also if a line was to be drawn on RsI trend line has been broken which has not occurred on the chart GBP/NZD

bearish bias on EU @pipmarshall and @walexy100,and @yoda thanks for your useful contributions

Hello Traders.
Happy New year to resilient ones.

Please For Education purposes, who can explain for me How to use COT report to plan trade for the week as a sentiment radar.




Thanks.

GBP/AUD seems like a good buy?

Resuming Trading Tomorrow.

My eyes are fixed on Gold and Crude Oil.

Am starting a new with $200

Guys what does this mean

eg .

place order 20 points below opening level. is 20 points same as 20 pips?

This is a free channel.

You can always message me for paid content.

PipMarshall:

USDSEK.

Bull or Bear market?
I am bearish.
Waiting for good entries ( the best RRR) or confirmation before entering.
I should sell this.
But I wait for retracement to the green line.
Or break below the black line.


@voraz..
@walexy100

Any elliot patterns on this pair?

This looks like an emerging bear market.
Thanks for the heads up sir.
I'll keep an eye on it

Immediate move is downside (illustrated on H4 chart)

This is my top-down analysis on this pair

The last picture is the only price pattern I can find with a quick glance on this pair

Setup for Silver

earthsync:
Guys what does this mean

eg .

place order 20 points below opening level. is 20 points same as 20 pips?

Nope

20 points is 2 pips.

20 pips = 200 points.

Top down - NZDUSD

main24:

Nope
20 points is 2 pips.
20 pips = 200 points.

okay thanks

voraz:
Top down - NZDUSD

how did you draw your zones on the metatrader app?

That is incorrect my dear. A simple way to always remember this is that a point signifies the smallest possible change in price on the left side of the decimal point [indicated in green], while a PIP same as a tick is equal to the smallest possible price move on the right side of the decimal point [depicted in red].

When price moves from 1551 to 1552 that's 1point which is 10pips, if price moves from 1551 to 1571 [which I believe it would this week by God's grace] that's 20points, won't that equate to 200pips?
Although the way forex pairs are structured, "points" isn't meant to be used with forex pairs [except one wants to show off ]. It's mostly a stock market terminology because, if GBPNZD moves from 1.0000 to 2.0000,my brother that one is 2points move oh but it's a 10,000. But the point value varies for different pairs and is calculated by the number of decimal places after the decimal points.
For USDJPY: 1 Point move is 100pips
For GBPNZD: 1 point move is 10,000pips
For XAUUSD: 1 point move is 10pips etc

main24:

Nope
20 points is 2 pips.
20 pips = 200 points.

Nothing is certain in forex but without looking at charts I can be 100% sure that either your GBPAUD buy or GBPNZD sell would fail. How do I know? CORRELATION my friend.
Simply put if you trade GBPAUD and GBPNZD at the same time and direction you're just trading exactly AUDNZD.
Same thing as when you trade EURAUD and EURNZD at same time and direction, you're still trading AUDNZD
Also, trading:
GBPJPY AND GBPUSD in same direction at same time, you're trading USDJPY.
EURJPY AND EURUSD in same direction at same time, you're trading USDJPY

That's the same way I look to EURGBP to understand why GBPUSD can be selling while EURUSD is buying when ideally they are meant to be highly positively correlated pairs.
Have I confused you? I keep saying I'm not the best at teaching, Don't want to crowd here with charts but look at GBPNZD, GBPAUD and AUDNZD on 10.10.19 and 13.12.19 on the daily chart. See something?

solitytv123:
GBP/AUD seems like a good buy?

If GBPNZD could speak he'd tell you that investors since January 2018 kept pushing him to this level but didn't have enough money to break it concisely until around September 2019.
My trade is basically trying to take advantage of the initial profit taking off the break and join the new money. Structure isn't too hard to find, especially on higher time frames. Psychology is key in seeing trades like this but like for every trade I take, I have a 50/50 odds and my bias is just what it is, the market could kick me in places I can't mention here!
I'm not @pipmarshal who always makes the markets wrong

solitytv123:
also if a line was to be drawn on RsI trend line has been broken which has not occurred on the chart GBP/NZD

voraz:
Top down - NZDUSD

Will be buying this.

AUDUSD too.

voraz:


This looks like an emerging bear market.
Thanks for the heads up sir.
I'll keep an eye on it

Immediate move is downside (illustrated on H4 chart)

This is my top-down analysis on this pair

The last picture is the only price pattern I can find with a quick glance on this pair

Thanks for this analysis. Really great.
I was expecting a heads and shoulders. The last scenario.. Gives me a better shot at entry. The green lines are usually my entry areas. But if it goes down now.. You have shown me how to catch the move

saxy4c:
If GBPNZD could speak he'd tell you that investors since January 2018 kept pushing him to this level but didn't have enough money to break it concisely until around September 2019.
My trade is basically trying to take advantage of the initial profit taking off the break and join the new money. Structure isn't too hard to find, especially on higher time frames. Psychology is key in seeing trades like this but like for every trade I take, I have a 50/50 odds and my bias is just what it is, the market could kick me in places I can't mention here!
I'm not @pipmarshal who always makes the markets wrong

This man won't finish me here o
I don't know how to trade..
Everything is wuruwuru...

