Giuseppe Basile, CSTA/IFTA
FibStalker Trading
In this session I wanted to answer a number of recurring questions I get all the time and particularly in the last few weeks.
I addressed some of the aspects that starting and intermediate traders have to consider. Firstly charting (depending on how "visual" your method is). For instance I trace tents of hundreds Fibonacci studies every year on my charts and that study has to be smooth, along with the clarity I get from the chart itself, and how price is represented.
It is very personal. There is no one-size-fits all and if you are starting just be happy with MT4 with a leading broker (check on FXStreet website the comparison between different brokers).
As you account grows (with experience, thus start small), you can pick different solution and different brokerages solution that open up to other asset classes and instruments.
A typical evolution is to trade forex using currency futures on the CME/Globex.
Watch the full video for more information and the hooks and advices on your typical path as a trader.
We then analyzed the EUR/USD ready for a potential move into 1.1020 to test for longs, AUD/JPY which could trade into 85.15 and find resistance, for a move into the 82 area and the EUR/CAD which has traded daily resistance, for a potential continuation lower into 1.2880 area.
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Editors’ Picks
EUR/USD holds above 1.0700 on weaker US Dollar, upbeat Eurozone PMI
EUR/USD holds above the 1.0700 psychological barrier during the Asian session on Wednesday. The weaker-than-expected US PMI data for April drags the Greenback lower and creates a tailwind for the pair.
GBP/USD posts modest gains above 1.2450, BoE policymaker dampens hopes of summer rates cut
The GBP/USD pair recovers to 1.2450 during the early Wednesday. The downbeat US April PMI data and increasing appetite for the risk-linked space exert some selling pressure on the US Dollar.
USD/JPY sticks to 34-year high near 154.90 as intervention risks loom
USD/JPY is sitting at a multi-decade high of 154.88 reached on Tuesday. Traders refrain from placing fresh bets on the pair as Japan's FX intervention risks loom. Broad US Dollar weakness also caps the upside in the major. US Durable Goods data are next on tap.
Editors’ Picks
EUR/USD holds above 1.0700 on weaker US Dollar, upbeat Eurozone PMI
EUR/USD holds above the 1.0700 psychological barrier during the Asian session on Wednesday. The weaker-than-expected US PMI data for April drags the Greenback lower and creates a tailwind for the pair.
GBP/USD posts modest gains above 1.2450, BoE policymaker dampens hopes of summer rates cut
The GBP/USD pair recovers to 1.2450 during the early Wednesday. The downbeat US April PMI data and increasing appetite for the risk-linked space exert some selling pressure on the US Dollar.
Gold price struggles to lure buyers amid positive risk tone, reduced Fed rate cut bets
Gold price lacks follow-through buying and is influenced by a combination of diverging forces. Easing geopolitical tensions continue to undermine demand for the safe-haven precious metal. Tuesday’s dismal US PMIs weigh on the USD and lend support ahead of the key US data.
Crypto community reacts as BRICS considers launching stablecoin for international trade settlement
BRICS is intensifying efforts to reduce its reliance on the US dollar after plans for its stablecoin effort surfaced online on Tuesday. Most people expect the stablecoin to be backed by gold, considering BRICS nations have been accumulating large holdings of the commodity.
US versus the Eurozone: Inflation divergence causes monetary desynchronization
Historically there is a very close correlation between changes in US Treasury yields and German Bund yields. This is relevant at the current juncture, considering that the recent hawkish twist in the tone of the Fed might continue to push US long-term interest rates higher and put upward pressure on bond yields in the Eurozone.
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