Welcome to our daily series “Trading ideas for the next market session”! Now we will share top six ideas for trading. But first, let’s see how previous recommendations worked out.
Let’s start from EURUSD. I recommended you to go long for this instrument when price holds above the resistance level at 1.1450 and as you can see the price tried to hold above but nothing has happened. That’s why I recommend to wait till the price will act in the estimated way.
GBPUSD – I recommended you to go long for this currency when price breaks 1.2570 and as you can see the price broke that level and reached my first goal at 1.2650.
Light Crude OIL Futures (NYMEX:CL1!) – Unfortunately this idea didn’t work. I recommended you to go short, but the price hit my Stop Loss.
Another idea was for GOLD. It was a recommendation to go long and the price hit my first target at 1825.
Another idea was for PayPal stocks. I recommended you going long. And the price almost hit my first at around 180 USD/Share.
Let’s move on to JD. I recommended to go long for this stock till 68 USD. As you can see this idea is still working right now. That’s why just stay in the position till the first target.
And the last idea was for Alibaba – The price held about the estimated level and almost hit my first target.
And moving on, let’s look at today’s ideas.
Let’s start from EURUSD. For this currency pair we have to wait for the reaction of the price to the resistance level. If the price holds above – go long till 1.1380. And if it holds below – go long till 1.15, pretty simple, right?
GBPUSD – The price stays inside an important resistance level. I expect the price to go down and hold below the level. I fit will happen it is a nice opportunity for short trades. The first target – 1.2620.
USDCAD is now inside an important support level. If you look at the bigger picture – the price tried to form a false breakout. That’s why we have to wait. If the price holds below this level – lovely chance to go short. First target: 1.3420.
Another idea is for Microchip Technology Stocks (MCHP). As you can see price tried to form a false breakout of an important resistance level at 108 USD/Share. That’s why now we are looking at how price will be acting: if there is going to be an impulsive breakout, you can go long for this stock after a fractal formation. And the first target will be around 113.
The last idea is for Netflix. As you can see the price bounced from an important support level around 490. So, this is a nice chance to go long for this stock. And the first target will be around 530.
That's it for today! See you the next day and good luck with you trading!