Ming Jong Tey
Independent Analyst
Watch the video extracted from the live session on 15 Aug 2023 below to find out the following:
-
The very first thing we need to seek on in anticipation of a relief rally.
-
Is now the time for bargain hunting for investing and position trading?
-
How to define a “change of character” bar and why is it significant for predicting a technical rally.
-
How to seek confirmation from the volume for a market reversal.
-
And a lot more.
Since there is a presence of demand as shown in the support zone, it is essential to get a bullish change of character bar (refer to the characteristics as discussed in the video) before betting on a relief rally.
The bullish vs. bearish setup is 309 to 208 from the screenshot of my stock screener below pointing to a positive market environment. Yet, the increase in market volatility makes it challenging for upside follow-through for the majority of the stocks.
12 “low hanging fruits” (CLH, PWR, etc…) trade entries setup + 24 others (PHM, NVT, etc…) plus 8 “wait and hold” candidates have been discussed during the live session.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
AUD/USD keeps the bullish outlook above 0.6600
A negative session in the Greenback allowed AUD/USD to leave behind two consecutive sessions of losses and reclaim the area beyond the key barrier at 0.6600 the figure on Thursday.
EUR/USD: Next target emerges at 1.0800
In line with the broad improvement in the risk appetite, EUR/USD reversed part of the recent weakness and advanced to the vicinity of the 1.0800 region in response to the renewed selling pressure hurting the Dollar.
Gold poised to resume its advance
XAU/USD now gathers fresh steam and advances to the highest level in many sessions north of the $2,330 mark per troy ounce on the back of further selling pressure hurting the Greenback as well as mixed US yields.
Bitcoin price is down over 20% from its peak, but BTC macro uptrend remains very much intact
Bitcoin (BTC) price peaked at $73,777 in March, marking a new all-time high recorded over a month before the fourth halving. The bold move north has however been followed by a cascade of load-shedding exercises, though not enough to invalidate the big-picture bullish outlook for BTC.
Bank of England update: A mixed bag
As widely expected, the Bank of England (BoE) held the Bank Rate on hold at 5.25% for a sixth consecutive meeting, its highest level since 2008. However, what was key today was the central bank signalled it could be getting closer to easing policy in the summer, possibly as early as June’s meeting or in August, which is fully priced in at the moment.