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SOFX Weekly Preview 11-15th December

Good morning guys, hope everyone had a good weekend and is excited for the week ahead.

We are expecting a week full of fundamental news starting with CPI data being released this Tuesday followed by the Mario Draghi speech at 7pm that day.

On the Wednesday at 7pm we have US FOMC, definitely something worth keeping an eye on.

I won’t go through everything that’s being released this week as there is a lot, there are a few key pairs I will be looking at though for the upcoming week.

EUR/USD


Using Fibonacci Retracement on the 4 Hour chart we date back to mid June. At the start of August we had the 23% level as Resistance, come September we have seen this level broken and tested Three times in one month, on the Fourth time we have a break and close under the 23% level. Between October & December we’ve had Three more tests of the 23% level before finally breaking back through and pulling back. We are approaching the 38% and a break and close above or below the 1.17100 region will indicate which way this pair is moving, I Predict a re-test of the 23% Level which should see a movement of 70-80 pips.

GBP/USD


With GBP/USD again I am using Fibonacci Retracement from the start of September as we can see Two failed attempts of breaking the 50% level which is acting as Resistance. At the end of November we have seen a break of the 50% level and a test of the 78% level before a pullback to the 50% which is now acting as Support. With in a short period of time we have had a failed re-test of the 78% level. We now sit in a crucial area & wait for a re-test or break of the 50% level. If the 50% level acts as support we could see a potential movement of 140 pips. If we see a close and break Below 1.33500 we could have a minimum movement of 100 pips to the downside.

SOFX Weekly Review 11-15th December

Good afternoon Traders, hope everyone had a good weekend and you’re excited to make some money before Christmas.

As we stated last week we had a lot of Fundamentals released last week, I don’t think it had the impact on the market that we were all hoping for.

Not our greatest Trading week of 2017 but we finished the week with a good day Friday. We struggled to get any momentum going from our First trade on Monday.

As with Forex Trading you always incur sticky patches but with Risk Management it helps control these losses.

XAU/USD


On the 4Hour chart we were in what we call a consolidation zone at the end of a Downtrend, As you can see the Lower Highs & Lower Lows. We broker out of the Consolidation Zone which indicates to us that a Trend reversal is now under way. We executed a Buy Trade and perhaps (As you can see in the chart) got our entry very wrong, we bought at the top of our candle and pulled back Ending in a 35 pip loss! Had we of kept the Trade running We would be in profit as I write this.

GBP/AUD


We took a SELL on GBPAUD as the Analysis showed that we formed a Double Top, We moved our Stop loss into our Entry which made the Trade risk free. After a GBP news announcement we had a spike in the market causing our Stop loss to be hit & Break even.



GBP/JPY


We predicted a pullback on GBP/JPY before going SHORT again, We had a right Shoulder forming of a Head & Shoulders once the Shoulder was formed We sent this Trade on Friday morning before closing for the weekend with a Take profit of 35-40 pips!

SOFX Weekly Review 22-26 January

Good afternoon Traders, As we come to the last Full Trading week of January we will re-visit some of the Analysis we posted on our weekly Preview.

We hosted our very First Online Trading course which sold out in just 8 Days, We are taking bookings for February and we have also released a date for our First Trading Seminar in Central London, if you would like details on any of these Fantastic Learning Opportunities get in contact with a member of the team.

USD (DXY)


In the Weekly Preview I did warn about Trading USD pairs as there was so much uncertainty regarding the Dollar Index especially after the Government shut down last weekend due to Funding.
The Dollar looked to be finding some kind of Support around the $90.00 region only to sink and is now Trading around the $88.00 region. Worrying times ahead for the US Dollar.
There was a funding agreement between the Republicans and Democrats which will allow funding until 8th February. Further announcements will be made regarding the Dollar index.


GBP/NZD

As the images below show we had a clear breakout and I placed predictions of a 1st and 2nd target, at the time of writing this Blog had you of taken this Trade you would have hit Take Profit 2 with a gain of 400 pips.
We could see a further 100 pips to the Upside for this pair before we start to Consilidate.



We have some strong Fundamentals coming out across all pairs next week, we will visit them in more detail on next weeks Preview.

If anybody has any queries then Please do not hesitate to contact a member of the SOFX team