Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

brownsfan019

Futures I Trade Show & Brooks Book

Recommended Posts

That was a big bear trendline broken this afternoon but does the shape of the decline from the double top at 913.75 argue for another push lower to create two legs down before we see at least two legs up?

 

Good point! We'll see what AH brings us.

Share this post


Link to post
Share on other sites

I'm new to this conversation, but have been digesting Al's book ever since I got my copy last month. I found this thread as I was searching the web for additional info to help clarify and assist with the book.

I've been trading with marginal success for several years now, but have recently jumped into the deep end of the pool by immersing myself in Wyckoff, Taylor & most recently, Brooks. Tossing out all my indicators was the best move I ever made for my bottom line.

I have to jump in and give a huge thanks to all the hard work everyone has contributed in this thread. I've found it invaluable and think it will really help me as I work my way through Al's book.

Share this post


Link to post
Share on other sites
that was a big bear trendline broken this afternoon but does the shape of the decline from the double top at 913.75 argue for another push lower to create two legs down before we see at least two legs up?

 

Don't know how high it will go? But there goes the two-legged move both ways so far in AH.

REV.thumb.jpg.aa5bf4fb1dfbb769a58ff32286b0139f.jpg

Share this post


Link to post
Share on other sites
I'm new to this conversation, but have been digesting Al's book ever since I got my copy last month. I found this thread as I was searching the web for additional info to help clarify and assist with the book.

I've been trading with marginal success for several years now, but have recently jumped into the deep end of the pool by immersing myself in Wyckoff, Taylor & most recently, Brooks. Tossing out all my indicators was the best move I ever made for my bottom line.

I have to jump in and give a huge thanks to all the hard work everyone has contributed in this thread. I've found it invaluable and think it will really help me as I work my way through Al's book.

 

If you have slogged through Wyckoff and Taylor , especially Taylor, then all you need to get started is the chapter on Best Trades in Al's book, ofcourse you will have to keep referencing many of the terms in there via glossary, You will find they blend with and reinforce Wyckoff concepts.

On top you only need to focus on the main trend of the day as per Taylor, however with Taylor it is imperative to stick with his original methodology rather than any variations introduced by others like G. Angell, L.Raschke etc.

Good luck

Share this post


Link to post
Share on other sites

These are the notes I made while reading the book:

 

Notes on Reading Price Charts Bar By Bar

 

Number one question: is the market trending or not?

 

Watch what happens when price moves beyond prior bars or trendlines.

 

A beginning trader should not trade if the market is in the middle of the day and in the middle of the day’s range.

 

A very large bar with small or no tails after a protracted move or breakout can represent exhaustion and no trade should be taken until more price action unfolds.

 

A beginning trader should only enter a trade when the signal bar is also a trend bar in the direction of the trade.

 

If the market tries to do something twice and fails both times, expect it to do the opposite and likely succeed.

 

The best reversal bars have an open near or just beyond the close of the prior bar, a close just beyond the close of the prior bar, a tail that is 1/3 to ½ of the bar, and not much overlap with the prior bars.

 

Countertrend, wait for a trendline to be broken and a strong reversal bar on the test of the extreme, then enter on a second entry.

 

Do not take a second entry that lets you in at a better price than the first.

 

The strength of the trendline break provides an indication of the strength of the move. The bigger and faster the countertrend move, the more likely a reversal will occur after a test of the extreme.

 

On non trending days expect swing high/low breakouts to fail and create second entry countertrend trades.

 

A break of a trendline creates a new leg.

 

Any time there is a new trend or any capitulation of one side, there will usually be at least a two legged move. This can occur in a pullback in a trend, a breakout, a major reversal, or anytime that enough traders believe the move has sufficient strength to warrant a second attempt to test whether a trend will develop.

 

Strong trends have big gap openings, trending swings, no climaxes and not many large bars, no significant trend channel overshoots, failed wedges, stay away from the EMA for hours, small pullbacks, sideways corrections, no two consecutive trend bar closes on the opposite side of the EMA, and bars with small or no tails.

 

When a move has a series of trending swings watch the size as they progress to see which side is gaining strength.

 

Any move that has two legs should be traded as a pullback, even if it is with trend.

 

If the market is pulling back from a trend that ended in a climax like a trend channel overshoot and reversal or any other significant trend reversal pattern, the trend has changed and you should stop trading with the old trend and start looking for trades with the new trend.

