[FOREX TIP] Gold Silver MT4 Indicator – a Profitable Gold Trading Strategy

The Gold Silver MT4 Indicator basically is an improved version of the RSI oscillator indicator. This is a multi-market RSI because on top of the traditional RSI line that shows the momentum we have two additional RSI lines that can help us better gauge the current market momentum and spot oversold/overbought conditions in the market. We can trade using the Gold Silver MT4 Indicator on shorter time-frames catching the small price oscillations and at the same time using it for larger time frames catching the big swings.

Gold Silver MT4 Indicator – a Profitable Gold Trading Strategy

The preferred settings for the Gold Silver MT4 Indicator are the default settings. The default setting of the multi RSI Gold-Silver indicator is 14 periods which is ideal for trading short-term overbought/oversold conditions.

Gold Silver MT4 Indicator Settings

 

 The most effective way of trading with the Gold Silver MT4 Indicator is by waiting for all of the three oscillation lines to post overbought or oversold readings. But we have first to establish a directional bias by using the higher time frames and only then map out our potential trade scenarios. By having a closer look at the daily time frame we can frame our directional bias, which is a good way to eliminate a lot of the false signals. Going forward, you’re going to learn a practical way of using the Gold Silver MT4 Indicator with defined entry and exit rules.

So when is a good time to enter into position?

The preferred time frame is the 5-minute chart. However, we first need to establish our directional bias using the daily time frame. We’re going to take only short positions on the 5-minute chart if on the daily time frame we can spot overbought readings. Conversely, we’re going to take only long positions on the 5-minute chart if on the daily time frame we can spot oversold readings. A reading above 65 of the RSI Gold-Silver indicator is considered overbought, and a reading below 35 is considered oversold. On the 5-minute chart, we’re going to wait again for the RSI Gold Silver MT4 Indicator to reach extreme overbought/oversold condition before opening a trade at the market price.

The Best Time to Enter into Position Using the Gold Silver MT4 Indicator

And when is the best time to exit or take profit?

If we’re in a long position than we’re going to exit our trades once the RSI Gold Silver MT4 Indicator moves into overbought conditions on the 5-minute chart. Conversely, if we’re short then we’re going to exit our trades once the RSI Gold Silver MT4 Indicator moves into oversold conditions on the 5-minute chart. You’ll have to wait for the 5-minute candle to close before exiting the trade.

The Best Time to Exit or Take Profit Using the Gold Silver MT4 Indicator

How about the Stop Loss level while using the Gold Silver MT4 Indicator?

Defining your risk is always the most important aspect of your trading plan and in this regard having a good place where to place your stop loss should always be of higher priority. Since the RSI Gold Silver MT4 Indicator is helping us to spot reversal points in the market, we want to place our protective stop loss closer to the market price and the most recent 5-minute swing high/low is a good invalidation level. For long positions, we’re going to place our SL below the most recent 5-minute swing low, while for short positions, we’re going to place our SL above the most recent 5-minute swing high.

Identifying Stop Loss Level with the Gold Silver MT4 Indicator

By using the power of multiple time frame analysis and with the power of the RSI Gold-Silver indicator we’re able to discover in advance potential reversal points and successful scalp the market in a very mechanical way and most importantly profitable way in the long run.

 

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[FOREX TIP] AUDUSD Weekly Forex Forecast – 13th to 17th Feb 2017

AUDUSD Weekly Forex Forecast – 13th to 17th Feb 2017

Last week saw AUDUSD trading inside a very narrow trading range between 0.7690 resistance level and support level 0.7600. This price congestion has sent the stochastic indicator in oversold territory, so it’s possible to see one more attempt to break above 0.7696 last swing high before the sellers to show up. A daily break and close above 0.7696 will put the focus on the November swing high 0.7777 and we can even see a full scale break above last year’s high 0.7833. To the downside, it’s also important to get a break and a daily close below the round number 0.7600 for confirmation of the bearish case.

A break below 0.7600 will open up the door for a retest of the big psychological number 0.7500 followed by intraday support level 0.7450 where AUD/USD can see at least a pause if not a small bounce. The Australian economic calendar will bring on Thursday the unemployment figures. The Australian unemployment rate edged higher to 5.8%, although the employment rate climbed. The RBA still sees uncertainty over the labor market and many financial analysts see a slow progress in the employment figures moving forward.

