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Trade Recommendation: USD/JPY

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Trading an asset class that is trending is the best way to make money. However, at times, range trading can also be a good option to explore, especially if the range is large. The best way to trade a range is to buy at the supports when it is oversold and sell when it reaches close to the overhead resistance. Inside the range, trading can be volatile and is usually not advisable.

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Important points

  1. USD/JPY has been trading in a range for the past 10-months.
  2. The pair has fallen to the lower end of the range and warrants a buy.
  3. We shall buy on a bounce from the supports at 109.5 and expect it to reach the upper end of the range at 114.

We believe that USD/JPY, after falling to the support of the range offers a good risk to reward ratio. Let’s look at its chart and determine the important levels.

Daily chart

Since March 2017, the USD/JPY pair has been trading inside a well-defined range of 108.195 on the downside and 114.390 on the upside. The pair has found support at the lower end of the range twice and has returned from the upper end of the range on three occasions.

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The sole close below the range was on September 08 of last year. The bears could not capitalize on the breakdown and price climbed back into the range on the very next day. There has been no closing above the upper end of the range.

This shows the strength of the range. Also, the width of the range is large enough for trading.

With the sharp fall in the US dollar, the USD/JPY pair has again fallen to the lower end of the range. The RSI has also turned oversold, which points to a bounce.

However, due to the weakness in the US dollar, we shall wait for a bounce before initiating long positions. We can buy on a rebound to 109.5 and keep a stop loss of 107. Our target objective is a move to the upper end of the range at 114. This gives us an approximate risk to reward ratio of 1:2.

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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4.7 stars on average, based on 8 rated postsRakesh Upadhyay is a Technical Analyst and Portfolio Consultant for The Summit Group. He has more than a decade of experience as a private trader. His philosophy is to use technical analysis for momentum trading and fundamental analysis for long-term positions. Rakesh likes to keep himself fit by lifting weights and considers himself to be a spiritual person.




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1 Comment

  1. dopezone

    January 29, 2018 at 5:13 pm

    Good. I’m a big fan of the #uspjpy ^(“_)^

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Trade Recommendation: Vcash

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The Vcash/Bitcoin (XVC/BTC) pair lost all bullishness on September 13, 2017 after failing to close above 0.0002 resistance. The strength of the bears was so strong that the market went as low as 0.0000333 on October 23. In a little over a month, the pair lost over 83% of its value.

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However, the market quickly rallied even though some would expect that it will continue to plunge. On November 5, the XVC/BTC pair went as high as 0.00012, which is a 260.36% growth from its bottom. Bottom pickers took advantage of the rapid rise and dumped positions. As a result, the market went as low as 0.00003501 on December 12. It appears that at this point, the market has already established its range.  

Technical analysis show that the Vcash/Bitcoin pair is consolidating in a wide range between 0.000035 support and 0.00008 resistance. On January 15, 2018, it again pierced 0.00008 resistance but bears claimed that level. Now, the pair is on its way down to 0.000035.  

The strategy is to buy as close to 0.000035 as possible. If bulls respects 0.000035, the market will likely rally again to 0.00008. The process may take a month.

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Daily Chart of Vcash/Bitcoin on Poloniex

As of this writing, the Vcash/Bitcoin pair is trading at 0.00004111 on Poloniex.

Summary of Strategy

Buy: 0.000035

Target: 0.00008

Stop:  0.0000333

 

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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4.3 stars on average, based on 68 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: Ethereum

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This trade recommendation is setting up quickly and requires prompt attention

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This is a short term trade. With the Daily Pivot Range (blue dots) tightly aligned with the similarly tight 3 Day Rolling Pivot Range (RPR) (green dots), the bias is strongly to the upside and therefore this level is key support.

The Daily Pivot Moving Averages are turning upward and are mildly bullish.

The action to take is to place a buy order to enter the market long if the market trades at or above the green ‘A’ up line for at least 15 consecutive minutes. Check your short term and/or 5 minute chart to verify. Place the stop loss at the Opening Range low and the profit target stated below.

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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. Keep in mind the 3 hours is not a rule but a guideline as you will want to use discretion when managing the trade. One option is to move your stop loss up to breakeven (entry price) if the trade is triggered and the market moves up but then stalls and goes sideways.

Entry Price: 869.25
Stop Loss: 845.00
Profit Targets: First profit target 897.00. Second profit target 924.00. Once price reaches the first profit target raise the stop loss to breakeven.

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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3.8 stars on average, based on 18 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: Huntercoin

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The Huntercoin/Bitcoin (HUC/BTC) market exhausted its bull run on June 21, 2017 when it generated a lower high of 0.000115. Things took a turn to the worse when it broke support of 0.00006 on July 7. Since then, the pair generated consecutive lower highs and lower lows until it finally established a bottom at 0.00001003 on October 23. At this price level, the market shed over 91% of its value from the lower high of 0.000115.

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HUC/BTC consolidated for a couple of months until it surged on December 23, and took out resistance of 0.00002. The breakout was so strong that it went as high as 0.00004084 on January 12, 2018. Breakout players exploited the ascent which ignited massive profit taking. Consequently, the market dipped, and went as low as 0.00001816 on February 6. This pullback is your opportunity to enter the market at the early stages of a possible bull run.

Technical analysis reveal that the Huntercoin/Bitcoin market is creating a bullish higher low setup at 0.00002. At this price point, breakout players have most likely sold all of their positions. The thin trading volume over the last seven days supports this assumption. In addition, volume surged on February 8 after the market went below 0.00002. This indicates that bulls are prepared to defend the new support level.  

The strategy is to buy as close to 0.00002 as possible. If bulls claim 0.00002, the market will likely use it to reach our target of 0.00004. The process may take a month.

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Daily Chart of Huntercoin/Bitcoin on Poloniex

As of this writing, the Huntercoin/Bitcoin pair is trading at 0.00002148 on Poloniex.

Summary of Strategy

Buy: As close to 0.00002 as possible.

Target: 0.00004

Stop:  0.000018

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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4.3 stars on average, based on 68 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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