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Given the recent upheaval in the Prop Trading industry and reports of firms closing up, this article will be getting a lot of attention.
15 Questions Traders Should Ask Potential Prop Firm Partners
15 Questions Traders Should Ask Potential Prop Firm Partners
US500 4 HIUR CHART – BOUNCING BUT..
US5– bounce would need to at least recover above 5283 and hold there to ease the risk on the downside.
Keep an eye on US bond yields with the 10-year hovering again just below the pivotal 4.50% level
Note your price s may differ as CFDs prices can vary from broker to broker. Look for a similar pattern or line on your chart.
USDCAD 4 HOUR CHART -backing Off But…
USDCAD followed general USD moves and backed off after failing to stay above 1.3738 and not testing 1.3763.
Now needs to hold 1.3698 to keep these levels for a strong bid but expect support as long as the trendline and 1.3658 hold.
Next up: Canadian Retail Sales – See our Economic calendar
BTC 4 HOUR CHART – WATCH THE PATTERNS
As I have noted, any instrument that can move 5-10% in a day makes it hard to focus on technical levels.
I prefer to look at the patterns on the chart and as The Amazing Trader blue ladder lines show, the risk had shifted to the downside.
As I have also noted, I prefer to look at pivotal levels, which in this case are 65k and 70k, above 65k keeps the focus on 70k despite the softer tone.
EURUSD Daily
As I have said numerous times : when you see some trend lines on my charts that seem like coming from nowhere and contradicting basic trend line drawing rules – I am bringing them from the past – historical angles rules.
Combined with MA’s and Patterns / Formations I try to predict the future.
I put aside any and all Fundamental analysis and come up with few scenarios that might unfold – it is NEVER just one scenario.
Then I check out same scenarios on Weekly and Monthly .
Most of the time one of those scenarios comes through – fundamentals align, patterns clear and trade begins.
Trade is executed on smaller time frames like 30 min and lasts only one bar!
It is maybe not a rocket science, but it is really not that far away from it…
I will put together more detailed explanation for the blog edition over the weekend….
USDX 4 HOUR CHART – DAILY CHECKLIST
As I noted yesterday, USDX is part of my daily checklist to see if I can use it as a EURUSD proxy (57.6% of the index).
The break of 105.10 has not followed through but will treat EURUSD bounce as a retracement within the range as long as the trendline holds.
with that said, the EURUSD range is 5 pips inside of either side of 1.08-1.09 (1.0805-1.0895), MAKING 1.0850 THE NEUTRAL LEVEL.
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