Forex/Cryptocurrency General Chit Chat Thread

[Mr. Wood]

yahoo finance, free videos

 

[Mr.Canberra]

yahoo finance, free videos

Sometimes read too much into news is a waste of time. Some analysts are more honest than others.

When I am on jiak hong trip I trade base on TA and options expiry price as no time to monitor. Less stress and sometimes earn more than when I am at trading desk. But the good thing about trading at my desk is I can makan 20-50 pips easily during data release if volatility is present.

 

[Mr. Wood]

WEEKLY FOREX MARKET OUTLOOK: (Jun 4-8, 2018)

EURUSD:

Technical Outlook: The EURUSD currency pair saw another week of declines but price action managed to post a modest recovery towards end of the week. The price action in the currency pair suggests that a bottom might have been formed. The pullback in the declines is expected to see the EURUSD falling back toward the 1.1607 level. Establishing support at this level could signal a continuation to the upside. Watch for an upside breakout from the falling median line. This could signal a corrective rally toward the next main resistance at 1.1848.

Fundamental Outlook: Data from the Eurozone continues to follow through with the latest services and manfuacturing PMI figures for the month of May. Investors will be paying close attention to the figures considering that business activity slowed during the first four months of a year. Any signs of a rebound in activity could build expectations that the Eurozone economy is slowly gaining momentum. The final revised GDP figures for the first quarter will be coming with no changes to the GDP which was confirmed at 0.4% on a quarterly basis.

 

[Mr. Wood]

WEEKLY FOREX MARKET OUTLOOK: (Jun 4-8, 2018)

GBPUSD:

The GBPUSD has managed to find support near the support level 1.3200 but we still need to see more conviction behind this rally before to proclaim that a swing low is now in place. As long as we are trading above last week low on a daily closing basis we can expect more upside. However, a break and a daily close below 1.3240 and 1.3200 levels will open the door for more weakness. On the upside, we don’t have much resistance to stop the price from advancing further until the big psychological number 1.3500.

Only a weekly close above the big round number 1.3500 will confirm that a significant swing low was put in place at 1.3200. The stochastic indicator doesn’t show any extreme readings, so it may be the case we will see some more ranging activity before we have a clear trend development insight. The UK economic calendar looks stripped from any major risk events that can disrupt the market volatility. We can only mention the PMI construction figures scheduled on Monday which based on the market consensus should fall below the 50 level which shows contraction in the UK construction sector.

 

[Mr. Wood]

WEEKLY FOREX MARKET OUTLOOK: (Jun 4-8, 2018)

USDCHF:

Technical Outlook: The USDCHF currency pair has been gradually drifting lower. The currency pair drifted into the range of 0.9894 – 0.9821 level. In the near term, we expect the USDCHF to maintain the sideways range. A breakout from this level could signal further direction in the near term. To the upside, USDCHF will be seen testing the upper resistance at 0.9957 while to the downside, strong losses can be expected if USDCHF breaks below 0.9821.

Fundamental Outlook: A slow week for data from Switzerland which only see’s the release of the unemployment report. Inflation figures are also due over the week, but these are not expected to move the markets much. Focus turns to data from the U.S. which will see a relatively light week in comparison. The ISM’s non-manufacturing PMI will be coming up followed by other second tier data such as the consumer credit and wholesale inventories report.

 

[Mr. Wood]

WEEKLY FOREX MARKET OUTLOOK: (Jun 4-8, 2018)

USDJPY

Technical Outlook: The USDJPY currency pair posted a strong rebound after initially posting losses during the week. However, Friday’s rally toward highs of 109.71 saw the currency pair giving back some of the gains. In the near term, we expect the USDJPY currency pair to slip back to establish support at 109.14 level. This is also seen with the Stochastics oscillator printing a hidden bearish divergence. There is a possibility that the USDJPY currency pair could fail to establish support at 109.14 which could signal further declines as a pending test of support near 107.77 – 107.63 awaits.

Fundamental Outlook: Economic data from Japan this week is light. The week starts off with the average cash earnings and household spending. Both these reports could signal spending and inflation patterns. With Japan’s unemployment rate at lows, wage growth has lagged. However, officials remain hopeful that wages will eventually start to rise, pushing inflation higher. Later on the week, on Friday, the final GDP report for the first quarter will be coming out. Economists do not expect to see any changes after previous reports showed that Japan’s economy contracted in the first three months of the year.

 

[Mr. Wood]

WEEKLY FOREX MARKET OUTLOOK: (Jun 4-8, 2018)

USDCAD:

The USDCAD couldn’t break above the big psychological number 1.3000 which is the line in the sand between the bulls and the bears. The weekly closing price below 1.3000 is bearish for the USD/CAD and the fact that we close almost unchanged for the previous week suggest that we can see at least some type of consolidation until a clear breakout happens. The stochastic indicator is in neutral territory, so until we get overbought or until we get a strong daily close below support level 1.2920 we should expect more tight consolidation.

On the downside, the next significant support levels come at 1.2815 followed by 1.2745. A daily break and close above the 1.3000 will invalidate the bearish case and open the door for a retest of the yearly high 1.3128. The Canadian economic calendar will bring the Trade Balance figures on Wednesday. Thursday, Governor Poloz is due to hold a press conference about the Financial System Review, in Ottawa. Last but not least, Friday, the Unemployment figures will provide more clarity to the price action.

