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  1. #1
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    FXHFT - Daily Market Analysis

    Trade idea looking to buy intraday dips

    GOLD M5

    [IMG][/IMG]

    I am looking to buy gold on this recent 1:1 (Blue) correction with a tight stop at 1213.50.

    My target will be the days high at 1223.00.

    * A 1:1 refers to a current correction being equal in length to a prior correction

  2. #2
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    Cable: Traders eying 1.53250/200 support

    GBPUSD Daily



    Cable continues to sell off steadily since running into the 38.2 Fib resistance at 1.55500, this level could also be seen as the wave 4 in the recent run lower.

    GBPUSD 4



    The level that everyone is watching is the 1:1 (Yellow) and 38.2 Fib that coincide at 1.53250/200. This level is now the make or break level for the bulls, if they fail to attract solid buying interest at this support level the bears will take back full control in the medium term and push for large stops below 1.49400.

    * A 1:1 refers to a current correction being equal in length to a prior correction

    ABOUT REECE MARINI

    Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

  3. #3
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    Trade update for Gold

    GOLD M15

    [IMG][/IMG]

    I mentioned the importance of the 1:1 (Yellow) and 23.6 Fib that coincided at 117450/75.50 in yesterdays report.

    Gold tested this level and began to sell off almost immediately with the market closing 85 ticks below the 1:1. Traders have continued to sell gold throughout the Asian session taking out the overnight low with the market now 140 ticks below 1175.50.

    Gold is now seeing some profit taking kick in on the S2 support level. Now would be a good time to move stops to break even and look to take some off the table.

    * A 1:1 refers to a current correction being equal in length to a prior correction

    ABOUT REECE MARINI

    Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

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