Previous AUDUSD Weekly Forex Forecast

AUDUSD Weekly Forex Forecast – 13th to 17th Feb 2017 – Bearish

 

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[FOREX TIP] USDCAD Weekly Forex Forecast – 13th to 17th Feb 2017

USDCAD Weekly Forex Forecast – 13th to 17th Feb 2017

The USDCAD technical pattern remains in a bearish sequence. As long as we’re trading below the major trendline that connects the highs starting from the end of the last year the bearish case remains in place. First days of the new week can see USDCAD bouncing and retest the trendline and 1.3170 resistance level before to resume to the downside. Ultimately, we need a break and a close below the big psychological number 1.3000 for the bearish momentum to accelerate.

Once we break below the last swing low 1.2968 it’s possible to see bounces if we don’t manage to post a daily close below these figures otherwise we can see a retest of the daily support level 1.2840. The Canadian economic calendar doesn’t have anything to offer in terms of risk events and in this regard, we can expect a slow price action.

Previous USDCAD Weekly Forex Forecast

USDCAD Weekly Forex Forecast – 13th to 17th Feb 2017 – Bullish

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 13th Feb to 17th Feb 2017

GBPUSD Weekly Forex Forecast – 13th Feb to 17th Feb 2017

The GBPUSD weekly close below the big psychological number 1.2500 indicates the bulls are not so much in control of this market. We can note that over the last few weeks GBPUSD has established a wide trading range between 1.2700 resistance levels and 1.2400 support levels. Going forward, we can expect more of the same from the GBPUSD price action. The stochastic indicator is already in oversold territory which means that we can see a bounce from support level 1.2400. Only a decisive break above last week high 1.2582 will warn us that GBPUSD is ready for more upside.

The UK economic calendar will bring the usual talk around the Brexit which can be the catalyst for a spike in volatility. Other than that we have the UK CPI inflation figures which based on the market consensus are expected to inch higher from 1.6% up to 1.9%. The weaker GBPUSD exchange rate feed into the higher inflation prospect for the UK economy. The Fed Chair Yellen is also due to testify on the Semiannual Monetary Policy Report before the Senate Banking Committee, in Washington DC which is highlighted to be a major risk event.

Previous GBPUSD Weekly Forex Forecast

GBPUSD Weekly Forex Forecast – 13th Feb to 17th Feb 2017 – Bearish

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[FOREX TIP] USDCHF Weekly Forex Forecast – 13th to 17th Feb 2017

USDCHF Weekly Forex Forecast – 13th to 17th Feb 2017

Technical Outlook: USDCHF has turned bullish following the hidden bullish divergence that was identified last week. Price briefly rallied to 1.0060 before closing lower. Further upside is expected on a breakout above 1.0060, in which case USDCHF will be testing 1.0100 which is a resistance levle of interest. USDCHF could therefore remain range bound within 1.0100 – 0.9934 levels with further gains or declines coming only on a break out from one of these two levels.

Fundamental Outlook: Switzerland will kick off the week with producer prices and consumer price data on Tuesday. PPI is expected to show another month of increase as economists expect to see a 0.3% increase, up from 0.2% previously. Headline inflation is however expected to remain subdued, falling 0.1% on a monthly basis. While the remainder of the week is quiet as far as data from Switzerland is concerned, the U.S. will be looking to a busy week. Some of the important highlights include Janet Yellen’s semi-annual testimony to congress, U.S. inflation report for January and retail sales figures.

Previous USDCHF Weekly Forex Forecast

USDCHF Weekly Forex Forecast – 6th to 10th Feb 2017 – Bullish

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[FOREX TIP] USDJPY Weekly Forex Forecast – 13th to 17th Feb 2017

USDJPY Weekly Forex Forecast – 13th to 17th Feb 2017

Technical Outlook: USDJPY closed with a doji candlestick pattern on Friday, coming after Thursday’s strong rally. Price is however likely to continue to the upside, but a confirmation is needed with a daily close above Friday’s high of 113.85. Watch for a near term decline to 112.50 region following which USDJPY should be pushing higher with the potential break of the falling trend line on the 4-hour chart. This will see the upside momentum push USDJPY towards the first resistance level of 114.00. A breakdown below 112.50 will see USDJPY remain supported, but prices could turn sideways between 112.50 and 112.00.

