Candlestick Wick Meaning and Trading Strategies
Understanding the subtle cues provided by candle wicks can unlock new dimensions in trading strategy development. These seemingly minor details offer profound insights into market sentiment and price action dynamics. This article delves into the meaning behind candle wicks and explores strategic ways to trade them, equipping traders with the knowledge to potentially enhance their trading performance.
Understanding Candle Wicks
Candle wicks, extending beyond the body of the candlestick, offer a deeper insight into market dynamics than open and close price levels. Their lengths and positions relative to the candle body unveil the tug-of-war between buyers and sellers within a given timeframe.
A long wick candle to the upside suggests that buyers pushed the price higher, but sellers eventually overcame, driving the price down from its peak. Conversely, a lengthy lower wick indicates sellers initially dominated, with buyers making a strong comeback.
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RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors.
Yen in Correction: Factors for Potential Growth
In August, the Japanese yen became one of the most popular instruments in the forex market. Following an unexpected rate hike by the Bank of Japan and weak labour market data from the US, the USD/JPY pair dropped by more than 1000 pips, settling below the psychological level of 150.00. The divergent monetary policies of the US and Japanese regulators contributed to increased volatility in yen pairs. However, after a speech by the Bank of Japan’s Deputy Governor, the yen sharply corrected. Shinichi Uchida stated that “it is necessary to maintain the current level of monetary easing,” which the market interpreted as a signal that the yen’s rate is unlikely to increase this year.
Currently, the yen is experiencing a corrective pullback. Let’s consider the possible developments in the upcoming trading sessions.
USD/JPY
Technical analysis of the USD/JPY pair indicates a potential continuation of the corrective pullback, as a “bullish harami” pattern formed on the daily timeframe two days ago. If the recent high at 147.90 is surpassed, the price may test the important area of 151.00-150.00. A decline below 145.40-145.00 could lead to a resumption of the downward movement towards 142.00-141.00.
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Is the Japanese Stock Market Stable Today?
On July 11, the Nikkei 225 index (Japan 225 on FXOpen) started to decline. Notably, on July 15, we observed bearish activity around the 41330 level.
Interestingly, US stock indices also began to fall on July 11. However, the Japanese stock market saw a more dramatic drop, exceeding 25% by the August 5 low.
Has the Japanese stock market continued to fall? No. After a alarming Monday on August 5, the price has been recovering. It closed higher on Tuesday and Wednesday, with bullish signs observed today, Thursday.
Analyzing the Nikkei 225 (Japan 225 on FXOpen) chart on Monday, we noted that:
→ The price dropped to a support block between 30,400 and the psychological level of 30k.
→ A strong bounce from this block could indicate activated demand (a sign of an emotional selling climax in Wyckoff’s terminology).
We then suggested that this support block would hold, and the Japanese stock market might enter a consolidation phase to establish a new balance of supply and demand.
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Silver Price Finds Support Near 3-Month Low
As shown on the XAG/USD chart, the price of silver is currently around $26.75 this week, marking the lowest level since early May.
In our analysis of silver on June 6, we noted:
→ Silver was underperforming gold—a bearish sign;
→ Other bearish indicators included a double top pattern near the $32 per ounce level.
Since the close on June 6, silver prices have dropped by more than 14%, with:
→ A bearish head-and-shoulders pattern forming above the psychological level of $30 per ounce;
→ The price breaking below the median line of an ascending channel (shown in blue);
→ The price establishing a downward channel (shown in purple), with the $29 level acting as resistance (indicated by an arrow).
One of the drivers of this decline has been recession fears in the U.S. economy, as commodity markets typically experience downward trends during recessions.
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Renko Trading Strategies: How To Trade With Renko Charts
Renko charts stand out in the trading world for their unique ability to filter market noise and highlight significant price movements, offering a clearer view of market trends. This FXOpen article delves into the synergy between Renko charts and various trading indicators, unveiling four strategies designed to navigate the complexities of the financial markets.
Understanding Renko Charts
Renko charts, derived from the Japanese word ‘renga’ meaning ‘brick’, offer a distinctive approach to charting price movements in the financial markets. Unlike traditional candlestick charts that plot price changes over time, Renko charts focus solely on price movement, disregarding time and volume. This method is known for its simplicity and effectiveness in identifying market trends and reducing noise.
Renko charts consist of Renko bars (or bricks), where each bar represents a fixed price movement. Each new Renko bar is plotted at a 45-degree angle from the previous one to the right. The size of the movement, known as the “box size”, is predetermined by the trader.
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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors.
Eli Lilly Shares Surge Over 9% After Strong Earnings Report
As the chart of Eli Lilly’s (LLY) share price shows today, yesterday’s trading closed at a level more than 9% higher than Wednesday’s closing price. The main driver of this growth was a strong Q2 report:
→ Earnings per share: actual = $3.92, expected = $2.74;
→ Gross sales: actual = $11.3 billion, expected = $9.99 billion.
Market participants reacted positively not only to the fact that the American pharmaceutical company’s actual results significantly exceeded forecasts but also to Eli Lilly’s rising expectations for the second half of the year, driven by demand for its diabetes treatment Mounjaro and weight loss drug Zepbound.
Technical analysis of the Eli Lilly (LLY) stock chart shows that:
→ The price action is forming an upward channel in 2024 (shown in blue);
→ After a rebound, the median line of this channel was breached (as indicated by the arrow);
→ As could be expected, this line acted as resistance – as indicated by the high of yesterday’s candlestick.
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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Market Analysis: EUR/USD Dips Again While USD/JPY Aims Fresh Increase
EUR/USD declined from the 1.1000 resistance and corrected gains. USD/JPY is rising and might take out the 147.80 resistance.
Important Takeaways for EUR/USD and USD/JPY Analysis Today
- The Euro started a fresh decline below the 1.0945 support zone.
- There is a connecting bearish trend line forming with resistance at 1.0920 on the hourly chart of EUR/USD at FXOpen.
- USD/JPY climbed higher above the 144.15 and 145.55 levels.
- There is a connecting bullish trend line forming with support at 147.00 on the hourly chart at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair struggled to clear the 1.1000 resistance zone. The Euro started a fresh decline and traded below the 1.0980 support zone against the US Dollar.
The pair declined below 1.0945 and tested the 1.0880 zone. A low was formed near 1.0881 and the pair is now consolidating losses. There was a minor recovery wave above the 1.0910 level. The pair surpassed the 23.6% Fib retracement level of the recent decline from the 1.1008 swing high to the 1.0881 low.
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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
NVDA Share Price Holds Above Psychological Level
On 10 July, we noted strong selling pressure above the $130 per share level. Since then, the price has dropped by approximately 22%. Losing more than a fifth of its market value seems like a serious issue, but it’s not as bad as it might appear, especially with emotions running high amid fears of a potential US recession.
Technical analysis of the NVDA chart today shows that:
→ The price is forming an upward trend (shown in blue). The false breakout of the upper boundary on 20 June mirrors the false breakout of the lower boundary of the channel on 5 August (as indicated by the arrows).
→ It’s important to focus on the interaction between the price and the psychological level of $100. On 5 August, when the price dropped below the lower boundary of the channel, it fell below this round number. However, by the end of the week, NVDA’s price had recovered (along with many other stocks in the US market). It’s reasonable to assume that retail traders, who had earlier in 2024 bought NVDA shares on margin due to the prospects of AI development, rushed to liquidate their long positions when they saw the price dip below $100.
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Forex Trading Time Zones: Market Hours and Overlaps
In the world of forex trading, understanding the dynamics of different time zones is paramount. This article delves into the intricate web of currency trading time zones, exploring the 24-hour cycle, major trading hours, and the nuanced opportunities each presents.
The 24-Hour Cycle of Forex Market Time Zones
The forex market’s distinctive feature of being open 24 hours a day, five days a week, is a testament to its unparalleled accessibility, dynamics, and decentralised nature. Unlike traditional financial markets constrained by fixed trading hours, the forex market operates continuously, commencing in Asia on Monday and concluding in North America on Friday.
Major financial centres in different time zones steer the dynamics of the forex market, acting as the primary drivers of market activity during their respective business hours. That complex interplay creates distinct trading periods, each characterised by unique market conditions and opportunities.
