Daily Trade Ideas & Chart Analysis by EliteFxAcademy 23th of January, 2020
By EliteFxAcademy in Forex trading articles presented as trade advice & ideas by Martin Mohar on January 23th, 2020
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 23th of January, 2020. (can take more time)
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.
Keywords: Elite strategy, Custom Indicator, Fundamental Analysis, Tehnical analysis, Price action, Advanced strategies, Trading Education
MARKET OVERLOOK
FUNDAMENTALS
Disclamer: If we’re not save in trade yet, then it is more save to wait for a currency pair after news are reliased for this particural currency. This might be a short correction, or price will give us moving dirrection after news will be reliased.
Daily Currencies Heat Map
TEHNICAL ANALYSIS:
EURCHF– Sellers are still dominant
Trend: Strong Sell
Support/Resistance:
R3: 1.08318
R2: 1.07959
R1: 1.07824
S1: 1.07324
S2: 1.06813
S3: 1.06342
Price action:
In this case overall flow of EURCHF currency pair is sellers trending way. If we compare buyers and sellers in this case, we can say that buyers tried to break resistance level at 1.07824. They got slaped because of overall selling power, which tells us continuation of this trending idea to potencial targets, if the price broke below 1.07324 support level. On the way up, we can still expect bulls trial, but overall bullish idea will be after breaking their first target. Until then we can be focus on bearish trade idea.
Potencial trade idea:
Bulls targets:
T1: 1.07959
Bears targets:
T1: 1.06813
T2: 1.06342
NOTE – We are trading EURCHF via the preferred trading setups
EURGBP – Sellers on the possible win win track
Trend: Sell/ Neutral
Support/Resistance:
R3: 0.85361
R2: 0.84877
R1: 0.84544
S1: 0.84236
S2: 0.83643
S3: 0.82731
Price action:
Market is getting power on EURGBP sell side. In this case Bears has to retrace from first resistance level at 0.84544. After this retracement market has to close on daily chart below 0.84236 support level to continue its way down and treat this trade as a bearish trade idea. The overall flow might take longer time to reach bearish targets because of bullish pull back on the left side. If bulls are able to get higher then their potencial trade will be between 0.84877 and 0.85361 resistance level which is hard to expect but possible to sell even later.
Potencial trade idea:
Bulls targets:
T1: 0.85361
Bears targets:
T1: 0.83643
T2: 0.82731
NOTE – We are trading EURGBP via the preferred trading setups
GBPAUD – Buyers on winning steak
Trend: Buy/ Neutral
Support/Resistance:
R1: 1.93938
S1: 1.90920
S2: 1.89110
S3: 1.86518
Price action:
Market is showing some bullish momentum on GBPAUD currency pair which can follow potencial trade idea if retracement on first support will be clear to entering position. Overall trade idea is bullish but particular this currency pair is in overall neutral zone even if target will be reached. Dominant buyers will be in case if price will break 1.93938 resistance level for proving trending idea. On the other side, if bears are able to broke 1.89110 support level then we can follow potencial bears trade idea to 1.86518 third support level.
Potencial trade idea:
Bulls targets:
T1: 1.93938
Bears targets:
T1: 1.86518
NOTE – We are trading GBPAUD via the preferred trading setups
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