A word of advice?
Those are the exact 2 pairs you should not be looking at except your strategy is quite efficient in trade management and tight SL. With the best risk control possible, it would only take -2000pips to blow your account and good can easily do 300pips in both directions daily [it moved 600pips in just up direction last week!].
Besides you need much higher leverage to trade both pairs.
Just my 2cents though. I wish your account immense growth.

Sunnycliff:
Resuming Trading Tomorrow.
My eyes are fixed on Gold and Crude Oil.
Am starting a new with $200

.

EURGBP.

Should go to at least 0.8800.

Mine is to find an entry that won't stop me out.

Dream entry would be retracement to lower green line.

Okay Evening everyone.

I feel I can get this off my chest by writing this here?

Forex. I've always heard about how people can trade and make money through this platform so in 2018 I decided to check what this Forex really was. I tried learning it but it was really difficult and I gave up. In 2019, around the middle of the year there was this guy can't really remember the moniker who did this Forex for biginners 101 kinda thing here on nairaland I read it and it just still felt so strange like before.

Sometimes around October a friend of mine from school started talking to me about Forex and what he said really fuelled this drive. So I came here, went through the season 19 posts. Got to know about baby pips, downloaded books, watched videos on YouTube and began to understand this whole world of Forex. and I realized that all those years I was doing it the wrong way.

Sometimes I do get these thoughts of not ever going to be able to trade the market and all that and tbh thoughts like this ruins my mood sometimes.

Whenever I see females (because Forex is mostly dominated by the males) on social media who do Forex I get turned on, not sexually tho lol, but that fits how it makes me feel. it motivates me to always come back to learn and strive everyday and hour.

So here's me saying I'm not going to give up and anyone reading this who feels like doing so should know that Rome wasn't built in a day. And things may look really dull right now but remember the grass's always greener on the other side

NB sorry for any grammatical errors

saxy4c:
A word of advice?
Those are the exact 2 pairs you should not be looking at except your strategy is quite efficient in trade management and tight SL. With the best risk control possible, it would only take -2000pips to blow your account and good can easily do 300pips in both directions daily [it moved 600pips in just up direction last week!].
Besides you need much higher leverage to trade both pairs.
Just my 2cents though. I wish your account immense growth.

Thanks for your advice but I am not a newbie in commodity trading. This should be my 11th year in Forex trading. I have enough lessons, experiences and I have a fairly good money management risk level.

earthsync:
Okay Evening everyone.

I feel I can get this off my chest by writing this here?

Forex. I've always heard about how people can trade and make money through this platform so in 2018 I decided to check what this Forex really was. I tried learning it but it was really difficult and I gave up. In 2019, around the middle of the year there was this guy can't really remember the moniker who did this Forex for biginners 101 kinda thing here on nairaland I read it and it just still felt so strange like before..... .

Give things time.
Give yourself time.
Just because,
Things take time.
People need time.

You are doing great.
Keep at it.

Patience.

Meanwhile.. You trading demo already?

earthsync:
Okay Evening everyone.

I feel I can get this off my chest by writing this here?

Forex. I've always heard about how people can trade and make money through this platform so in 2018 I decided to check what this Forex really was. I tried learning it but it was really difficult and I gave up. In 2019, around the middle of the year there was this guy can't really remember the moniker who did this Forex for biginners 101 kinda thing here on nairaland I read it and it just still felt so strange like before.

Sometimes around October a friend of mine from school started talking to me about Forex and what he said really fuelled this drive. So I came here, went through the season 19 posts. Got to know about baby pips, downloaded books, watched videos on YouTube and began to understand this whole world of Forex. and I realized that all those years I was doing it the wrong way.

Sometimes I do get these thoughts of not ever going to be able to trade the market and all that and tbh thoughts like this ruins my mood sometimes.

Whenever I see females (because Forex is mostly dominated by the males) on social media who do Forex I get turned on, not sexually tho lol, but that fits how it makes me feel. it motivates me to always come back to learn and strive everyday and hour.

So here's me saying I'm not going to give up and anyone reading this who feels like doing so should know that Rome wasn't built in a day. And things may look really dull right now but remember the grass's always greener on the other side

NB sorry for any grammatical errors

I wish I can donate a thousand likes for this epistle. Keep learning, be open minded, take calculated risks that won't land you into debt ....the Forex world is big enough to contain Wall Street wizards and newbies.

All the best in this path you have chosen

Sunnycliff:


I wish I can donate a thousand likes for this epistle. Keep learning, be open minded, take calculated risks that won't land you into debt ....the Forex world is big enough to contain Wall Street wizards and newbies.

All the best in this path you have chosen

Thanks a lot

PipMarshall:

Give things time. Give yourself time. Just because, Things take time. People need time.
You are doing great. Keep at it.
Patience.
Meanwhile.. You trading demo already?

Thanks
Yeah I am. Trying out strategies to see which one works

My apologies boss, by all means do your thing and please endeavour to share your trades here so we are all benefit from your wealth of experience. Have a great 2020 sir.