 

[Mr. Wood]

WEEKLY FOREX MARKET OUTLOOK: (Jun 4-8, 2018)

AUDUSD:

The Aussie has managed to post a weekly close above the big psychological number 0.7500 which continues to be a bullish signal as long as we stay above it on a daily closing basis. However, a daily close below 0.7500 will make the price extend its current ranging phase. On the upside, a break above the last week high 0.7592 will open up the door for a retest of 0.7680 next resistance levels. On the downside, the support level 0.7470 should stop any sell off if we want to keep this consolidation in place. However the more important support level remains this year low 0.7410. The stochastic indicator doesn’t provide us with any extreme readings which suggest that we might see more consolidation.

The Australian economic calendar has some risk events that can be the catalyst for some market volatility. Tuesday the RBA interest rate decision is the highlight risk event of the week and should provide a directional bias for the whole week. The RBA is expected to keep rates on hold at 1.5%, but the rhetoric is what counts more in this situation. Wednesday the Australian GDP figure for the first quarter of 2018 are scheduled to be release and Thursday the Trade Balance is the other risk event that traders need to keep an eye on.

 

[Mr. Wood]

This week data. Times in SST

Mon Jun 4
9:30am AUD Retail Sales m/m
AUD Company Operating Profits q/q
4:30pm GBP Construction PMI

Tue Jun 5
1:00am GBP MPC Member Tenreyro Speaks
9:30am AUD Current Account
12:30pm AUD RBA Rate Statement
AUD Cash Rate
4:30pm GBP Services PMI
6:00pm GBP MPC Member Cunliffe Speaks
8:30pm CAD Labor Productivity q/q
9:00pm EUR ECB President Draghi Speaks
10:00pm USD ISM Non-Manufacturing PMI

Wed Jun 6
1:30am EUR German Buba President Weidmann Speaks
7:00am AUD RBA Assist Gov Bullock Speaks
9:30am AUD GDP q/q
6:40pm GBP MPC Member Tenreyro Speaks
8:30pm CAD Trade Balance
CAD Building Permits m/m

Thu Jun 7
12:00am GBP MPC Member McCafferty Speaks
9:30am AUD Trade Balance
3:30pm GBP Halifax HPI m/m
8:30pm USD Unemployment Claims
11:00pm GBP MPC Member Ramsden Speaks
11:15pm CAD BOC Gov Poloz Speaks

Fri Jun 8
8:30pm CAD Employment Change
CAD Unemployment Rate

 

[Mr. Wood]

Tue Jun 5
9:00pm EUR ECB President Draghi Speaks

As Mr Canberra will say: hantam boleh session.

Are u guys excited?

Will he bail Italy out?

 

[zerotohero]

Incoming EURUSD breakout time to huat everyone!

nice to meet y'all btw, hope to learn from all the masters here

 

[Hidetoshi]

breakout upwards or downwards? lol

 

[zerotohero]

breakout upwards or downwards? lol

up up and away

entered at 1.1688, will close somewhere in the late afternoon

 

[Mr. Wood]

zerotohero

Junior Member



Join Date: Jun 2018

Posts: 2

jsm

 

[zerotohero]

didn't see that sharp reversal at 1:55pm (1.1697) coming.. expected it to keep going and break past the 1.17xx mark.

but all is good, recovered and closed position right as it hit 1.1707 for some small pips, time to ride the downtrend now - entered position at 1.1706

zerotohero

Junior Member



Join Date: Jun 2018

Posts: 2

jsm

hello. what's jsm? yeah i made an account just to post here lol been lurking for awhile just reading tips by u and mr canberra

 

[axonch]

These are the conventional risk free Fixed Deposits but your funds will get locked up longer if you want higher yields. I cannot be bothered with such deposits.

Serves your purpose only if you want to park money offshore. If you have no urgent use just park in China. Use it as capital funding to convert to SGD as and when you require while earning higher interest rates in onshore China banks.

Actually the interest rates looks good if compared to Singapore but if you take into account of the real interest rate (interest rate - inflation rate) then it is not very impressive as China's inflation is higher than Singapore. However if your intention is to convert to SGD then this is where you gain advantage from interest rate differentials as you are spending in SGD. But of course subject to exchange rate fluctuations.

Do not underestimate the power of arbitrage and interest rate differentials. If not how I go for frequent jiak hong trips besides the additional Forex trading profits.

you mean fly to China and open an SGD account in China ?

 

[zerotohero]

went in Long on EURUSD at 1.1689.. lets see if my lunch will pay for itself today

 

[Lex1989]

I have an Interactive Broker account.

Can do currency scalping like all the masters here?

 

[zerotohero]

looks like it wouldn't break the 1.1695 mark... got out quick for a measly 5 pip profit, now to scalp the downtrend and hopefully make some caifan money

I have an Interactive Broker account.

Can do currency scalping like all the masters here?

not a pro but i would cuz of the low spreads

 

[Mr.Canberra]

EUR/USD

Total gains for today is currently US$346.00 Din Tai Fung profit.

Zero profit for the past 2 days. Could have closed with about the same profit yesterday but did not. My gut feel says to take profit on the fly even though not reach desired target price.

Once London traders lip lai anything can happen especially with upcoming events today. Shorting at 1.171-73 is a very safe zone. Strong resistance at his level. My closed position was opened at 1.172 2 days ago. Just closed with 34.6 pips profit.

Those huat from shorting EUR don't diam diam hor if you follow my short hor yi si call. You owe me one kopi.