Hi guys, in today’s live session we had folks from all over the world as ever, though rather too many Aussies 🙂
We looked at forex and yesterdays crazy spikes in most markets, due to the COVID vaccine news. Now the euphoria is over (read the small print it’s not clear cut) price at the moment at least is pulling back in most markets. You come to realise after a while that we humans are even more stupid than normal when it comes to trading and emotion! Throw in automated systems that generally, all do the same thing and jumping in when its moving is not a great idea.
Gold dropped, probably because the thinking is “its over, things will be back to normal by Christmas” –
if you are looking for a long term safe haven then I have told my family and friends that $1800 will be a good place to buy some.
The usual disclaimer applies.
We also looked at Bitcoin at cost averaging down, which if you missed the recent move is how I would play it.
If it drops to $13,000 I will buy more and the same again at $12,000, $11.000 & $10,000. MY conviction/bias is that it is going mainstream and there are very few alternatives right now as to where to put your money, so if it drops I see it as a buying opportunity and possibly the last one before it hits my next target of $20.000. I am buying and holding, not trading it.
I also hold 20 other, mainly smaller coins which are more speculative, but I believe that at least a few of them could go to the moon 🙂
In the session, we also looked at a few crypto possible setups & Tradingview software which I use for my crypto analysis and news feed. I still prefer MT4 because I have been using it for almost 20 years, but for crypto its the best I have found and I know a lot of members prefer it for their forex analysis.
You can get a free version by clicking here: TradingView
Forex I had a small loss on the Euro/Gbp yesterday. I had moved my stop closer to entry so only lost half of my stake. I then showed how I was managing a winning Gbp/$ trade this morning which is currently around 80 pips in profit and how I took some profit off and left the balance to run.
All explained in todays live session.
New members, please note: If I am looking to take a trade long, for example, 1.5000, I place my order 10 pips above & 10 pips below for a short. This is because price often does not quite reach a major line and you need to allow for spreads.
We are NOT a “tipping service” our aim is to teach you how to trade for yourself.
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Watch the video for more detailed explanations of this week’s analysis and trade plan.
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