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A look at the day ahead in U.S. and global markets from Mike Dolan
U.S. stocks surf new records as the last full week of the quarter comes to a close, with China’s furious monetary easing accelerating the rebound there and Wall Street eyeing the release of the Fed’s favored inflation gauge.
After a barrage of interest rate cuts, real estate props and stock market supports this week, China’s central bank cut its one-week reverse repo rate by another 20 basis points on Friday – trying to get across what it likely sees as an alarming economic slowdown that may see it miss 2024 targets.
USDJPY 1 HOUR CHART – Up like an escalator, down like an elevator
This is a classic example of a disorderly market so suspect the BoJ was in covertly to smooth the market,
Key support is at 141.73, a break would expose 140 and the low again,
On the upside, there is little until 146.49 (minor at 143.77) so use short-term charts if trading this currency.
some good. some bad. some ehhh
Why ‘capital preservation’ could be your riskiest — and worst — strategy for retirement
overall something new (or a reminder) for everyone reading it
Do you ever wonder why you turn on your screens and it is often hard to figure out which way the forex market will move as it appears to be in balance? Have you ever thought about why currencies settle into tight ranges with interest on both sides before making the next move? Have you noticed how a currency gets stuck in a tight range in one center and needs to see another center open up to break from that range? Well I have and can tell you the reason why.
BTC DAILY CHART – Trying
It still amazes me how Amazing Trader chart levels work on any instrument and in any time frame (see blue line – chart).
Meanwhile, BTC is trying to establish above 65K to setup a run at 70K but so far has failed to close above it.
Supports are clear at 62300-800 as only below it would deflect the risk from the upside.
NAS100 4 HOUR CHART –
Similar to US500, NAS100 opened higher but then settled back
.
Chart is clear: Needs to hold above 19842 to keep the risk on the record high at 20771 although 20000 is likely equally important in maintaining a bid.
Resistance starts at 20318, then 20593 ahead of the record 20771 level.
Note that CFD price feeds can differ between broker, even those using the same symbol. Ss, look at the chart pattern if the levels below do not line up with the prices on your chart.
US500 4 HOUR CHART – New record high but…
Opened at a new record high but then backed off into a range. This leaves the new high (5773) as the key resistance level,
Using this chart, US500 maintains a bid as long as it trade above 5711.
Note that CFD price feeds can differ between broker, even those using the same symbol. Ss, look at the chart pattern if the levels below do not line up with the prices on your chart.
XAUUSD 4 HOUR CHART – No sign of a top yet
Still no sign of a top with another record high at 2685.
As I have been saying:
When in unchartered record territory, resistance is only a guess so use the latest record high as the only level that matters. In addition, with no real resistance, the big figure like 2700 would be a potential target/pause level.
Another way to suggest a pause would need a day without a new high.
Support is now from 2650-2670..
XAUUSD 4 HOUR CHART – No sign of a top yet
Still no sign of a top with another record high at 2685.
As I have been saying:
When in unchartered record territory, resistance is only a guess so use the latest record high as the only level that matters. In addition, with no real resistance, the big figure like 2700 would be a potential target/pause level.
Another way to suggest a pause would need a day without a new high.
Support is now from 2650-2670..
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What is Risk Management in Trading – Forex Forum
For any trader, managing risk is essential to success. But what exactly is risk management? In this blog post, we’ll explore what risk management is and how it can help you become a successful trader.
We’ll also look at some common mistakes that traders make when it comes to managing their risks. After all, if you’re not managing risk appropriately, you’re just a gambler. So if you’re ready to learn more about risk management, read on!
What is Risk Management in Trading?
Risk management is the process of assessing, controlling, and managing risk within a trading portfolio. This involves defining trading goals and understanding potential losses that could occur as part of the trading process.
It also includes identifying potential risks, such as market volatility or sudden changes in the market, understanding how these risks can affect your profits, and taking steps to limit potential losses.
In general, risk management should be a priority for all traders. By properly managing your risks and using effective strategies, you can minimize potential losses and increase the chances of making successful trades.
Common Mistakes When Managing Risk in Trading
Unfortunately, many traders make mistakes when it comes to managing their risks. Here are some of the most common mistakes that traders make when it comes to risk management:
Not Setting a Trading Plan:
Many traders don’t have a detailed trading plan, which is a key component of risk management. Without a trading plan, traders are more likely to take risks that could have otherwise been avoided. It’s important to establish clear trading goals and a plan for how to reach those goals.
Not Understanding Risk:
Many traders fail to understand the risks associated with certain trades, which can lead to serious losses if they don’t take the time to research and understand the risks involved. It’s important to have a thorough understanding of the markets you’re trading in before taking any risks.
Not Taking Advantage of Stop Losses:
Stop losses are an essential component of risk management, as they help to limit potential losses in the event of a market downturn or sudden changes in the market. However, many traders don’t take advantage of stop losses and end up taking larger risks than necessary.
Over-Trading:
Over-trading is a common mistake made by many traders. This involves taking too many trades, which can lead to losses if the market turns against you. Look, all traders love the price action. It’s exciting to take a position and watch your P/L go up and down. But don’t become addicted to the price action for the sake of just having a position. It’s important to only take trades when the setup is right and avoid over trading.
Not Diversifying Risk:
Diversification is another important part of risk management. By diversifying your trades, you can spread out risk and limit potential losses if the market turns against you.
Why is Risk Management Important in Trading?
Risk management is a critical factor in success when trading in the markets. It involves understanding and controlling what could potentially impact your trades and actively analyzing scenarios that may occur.
Without proper risk management, traders are leaving themselves vulnerable to potential losses which could be catastrophic for their investments.
Good risk management also allows traders to effectively assess opportunities and make better decisions that take into account volatility or leading indicators of future market performance.
Simply put, risk management can provide peace of mind so traders can enjoy the highs of profitable investments while minimizing losses when markets start to dip.
What are Some Common Risk Management Strategies?
Common risk management strategies used by traders include setting stop-loss orders, limiting capital exposure, and diversifying investments to minimize volatility.
Another essential approach for traders is to set predetermined targets for both profits and losses to help stabilize your exposure. To further limit potential losses and maximize gains, traders should always be aware of economic news and other world events that might affect the market.
How to Implement Risk Management in your Trading Plan
Implementing effective risk management into your trading plan is incredibly important for successful and profitable trading. It can help you to control the amount of draws you take in any given trade, and it can also protect against large losses which could potentially wipe out your entire trading account.
A good risk management plan should include determining the amount of capital at risk on each trade, setting predetermined stop-losses to limit downside exposure, and having a strict, disciplined approach towards minimizing losses:
never increasing position size
never risking more than you are comfortable with, and always controlling potential risk-reward ratios.
Taking the time to set up a comprehensive yet flexible risk management plan will put you in a better position when it comes to positive returns in the long run.
Risk management is an important part of trading. It allows you to trade with less stress and more confidence. There are many different risk management strategies, so it is important to find one that fits your trading style.
Proper risk management can help you make money in the long run by preserving your capital and preventing you from making careless mistakes.
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