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.

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
EUR/USD
Mixed
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Heads Up:🇬🇧 Construction PMI (FEB) due at 09:30 GMT (15min) Expected: 51 Previous: 49.2 https://www.dailyfx.com/economic-calendar#2021-03-04
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.76%, while traders in Germany 30 are at opposite extremes with 65.31%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/tF7NDRkMxh
  • Commodities Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.56% Gold: 0.32% Silver: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/oQYFEnQWXw
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/5Rb6Zace9V
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.34% 🇳🇿NZD: 0.21% 🇨🇦CAD: 0.08% 🇨🇭CHF: -0.06% 🇪🇺EUR: -0.12% 🇯🇵JPY: -0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Ksc3KraqP3
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.12% US 500: -0.20% France 40: -0.48% FTSE 100: -0.50% Germany 30: -0.54% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/u0DuzvS8In
  • Dow Jones, S&P 500 Perched at Key Support as Attention Turns to Powell - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2021/03/04/Dow-Jones-SP-500-Perched-at-Key-Support-as-Attention-Turns-to-Powell.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $DJIA $SPX $ES $YM $DJI https://t.co/xon6vWNM7K
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here: https://t.co/Blrl0uF2Ct https://t.co/523qqvxg5j
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here: https://t.co/8G8mUX4so6 https://t.co/KG9k8BnyD6
  • Gold Price Forecast: Long-Term Yields May Keep XAU/USD on the Backfoot - https://t.co/YV1gkiTPrq #GOLD $GLD $XAUUSD https://t.co/oT1lIcChN6
Fine Tuning an Entry with Stochastics

Fine Tuning an Entry with Stochastics

Richard Krivo, Trading Instructor

Student’s Question:

First off, thank you for all your help here!I've been struggling to find a pair with a strong trend on the daily chart that follows in the same direction on the 4hr/1hr/30min charts. I was not able to find a good place for an active trade but did find this previous short signal.This is and hourly chart of USD/CAD. I circled the crossover and corresponding candle. I would have placed my trade as follows:At the closing of the next candle after the crossover I place my short at the opening of the new candle at 0.97222 with a stop just above the high of the crossover candle at 0.97310 and target a profit of 0.97046 using the 1:2 risk/reward ratio.Let me know what you think about this one. Obviously we know it would have worked out since it has passed but had I placed this trade at the time, is my assessment/use of the indicator correct?I also have a question about this indicator. You can see on the next peak of the chart I posted the K line crossed well over but the D line only touched the line. They didn't cross each other above the 80 line. The next candle after that cross was green instead of red we would not have placed the trade but assuming it didn't, would we use that as a sell signal even though they didn't cross each other? Also, are we looking for BOTH K&D lines to cross the 80/20 line and then cross each other or could we derive a signal from only one (K or D) line crossing?Thanks again for all your help!!

Here’s the chart…

Fine_Tuning_an_Entry_with_Stochastics_body_83017d1299703877-2-stochastics-assignment-place-trade-usdcad.png, Fine Tuning an Entry with Stochastics

Instructor’s Response:

Nicely done on the USDCAD trade...You have taken a trade in the direction of the Daily trend off of a lower time frame chart (Multiple Time Frame Analysis) and used Slow Stochastics to fine tune your entry...very good work.

Regarding the Stochastics question, it is pretty much a matter of personal preference. Some traders like to see both the K and the D line above or below 80/20 andI am in that group.

Others, while it is a bit more aggressive, will take the signal if just one line is above or below and forgo the greater confirmation that the second line offers.

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

DISCLOSURES