Sunnycliff:


Thanks for your advice but I am not a newbie in commodity trading. This should be my 11th year in Forex trading. I have enough lessons, experiences and I have a fairly good money management risk level.

Guys, there is a whole lot that goes on behind the charts that are not just mere coincidence. Market Makers are real, Price manipulation is a reality. Yes I have a lot of big big talk but it's as a result of things I've seen in the markets and done immense research to understand. Atimes I get to figure them out, other times I fail woefully.
Any one ever heard of the plunge protection team? I can bet they are currently behind this DXY and Indices weird behaviour.

PLUNGE PROTECTION TEAM.
The "Plunge Protection Team" (PPT) is a colloquial name given to the Working Group on Financial Markets. Created in 1988 to provide financial and economic recommendations to the U.S. President during turbulent market times, this group is headed by the Secretary of the Treasury; other members include the Chairman of the Board of Governors of the Federal Reserve, the Chairman of the Securities and Exchange Commission and the Chairman of the Commodity Futures Trading Commission (or the aides or officials they designate to represent them).

The name "Plunge Protection Team" was coined by The Washington Post and first applied to the group in 1997.

The Plunge Protection Team, composed of high-ranking government financial officials, reports directly and privately to the president of the United States.
How the Plunge Protection Team (PPT) Works:
In March 1988, in the wake of the stock market crash of 1987, then-President Ronald Reagan created by executive order the President’s Working Group on Financial Markets. The concept was to create an informed, but informal, advisory group on the markets for the president and regulators. Charged with "enhancing the integrity, efficiency, orderliness, and competitiveness of our Nation's financial markets and maintaining investor confidence," its original purpose was to report specifically on the Black Monday events of October 19, 1987, when the Dow Jones Industrial Average fell 22.6%, and what actions, if any, should be taken. However, the group has continued to meet and report to various presidents over the years, usually (but not always) during turbulent times in the financial markets.

In 1999, it issued a recommendation to Congress, requesting changes in the derivatives markets regulations. It convened during the global credit crisis of 2008. The Plunge Protection Team's latest gathering (as of March 2019) was on Christmas Eve, 2018. Treasury Secretary Steven Mnuchin chaired a conference call with other members of the group, in addition to representatives from the Comptroller of the Currency and the Federal Deposit Insurance Corporation.


KEY TAKEAWAYS
The "Plunge Protection Team" (PPT) is a colloquial name given to the Working Group on Financial Markets by The Wall Street Journal.
The Plunge Protection Team's official mission is to advise the U.S. president during times of economic and stock market turbulence.
Critics fear the Plunge Protection Team doesn't just advise, but actively intervenes to prop up stock prices—colluding with banks to rig the market, in effect.
Concerns About the Plunge Protection Team (PPT)
Though not exactly a secret, the Plunge Protection Team isn't widely covered and doesn't release the minutes of its meetings or its recommendations, reporting only to the president. This behavior leads some observers to wonder if the government's most important financial officials are doing more than analyzing and advising—in fact, that are actively intervening in the markets.

Conspiracy theorists have speculated that the group execute trades on several exchanges when prices are heading downward, collaborating with big banks such as Goldman Sachs and Morgan Stanley in unrecorded transactions. They often point to a 1989 speech published in The Wall Street Journal by former Federal Reserve Board of Governors member Robert Heller, which suggested the Fed could directly support the stock market by purchasing index futures contracts.

How the Plunge Protection Team (PPT) Might Work
On Monday February 5, 2018, the Dow Jones Industrial Average (DJIA) experienced a drop that was twice as large as its biggest point decline in history. However, arbitrary and aggressive buying cut the decline in half in one day. On Tuesday and Wednesday of that week, stocks opened lower, and each time aggressive buying buoyed the markets. That aggressive buying, some say, was being orchestrated by the Plunge Protection Team.

Or, to take a more recent example: The Plunge Protection Team's aforementioned tele-conference on Dec. 24, 2018. That whole month, the S&P 500 had been heading towards a record decline—the motive for the team's meeting—and the DJIA dropped 650 on the 24th alone. But when trading resumed after Christmas, the DJIA rallied over 1,000 points. On the 27th, it lost half those gains, until a late-day reversal stopped the slide, and caused the market to close 600 points up. That's no coincidence, conspiracy theorists argue.

If true, this sort of manipulation is not unlike the actions of consortia of private bankers and financiers in the late 19th and early 20th century who, during financial panics, would step in to shore up the stock market with massive purchases. The difference, of course, is that Working Group on Financial Markets is composed of U.S. government officials, and the U.S. is supposed to operate on a free-market system. And also an open one, not one influenced by mysterious forces.

Happy New Year.


Looking to buy this pair. EurAud.

Stops below the engulfing candle.

Will let you know when I’ve a position.

Hey everyone, I have been following Forex Trade Alerts on and off for a year and a half now, i have learnt quite a lot from a lot of people here, on babypips , YouTube and some books. I'm ready to start trading full time as a means of generating income.
whats the minimum amount you do recommend one start with in naira
PS: i'm just a youth corp member at the moment so my finance is limited.
Thank you