Fundamental Outlook: A quiet week in Japan will see the revised industrial production figures coming out. Economists polled expected to see an increase of 0.5% on a month over month basis. However, the USDJPY is more likely to be influenced by the Japanese PM’s visit to the U.S., where he is expected to stay over the weekend. Given the fact that the U.S. administration had some tough words for Japan for interfering in the currency markets to give it a competitive edge, the focus will be on any press conference scheduled by both the leaders. This is quite likely to move the markets, especially on Monday’s open.

Previous USDJPY Weekly Forex Forecast

USDJPY Weekly Forex Forecast – 13th to 17th Feb 2017 – Bearish

 

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[FOREX TIP] EURUSD Weekly Forex Forecast – 13th to 17th Feb 2017

EURUSD Weekly Forex Forecast – 13th to 17th Feb 2017

Technical Outlook: After the EURUSD posted a doji near the resistance level of 1.0820, price action fell sharply lower in a steady trend that saw lower lows and lower highs. Price close just a few pips above 1.0600 support level and any bounce off the current levels remains a sell into 1.0600 support. This is also seen by the Stochastics currently in the oversold levels and could indicate a near term bounce to the upside. The weekly chart has formed a strong bearish candle and we expect a bounce back to 1.0698 which will be a good level to add to the short positions once again towards 1.0600.

Fundamental Outlook: A busy week for the euro as focus turns to the flash GDP estimates for the fourth quarter of 2016. Germany, Italy will be releasing the quarterly figures alongside the Eurozone’s total GDP for the quarter. Initial estimates point to a 0.5% quarterly growth in GDP for Germany, which is slightly higher from the third quarter’s 0.2% increase. The Eurozone’s quarterly GDP is expected to also increase 0.5%. Inflation figures will also be coming out this week, with Germany’s final inflation expected to decline 0.6%. In terms of forward looking indicators, Germany’s ZEW economic sentiment data is coming out on Tuesday and it is expected to show a modest decline from 16.6 to 15.1 while for the Eurozone, the ZEW economic sentiment is expected to fall to 22.3 from 23.2.

Previous EURUSD Weekly Forex Forecast

EURUSD Weekly Forex Forecast – 13th to 17th Feb 2017

 

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[FOREX TIP] Weekly Forex News Events for EURUSD – 13th to 17th Feb 2017

Weekly Forex News Events for EURUSD – 13th to 17th Feb 2017 – Will Yellen Spook the market this week?

Overall, EURUSD had a bearish week. It was quite a difficult week to trade for directional traders as the pair was moving up and down without a real direction for most part of the week. The good news for the directional traders is that the week is over and next week starts anew. Let us now have a look at next week’s news events that could potential create volatility on EURUSD…

Tuesday- 14^th February-07.00 GMT

• German Prelim GDP q/q

Tuesday- 14^th February-13.30 GMT

• PPI m/m

Tuesday- 14^th February-15.00 GMT

• Fed chair Yellen speaks

As we can see, coming Tuesday is full of news events. And the one that could shake EURUSD is when Yellen opens her mouth. You should be careful with your intra-day EURUSD entry on the day. All of them are high impact news events, but Fed chair Yellen speech might have more impact as far as volatility is concerned.

Wednesday-15^th February-13.30 GMT

• CPI m/m
• Core CPI m/m
• Core retail sales m/m
• Retail sales m/m

Various data comes through these news events and may create huge volatility especially when the actual is far off the forecasted numbers.

Wednesday-15^th February-15.00 GMT

• Fed chair Yellen testifies

Another news event, which is related to Yellen. Whenever Yellen speaks, take caution. Intraday traders should take caution with their trades before this event.

Wednesday-15^th February-15.30 GMT

• Crude oil Inventories

Thursday-16^th February-13.30 GMT

• Building permits
• Phily Fed manufacturing index
• Unemployment claims

These three news events are going to take place at the same time. Unemployment claims data normally creates huge volatility. Over here traders have to be careful and must not only depend on “Unemployment claims” data. Building permits and Philly Fed manufacturing index might create doubt among big traders, which would make the pair create huge spike. Spikes do nothing but wipe off stop losses.

 

 

 

 

 

 

 

 

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