Technical Tuesdays - Episode 4
In this episode of Technical Tuesdays Jason Sen covers Fibonacci Retracements. Fibonacci levels are one of, if not the best technical indicator tool available. We don't really know why they work so well, maybe it is because so many traders use them, but Fibonacci levels work extremely well in trading. Jason uses current market conditions in the EURUSD to explain the powerful impact this tool has.
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Earlier this week Jason predicted strong support in the EURUSD, which signaled a buying opportunity. This trade worked out as expected and now further Forex analysis on the EURUSD needed to be done. Jason provides excellent analysis on where the FX pair EURUSD will head from here.
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In the first episode of Technical Tuesdays Jason explores Trend Lines and their benefits. Trend Lines are important technical tools when trading Futures, Forex, and Indices. Trend Lines are used in order to help determine when a market is in a bull or bear trend. Stay tuned for more Technical Tuesdays with your host Jason Sen. And make sure to check out our website for more trade tools, analysis, and ideas.
Gold finally hits the big longer term buying opportunity at 1271/67 that we have been waiting for over a week. As we wrote for many, many days: If we are to remain in a bull trend we will bottom here & see a strong recovery. Try longs with stops below 1260. Holding the 1271/67 support as expected allows a recovery to last week's low at 1277/79 then quite strong resistance at 1288/90. We should struggle (& pause) here initially but shorts would be too risky with the bull trend expected to resume.
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Gold Recap from yesterday
Gold & silver made new highs as expected but we reversed to close lower on the day which is an unexpectedly negative signal in the short term. We may need to see further small losses & some sideways trading after that, to ease overbought conditions before the next leg higher
Daily Forecast - 30 August 2017
Gold bottomed yesterday at 1305 & meets the best support for today at 1299/97. In the bull trend we try longs with stops below
1292. Failure to hold above 1295 is going to confuse me & make me question the strength of the trend. Minor support at
1289/88 is the next target but we could fall as far as 1281/79.
Above 1308/09 allows a recovery to 1313/14 & perhaps as far as 1322 before the 1325/26 high. A break higher looks unlikely at
this stage after yesterday's negative price action but if seen look for the next target of 1332/33 & 1337/38. Further gains target
1342, 1352, 1358, 1367/68 & 1375/80 in the weeks ahead, but it will be a continuation of the two steps forward, one step back
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