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Showing content with the highest reputation on 01/01/20 in all areas

  1. 1 point
    I think Stellar is performing remarkably well in the latest crypto correction. I have attached the link below on the latest cryptocurrency market caps and as you can see Ripple has overtaken Ether and is now in 2nd place and Stellar is creeping upwards and is now in 5th place and is certainly trying to oust Bitcoin Cash which is in 4th place. Bitcoin Cash may have helped Stellar with the recent fork. https://coinmarketcap.com I think in terms of partnerships and real life use cases Ripple and Stellar are leading the way and their price action based on the current charts seems better than the likes of Bitcoin and Ether. Stellar and Ripple are my tips for 2019. I think they both could be the best performing cryptocurrencies within the next 12 months. This is only an assumption and it will be tested and proved either right or wrong based on the price action going forwards.
  2. 1 point
    I am awaiting short term retrace moves on Gold/Silver maybe copper and Oil. I see something similar on Coffee right now. Since I caught the top and turn (on the second opportunity at least) I have been tracking the whole move as a potential 1-2 bearish retrace. With the turn yesterday at around the Fib 62% and fast drop away I am reasonably confident of marking this up as a wave B completion and into a wave C. There are several candidates for this to terminate, price action and indicators will be key to spotting the turn but when it does turn the next phase would be a very strong wave 3 rally with many 1,000s of points potential. For now I am short tactically and happy to wait for a few 1000s points to cash and leverage back into long term Long positions. With so many markets potentially waking up: commodities, USD, possible stocks (???) it could be a very busy first quarter of 2020...
  3. 1 point
    Taking stock at the end of the year and thinking about what the new year will bring is traditional in many facets of life. Although in essence artificial for traders as the markets are a continuum rather than bound by the notion of a year (that is more something that professional money managers have to worry about but we retail traders can ignore it) it is none the less a good point to take stock, especially for those of us who seek to follow market participants psychology as people tend to think in terms of defined time frames. For 2020 I think we will see a contrarian USD bearish phase, which may be much more in some pairs (see my alternative GBPUSD thread for one example where I see a potential long term GBP bull market). This GBP bull market would be based in the fundamentals of GBP as a safe haven in a global economic crisis, especially now that the drag of the EU has be definitively remove, as has the threat of a Marxist government disaster. For the Aussie dollar I am thinking of what might happen if we see a commodities led reflation (or hyper inflation) phase in 2020? Australia has a huge mining sector as most people know so if we do see commodities like copper rally hard then the AUD should do well from the associated benefits to the Aussie economy. I do not think this will last very long (i.e. not decades) but maybe a year or so as eventually the piper of central bank accomodative policy will have to be paid and this could manifest as a deflationary recession (see my recent post on my "what is the USD doing?" thread). So if we do find a fundamentals stimulus for the AUD what do the technicals foreshadow?: On a very long term chart (Quarterly/Monthly) it looks to me like the bear market since the 1970s ended in 2000/01 and from then to 2012 this pair has been in an A-B-C form rally to a large scale wave A (purple), which turned at the Fib 62% off the 1970s highs. The move back down to current levels has been in a 1-5 form, which turned with massive positive momentum divergence (PMD), but crucially it did not make a lower all time low, which suggest the phase is a wave B (purple) rather than a motive wave. Overall then this suggest we still have a large wave C (purple) to complete a big picture A-B-C (counter trend) before it all comes crashing down... Looking at the Monthly we see PMD and also divergence on RSI and Stochastic, with both coming out of over sold territory. The Weekly shows a similar set up but before we can get too locked into the long term rally scenario we need to see price break above resistance at the retest of the prior consolidation triangle breakout (circa 7670) and then a new high vs the top of the consolidation phase and then a test of the long term resistance trend line. For the 1-2 (red) alternative scenario to hold I would expect to see a clear A-B-C form to the move up. If the move is a 1-5, even if there is a turn around the 7670 area, then the long term rally scenario is more likely. Shorter term I expect to see a small scale retrace bearish move, possible to retest key prior breakout support zones but I am biased to see this as a strong wave C/3 phase so pullbacks could be shallow across the board as a USD bearish phase holds sway. The alternative USD bull market scenario still exists, although the odds are that we will see a bearish few months before this reemerges. My current thinking is that the likes of EURUSD, USDJPY and USDCAD will enjoy a bearish USD phase before a long term USD rally kicks in and reverses these market but for AUD and GBP things might look a little different and as such if certain fundamentals emerge as dominant (as detailed above) then we could see a sustained rally in these pairs at odds with the bulk of the USD pairs. The potential for AUDUSD is a long term target of 13,000 before a reversal. The alternative scenario has either a 7,670 or circa 8,600 turn target (I favour the latter as this lines up with similar targets on other pairs). Either way AUDUSD looks set for a period of bullish price action in the early part of 2020.
  4. 1 point
    @Marinstar, First of all, thank you for contacting me via direct messages. Cryptocurrencies are an extremely high risk asset class. In my personal view, Ripple, is even more higher risk than say Bitcoin. Before you even consider getting involved you need to be clear on whether you want to physically acquire Ripple and other Cryptocurrencies with a view to investing or you merely wish to speculate on the price movement with a view to trading. This is very important and will distinguish how you approach investing/trading Ripple. You must have a trading plan. You may wish to see my thread in relation to 'Trading Plan'. I personally use a 'Trend Following' approach but again you may wish to have a look at my thread in relation to 'Trend Following'. If you are looking at merely speculating without having any sort of plan then you may be better off going to the Casino and putting money on either 'Red / Black' as this would give you a potentially 50/50 chance of winning / losing. You must monitor the price action, have a trading strategy and some form of trading system to capitalise on any price movements of Ripple. Right now Ripple is not trending strongly either upwards or downwards but the more recent trend is downwards. So the question I ask you is which direction would you trade in? If your answer is 'long' then on what basis? Trading against the trend is one of the most dangerous ways of trading and the most likeliest way to lose money. Unless you can pick close to the top / bottom (this requires an extremely high skill level) then I would not even attempt to try. If you create a trading plan and clearly articulate your aims and objectives, this will help you to what your trading goals are and you can then begin to think about how you are going to achieve them. What trading tools will increase your chances of success? What trading methods being used with increase your odds and probability of profiting from Ripple's price movements going forwards. If it is Ripple that you are interested in then why Ripple over other Cryptocurrencies? Have a think about Risk/Reward and Stop Loss Management. You may wish to research any new changes or amendments coming to Ripple in 2020. What is the 'news flow' for Ripple currently? Are there any improvements on the way? Are there any new demands or customers for Ripple? Have a think about what you think is likely to drive the price for Ripple in 2020 either upwards or downwards. I will just finish off by stating that do not dabble in any form of Cryptocurrencies unless you have a passion and interest for them along with the underlying 'Blockchain' technology either in a strong positive or negative position. Being negative on them is fine which means you can think about how you can 'short' to make money. You must read and research extensively in this subject area before you enter it otherwise you are entering into the unknown.
  5. 1 point
    The bulls wait for the last hour of the last session before the end of year bank holiday to storm it. Happy New Year!
  6. 1 point
    I am expecting the Gold price to move towards and into this 'blue rectangle' which I have shown in the chart below: If Gold reaches the 'blue rectangle' price zone then either it will retreat and reverse or if this truly is a bullish upward trend manifestation then it will simply blast through and continue upwards. So for me a key period is coming for Gold which will be crucial in terms of trend direction.
  7. 1 point
    Dax looking to push up off 13107 and try to clear overnight resistance 13137 then target the PP. The next support level below 13107 is the daily pivot S1 at 13054. H1 chart;
  8. 1 point
    @strawberryscarlet, Following the tape means following the price action. @sunshinestate, I think shorting an asset when it is trending upwards and there are no clear signals or indicators that point to a 'short' trade is very high risk and will increase the odds and probability of making a loss on that trade.