FOREX TRADING STRATEGY OCT 15 - TIME TO SELL
Check out the chart analysis today. It is a good day for the bears.
- A separate Reuters/Ipsos national poll found Biden ahead of Trump among all voters with a 10% chance of voting. The October 9-13 poll found that 51% of voters were likely to support Biden, while only 41% favor Trump.
- China's stock market surpassed the $10 trillion mark for the first time, a testament to the strength of tech companies, the size of its domestic market, and its relative success against the Covid-19 virus.
- The pound has regained its losses after the UK signaled that it would not immediately give up the Brexit talks. The UK move, though not completely eliminated uncertainty, has given investors hope for a breakthrough in November.
- President Donald Trump held a march in Iowa in an attempt to make up for the time he lost from fighting Covid-19. Trump's arrival in Iowa too close to Election Day is a disturbing sign of his hopes of re-election. In the past, he beat Democrat Hillary Clinton in the state by almost 10 percentage points in 2016, but recent polls show that the state is competitive.
Prices are increasingly taking action in favor of the sellers. It failed to break above the previously broken up trend, and approached the buyer's last stop, the 105 zone. It should be noted that when this support is broken, the short term up structure will suffer. violate. Then, you can consider short orders. Currently, it is not really favorable for us to trade.
The price is in a struggling position after forming a trio of reversal candles on the daily chart. Although the important support zone (zone 1.173) has not been broken yet, it was also approached and the price did not bounce strongly around this zone. This is a good sign for the sellers. You continue to maintain sell orders. Those who have not entered the order in time in the previous session, patiently wait for the 1.173 zone to be completely broken and consider entering a new order.
Sticking to the trend structure has given us results. The bear trap price was quite nice around 1.290 and rebounded strongly around this area. You continue to maintain sell orders. We may consider adding positions when the price breaks to the high of 1.308. The target for this rally is around 1.325.
The round bottom pattern we mentioned the day before has no definitive breakouts, which causes it to gradually move into a raising wedge pattern. However, this does not affect but even benefits our current selling view. Continue to patiently sell in two zones when there are signals including 1.32 and 1.31.
Price broke the channel as expected and is continuing to take action in favor of the sellers. Nothing has changed so we keep short on sell orders. Pay close attention to the 0.71 area. There may be slight buying pressure around this zone. If it is broken, the short-term uptrend will be violated. Short positions may then be considered.