Day Trading Recommendation as on 08-08-2014

Dollar Index;
keep an eye on dollar index and make chart analysis to trade majors. Dollar index is overbought and it seems that this instrument will give some correction here, also C wave is about to finished so a drop is expected here.

GOLD:

Gold prices ticked up in early Asian session, placed high 1318.51. The yellow metal has showed strong bullish sentiments since three days, stronger more than 36 dollar in last four days. Gold placed low 1280 on last Friday but then firmed against US dollar on Negative NFP data and now consolidating below 1318, 61.8% Fibonacci Level.

the mentioned below trade is not according to trend its just for correction and trend line resistance in d1 graph.

sell 1320 tp 1315 sl 1325

 Buy near 1310 Expected Targets 1325, Stop Loss 1303,sell stop 1299

Supports:
S1 1304.6900
S2 1297.1300
S3 1292.3700

Resistance:
R1 1317.0100
R2 1321.7700
R3 1329.3300

GBPUSD:

Technically this pair is in bearish trend because SMA 100 and 200 are indicating a clear bearish trend. Ichimoku cloud signal is also bearish in h1 graph and d1 graph.  According to wave analysis more drop is expected by d1 graph, d wave is extending itself and it seems that this pair will try to test 1.6696, the low of 29th May, 2014. 

buy above1.6810, Expected Targets 1.6845/75  Stop loss 1.6790 ,Break out sell 1.6785.

EURUSD:

This pair is in strong bullish trend. we can see that c wave is near to finish in d1 graph and indicating bullish sentiments, dollar index drop and the RSI of 14 days are also bbullish.

Buy above 1.3375 TP 1.3445 and if we hold for a week it will test 1.3510. Stop loss 1.3345 and BOS 1.3330.

Views: 435

Comment by Usman Ali on August 8, 2014 at 2:06pm

Hy friends How was today trades , gold give alot profits

Comment by Khan Green on August 8, 2014 at 5:37pm

V r grateful to ur contributions. These are really beneficial. Tnx

Comment by gladwin dsouza on August 8, 2014 at 6:01pm

yes yes truly khan green , usman bhai shows his great effort and dedication , thank you so much for your great analysis

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