 

Types of pullbacks: H/L 1 lasting one or two bars, H/L 2 that breaks a minor trendline lasting three to five bars, pullback to the EMA, pullback beyond the EMA with EMA gap bar, pullback that breaks a major trendline then tests the extreme and has a two legged countertrend move.

 

Once one type of pullback occurs stop trading the previous types.

 

A sideways move that has a beginning and end spike that are near in price is a double bottom/top bull/bear flag.

 

On strong trend days there is often a strong countertrend move between 2 and 2:30 NY time to shake traders out of their positions.

 

Three push patterns can end a trend or a pullback of a strong trend.

 

Do not trade breakouts in a sideways market. Wait for price action to confirm the breakout or reveal it to be a failure.

 

Any time three or more consecutive bars mostly overlap and one or more is a doji stop trading and treat it like a trading range.

 

A big move in one direction that is followed by one that retraces the entire move often means the market will move into a trading range.

 

Trends that end with a trend channel overshoot usually have a test that does not exceed the prior extreme. Trends that end with a trendline break can exceed the extreme.

 

The most reliable countertrend trade is to enter countertrend to a pullback in a trend.

 

A strong break of a trendline will usually lead to at least a two legged pullback.

 

Signs of strength in a trendline break: covers many points, goes well past the EMA, extends beyond the last swing pullback, lasts ten to twenty or more bars, prior trendline breaks, reversal to test extreme lacks momentum by having overlap or fails at the EMA or old trendline and does not get close to old extreme.

 

Always have two reasons to enter a trade: reversal bar, good signal bar pattern, EMA pullback in a trend, breakout pullback, breakout test, H/L 2 or 4, failure of anything, any second entry.

 

When a strong move ends in a three push pattern and then corrects with less momentum (shallower slope, smaller trend bars, more tails) the odds are high that the prior end of the three pushes will be exceeded soon.

 

A tight trading range (largely overlapping bars) is like barb wire and acts like a magnet, drawing breakouts back towards its middle.

 

Doji bars are one bar trading ranges. Never buy above one in a bear or sell below one in a bull.

 

The best time to trade is the first 90 minutes and the easiest trades are failed breakouts and breakout pullbacks of patterns from the prior day.

 

On a strong trend day trade every H/L 2 where the setup bar touches or penetrates the EMA.

 

On a trading range day fade second entries at new highs and lows or wedges with strong reversal bars.

Share this post


Link to post
Share on other sites

Only Had an Hour and half to trade today. Started at 12:30 saw the trend line over shoot at 12:15 so at 12:30 I was expecting another leg down which happened at bar 1. Bar 2 was a double bottom bull fag and a trend line break. I went long with a market order at 7half for a swing to 913 magnet over head. not Al brooks style but good risk reward.

so what happened? Bar 3 was a trend line break now I was looking for at least two more legs up. bar 4 was a High 4 and the start of the first leg (likely a better spot for a long). Bar 5was a break out pull back (you cant see it here but real time the bar traded at the low till the last 30 sec.). I added to my potions on a stop above bar 5 my target was hit two bars later. I had to stop at 2:00.

Bar 6 was a micro trend line over shoot so I was expecting two legs up which you got bars 7 and 8 bar 8 was also a second attempt to go higher and was a good short. Notice ema gap after the bar 8 short that gets filled and take out the B/E stops to the tic. you have to be looking for shorts after the Double top bear flag and the trend line break after bar 8. lots of Barbed wire. I did not trade it so I don't know if I would have got the short down to 905

2009-06-17_1845.thumb.png.80d14fbd7d79c981b62daf237809943b.png

Share this post


Link to post
Share on other sites
Price action setup buy the book.

 

This is where it gets confusing for me. What about the break of the bull trendline from yesterday? Is this morning's rally a test of that extreme? This whole month seems like an unending series of trendline breaks and tests of extremes that is getting hard to keep track of.

Share this post


Link to post
Share on other sites

ACS I am new at this so I am just learning as I go. I think you have to look at the most resent PA and see if it does what it is suppost to. like Trend line break look for at least a two 2 legged pull back and possible reversal. then wait for more PA over and over again wait wait wait.

I think if a few of us work together and look at each others charts and make comments we will be able to get it down pretty quick.

I have to run out petty soon I have my 4 and 3 year old girls. I will be busy most days this summer with them, but it will be a good time to learn this stuff when I get to watch the charts.

2009-06-18_es.png.432077c29748d38f9ababfc9a46e8ba0.png

Share this post


Link to post
Share on other sites

Trading via lower time frame charts is recommended especially in fast markets as today in the first 90min or so. Page 156.

The Breakout Pullbacks and Trendline break setups are much clearer as shown on the 2min chart.

 

After the shallow (first) TL, there is a weak effort to create a lower high then a 2 leg move down, and after that we have 2 leg up.

5aa70eeba0969_BREAKOUTPULLBACKSANDTLBREAKS.png.14000189039d3807e5d1deb44e2f2b9c.png

Share this post


Link to post
Share on other sites

Hi

 

I started paying attention to these M2Sell/Buy setups. Al says to wait for a small candle then short/buy at top or bottom of Range BUT you will almost never get a small candle. usually on 2-3rd EMA touch they will just spike.

BUT why didnt this one work today? Everything was textbook for Short BUT kept creeping higher. Go figure.

1STBUY.thumb.PNG.87b1daff02da7bd9340af9a6a4c42c48.PNG

Share this post


Link to post
Share on other sites

There is a danger in taking these setups in isolation.

Al points out clearly that a TL break does not equate to reversal, Refer to the Best Trades chapter.

Also avoid anything that looks like barbwire, which is where the short was, there is section on how to trade barb wire page 320, especially after a false breakout, you have to take the trade in the other direction, At the initial stage, it is best to avoid these,

Al emphasizes on the need for patience for clear setups ie. when in doubt, stay out.

 

After a strong trend, if there is a TL break, expect the market to test the previous high in 2 legged move.

 

Lastly this was also the time period ie. after lunch EST when reversal occur, it is there somewhere in Al's book.

 

Plus in that pattern there are clear candlestics of climactic nature ie. doji bars closing on the high with long tails , Al has pointed these out as indication of buying.

 

Think the book is not an easy read, there are so many elements which have to come together, however it would be best to focus on the Best Trades at the initial stage, until such time as when all the chapters have been studied over and over again.

IMO

Edited by monad

Share this post


Link to post
Share on other sites
Price action setup buy the book.

 

Nice chart. It's worth mentioning that there are numerous trend line breaks that did not result in two legs. (un drawn trend lines that would have been valid until they broke resulting in the 'final' channel). Am I right in thinking that first break you would anticipate continuation (particularly with a micro trendline)? It looks like that would have been an OK scalp anyway.

 

I have to say I am always far to ready to take counter trend trades:crap: I'll even scalp the 2nd leg of a 2 leg corection if it looks like there is enough mileage in it. But,the idea of having a conclusive (a close or two across the line with good separation perhaps) trend line break and re-test is a great way to keep you on the right side of the market

Share this post


Link to post
Share on other sites
Hi

 

I started paying attention to these M2Sell/Buy setups. Al says to wait for a small candle then short/buy at top or bottom of Range BUT you will almost never get a small candle. usually on 2-3rd EMA touch they will just spike.

BUT why didnt this one work today? Everything was textbook for Short BUT kept creeping higher. Go figure.

 

 

No method is a 100%, just because one instance stops out doesnt meant the system is flawed.

Share this post


Link to post
Share on other sites
snip....

 

 

BUT why didnt this one work today? Everything was textbook for Short BUT kept creeping higher. Go figure.

 

In a nutshell barbed-wire.

 

Theres always stuff you can say with hindsight (like the subsequent 'proper' test of the old high) but the BW was already apparent.

Share this post


Link to post
Share on other sites

There was a double bottom bull flag made up from 2 and 5 bars back aslo had was a failed third attempt lower with trapped shorts that will not be looking to go short any more. witch makes for a one sided market a long after that short would have been a good trade.

but this is all hindsight.

The book is always telling you to look for trapped traders. witch is easy in hindsight. But bottom line stay away from Barbed wire. and if you find yourself looking really hard for a set up then it is most likely not a good set up. = Wait

 

Thanks for the chart was a good observation hopefully every one will continue to post and we will all speed up the learning. :cool:

Share this post


Link to post
Share on other sites

Thing is most days will be Choppy,Whipsaw Ranges. Trading these setups in real time is a whole differant ballgame then mark up a chart at end of day.

 

I hope everyone keeps posting their Entries each day with charts so we can fight this beast.

