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Showing content with the highest reputation on 20/10/19 in all areas

  1. 1 point
    I have been waiting for a USD Bearish move, which I believe will be a retrace rather than motive move (i.e. a counter trend move) for some time but so far it hasn't arrived. It goes to show that patience is a massive virtue when it comes to successful trading, that and careful money and risk management whilst seeking the right set up. I have re-looked at USD using the Dollar Index as a guide and come up with the following assessment. Long term (Monthly chart) the overall picture of a major USD rally remains unchanged at this juncture as nothing in the fundamentals or technicals has materially changed and a rally is consistent with my Bearish bias for stocks and the Euro (Fair warning on my bias!). The market bottom is the Head of a Head & Shoulders formation with the Neckline as the upper part of a coiling Triangle. The breakout of this Neckline/Triangle produced a very strong and fast rally. I think the long term chart now shows a potential consolidation Flag formation (very strong lower line in terms of unsuccessful retests of this line as a supporting trend-line), however the upper line is weak. If correct then we may expect the upper line or thereabouts to offer resistance that pushes the USD into a Bearish move. This Move could either return to the lower Flag line or bounce of nearer term resistance to set up a retest of the upper line. Looking at this on the Weekly chart you can see the latter retrace scenario in the form of a coiling Triangle 1-2 (pink), 1-2 (blue), which, if correct, may retest the channel breakout zone at the Fib 76/78% level before rallying away. However the Pink 2 could easily be a wave A that would result in the alternative scenario proving correct but I am not too worried about that at present as both scenarios as Bearish and price action should reveal which one is valid in due course. The Daily chart shows a possible road map for my lead scenario. A drop in a form that shows an A-B-C pattern that culminates and rallies from the Fib 76/78% would be a strong indicator that the big USD rally is on. I will be looking for correlations from other markets for this potential USD rally plus Fundamentals support such as deteriorating global economic conditions.
  2. 1 point
    Hi, no again because you are not actually buying a currency so you don't need to do any conversions, you are buying contracts and the only charge for FX cfd or spread betting accounts is the spread. So on btcusd (mini) 1 contract is equal to $1 per point, 10 contracts is equal to $10 per point and the spread is 36 points. When you buy 1 contract the cost of the trade (the spread) is immediately taken by the broker so your profit/loss shows minus $36 on open. If you bought 10 contracts your P/L would show minus $360 on the trade open. Price needs to rise by 36 points before you would begin to show a profit, for each point of price rise beyond 36 your 1 contract trade increases by $1 while your 10 contracts trade increases by $10.
  3. 1 point
    I've gotten an answer from IG support, sharing his answer here for benefit of other users -
  4. 1 point
    Hey @dmedin. That news piece is something I long suspected. If anyone can move the market with just one tweet then why shouldn't the cronies profit from it. I'm just surprised this has taken so long to get to the "news".
  5. 1 point
    Pro Real Time keeps crashing. It's the most unstable platform I have used to date. Not impressed.
  6. 1 point