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Trade Recommendation: EURAUD

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The bias has turned to the downside for the short term with the price trading below the Daily Pivot Range (blue dots), as well as the 3 Day Rolling Pivot Range (RPR, green dots). These levels provide the near term key resistance range.

With the Daily Pivot Moving Averages (red,yellow, white lines) turning downward this is further confirmation of the bearish bias. We need to see further confirmation with the price trading below the current swing low of 1.56518.

The action to take is to place a sell stop entry order to enter the market short as the price breaks below the recent low. Place the stop loss just above the swing high level at the Daily Pivot Range low.

Note: If triggered, look for the trade to play out over a period of 24-36 hours and if no significant move after 3 hours, exit the trade.

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Entry Price: 1.5651
Stop Loss: 1.5697
Profit Targets: Grab some quick profits at the First profit target 1.5610. Second profit target is 1.5556. Once first profit target is reached, bring stop loss to breakeven, then trail a stop loss on remaining position 15-20 pips behind to safeguard profits or until second profit target is hit.

 

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.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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3.9 stars on average, based on 74 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: Litecoin

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Litecoin is looking good with near term and mid term Pivot Ranges below our current price level at the opening of the new session. We call this the Pivot Stack, when Pivots are grouped together, this is a sign of consolidation in price as an important level of support & resistance. Notice also the previous Pivots grouped together in the previous session. The price moved through all of these levels with significant strength or like a “hot knife through butter”. When this happens it is a sign the market has real strength behind it and could have a lot more left in the move.

The Daily Pivot Moving Averages are also turning bullishly upward.

The action to take is to buy if the price trades at or above the ‘A’ up line for at least 15 consecutive minutes. Place the stop loss below the Pivot Stack and the swing low, and the profit targets as stated.

If the trade signal is not triggered by end of the session, cancel the orders.

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Entry Price: 99.69
Stop Loss: 92.80
Profit Targets: First profit target 108.20 . Second profit target 112.30. Once price reaches first profit target bring stop loss to breakeven (entry point).

Disclaimer: The writer owns Litecoin, 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.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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3.9 stars on average, based on 74 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: GBP/AUD

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The British Pound/Australian Dollar pair (GBP/AUD) looked extremely bearish in August 2009 when it broke below support of 2.00. This triggered a waterfall event that saw the pair plummet to 1.43818 in March 2013. In about three and a half years, the British Pound lost 28% of its value against the Australian Dollar.

With a bottom in place, GBP/AUD began to rally. It took out resistance of 1.78 in November 2013. This triggered the rounding bottom reversal pattern on the weekly and monthly charts. The breakout pushed the pair to as high as 2.24049 in August 2015.

At this price level, the pair has already achieved the target of the rounding bottom pattern. This inspired a selling frenzy that drove the pair down to 1.53222 in October 2016 as bottom pickers and breakout players took profits. GBP/AUD has been rallying since. This could be your chance to buy the confirmation of a breakout.

Technical analysis reveal that the British Pound/Australian Dollar pair has taken out resistance of 1.78 in March 2018. This triggered the inverse head and shoulders continuation pattern on the weekly chart. The rally to 1.85086 in March affirms the breakout. However, the market has pulled back. This opens the chance to buy the breakout.

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The strategy is to buy as close to 1.775 as possible. As long as the market stays above this level, it will attract more momentum to push it to our target of 1.98.

The process may take three months.

Weekly Chart of British Pound/Australian Dollar on OANDA

As of this writing, the British Pound/Australian Dollar pair (GBP/AUD) is trading at 1.77848 on OANDA.

Summary of Strategy

Buy: As close to 1.775 as possible.

Target: 1.98

Stop: Close below 1.74.

 

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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3.7 stars on average, based on 179 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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Trade Recommendation: Modum

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The Modum/Bitcoin pair (MOD/BTC) attempted to breakout from the inverse head and shoulders formation on May 4, 2018. Our April 15, 2018 trade recommendation banked on this breakout. Unfortunately, the pair only generated about half of the required 1.5 million Modum volume. As a result, bears were able to hold on to the resistance  

A false breakout usually inspires a selling frenzy as it sends the message that bulls are not yet ready to take over. This is why it is important to look at the volume when attempting to trade pattern breakouts. Heavy volume takes out sellers and inspires more buyers.

With lower than required volume, MOD/BTC plummeted. It went as low as 0.0001354 on May 26 before bulls rushed in to keep the pair stable. The price action may have signalled a tradable bottom.

Technical analysis show that Modum/Bitcoin is respecting support of 0.000175. This view comes after the pair has managed to stay above this level for about a week now. More importantly, we can see that MOD/BTC hovers above RSI support of 30. This hints that the pair is gathering momentum for a possible bounce. Lastly, the 4-day, 8-day, and 21-day moving averages are reversing their direction.

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The strategy is to buy the breakout as close to 0.000175 support as possible. If bulls continue to stay above this price point, they will attract more buyers who can help push the pair to our target of 0.00025.

The process may take less than a month.

Daily Chart of MOD/BTC on Binance

As of this writing, the Modum/Bitcoin pair is trading at 0.0001847 on Binance.

Summary of Strategy

Buy: As close to 0.000175 as possible.

Target: 0.00025

Stop: 0.000166

 

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.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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3.7 stars on average, based on 179 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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