Share this post


Link to post
Share on other sites
Nice chart. It's worth mentioning that there are numerous trend line breaks that did not result in two legs. (un drawn trend lines that would have been valid until they broke resulting in the 'final' channel). Am I right in thinking that first break you would anticipate continuation (particularly with a micro trendline)? It looks like that would have been an OK scalp anyway.

 

I have to say I am always far to ready to take counter trend trades:crap: I'll even scalp the 2nd leg of a 2 leg corection if it looks like there is enough mileage in it. But,the idea of having a conclusive (a close or two across the line with good separation perhaps) trend line break and re-test is a great way to keep you on the right side of the market

 

Hi, Can you show Chart examples? its hard to follow without examples.

Share this post


Link to post
Share on other sites
Thing is most days will be Choppy,Whipsaw Ranges. Trading these setups in real time is a whole differant ballgame then mark up a chart at end of day.

 

I hope everyone keeps posting their Entries each day with charts so we can fight this beast.

 

You are right, it can be frustrating as there are so many terms and pattern names, by the time you have figured out which one you are looking at, the trade would have passed and then in hindsight it becomes so easy to justify with all the trendlines, etc.

Many of the charts in the book, though based on a simple 5min chart have so much complex analysis, so in realtime it could be worse than say anybody who relies only on CCI divergence as an example.

Guess as Al says he prints out these charts daily and identifies the setups as a daily routine exercise, so you reach a point where it becomes subconscious like driving a car.

Edited by rigel

Share this post


Link to post
Share on other sites

Also like ano other method, with this method the difficulty comes with idenntifying the Legs. Since a H2 Long setup u might think is 2 Legs but its just One leg with 2 small legs in between. Im constantly asking myself is this a 2 Leg pullback or a a 3 Leg pullback? LOL

Share this post


Link to post
Share on other sites

Just my two cents since we're all learning here....

 

Things that have helped me, was to try to label each H/L 1 &2 etc that occurs on each chart. Then start adding things in there. When you see inside bars, label them as such "ii"...., throw in Double Bottom Bull Flags or Double Top Bear Flags, then the Pull back that occurs afterward. Eventually, the trading opportunities that occur will become more obvious.

 

H1,L1s etc that occur are legs. But in viewing the big picture on the day, the legs in during a trend start to become obvious. Eventually, the problem will become deciding how to take profits, which is what I struggle with.

 

At the end of the day, I also have been re-marking up charts. I do a remark of the ES contract, then I also do the NQ contract that provides a bit of subtlety to help a bit. Don't be afraid to construct Trend Lines to help make sense out of what the big picture is telling you.

 

The book is great, but it's hard to read and not organized in the best manner. So it will take a bit of time to FULLY decipher. But in the meantime, real time throughout the day, continue to mark it up.....trying not to get too caught up in how correct you are labeling everything. There is wiggle room for interpretation of all the pullbacks.

 

If all this is still too confusing, REALLY, just focus on labeling your H/Ls. Then focus on taking the H/L2s....which represent second entries (The 1st wave is usually for the newbs).....that occur NEAR the EMAs. Most importantly, concentrate on taking WITH TREND ENTRIES. Eventually you will branch out and find the other great opportunities throughout the day.

 

Then start to add micro trend line breaks into the mix. Which most of times will represent H/L1s.

 

Don't think about reversals initially. Pay attention to when they "might" occur. If anything maybe you use this to decide not to enter (For example in a BEAR, if you see 3 Tight Pushes down form a wedge, then a retest with reversal occuring, maybe hold of on prior with WITH TREND shorts temporarily). But as mentioned in the book, if you are spending too much time looking for reversals.....then you are probably not observing the trend, and are missing many of the MOST profitable trades that occur throughout the day.

 

All the above is of course just observations I've made as I'm still learning with the rest of you.

