Crude, Gold, Eurusd, Gbpusd

Hi everyone, I would like to introduce myself as hemal. I have been trading for around two years and specialise in crude, gold, gbpusd and eurusd. I am to make 50-100 pips per day in the london open session and will be posting my ideas/thoughts/opportunities befoe 7AM UK time.

I look forward to contributing to the site.

Regards

Hemal

I would be interested to hear the correlation.

fill your boots buddy.

Good morning everyone, I hope that you all had a good weekend.

Following a volatile day in the markets with Non Farm Payroll crude is still in a strong downtrend with our 4 hour moving averages still very stretched. We have a daily support coming in at $87. On the shorter time frame, we some resistance at the $89.80 level for which we need to see a break of the $88.90 mark. I would be concerned about shorting crude at this level because of the gaps to the upside, however we may see a play down to the support at $87.

Gold is also still on a down trend on the 1 hr chart, holding resistance of the daily 20 ma and support of the daily 50ma at $826. A break of 829 or $826 may see a play down to $819. The upside break of $835 may see an attack towards $845.

EURUSD is setup similar to the 1hr crude chart. It is still in a strong downtrend with the immediate support at 1.3600. The 252 CCI has been down for sometime and it does not seem to have the momentum to go much lower at the moment. However a break of 1.3580 may see a move towards the weekly 200 ma at 1.3400. A break of 1.3650 may see an attack to close the gaps on the moving averages, with a first target of 1.3720.

Cable is also still in a down trend, with the daily lows at around 1.7450. A break of ds2 at at 1.7560 would signal that it wants to go lower towards the daily support. However, with so much red on the daily chart, this certainly needs a pullback. A break of ds1 at 1.7610 may see a move higher with a first target of 1.7660

Hi, thanks for your message. The correlation is quite simply U.S dollar based. When the dollar is strong, you would expect to see crude weaken, then gold to weaken. If gold weakens then EURUSD is likely to weaken too. Crude would also pull GBPUSD down.

This is why, before taking a position in EURUSD, I would like to see a potential move in gold. Now, we understand that each has it�s fundamental aspects, such as gold being a safe heaven. However, as a rule of thumb, I would like to see all four of these move in the same direction before a move.

I hope this helps.

Regards

Hemal

took about 30 on gold with a play down to the daily 50 MA

Hello Guys,

For those new guys out there that have an interest in how oil,gold and metals play out, don’t neglect to look at the USD/CAD and the AUD/USD.

As those regulars will already know, both of these currencies are pretty much commodities plays because of their countries richness in natural resources.

If any new guys out there are really interested in learning more about how different markets effect the forex markets, you should give this book a shot: Intermarket Analysis by John Murphy.

Best of luck in your trades this week!

We have seen some big falls in Brent crude yesterday down to 83.50. An aggressive upside break of 85.70 with a 123 move may see a play to 88. Alternatively, if the 252 CCI can break above 0 the fall back through with the 63 CCI. We have seen some significant selling on the longer term crude so I would be concerned about a shot at this level.

As I type crude has broken the 85.70 level, we would like to see it slightly higher just to show some price action, let the 5 minute moving averages catch up with a possible play to 87.50/88 area if it is going to materialize.

Gold is boxed in above the weekly pivot and looks attractive to the upside if crude moves higher. There is some resistance above at 865 area and the 4 hour 20 and 871.

EURUSD has fallen a significant way and has broken the 1hr 20 MA to the upside. If gold moves higher we could see an attack towards 1.3660.

Cable is setup similar to EURUSD, in that it has broken the 1 hour 20 MA. I would be looking a break of the immediate highs at 1.7640 with a retracement to the 1 hour 50 MA before looking for a long position.

Euro a dollar, washing favourite currency. It strongly depends on the price for oil.

hiya, I use Alpari’s MT4 platform, can you tell me the symbols of oil and how to trade them. also can meta trader trade oil??