Daily Trade Ideas & Chart Analysis by EliteFxAcademy 20th of November to 22th of November, 2019
By EliteFxAcademy in Forex trading articles presented as trade advice & ideas by Martin Mohar on November 20th, 2019
All charts illustrated are traded on lower timeframes (D1 and H4, H1). Bigger picture is related on higher timeframe, and lower timeframe is ment for making decisions. When is the right timing to use the right skills and strategy will tell you Elite strategy. Furthermore, this market analysis is continuation trade from daily analysis. This analysis is in use for 20th of November to 22th of November, 2019
Keywords: Elite strategy, Custom Indicator, Fundamental Analysis, Tehnical analysis, Price action, Advanced strategies, Trading Education
MARKET OVERLOOK
FUNDAMENTALS
Disclamer: We have to wait for a currency pair to trade after news are reliased. This might be a short correction, or price will give us moving dirrection after news are reliased.
Daily Currencies Heat Map
TEHNICAL ANALYSIS
GBPAUD – Buyers with strong momentum
Trend: Strong Buy
Support/Resistance:
R4: 0.95652
R3: 0.93997
R2: 0.92350
R1: 1.90811
S1: 0.89306
S2: 1.88122
Price action:
Buyers helding trending position very strong. If the price break R1, then price will follow next resistances. The problem here might be gaps lower, but still it looks that sellers are nowhere. I the price can hold below S1 then next target is S2. From overall market, bulls are more confidant for buy then sellers for sell.
Potencial trade idea:
Bulls targets:
T1: 0.92350
T2: 0.93997
T3: 0.95652
Bears targets:
T1: 1.88122
NOTE – We are trading GBPAUD via the preferred trading setups
USDCAD – Price might break channel and then follow up move higher
Trend: Strong Buy
Support/Resistance:
R3: 1.33922
R2: 1.33454
R1: 1.32800
S1: 1.32721
S2: 1.32339
Price action:
Buyers rebonded from the channel, but still we don't know if sellers will react, so we need first answer from sellers. If buyers are able to break channel and hold above then we have to face off with R2 to follow official target at 1.33922 resistance level.
If buyers cannot hold, then we can see rest from buyers, which is dependent from sell bounce.
Potencial trade idea:
Bulls targets:
T1: 1.33454
T2: 1.33922
Bears targets:
T1: 1.32339
NOTE – We are trading USDCAD via the preferred trading setups
CADJPY – Sellers will soon show good position for sell if the price will maintain below new resistance
Trend: Strong Sell
Support/Resistance:
R3: 81.200
R2: 81.838
R1: 81.634
S1: 81.402
S2: 80.840
S3: 80.252
S4: 79.817
Price action:
Market start showing potencial reverse flow, from buy to sell. We have to be carefull from now to the London section, but if their we see potencial entry, which might be very soon, then next targets are optimistically short targets. If sell is failed, then we might see holding around this area. Remember that news will be reliesed at 2.30 GMT +1
Potencial trade idea:
Bulls targets:
T1: 81.200
Bears targets:
T1: 80.840
T1: 80.252
T1: 79.817
NOTE – We are trading CADJPY via the preferred trading setups
Disclaimer: Martin's views on the Chart analysis is ment as a trading advice for education terms; Education terms include: trading consistency to everyone who is reading this blog; for every advance student and for every Elite student who is using this analysis for managing his equity by Elite strategy and custom indicator. This analysis is understandable and transparent for all Elite students. This is a free content which is based from Academy in term of transparency to support and following progress to everyone. We know that there is always possible way that market can pull you out even when you follow our analysis blog and advice for a trade. We don't publish where you have to have your risk management – Stop Loss, because, it would not be fair to Elite members, who learned this techniques in our Elite course.