Edited by forrestang

Share this post


Link to post
Share on other sites

"difficulty comes with idenntifying the Legs" szubaark

anyone got time to give us a Leg lesson that's not just a re-gurg of the original text and covers some of those gotchas ? thx

Edited by zdo

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Date : 7th April 2020. FX Update – April 7 – A wee bit more Risk. Trading Leveraged Products is risky AUDUSD & GBPUSD, H1 The commodity currencies outperformed some more, as did many developing-world currencies amid a backdrop of rising stock and commodity markets. Equity markets are amid day two of a rally pinned on tentative signs that the global coronavirus infection and mortality rates might be near to peaking. The Fed’s decision to finance new “payroll protection” loans has also bolstered the US economic response plans. AUDUSD has rallied 1.7% in printing a one-week high at 0.6192, while AUDJPY has rallied by 1.4% in making a high at 67.38. The Aussie dollar is now up 3% from last Friday’s closing levels. The Kiwi and Canadian dollars are also up. USDCAD has dropped to an eight-day low at 1.4011. The Dollar, Yen and, to a lesser degree, the Swiss Franc, have continued to underperform most other currencies. The narrow trade-weighted USDIndex has declined by 0.6% in pegging a five-day low at 100.79, while EURUSD concurrently lifted by 0.7% in making a five-day high, at 1.0876. The pair is up by just over 1% from its Monday lows. The combination of risk-on positioning in markets and the Fed’s aggressive dollar liquidity provisions, which forms part of a crisis-era level of monetary accommodation, have been bearish tonic for the Dollar. Dollar underperformance saw USDJPY dip back under 109.00, though the Yen itself trader softer against most other currencies as its safe-haven premium is whittled down. Sterling dipped on the news that PM Johnson was moved to ICU and had received oxygen, although Downing Street stated that he was still conscience and that Foreign Secretary Dominic Raab will lead the UK government as long as Johnson is incapacitated. From lows of 1.2162 earlier, a weaker USD, has Cable rally over 170 pips to 1.2335. Next resistance is R2 and the upper Bollinger band around 1.2375, 1.2400 and then R3 at 1.2420. Support sits at 1.2300 and the Daily Pivot Point, a 50.0 Fibonacci level and 200hr moving average at 1.2250. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Stuart Cowell Head Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • CloseOption Broker is currently trying in completing the project binary options (Financial Betting Platform) with a special platform and due to the simplicity Platform and having good performance they will attract and absorb soon many clients and partners. This Broker accepts CryptoCurrencies, Paypal, PerfectMoney & Credit Cards Deposits! Minimum Deposit: 5$ CloseOption - 2.400$ Weekly Tournament - 1st Place win 750$ (first 10 places win money) Read CloseOption Broker Review - https://1binaryoptions.eu/review/close-option/
    • PocketOption Broker Announces: Entering payments through stable cryptocurrency (stablecoin) PAX and Tether Add funds to your Pocket Option trading account, and withdraw from your account using two popular "stablecoins": PAX or Tether. The funds are automatically credited after receiving the required number of confirmations in the blockchain. Please note that we do not accept payments through Smart Contracts. About stable cryptocurrencies (stablecoins) Both Paxos Standard (PAX) and Tether (USDT) combine the stability of the US Dollar with the efficiency of blockchain technology. Like any other cryptocurrency, funds can be moved instantly, anywhere in the world, at any time of any day. Unlike other cryptocurrencies, PAX and Tether are stable and covered 1: 1 by the Dollar, which includes traditional currency and cash equivalents, etc. Thus, the funds are carefully protected, audited and regulated. Pocket Option Broker USA Customers Welcome | Binary Options No Deposit Bonus! - https://binaryoptionsfree.eu/review/pocket-option/
    • Date : 6th April 2020. Events to Look Out For Next WeekIt’s a holiday shortened week ahead as most markets will be closed on Friday for the Easter holidays, however the novel coronavirus remains the focal point. The rapid upswing in market volatility seen in March should continue in April as governments, central banks, households and businesses further adapt to the ongoing pandemic and uncertain outlook. Hence this will be another week of increased attention to the data which will incorporate more of the impacts of the global shutdowns and will help start to quantify the severity of the economic impacts amid still very uncertain times.Monday – 06 April 2020   OPEC Meeting (USOIL, GMT 19:00) – Azerbaijan’s energy ministry said that a meeting of the OPEC+ group of oil producers is planned for April 6 and will be held as a video conference. Tuesday – 07 April 2020 Interest Rate Decision and Monetary Policy Statement (AUD, GMT 04:30) – Positioning in 30-day interbank cash rate