Recommendations
Trade Recommendation: EUR/PHP
The Euro/Philippine Peso pair started its uptrend in October 2002 when it took out resistance of 52. The price action triggered the rounding bottom reversal pattern on the monthly chart, which sparked a long bull run that saw the pair ascend to as high as 76.652 in December 2004. In two years, the Euro gained over 47% against the Philippine Peso.
At this point, the pair was in extreme overbought territory on the monthly chart. Trend followers took the chance to lock in gains. As sellers dominate the market, EUR/PHP dropped to 58.322 in February 2008. Bulls entered the buying scene and lifted the pair to 72.835 in July 2008.
With a lower high in place, the market became increasingly bearish. It snapped the 62 support in March 2010, which ignited a bear run that plunged the pair to as low as 46.42 in March 2015. Fortunately for buyers at this level, EUR/PHP has been rallying. It has even launched another uptrend.
Technical analysis show that the Euro/Philippine Peso pair has taken out resistance of 62 in January 2018 and triggered the large double bottom reversal pattern on the monthly chart. It went as high as 65.558 in February 2018, but it flashed overbought readings. The pair needs to correct and create a base above 62 to keep its uptrend sustainable.
The strategy is to buy on dips as close to 62 as possible. With recent price action, bulls are likely to hold on to support and crawl to our target of 72. The process may take more than a year.
Monthly Chart of EUR/PHP
As of this writing, the EUR/PHP pair is trading at 63.773.
Summary of Strategy
Buy: Buy on dips as close to 62 as possible.
Target: 72
Stop: 61.4
Featured image courtesy of Shutterstock.
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3.7 stars on average, based on 168 rated postsKiril is a financial professional with 4+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance.
Kiril’s current focus is on cryptocurrencies and ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.
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Recommendations
Trade Recommendation: Populous
The Populous/Bitcoin (PPT/BTC) pair launched its uptrend on January 7, 2018 when it took out resistance of 0.0032. This triggered the cup and handle reversal pattern on the daily chart. The breakout attracted so much momentum that the pair quickly became parabolic. With its supercharged velocity, PPT/BTC skyrocketed to 0.007901 on January 31. In less than a month, the market rose by almost 147%.
At this price point, the pair was in extreme overbought territory. Those who bought the breakout took the opportunity to lock in gains. This ignited a massive selling frenzy that drove the pair down to 0.0015159 on March 9.
The higher the climb, the greater the fall. This is what often happens to any asset that goes parabolic.
Fortunately for bottom pickers, PPT/BTC rallied to slightly over 0.0032 resistance on April 17. While the market has been pulling back since, it appears that bulls are beginning to make their presence felt.
Technical analysis reveals that Populous/Bitcoin is carving a bullish higher low setup at 0.0017. Volume began to spike on May 15 when the pair hovered above this level and it remained elevated for the next seven days. This tells us that bulls are ready to buy positions at higher price point. More importantly, PPT/BTC managed to stay above 0.0017 even in the midst of intense selling pressure.
The strategy is to bottom fish the market and buy as close to 0.0017 as possible. As long as the market stays above the support, bulls have all the momentum they need to climb to our target of 0.0032.
The process may take a month.
Daily Chart of Populous/Bitcoin on Binance
As of this writing, the Populous/Bitcoin pair is trading at 0.0018697 on Binance.
Summary of Strategy
Buy: As close to 0.0017 as possible.
Target: 0.0032
Stop: 0.00165
Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.
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3.7 stars on average, based on 168 rated postsKiril is a financial professional with 4+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance.
Kiril’s current focus is on cryptocurrencies and ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.
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Recommendations
Trade Recommendation: NZDUSD
This trade recommendation is setting up quickly and requires prompt attention.
This is a short term buy trade. The New Zealand Dollar has a very long Hammer candle on the 60 minute chart that has pierced the 6 Day Rolling Pivot Range, the Opening Range and the Daily Pivot Range. This is a bullish setup.
With additional support from the Weekly Pivot Range below the candle we can be confident that this is a high probability trade setup.
So, the action to take is to place a buy order to enter the market long if the price trades above the 0.69440 level. Using the 60 minute chart we will want to buy on a break above this level which will confirm the market wants to move higher. Place your stop just below the Hammer candle low and the profit targets stated below.
Entry Price: 0.69440
Stop Loss: 0.69170
Profit Targets: First profit target 0.69720. Second profit target is 0.69850.
Disclaimer: Disclaimer: The writer has no positions in the forex markets but does engage in short-term trading of forex and futures.
Featured image courtesy of Shutterstock.
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4 stars on average, based on 56 rated postsI am the founder of VirtuesTrading.com, where traders can learn to use my Virtues Trading System. Formerly a Commodity Trading Advisor, I got my start in the Energy and Precious Metals Options & Futures pits of the New York Mercantile Exchange. I operate on the premise of efficient markets, the management of risk through the analyzation of price action and technical indicators. I have a BA in International Relations from the University of Southern California.
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Trade Recommendation: GBPUSD
This trade recommendation is setting up quickly and requires prompt attention
The British Pound is sitting on the Daily Pivot Range as support which coincides with the 14 Day Pivot Moving Average. The uptrend line from the last 48 hours is intact and remains supportive.
The price has been in a channel for the last many hours and could be ready for a move out of the sideways trend.
With good support on a narrow channeling with a triangle formation we have a setup with a close stop loss level, which gives us an ideal risk reward ratio.
So, the action to take is to place a buy order to enter the market long if the market trades above the 1.34370 level. Using the 60 minute chart we will want to buy on a break above this level which will confirm the market wants to move higher. Place your stop at the swing low and the profit targets stated below.
Entry Price: 1.34370
Stop Loss: 1.34120
Profit Targets: First profit target 1.34820. Second profit target is 1.34960.
Disclaimer: Disclaimer: The writer has no positions in the forex markets but does engage in short-term trading of forex and futures.
Featured image courtesy of Shutterstock.
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4 stars on average, based on 56 rated postsI am the founder of VirtuesTrading.com, where traders can learn to use my Virtues Trading System. Formerly a Commodity Trading Advisor, I got my start in the Energy and Precious Metals Options & Futures pits of the New York Mercantile Exchange. I operate on the premise of efficient markets, the management of risk through the analyzation of price action and technical indicators. I have a BA in International Relations from the University of Southern California.
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