DislikedThanks for all the info will subscribed and keep learning ! cheersIgnored
- #24
- May 29, 2018 11:40pm May 29, 2018 11:40pm
This thread will focus on Fundamental and Sentiment analysis. I have tried to trade the forex markets using pure technical analysis and like many retail traders, i have made some, lost some. I am not an expert at Fundamental analysis. My heart felt thanks to Davit, Samson, Neil and many other folks, websites and resources that helped me gain knowledge. This thread is for folks who are interested in Fundamental analysis and would like to contribute in a respectful and constructive manner. Any posts that are not related to this subject will be removed...
Thank you. Subscribed currently
Morning, fantastic thread - thank you for starting what is I believe the only way to trade forex....using fundamentals and sentiment. After all this is how professionals trade !!
I started with technicals 5 years ago and didn't understand why i was losing so much and blowing up accounts - sure other factors influenced, i.e. psychology, but main thing I learnt after switching to fundamentals 3 years ago, is having the conviction to be in trade, if you know things are correlated in your favour - both fundamentals/ sentiment and technicals all lining up. For example I took a short AUDJPY yesterday morning and with risk off sentiment yesterday as well as bearish sentiment on AUD (after Tuesday early Asian session), price sure enough tanked. A great set up as price pulled back into fibs yesterday during London open, calling out for a trade. Another thing I have learnt is to wait patiently for market to come to me with these types of setups and not to chase them.
Today I am looking at shorting AUNZD, as NZD financial stability report was strong last night. I believe NZD is oversold and waiting for some good news to buy some NZD short term. Pairing against aussie, as sentiment is still bearish right now. Rather than sell at the lows right now, I am waiting for a small pullback to support line , turned resistance at 1.085 (also psychological level). There is nice space down for 100+ pips, with stop above swing high at 1.09 (50 pips stop).
Looking forward to staying in touch
I started with technicals 5 years ago and didn't understand why i was losing so much and blowing up accounts - sure other factors influenced, i.e. psychology, but main thing I learnt after switching to fundamentals 3 years ago, is having the conviction to be in trade, if you know things are correlated in your favour - both fundamentals/ sentiment and technicals all lining up. For example I took a short AUDJPY yesterday morning and with risk off sentiment yesterday as well as bearish sentiment on AUD (after Tuesday early Asian session), price sure enough tanked. A great set up as price pulled back into fibs yesterday during London open, calling out for a trade. Another thing I have learnt is to wait patiently for market to come to me with these types of setups and not to chase them.
Today I am looking at shorting AUNZD, as NZD financial stability report was strong last night. I believe NZD is oversold and waiting for some good news to buy some NZD short term. Pairing against aussie, as sentiment is still bearish right now. Rather than sell at the lows right now, I am waiting for a small pullback to support line , turned resistance at 1.085 (also psychological level). There is nice space down for 100+ pips, with stop above swing high at 1.09 (50 pips stop).
Looking forward to staying in touch
AUDCAD is looking good short around 145 pips to swing low....based on continued weak fundaentals with AUD (despite minor rebound in commodities today).
Powerful CAD should send this pair lower for rest of week at least
Powerful CAD should send this pair lower for rest of week at least
AUDCAD is looking good short around 145 pips to swing low....based on continued weak fundaentals with AUD (despite minor rebound in commodities today). Powerful CAD should send this pair lower for rest of week at least
The next Support level for AUDCAD on Daily is close - around 35 pips away. The subsequent Support level on Daily is around 145 - 150 pips away. If AUD continues to Print negative and / or RBA makes a dovish comment, it can definitely go more south.
IMHO -
Please note that CAD has GDP news tomorrow - check Forex Factory news calendar. If CAD prints negative news, AUDCAD could shoot back up. Any trades taken should consider the S/R levels and the high impact news (GDP is one among listed on post 1). If CAD prints positive news in tune with their rate hike statement, then we can trade on a retracement - after the news.
