinex.com/open-account?i=128521