News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.94% France 40: 0.76% US 500: 0.59% Wall Street: 0.49% Germany 30: 0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Dia7AhuAiT
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/TIMrjGGV1J
  • 🇿🇦 ABSA Manufacturing PMI (JUL) Actual: 43.5 Previous: 57.4 https://www.dailyfx.com/economic-calendar#2021-08-02
  • 🇬🇧 Markit/CIPS Manufacturing PMI Final (JUL) Actual: 60.4 Expected: 60.4 Previous: 63.9 https://www.dailyfx.com/economic-calendar#2021-08-02
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/iKSgaB6JUP
  • Heads Up:🇬🇧 Markit/CIPS Manufacturing PMI Final (JUL) due at 08:30 GMT (15min) Expected: 60.4 Previous: 63.9 https://www.dailyfx.com/economic-calendar#2021-08-02
  • 💶 Markit Manufacturing PMI Final (JUL) Actual: 62.8 Expected: 62.6 Previous: 63.4 https://www.dailyfx.com/economic-calendar#2021-08-02
  • 🇩🇪 Markit Manufacturing PMI Final (JUL) Actual: 65.9 Expected: 65.6 Previous: 65.1 https://www.dailyfx.com/economic-calendar#2021-08-02
  • 🇮🇹 IHS Markit Manufacturing PMI (JUL) Actual: 60.3 Expected: 61.5 Previous: 62.2 https://www.dailyfx.com/economic-calendar#2021-08-02
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.02%, while traders in Wall Street are at opposite extremes with 75.65%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/izlA7uadGr
There is More Than One Way to Assess a Trade

There is More Than One Way to Assess a Trade

Richard Krivo, Trading Instructor

Instructor’s Response: 

 
Yes...the third touch is the one that validates the trendline.
 
Based on the Daily chart on the pair, we would only want to take short positions as this pair is trending strongly to the downside.
 
Based on the historical 1 hour chart of the GBPCHF you posted, there are three things that can be used to analyze the trade: 1) if the pair trades up to the black trendline, a short position can be taken as long as the candle does not close above the trendline; 2) put a Fib line (red line) as shown and from the Fib levels a trader can determine the potential level of retracement…once that level is hit and the pair stalls at that level, a short position can be taken; and, 3) if the pair closes below support (green line) a short position can be taken at that point.
 
The idea here is that there is more than one way to analyze a chart depending on what is going on with the pair.
 
chart  7 6 10
 

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES