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Thread: Mahmuda 4fx trading journal

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    Default Mahmuda 4fx trading journal

    Bitcoin and ethereum analysis:

    This week the market for cryptocurrency resumed growth. At the moment BTC traded approximately 60,000.00 , and ETH traded approximately 2000.00 . The USDT coin is 1.0000 while the ADA is 1.1930 Overall market capitalisation rose to 1,931T dollars during the week. BTC's market share has declined to 57.9%.

    The solutions from the leading paying companies Visa Inc. and PayPal Holdings Inc. supported the market. Visa Inc. has announced that digital transaction assets will start use. To do so, the USDC stablecoin on the Ethereum blockchain was chosen.So the company became the first major payment company to use stablecoin for transactions made only by fiat money. In the future, as stated by the director of company Al**** Kelly, Visa Inc. will actively cooperate with private and public cryptocurrencies.

    PayPal Holdings Inc. allowed users, at 29M worldwide sales outlets, to pay for purchases using BTC, LTC, ETH and BCH currencies. In case of payment, cryptocurrencies are converted to fiat automatically. Currently, this function is only available to U.S. users, but the company plans to provide it and customers in other countries in the coming months.In the first quarter of this year, the serious growth of the crypto-currency market fuel the interest in it by big financial businesses. Bids may consolidate or continue to rise for most cryptocurrencies next week.

    Bitcoin forecast:

    Minute fifteen chart shows a bullish cypher pattern former today few hours ago, after reaching today asian session 56,400 area.The M15 price is above the hull moving average.Hourly chart also shows that a bullish butterfly pattern formed at tidays lowest price.Now the price of bitcoin is proceeding near the hourly hull moving average support region around 58,800.But the four hour chart shows a bearish shark pattern formed ,at previous week highest price.And after that price lowered below even the hull H4 moving average,and now trading nearby the hull moving average support.
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    Another view of the four hour chart showing that, the super trend indicator has given bearish signal from today morning.As the price has tested and bounced downside from yesterday's week resistance around 59500 area.The daily chart also shows that the red rectangle untested resistance zone has bounced the price downwards and there is much downwards the price can fall from here.
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    Ethereum analysis:

    The hourly chart shows the ethereum price has lowered after yesterday all time high creation, and now below the hull moving average on H1 timeframe.M30 chart shows a bullish bat pattern has formed today asian when.price dropped from 2149 area to 1980$ area.Now the price is again rising after the Bat pattern formed.The four hour chart shows that A bullish shark pattern has formed around two weeks ago, and from then the uptrend is continuing till now.The H4 price is much above the hull moving average.
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    Another view of the four hour chart shows super trend indicator giving strong uptrend momentum, and the price tested yesterday's highest resistance 2149 area.The daily charts super trend has changed bearish signal to bullish signal previous week and still the uptrend is alive.Dashboard says except the hourly super trend, all timeframes are showing bullish signal for ethereum.Another view of four hour chart shows a triangle pattern formed from yesterday's all time highest price to today's lowest price and upward breakout of the triangle is highly expected.
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    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.

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    Default EUR/JPY, USD/JPY and GBP/JPY analysis.

    Good morning everyone here. Against its main competitors, JPY is strengthening EUR, GBP and USD. The movement of JPY is due to technical reasons due to the lack of substantial economic releases. It should be noted that to accelerate elderly vaccination, the Japanese administration has agreed to supply Pfizer with more vaccines. According to the statement, the country will receive enough vaccines for half its 36M elderly in the first half of May. Here we will discuss major JPY related most traded currencies.

    EUR/JPY technicals:


    EUR is slightly weaker than its main competitors - JPY, GBP and USD. In the Eurozone countries Good Friday takes place, with financial institutions shut down and investor activity reduced. However, because of the deteriorating epidemic situation, EUR is still under pressure. The beginning of the third national isolation, including the closure of schools and lasting at least a month, was yesterday announced by French President Emmanuel Macron. French Minister of Finance has stated that it is going to adversely affect the economy, but that the amount of damage remains estimated. The new strengthening of quarantine measures and poor vaccination deployment are likely to slow economic recovery in some parts, but also throughout the European Union.
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    The minute thirty chart shows a bullish cypher pattern has formed on Friday near 130.02 area and from then the price has increased to 130.22 area. Despite the price is below the M30 hull moving average. If the price goes below 130.00, then it could lower nearby 129.84 or 129.69 area. The four-hour chart shows the price is above the hull moving average and buy colour showed by it. After forming a bullish shark pattern two weeks ago near 128.30/the currency pair is continuously rising. Wave patterns for EUR/JPY show that an ascending trend line has been formed for the last two weeks and the price is still going upwards.
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    Another view of the hourly chart shows the super trend indicator giving a buy signal. Verified hourly resistances are aged near 130.40-130.50 area showed in pink zones. Four hour chart also shows super trend buy confirmation from the previous week. The pair is trading between high importance rectangle zone. Daily chart shows weak resistance is ahead near 130.60-130.75 area and without M30 all timeframes of super trend indicator showing uptrend signal in the dashboard.

    USD/JPY technicals:

    USD moderately reinforces EUR and GBP but weakens against JPY. The publication of positive data from the US labour market in March is focused on US investors. As expected, the jobless rate declined from 6.2 to 6.0percent, while Nonfarm Payrolls rose from 468K to 916K, well above the expected figure of 647K experts. Widespread vaccination combined with massive government funding incentives began to have important repercussions. True, it is far from the pre-crisis state the labour market is.
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    In the last three days, USD/JPY has been seen trading between 0% and 38.2% Fibonacci zone on the M30 chart. Despite the price is above the M30 hull moving average, the timeframe showing a bearish cypher pattern formed. But the hourly chart showing a bullish Hartley pattern has formed at the support nearby 110.38 area. From then the instrument is rising. But a four-hour chart shows a bearish shark pattern formed and the price reached 110.95 to 110.38 after that and now touching the four-hour hull moving average the price is bouncing upwards.
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    Another view format of the hourly chart showing super trend has given a buy signal. Untested resistances are near 111.00 area, seen in hourly, daily and four-hour chart. Despite the monthly super trend giving a sell signal, all other timeframes are showing bullish signals. High importance rectangle trading zones are at 110.95-110.00 area seen in all the three diagrams. The Japanese yen weakness should lead to an uptrend for these two major currency pairs.


    GBP/JPY technicals:

    The four-hour chart of the GBP/JPY shows a bullish cypher pattern had formed nearby two weeks ago. From then near 148.35 area to right now 153.08 area the uptrend is continuing. Friends you can see how powerful the harmonic patterns are. The price is also above the hull moving average in the H4 timeframe. The highest price is refreshing now and then. But surprisingly the hourly chart has given a sell signal by the super trend indicator. Daily chart showing a new bullish signal by super trend and untested resistance is nearby 153.50-154.00 area. Today the uptrend might continue nearby the 154.00 area.
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    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.

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    AUD/USD technicals:

    AUD has become weaker than GBP but reinforces against USD, EUR and JPY.On the thirty-minute chart below we can see a bearish butterfly pattern has formed. Current price is 0.7660 and the next 100% Fibonacci resistance is at 0.7664. The price is above the M30 hull moving average. The four-hour chart shows a bullish shark pattern that had formed two weeks ago. despite that price tested the 0.7520 area and now bouncing upwards to 0.7660 area. The price is above four-hour hull moving average and above four hours 23.6% Fibonacci support. The daily chart shows near 0.7520 area a bullish butterfly pattern had formed three working days ago. Now, this factor is pushing the price up. Next resistance in the daily timeframe is at hull moving average, nearby 0.7880 area.
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    Another view of the daily chart shows a super trend indicator given a sell signal and the daily price is advancing near the daily downward trend line area. Four hour chart shows that the super trend indicator indicating given bullish signal just yesterday and the price is testing the resistance in the pink zone on this timeframe. Besides price is trying to go above the high impact market rectangle zones. Wave patterns of the four-hour chart show that an uptrend is possible from here, buy from the current price, stop loss at 0.7531 and target 0.7850 area.
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    Yesterday in Australia was a public holiday, so financial institutions were closed and the activities of investment companies have decreased. Note that the market will only prepare for the Reserve Bank of Australia meeting today that will decide on the interest rate.It is likely that the regulator keeps the rate intact at 0.10% and will not adjust its monetary policy seriously. An assessment of the current state and direct prospects of the Australian economy may be provided in this statement, as well as hints about further monetary policy actions of the regulator.


    GBP/USD technicals:


    Against its principal competitiveness, GBP EUR, JPY and USD is strengthening. The four-hour chart showed a bearish butterfly pattern had formed, but the price has reached near 50% Fibonacci resistance around 1/3913 area. But the four-hour hull moving average giving a buy signal and the price is above the moving average. Daily chart of GBP/USD showing super trend indicator still giving sell signal but the breakout of a descending trend line has created the current uptrend, otherwise, the instrument was supposed to fall much. Next possible target could be the 1.3990 area near the ascending trend line shown in the daily chart that broke below. Another view of the four-hour chart also showing a breakout of a descending trend line and the super trend indicator has given a bullish signal the previous week. Thepair is advancing near the verified resistance around the 1.3990-1.4013 area, so it's a great opportunity for buyers.
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    Yesterday was a day off in Britain so that financial institutions were shut down and the activities of investors have been reduced. Investors expect British Prime Minister Boris Johnson to explain the next phase of quarantine easing, which starts on 12 April.Members of the same family, subject to separate housing use, may take their holidays in the country. The market is also awaiting clarification about the use of vaccination certificates, which caused many residents to react negatively.


    EUR/USD technicals:

    EUR is against GBP weak but against USD and JPY is strengthening. The hourly chart showing that yesterday night a bearish shark pattern had formed, but the price is still rising and now above 1.1817 area, which was an hourly 78.6% Fibonacci resistance area. The price is much above the hull moving average and three days ago, the hull moving average gave the but signal.M30 chart is also showing a bearish shark pattern formed yesterday night when the price touched the 1.1815 area. Four hour chart also showing a bearish BAT pattern formed and the price is advancing near the 1.1831 or 23.6% Fibonacci resistance zone, from where we can expect a sharp fall for this currency.
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    Another view is the four-hour chart showing that a descending channel has been broken above and the super trend indicator gave a buy signal the previous Friday. If the uptrend continues then the price may reach near 1.1930 or fall from the 1.1830 area. The daily chart also shows resistance if super trend sells signal area around 1.1930 area. Testing the support from 1.1704 now the price is advancing upwards and wave pattern shows more upward possibility towards 1.2011 could occur only if the European economy stabilizes.
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    The German Minister of health said that the vaccination of 10% of the population took the country three months and it is scheduled for May that the number of vaccinated citizens will be increased to 20%.However, this acceleration in vaccination is not sufficient, as there will continue to be a high incidence in Germany and the Eurozone as a whole and the European economy will therefore be under pressure in the next few months.

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.

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    Default Gold, USD/CAD and USD/CHF analysis.

    Good afternoon friends. I can notice today a lot of people are missing in the forum. Because the market is behaving differently from the last few week trends. Below let's discuss the trend reversal of few instruments.

    Gold technicals.

    Below we can see the hourly chart shows a bearish butterfly pattern has formed yesterday night, near the 1745.50 area. Since then the price is falling and last seen near 1735.00, below the hourly hull moving average. Hourly Fibonacci resistance is at 1731.03 which is 78.6% Fibonacci support. On the other hand, a four-hour chart shows that the 38.2% Fibonacci resistance has been touched yesterday night. A lot of buyers had taken their profits near the resistance zone, which might be the reason the price is now falling. Near 1718 the nearby Fibonacci 23.6% support awaits if any further falling occurs.
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    Below we can see another view of the four-hour chart, where gold price tested the verified resistance near 1745. High-importance rectangle zones are showing support in the 1734 and 1728 regions. Despite the super trend indicator giving a bullish signal, the price has the probability to go above 1745 area. The daily chart shows super trend indicator resistance is at 1760 area, where we can expect the price to reach as the commodity is fundamentally driven upwards whenever pandemics affect mankind. The wave pattern also shows a breakout of a descending trend line and the probability to reach again near the 1780-1800 region in the next few weeks.

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    USD/CHF technicals:

    Previous week near 0.9472 area a bearish butterfly pattern had formed on the four-hour chart. Now the price is around 0.9290 and the four-hour hull moving average has also shown red color as a sell sign. The currency pair has crossed below 23.6% Fibonacci support and going near the 38.2% Fibonacci support at 0.9242 area. The daily chart also shows a bearish butterfly pattern has formed on the first day of this month. For three consecutive days, the price is falling. Nearby daily resistance is at 0.9236 which is 61.8% Fibonacci resistance.
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    Another view of the four-hour chart shows that the super trend indicator has given a sell signal at 0.9390 area and now the price has fallen after that almost 100 pips. Verified four-hour supports are at 0.9219 areas. The daily chart shows the price is trying to go near the daily super trend support and the verified support around 0.9200-0.92200 regions. The strong resistances near the 0.9470 areas have bounced the price downside. Wave patterns also show a downward pattern could occur and the price could reach nearby 0.9213 area before again rising.
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    After the Easter holidays, market activities recovered noticeably; however, USD ignores the strong macroeconomic publications of the United States and the labor market report of last Friday. They are under pressure, given that the leading buyers funds close some of the long positions.

    USD/CAD technicals:


    The the hourly chart of USD/CAD shows a bearish shark pattern formed today Asian session. Near the 1.2618 area, a pattern has formed. The super trend indicator in the four-hour chart is changing its current signal to upwards, but it might be proven false. Because near 1.2649 area there is strong resistance where the price can test barrier and then again start falling, as the instrument is showing sideways momentum for a lot of days. Wave pattern shows if the 1.2647 area resistance is broken a new uptrend might form and it could lead USD/CAD near 1.2880 in the next few weeks.
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    As the pair bounced from the 1.2510 support level and is now approaching the resistance at 1.2630, which will enable growth to continue at 1.2732,eventually near 1.2880. The target for growth amounts to 1.2635. Resistance breakdown will allow customers to reach target area (1.27281.2710). Currently, 32 percent of the country's population has received the first dose of medicine. This is a stimulus for rumors of increasing US inflation, as is the case with US President Joe Biden's 2.25 trillion dollar plan for infrastructure spending.

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.

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    Default Analysis of mostly traded currency pairs.

    Good afternoon everyone. Currency markets are trending very well this week and I hope this is the ideal time to trade the currency pairs at the start of the month to catch the trend. Below I have brought the discussions about the most traded currency pairs, which are trending very well at this moment.

    Technical aspects of EUR/USD:

    From 1.1703 areas the EUR/USD has reached yesterday 1.1914 areas and created a bullish CYPHER pattern in the hourly chart. After reaching the 1.1914 highest prices of this week the instrument has tested the 23.4% hourly Fibonacci support around 1.1865 and now trading above 1.1877 and the hull hourly moving average. We can see immediate support at the hourly chart bear 1.1860 and the 38.2% Fibonacci support near the 1.1834 area. The four-hour chart shows a bearish BAT pattern has formed last night when the price tested exactly 38.2% four-hour Fibonacci resistance. All through this week, the instrument was trading above the four-hour hull moving average, and nearby four-hour support is at 1.1831 which is a 23.6% four-hour Fibonacci support zone. We can see that both hourly and four hourly charts suggest the same support zone nearby the 1.1830-1.1834 area.
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    The previous week on the four-hour chart, we can see that the super trend indicator had given a bullish signal. We can see that nearby weak resistance is at 1.1930-1.1940 and after that verified resistance near the 1.1980 area on the four-hour chart. The daily chart shows that the price is trying hard to break the super trend indicator resistance zone and create a bullish signal. And the wave chart shows a bullish trend is forming and it could take the price nearby 1.2911 support, which is almost one month's highest price resistance.
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    Euro supports positive PMI Service Data, the pandemic of coronavirus being the most affected. The eurozone index grew between 45.7 and 49.6 points in March and returned to the growing zone in Germany from 45.7 to 51.5 points. The data show that despite ongoing quarantine restrictions, the service industry is recovering. According to Bloomberg, despite delays in the supply of the AstraZeneca vaccine, the euro area is expected to ensure that the majority of the euro area population is vaccinated by the end of June.

    Technical aspects of GBP/USD:

    Despite the EUR/USD showing an uptrend, the GBP/USD is showing a downtrend from the start of this week. Yesterday when the price touched 1.3723 area, then a bullish shark pattern had formed on the hourly chart. From today's Asian the instrument is rising and now at 1.3774 area and going nearby the hourly hull moving average resistance around 1.3830 which is hourly 38.2% Fibonacci zone. The four hourly chart shows, the first day of this week a bearish Gartley pattern formed and after that, the price started declining. Now the price is trying to go above the four-hour hull moving average indicator and reach the four-hour resistance around 1.3805 which is 23.6% Fibonacci area.
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    Another view of the four-hour chart shows that the super trend indicator had given a sell signal on the first day of this week. High-importance rectangle resistance is around the 1.3822 area, where the price can seek resistance. The daily chart shows the last 10-12 working days the price is testing weak daily support around 1.3660-1.3720 region again and again. The super trend indicator shows a bearish signal from the first week of the previous month. The wave chart shows the possibility of a long order at 1.3724 and stop-loss at 1.3670 with the target at 1.3918.
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    The March data on the UK Service PMI put the British pound under pressure. Increased from 49.5 to 56.3 points but was lower than projected in the growth area. Officials in the industry noticed an increase in orders due to a loosening of the quarantine restrictions, with two-thirds of service companies hoping to recover in one year. Comments from the European Medicines Agency representatives who recognized the link between AstraZeneca vaccination and blood clots were facilitating the decline of the British pound. These reports could slow the vaccine in the UK population since it is the vaccine most commonly used.

    Technical aspects of USD/JPY:

    The four-hour chart shows previous week a bearish shark pattern had formed around 110.96 areas. Since then the price of USD/JPY is falling and now seeking support near the 23.4% Fibonacci support at 109.41 area. The hull moving average had given a sell signal on the first day of this week, so as the super trend indicator, shows in another view of the four-hour chart. As the instrument crossed below verifies a support area of 109.79, now the next support awaits at 109.13 areas. The wave chart shows a good possibility to enter a short order from 109.55 with a stop loss at 110.96 and a target 108.61 area.
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    The US Fed Meeting Minutes published yesterday was a key focus of US investors' attention. The regulator remained the same last month at 0.25%. But market participants hope to force the regulator to start increasing interest rates before this date, in conjunction with increasing inflation, with the recovery of the American and world economies. Investors are looking at the timing of the Fed report for the tightening of monetary policy. The scale of the population's coronavirus vaccination continues in the United States. Currently, in the United States, there are about 150M coronavirus vaccinations.

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.

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    Default Japanese yen related currency pairs downtrend analysis.

    Technicals of AUD/JPY:

    The four-hour chart shows the price of AUD/JPY is declining after the bearish GARTLEY pattern formed the previous week at 84.40 areas. The current price is below the HULL, moving average and bouncing upwards from the four-hour 50% Fibonacci support zone. Todays lowest price has been noted at 83.04 areas and below this, the support awaits at 82.48 areas which is a 61.8% Fibonacci support zone. The daily chart shows the price is creating wave patterns with swing moves and avoiding harmonic patterns. The current price is below the daily hull moving average. From the start of this month, the price is falling, and may seek support near the 81.17 area, which is the daily 23.6% Fibonacci support zone.
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    Another view of the four-hour chart shows that for consecutive two weeks the price tested the 84.30-84.50 area resistance zone and now falling because of Japanese yen is getting stronger. Four hours next verified support is at 82.38 regions. The daily chart shows around the previous months first week, the super trend indicator gave a sell signal. All this while the currency pair was waiting to test the 85.00 area resistance. After creating a spike near the 85.00 area, the instrument is falling slowly now. Nearby weak support is seen at 82.08 area on the daily chart. The wave chart shows that an ascending trend line has not been broken yet. Despite a short position can be availed from here with the target at 82.28 and stop-loss at 84.48 areas.
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    The Australian money is weakened by the yen, but the euro, pound, and US dollar are strengthened. Without substantial economic releases, investors focus on vaccination. There is concern from the Australian authorities about the European Medicines Agency results that it found rare cases of blood clots in AstraZeneca vaccinated adult patients yesterday. The agency noted however that the advantages of the drug still outweigh the risks. Australian Premier Scott Morrison said the government will not modify the vaccination plan yet but will conduct its own inquiry.

    Technicals of GBP/JPY:

    A four-hour chart of GBP/JPY shows a bullish CYPHER pattern formed about two weeks ago. From 148.72 areas the pattern formed and after that, the price reached 153.41 highest prices in several years, and started falling. Now the price is below the hull moving average and testing the 38.2% four-hour Fibonacci support level at 149.95 area. Below this support awaits at 148.72 areas, which is a 50% four-hour Fibonacci zone. The daily chart shows that the price has crossed below the daily hull, moving average first time in the last four months. Nearby support is in the 147.72 area, which is a daily 23.6% Fibonacci support zone.
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    Another view of the four-hour chart shows that despite the previous week the GBP/JPY price raised sharply, now the super trend indicator has given a sell signal at 152.66 area and now the price is at 149.95 area, approximately 270 pips profit if anyone has followed. This surely indicates how useful this tool is when the market is trending. Four-hour weak support awaits at 148.50 areas. The hourly chart shows consecutive three days sharp falling is happening and breaking all support the pair is indicating further falling as the British pound looking very weak at this moment. The wave chart shows that an ascending trend line has been broken downside and the instrument can lower near 148.52 area.
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    Data for the UK Construction PMI published yesterday were positive in March. The indicator increased significantly from 53.3 points to 61.7 points above market expectations. The industry has been increasing at the most rapid pace since 2014, thanks to the gradual reduction in quarantine. A temporary reduction in government construction taxes has made the greatest contribution to the demand increase. The volume of work on the refurbishment of the offices, shops, and restaurants preparing for the next opening has also increased. With respect to the negative news, the number of vaccines given due to the supply problems of AstraZeneca drugs should be reduced. The British authorities started introducing the Moderna vaccine in order to address that problem.

    Technicals of EUR/JPY:

    A four-hour chart of the EUR/JPY chart shows a bullish CYPHER pattern formed during this week. As the Japanese yen is getting stronger, so is the Euro, thats why we are seeing sideways. Unless the EUR/JPY would have fallen like other JPY related currencies. The instrument is ranging this whole week between 129.68-130.68 area. Unless the 130.68 area which is the multi-year highest price is broken above. There is no possibility of an uptrend, despite the super trend indicator giving bullish signals on the four-hour chart. Verified supports are waiting at 128.31 areas. The wave chart shows that an ascending trend line is not broken yet and the instrument is making a double top pattern. Once the ascending trend line is broken below, then we can enter short orders.
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    Despite negative developments in the Japanese pandemic, the yen is growing. Since Monday, a new, more contagious strain of coronavirus has been discovered in Osaka and other cities. The Governor of Tokyo today announced that additional restrictive measures should be implemented. Despite the recent emergency measures, the incidence in this region has also continued to rise. The current situation threatens the start of Japans fourth coronavirus wave and the organization of several months from the Summer Olympic Games. In cases where this pandemic cannot be stopped, the risk of individual athletes and even whole countries refusing to take part will decrease the profits of the organizers, as they have already declined since the Olympics decided to hold without spectators.

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.

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    Default Analysis for commodity traders.

    Hello everyone, good afternoon. The holidays began, and all traders might be planning for next weeks chart setups and opportunities. Here I have brought some ideas for commodity traders, hope this will be useful for your decision-making while you trade.

    Technical aspects of GOLD:

    Yesterday when the gold price lowered near 1731, then a bullish SHARK pattern formed on the hourly chart. Besides, the gold price was supported by an hourly 23.6% Fibonacci at 1739, thats why the spike caused in a very short time. The current price is below the hourly hull moving average, but might soon retest the 1758 area or higher. On the four-hour chart, a bearish SHARK pattern formed. That is a different scenario than the hourly chart, but we can ignore smaller timeframes false patterns. Gold tested the four-hour hull moving average near the 1731 area and the four-hour 38.2% Fibonacci support region and now again going upwards. The gold price closed the week near 1743 around the 50% four-hour Fibonacci zone.
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    Another view of the four-hour chart shows the verified resistance zone has rejected the possibilities for the gold price to go above the 1758 region at this time. Despite the four-hour super trend indicator showing a bullish signal. The daily chart shows that the gold price is trying to create a bullish super trend signal in the daily chart, by breaking the verified resistances near the 1755-1760 area. As we can see near the 1676 area (blue rectangle) support zones, a double bottom pattern occurred, the price has too much possibility of going upwards. The wave chart shows a harmonic pattern can occur if the price crosses above 1758, then it may reach near 1789 area.
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    Despite several negative trends, USD is consolidating its position. When President Jerome Powell, of the US Federal Reserve, yesterday spoke in a virtual IMF-organized debate about the world economy, the economic recovery is uneven and must be sped up following the pandemic. However, he confirmed that a temporary price jump, soon observed, would not lead to a substantial increase in inflation indicators. There are still difficulties with the pandemic of coronavirus in the country. Despite the complete vaccination of 20% of the population, the incidence is increasing. Finally, yesterday, seven PRC companies associated with Chinese supercomputers were listed by the American government. They are accused by US authorities of cooperating with the PRCs armed forces and posing a threat to US national security. Through these actions, the relations between the two world economic leaders may deteriorate further. And USD strength might face the consequences.



    Technical aspects of Silver:

    The four-hour chart showed us a bullish SHARK pattern formed two weeks ago near 23.74 areas, the lowest price of the year. Since then the silver price is rising and the previous week, the price exactly stopped going near the 25.51 area which was the four-hour 38.2% Fibonacci resistance zone. The price is still above the hull moving average and support is at the 24.85 area near 23.6% Fibonacci support levels. The daily chart shows a bullish CYPHER pattern formed on the last day of the previous month. The silver daily price is rising to test the 23.6% daily Fibonacci resistance zone near 26.42 in the next week.
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    Another view of the four-hour chart shows that the super trend indicator gave a bullish signal more than a week ago. Weak resistance is at 25.50 and high importance rectangle support zone in 24.90 areas. Weekly super-trend dashboards show bullish signals. The daily chart shows a reversal from the daily support level 23.70 area. White metal price is slowly rising upwards. Soon the daily super trend indicator will give a bullish sign. The wave chart shows a clear possibility to reach near 26.63 or 27.00, near the broken ascending trend line.

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    Technical aspects of Cude oil:

    Last week oil was too much underperforming. Mostly traded in the ranging situation. But this is a piece of good news also that, when the ranges will break out, then we can find a nice trend. The hourly chart shows a bearish shark pattern formed in these sideways. But the four-hour chart shows a bullish butterfly pattern formed near the last few weeks lowest price, and the price is above the four-hour hull moving average. Another view of the four-hour chart of crude oil shows a symmetrical triangle formed. Above 60.50 we can see an upward breakout and below 57.60 we can see a downward breakout in crude oil.
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    Oil prices are subject to several negative factors pressure. First, despite several restrictive measures taken, the incidence of Eurozone countries is increasing. The problem of AstraZeneca is worsening. The European Medicines Agency has recognized its use with blood clots this week and could decrease its use. The OPEC+ countries choice to reduce the limited production of petroleum from May to July of this year negatively affects the market. In addition, the sanctions that will provide additional black gold supplies to the market can be lifted because of negotiations on a nuclear deal with the country. Experts think that only in the second half of 2021 is energy demand going to flourish.

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


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    Good morning friends and everyone. Today the market has started once again, and from the start of the Asian session, the currency pairs are showing ambiguous dynamics. Below we will discuss the support and resistances, wave patterns, and harmonic patterns of three significant currency pairs.

    Technical aspect for GBP/USD:

    On the hourly chart we can see a bearish CYPHER pattern formed after today reaching near 1.3668 and bouncing now at 1.3745 area. Soon the price will face the 38.2% Fibonacci resistance near the 1.3764 regions, then the price could fall again. Besides, the price is above the hourly hull moving average. On the four-hour chart, we can see the different scenarios as a bullish SHARK pattern has been formed when the price touched the daily lowest price 1.3668 area. Now the price is approaching near the four-hour hull moving average resistance. If the price surpasses this resistance, then the next resistance will be at the 1.3804 area, which is four hours 23.6% Fibonacci zone.
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    The four chart another view showing that the super trend indicator giving a sell signal from the previous week near around 1.3860 areas. The price has faced four weeks lowest prices 1.3668 once again and created a double bottom chart pattern. If the price goes above 1.3800 area, then four hour super trend indicator will change its color and will have the probability to reach near resistance zone 1.3900 area. The daily chart still shows a downtrend by the super trend indicator, and the price is testing repeatedly the weak support for 1.3660-1.3670. Wave chart shows there has been formed possibility for an uptrend. Now traders can use staples for buy orders and target the 1.3918 area.
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    Because the previous growth factors based on high population vaccination rates and the partial removal of quarantine restrictions in April are gradually becoming more exhaustive, traders expect new GBP drivers to emerge. Moreover, there is also a strong recovery in the US economy, which does not come from an active campaign of vaccination. A representative of the Bank of England is expected today, and macroeconomic statistics on industry productivity and the rate of GDP growth in February will be published in the United Kingdom on Tuesday.

    Technical aspects of EUR/USD:

    Around three working days ago, a bullish CYPHER pattern had formed on the hourly chart of EUR/USD. Since then the price reached near 1.1931 area and consecutive two days the price is testing support near 1.1870 regions. The current price is below the hull, moving average. On the four-hour chart, a bearish BAT pattern formed the previous week. Since then strong resistance at 38.2% four-hour Fibonacci zone. And now the downtrend opportunities have been increased.
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    Another view of the four-hour chart shows that multiple resistances are ahead from above 1.3900 areas. Now the price of EUR/USD is trying to go below the four-hour super trend indicator weak support of 1.1870 area. The daily chart shows for consecutive three days, the price of EUR/USD tested the super trend resistance zone and now there are greater chances to fall. The wave chart shows also the possibility of a downtrend. From the current price, a short position can be availed and stop-loss at 1.2011 resistance zone and target 1.1704 or below.

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    The technical factors to determine long profits, along with the German macroeconomic statistics, were the main reason for the downward trend. In February, industrial production fell 1.6%, following a decline of 2% a month earlier. Positive dynamics expected by analysts to appear +1.5%. The decline in production accelerated annually from4% to6.4%, which was also worse than the average market expectation. Today, investors focus on statistics on retail sales dynamics in the euro area in February. Analysts expect a modest increase of 1.5 percent in February after a long period of decline.

    Technical aspects of the USD/CAD:

    As the USD index is showing an upward correction, so is the USD/CAD too. Now the USD/CAD hourly chart shows a bullish GARTLEY pattern formed from todays lowest price. The current price is near 1.2551 and has the probability to reach near 1.2600 area once again. The four-hour chart shows that previous two weeks the price is ranging between weak support and resistance. We can find a breakout below 1.2500 or above 1.2600 areas. The wave chart shows a long opportunity for this current price, with a stop loss at 1.2495 and a target at 1.2635 areas.
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    The U.S. currency began to reinforce after yesterdays interview with US Federal Reserve Chief Jerome Powell. The head of the regulator has noted that, like many experts, the US economy is currently experiencing significant growth and a trustworthy employment process. The economic outlook has improved considerably here and this year the Department is forecasting growth of 67%. Furthermore, by the end of the year, unemployment is expected to decrease considerably from the current 6 to 45%. In the face of a significant deterioration in epidemiological conditions, the Canadian dollar exhibits neutral dynamics. 4,249 new COVID-19 cases were detected in one of the countrys key areas in Ontario on Friday, the second-highest ever since the pandemic began. Canadian PM urged citizens to stay at home and also suggested stricter restrictions in some areas, following the example of Ontario.


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    Default USD/CHF detailed technical analysis.

    Hello everyone. All the members can see the strict rules applied in the community. It would bring good results, if we use our brain and not write meaningless articles. Despite I had provided vast fundamental and technical prospects in different paragraphs, I should specify why we will have to choose a bullish scenario and why we will have to choose the bearish scenario.

    Bullish Aspects of USD/CHF:

    #1. Below given four hourly chart shows us that a bullish SHARk pattern has been formed yesterday when the price touched 0.92125. At this moment, the USD/CHF price is struggling near the four-hour 50% Fibonacci zone and is expected to rise from this stage and proceed near the four-hour hull moving average resistance zone before falling again.
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    #2. The above given hourly chart shows us that it has formed a bullish BUTTERFLY pattern yesterday at 0.9212 areas near the 0% Fibonacci hourly support. Besides, the price is above the hourly hull moving average from Friday. So here this chart also shows a bullish opportunity for this instrument.

    #3. The below given daily chart shows it had formed a bearish BUTTERFLY pattern almost the last day of the previous month at 0.9470 area. Since then the price is falling sharply and now trading around the daily 61.8% Fibonacci zone. This zone is actually the previous months lowest region also, so acting as firm support. From here we can expect a correction towards the 78.6% Fibonacci area near the 0.9366 regions.
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    #4. The hourly chart shows yesterday a descending channel upward breakout. Besides, the chart also shows a symmetrical triangle breakout is possible near 0.9250 area. So far the price is bouncing downwards from the upper triangle area, soon it may again attempt to break upside. Resistances are ahead of 0.9270,0.9300 and 0.9360 areas.
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    #5. The above given four-hour chart shows the price has tested the verified support near 0.9200-0.9212 area. Which was also six weeks lowest price! From this region, the price has created a double-bottom chart pattern and the price can again bounce upwards with a very high possibility.

    Bearish aspects of USD/CHF:
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    #1. The daily chart given above shows an ascending trend line that has not touched yet near the 0.9130 area. So before bouncing upwards, the price can test the ascending trend line, in that case, the current price is above 0.9240 and we have a 100 pips selling potential from the current price.
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    #2. The above given weekly chart shows the USD/CHF price has rejected from the 50% Fibonacci resistance zone and has fallen continuously two weeks after the highest area reversal. Now the weekly ascending trend line and the weekly 23.6% Fibonacci area could be the immediate support near the 0.9100 area before bouncing upwards.

    The discussion given above illustrates the opportunities formed by technical aspects. As the number of bullish aspects is higher than bearish aspects, I would suggest the traders to look at the USD index for clear perception.

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    Default Gold all technical scenarios explained.

    Hello everyone and welcome to my detailed analysis of Gold metal. Below we will be discussing bullish and bearish scenarios and at last my preferred direction based on the analysis I have presented here. Gold movements depend on the USD index, which is trading below the 92.00 level at this moment. This instrument should be traded with a small lot size as gold can be too much volatile sometimes after sideways or ranging situation, which is going on at this moment.

    Bullish Aspects of Gold:

    #1. Below given monthly chart shows that Gold has been falling from all-time highest price 2075 to the previous month exactly near 23.6% monthly Fibonacci support at 1677 area. Now the price is bouncing upwards from the support zone. The higher time frame supports always gives us strength when determining trend directions.
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    #2. The above given hourly chart shows us that a super trend indicator has given a bullish signal. Now facing the verified resistance at 1745-1747 areas and next verified resistances at 1756-1758 areas. We can see in the chart that the gold price has overcome a lot of supports and going upwards.

    #3. The below given four-hour chart shows a descending trend line breakout. After the breakout, the price reached near verified resistance at 1758 area and after that fell again near 1721 area near the broken trend line and again bouncing upwards. Now the four-hour chart super trend resistance is going to be broken above soon by the gold price.
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    #4. The daily chart above shows a double bottom chart pattern in the previous month and after that, a descending daily trend line breakout occurred in the above direction. The price is attempting, again and again, to break above the super trend resistance near the 1755-1765 area and change the super trend color.
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    #5. The above given hourly chart shows us a symmetrical triangle has been formed for the last eight days. The gold price may break the triangle upwards today or bounce downwards from the current price to go again near the lower part of the triangle and then bounce upwards with strength. But as the USD index is falling, the uptrend of gold is approximated.


    Bearish technical aspects for Gold:

    #1. The hourly chart given below shows today when the gold price touched the 1749 area, then a bearish CYPHER pattern formed. Despite the price is above the hourly hull moving average, in the US session, the USD index price if starts rising, then gold might fall.
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    #2. The above given four hourly chart shows a bearish SHARK pattern formed the previous week when the price touched nearby 1761 or 61.8% four-hour Fibonacci zone. Now the gold price is hovering around the 50% Fibonacci zone around the 1745-1747 area. The price can touch 1761 again and fall sharply.
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    #3. The daily chart given above shows a bearish GARTLEY pattern formed at 1758, this months highest price. Now the price can touch 23.6% daily Fibonacci resistance zone near 1770 and then fall again as a downward harmonic pattern formed in the daily chart.


    Conclusion and trade recommendation:

    The discussion given above illustrates the opportunities formed by only technical aspects. As the number of bullish aspects is higher than bearish aspects, I would suggest the traders look at the USD index as the instrument is falling, the chances for going above remain high for gold traders. Traders can buy from 1750 and target 1770 with stop losses at 1730 area.

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