futures this week implied a 60% chance for the RBA to cut its benchmark interest rate to zero from 0.25% at the upcoming policy meeting, which is up from odds of 31% for such a move that were being discounted just over a week ago. However in the March RBA minutes, they provided colour around the 25bp rate cut and the adoption of QE but they made clear that there is no appetite for negative interest rates. JOLTS Job Openings (USD, GMT 14:00) – JOLTS define Job Openings as all positions that have not been filled on the last business day of the month. February’s JOLTS job openings is expected to fall slightly at 6.476M, following the 6.963M in January. Ivey PMI (CAD, GMT 15:00) – A survey of purchasing managers, the Index provides an overview of the state of business conditions in the country. API weekly Crude Oil Stocks (USOIL, GMT 20:30) Wednesday – 08 April 2020   EIA weekly Crude Oil Stocks Change (USOIL, GMT 14:30) FOMC Minutes (USD, GMT 18:00) – The FOMC Minutes report provides the FOMC Members’ opinions regarding the US economic outlook and any views regarding future rate hikes. In the last FOMC statement, on March 15, the FOMC slashed rates 100 bps to 0% – 0.25% in an emergency move, getting ahead of the curve. Thursday – 09 April 2020   ECB Monetary Policy Meeting Accounts (EUR, GMT 11:30) – The ECB Monetary Policy Meeting Accounts provide information with regards to the policymakers’ rationale behind their decisions. At the same time, in the last meeting, ECB announced a EUR 750 bln pandemic emergency program (PEPP) and introduced new QE measures worth EUR 120 bln and additional loan programs, while they left rates unchanged at the March policy meeting. Producer Price Index (USD, GMT 12:30) – The Headline PPI is expected to decline to a -0.2% March PPI headline with a 0.2% increase in the core index. The continued energy price pull-back through the month likely weighed on the headline. Employment Change (CAD, GMT 12:30) – Employment change is seen spiking to 10.0k in the number of employed people in March, compared to the spike at 30.3k in February. The unemployment rate is expected to remain at 5.6%. Michigan Consumer Sentiment Index (USD, GMT 14:00) – The preliminary April Michigan sentiment reading is forecast at 95, up from the 89.1 in March. Friday – 10 April 2020   Consumer Price Index (CNY, GMT 01:30) – The March’s Chinese CPI is expected to remain unchanged on a monthly and yearly basis. Consumer Price Index and Core (USD, GMT 12:30) – The headline CPI has been estimated to a -0.2% March headline CPI drop with a 0.2% core price increase, following respective February readings of 0.1% and 0.2%. As with PPI, the headline inflation figures will be depressed well into 2020 from the OPEC price war, though the core figures will face divergent pressures that are partly downward due to diminished demand with COVID-19, but upward due to supply shortages that may prompt some erratic swings. Always trade with strict risk management. Your capital is the single most important aspect of your trading business.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Bitcoin (BTC) Drops To $6,828 After A Sudden Price Spike To $7,283 Key Resistance Zones: $10,000, $11,000, $12,000 Key Support Zones: $7, 000, $6, 000, $5,000 BTC/USD Long-term Trend: Bearish On March 2, there was a price spike as Bitcoin reached a high of $7,283.50. The bulls could not sustain the upward move as Bitcoin fell to $6,828. The bears are defending intensively the $7,000 overhead resistance. BTC is now fluctuating above $6,800. The bears will further sink BTC if the bulls fail to move up. Bitcoin may fall to the low of the breakout level of $6,400. However, if this level also cracks, the market will further fall to the next support. BTC/USD – Daily Chart Daily Chart Indicators Reading: Bitcoin is above 60% range of the daily stochastic. This is given the recent price spike which tested the resistance line of the descending channel. However, if price breaks and closes above the resistance line, there will be a change in the trend. BTC will resume an uptrend. BTC/USD Medium-term Trend: Bullish Yesterday, BTC was making an upward move to retest the $7,000 resistance. The price has earlier moved up to $6,800 before the commencement of price spike. The market moved above the resistance level but could not sustain above $7,000 because of the selling pressure. BTC/USD 4-hour Chart Indicators Reading The Relative Strength Index has risen to level 66. It indicates that BTC is in the uptrend zone and above the centerline 50. The 21-day and 50-day SMAs are sloping upward indicating the upward move. General Outlook for Bitcoin (BTC) Yesterday, Bitcoin rose to $7,283 in a price spike. The bulls could not sustain the upward move because of the presence of sellers at the price level. BTC dropped to a low of $6,800. The price has since been fluctuating above that level. Instrument: BTC/USD Order: Sell Entry price: $6,784.00 Stop: $6,850.00 Target: $6,584.00   Source: https://learn2.trade 
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.