What should be in Your trade? Trader's secrets!
Successful traders are not born, but become. But what will help you develop all the necessary qualities of a trader? How do I make trading really profitable? Answer in the article!
Hello! This is Yan Sikorsky, a trader at the Forex Academy. So what will help even a beginner in the market to cultivate a real trader? The most important component is the ability to predict the market and its main levels. How do I do this? To begin with, take into account all the world news that can affect this market.
That is why every week I prepare for You the latest analysis on the most important world news affecting the foreign exchange market, key price levels and currency pairs. And this week was no exception.
But first, let's sum up the seven outgoing trading days.
Last week, the focus was on the publication of the results of the Bank of Japan meeting, which revealed the main aspects of the monetary policy of the Forex regulator. From the point of view of the content of the report, nothing fundamentally new was covered: interest rates were left unchanged, and the rhetoric was quite soft, which provoked a slight weakening of the Japanese currency after the publication of the results.
Also last week, the minutes on monetary policy from the Australian Central Bank were published. Here, too, everything went without surprises, except that the head of the Treasury, Scott Morrison, presented an updated version of the fiscal forecast, which puts the budget deficit at 2.1% of GDP. This news triggered a decline in the Australian currency against the dollar by 0.21%.
This week can hardly be called a trading week. The reasons are simple: there will be a lot of holidays and statistically the last week before the New year is famous for very low liquidity due to the decline in trading activity in the market.
Let's take a quick summary of the recommendations I made last week.
Last week, we indicated support around 1.2385. As a result, there was a breakdown of this zone, after which the reverse test began and RU3 was formed. We had every reason to enter at the Base entry point. That's what one of my students did:
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This week, it is worth watching the support in the area of the TIU at 1.2240, as well as the resistances that are located in the TIU zones at 1.2315 and 1.2390.
The currency pair EUR/USD
Here last week, support was indicated in the TIU zone at 1.0370. On Tuesday, the price reached this level and built a Reversal model. These things were enough for one of my students to enter at the Base entry point:
This week I will observe the following price zones:
Support-TIU around 1.0370;
Resistance-TIU in the area of 1.0470 and 1.0530.
At the end of the outgoing year, I would like to give advice to all beginners in trading and not only. Remember, trading is not just about buying a strong currency instrument or selling a weak one. In trading, it is much more important to carry out all these manipulations in the right place and at the right time.
Therefore, the result of your trading will largely depend on how you build the levels. And that is why I publish in our private chat in Telegram the levels for all other currency pairs.
The market can really be won by knowing these levels. And, of course, practice plays a significant role. Remember that professional traders are constantly learning, because the market often changes and you need to be always "on the horse".
To be among the best, sign up for the most popular in the CIS special course on strategy "Sniper" from the Forex Academy! This is a unique material that you will not find any analogues on the Internet!
What will our special course give You?
All our students use online classes to perfect their strategy, constantly complete their homework, and keep their own statistics logs. Each of them is madly in love with their business and greedy for new knowledge that they get while communicating with the trader. Our students give their all 120% when passing the special course and that's why they win!