All posts by breakingout

About breakingout

Been trading forex since 2011. Gain my knowledge through several courses offer by different forex training providers, and reading books that I purchased or from library. Gain experience through years of on screen practice. In my journey, there has been ups and downs. Burst a few account, which taught me valuable lessons each time. However, I know that eventually, I will be consistent and profitable - seems like I am on track. I will continue to improve myself to adjust my trading according to the market changes.

USDSGD Analysis dated 30 Apr 16

USDSGD Daily Chart
USDSGD Daily Chart

Comments: USDSGD just bounce off from daily demand. It was the area where price previously it did a double bottom reversal, followed by retracement and bounce off.  It is good is price and overcome the most recent two highs price. The most recent candle shows potential pinbar. However, with all that said, the trend is still down for daily chart. So it would be good to wait for price to remove the 2 x black circle (highs).

USA500 Analysis dated 22 Apr 16

USA500 H4 Chart
USA500 H4 Chart

Comments: Based on H1 timeframe, rising wedge had broken down. Zooming out to H4 timeframe, potential head and shoulder may be in the midst of formation. It confluence at weekly timeframe supply zone. Overall, bearish bias. Possible course of action: (1) Vertical XSP May 16 210/215 (of minor variation); (2) CFD USD500 or SPX500 for shorting; (3) ES for shorting.