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.

Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Bullish
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
Bullish
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
More View more
Real Time News
  • The ongoing contraction in US production may keep #oilprices afloat in June as crude output falls to its lowest level since October 2018. Get your crude #oil market update from @DavidJSong https://t.co/jj1bMLX0DF https://t.co/O9NOqbfHkb
  • watching the #SpaceX launch🍿
  • Major investment bank models have touted USD selling, given the outperformance in US equities relative to its counterparts over the past month. How is this likely to impact the month-end rebalancing? Find out from @JMcQueenFX here:https://t.co/MtNrHmXZpD https://t.co/d00z4019XE
  • The medium-term #gold outlook still seems favorable as the #Fed, #ECB and more keep rates around 0. Immediate event risk ahead includes the #RBA and #BoC interest rate decisions, US jobs data and Brexit. Get your gold market update from @ddubrovskyFX here: https://t.co/ABXy78LmUn https://t.co/rCALcGaKOL
  • The trio of central banks overseeing the commodity currencies have already cut their main rates to all-time lows. Get your market update from @CVecchioFX here: https://t.co/OSUXrN5P3j https://t.co/Cxt86jl28N
  • The Japanese Yen fell for a third consecutive week with price testing resistance into June open. Here are the levels that matter on the $USDJPY weekly technical chart. Get your #currencies market update from @MBForex here: https://t.co/1QPXP0g7Ew https://t.co/WUtXHoRoQX
  • $USDZAR: A rally from here could be an important tell as to whether the level seen as support previously (17.76) will turn into a point of resistance for sellers to lean against. Get your $USDZAR technical analysis from @PaulRobinsonFX here:https://t.co/TNsQ4JJu6E https://t.co/I4yCjs2ja0
  • The US dollar continued to sell-off this week and the greenback’s future will be decided by commentary from the White House and not the Federal Reserve over the coming days and weeks. Get your #currencies market update from @nickcawley1 here: https://t.co/lpHneO3s2h https://t.co/bZ5klohLNd
  • #Gold prices have continued to push higher as expectations have built for global Central Banks to remain very loose and passive with monetary policy for the foreseeable future. Get your $XAUUSD technical analysis from @JStanleyFX here: https://t.co/h5tF3kAZfd https://t.co/VAYy9FGHcQ
  • Major investment bank models have touted USD selling, given the outperformance in US equities relative to its counterparts over the past month. How is this likely to impact the month-end rebalancing? Find out from @JMcQueenFX here:https://t.co/MtNrHmXZpD https://t.co/YvoHlUsdVr
Guest Commentary: Using Stops to Win not Lose!

Guest Commentary: Using Stops to Win not Lose!

2012-07-27 14:55:00
Ed Matts, MarketVisionTV.com,
Share:

* Following a strong downtrend, it is typical for the market to sell into the subsequent rally with stops above the previous high, 1.2330 in this instance.

* The fact it has held 1.2330 will encourage further shorts with stops above 1.2330.

* Since a likely break of 1.2330 will end the uptrend, we will use these stops to exit our longs and sell into Monday!

Guest_Commentary_Using_Stops_to_Win_not_Lose_body_EUR2707.png, Guest Commentary: Using Stops to Win not Lose!

The Euro rallied strongly from below the 1.2100 major fibo target area to encourage a return to consolidation and a larger corrective recovery. Since we expect an eventual resumption of the downtrend we reduced longs on this rally as it appeared a three wave potentially corrective rally into the previous corrective high.

However, the impulsive nature of this uptrend does beg a 5 wave rally. So the current to 1.2240 38.2% of the last rally and uptrend support is enough for a correction and therefore another attempt at 1.2330. Now even allowing for failure and 1.2220 later in a more complex corrective consolidation ( to answer the simple one lower down) we are rebuying this weakness for a later spike to1.2360 5=1 potentially 1.2385-90 the major confluence area.

Since this will take out bearish stop as the Euro ends the uptrend, we look to cover/sell this rally (with 1.2425 stops) for a return to consolidation and a loss of 1.2165 overlap (stop on long) to open up a retest of the lows.

Further videos or commentaries are available from www.marketvisiontv.com or @EdMatts on Twitter.

Would you like to see more third-party contributors on DailyFX? For questions and comments, please send them to research@dailyfx.com

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

DISCLOSURES

News & Analysis at your fingertips.