Ivan Delgado is a decade-long Forex Trader. Feel free to follow Ivan on Youtube. Join thousands of traders who follow Ivan's insights to increase their profitability rate by learning the ins and outs of how to read and trade financial markets. Ivan has you covered with in-depth technical market analysis to help you turn the corner.
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The indices show the performance of a particular currency vs G8 FX. A video on how to interpret these indices can be found in the Global Prime’s Research section.
The Euro keeps charging higher as it retains its dominance in anticipation that EU leaders will manage to make progress with regards to the COVID-19 economic rescue package. The market consensus appears to be of a final agreement in Aug or Sept.
In terms of risk sentiment, we had a late rally in US equities amid mixed earning reports and positive vaccine news flow as Moderna announced it is on track to start phase 3 trials after evidence of antibodies produced in its initial testing for COVID19 drug.
Overall, it remains a market largely indecisive given the two-way gyrations in stocks and FX as of late. The renewed jubilation in equities, which continue to be relentlessly bid on weakness has contributed to keep an offered tone in ‘risk-off’ associated FX.
Going forward, there are a number of high-impact news to navigate through, including the ECB meeting on Thursday, the EU council meeting that kicks off on Friday into the weekend, alongside the BoC meeting today, the first one under Governor Macklem.
As the below screenshot portrays, there are certainly some markets starting to shape up discernible trends off the higher timeframes. As traders, while respecting the volatile fundamental news to come, what concern us most and serve us best is the razor-like focus one must have in identifying these directional flows, which for today include…
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In this section I short-list the markets where a case can be made to engage on a directional trend off higher timeframes, including the 4h and daily time scales. These are the markets included in my video analysis in the insights section below.
In this section I pick a market or several ones that presented an opportunity to buy on weakness or sell on strength based on the higher timeframes outlook.
As explained through yesterday’s video analysis (watch from minute 15) we were given an opportunity to engage in Silver longs at a point of technical discount in line with the underlying bullish bias. The market is now hopefully headed to the 3:1 risk reward target.
In this video analysis I dissect the information above. Ultimately, it is the traders’ call, via a set of entries thoroughly backtested, to enter and manage a position, hence the video is intended as educational in nature and not financial advice.
If interested in the best ‘free of charge’ News Indicator that displays data on past and future news in the Forex market via MT4, check this YouTube video I produced. The indicator allows you to save time, avoid mistakes. It’s spot on!
Markets evolve in cycles followed by a period of distribution and/or accumulation. To understand the principles applied in the assessment of market structures, refer to the tutorial How To Read Market Structures In Forex.
In order to assess the market momentum of a particular asset, I’ve promoted for years the idea of using what I call the smart money tracker. The settings and the indicator can be obtained via our Discord room, where traders from all walks of life interact frequently. In this video I lay out the elements I look into to call trend directions.
Unlike levels of dynamic support or resistance or more subjective measurements such as fibonacci retracements, pivot points, trendlines, or other forms of reactive areas, horizontal areas of support and resistance are universal concepts used by the majority of market participants. It, therefore, makes the areas the most widely followed. The Ultimate Guide To Identify Areas Of High Interest.
It’s important to highlight that the daily market outlook provided in this report is subject to the impact of the fundamental news. Any unexpected news may cause the price to behave erratically in the short term. Monitor the event risks via Forexfactory.com & refer to Fundamentals vs Technicals In Forex.
The usefulness of the 100% projection resides in the symmetry and harmonic relationships of market cycles. By drawing a 100% projection, you can anticipate the area in the chart where some type of pause and potential reversals in price is likely to occur, due to 1. The side in control of the cycle takes profits 2. Counter-trend positions are added by contrarian players 3. These are price points where limit orders are set by market-makers. You can find out more by reading the tutorial on The Magical 100% Fibonacci Projection