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USD/CHF Rises Over 2.5% in a Week
As indicated by the USD/CHF chart today, the rate is around 0.868 francs per US dollar, although it dropped below 0.85 last Monday.
The main driver of this surge in volatility (with the ATR indicator reaching its highest point since March 2023) was the decline in the Japanese stock market, which we covered twice last week: here and here. Market participants were actively buying the Swiss franc as a “safe haven” asset. However, when the Nikkei 225 (Japan 225 on FXOpen) began to recover from its nine-month lows, demand for the franc weakened.
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How to Trade Crude Oil: Trading Strategies
Learning how to trade crude oil requires a nuanced understanding of its fundamental aspects, instruments, and trading strategies. This comprehensive article offers insights into the critical elements that affect crude oil prices, the range of instruments available for trading, and specific strategies traders use in this market.
The Basics of Crude Oil
Crude oil, often referred to as “black gold,” is a fossil fuel derived from the remains of ancient organic matter. It serves as a crucial raw material for various industries, including transportation, chemicals, and manufacturing.
Two primary types of crude oil traded on global markets are West Texas Intermediate (WTI) and Brent Crude. WTI is primarily sourced from the United States and is known for its high quality and low sulphur content. On the other hand, Brent Crude originates mainly from the North Sea and serves as an international pricing benchmark.
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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors.
Gold Price Near Historic High Today
As shown on the XAU/USD chart, the gold price is near $2,460 today, despite the 8th August candle opening around $2,385. This means that in just over three full trading sessions, the price per ounce has risen by approximately 3.3%. It is now only about 1.6% away from the psychological level of $2,500.
Bullish sentiment is being driven by rising geopolitical tensions. According to Trading Economics:
→ Israeli airstrikes on Khan Yunis on Monday killed at least 18 people, with several others injured.
→ Ukrainian forces last week breached the Russian border and are holding positions in the Kursk region.
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Alibaba Group (BABA) Stock Reaches Over Two-Month High
As shown on the BABA stock chart, the price today has risen to around $80.80—its highest level this summer.
The primary driver of bullish sentiment is the anticipation of a positive earnings report from Alibaba Group Holding Ltd for Q2 2024, set to be released on 15th August.
According to Dow Jones Newswires:
→ Lazada, a subsidiary of Alibaba Group, has reached a certain level of profitability, which is a promising sign for the tech giant as it seeks to boost international sales amid slowing growth in China.
→ Alibaba’s market share has stabilised after a decline in 2021. DBS analysts Sachin Mittal and Andy Yeo note that the Gross Merchandise Value (GMV) of goods sold on Taobao and Tmall has returned to double-digit growth, and Alibaba’s international e-commerce platforms could become a key driver, with an estimated compound annual growth rate of 23% from FY2024 to FY2027. DBS maintains its buy recommendation for Alibaba shares.
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NZD/USD Plunges Following RBNZ Decision
The exchange rate fell by 1.1% after the Reserve Bank of New Zealand cut interest rates by 25 basis points to 5.25% and signalled further easing.
According to RBNZ Governor Adrian Orr:
→ Inflation is returning to the target range, and the bank may begin normalising rates;
→ Several scenarios were considered, and consensus was reached for a 25 basis point rate cut;
→ Forecasts indicate that New Zealand is moving towards a period of low and stable inflation;
→ The economy is meeting expectations, although high-frequency data show some weakening.
The rate cut decision was somewhat unexpected, as the RBNZ had previously forecast that the rate-cutting cycle would start later. This has resulted in increased volatility in the NZD/USD chart today.
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Alphabet Inc (GOOGL) Shares Under Pressure
On 24th July, we noted in our analysis of the Alphabet Inc (GOOGL) price chart:
→ The share price had fallen despite the report’s results surpassing analysts’ expectations;
→ The upward momentum in the price chart was losing strength.
Since that publication, the Alphabet Inc (GOOGL) share price has dropped by 5%. While the sharp decline in stock markets on 5th August significantly impacted it, it’s worth noting that since the previous Monday, the share price has been recovering more poorly than the index.
Bearish sentiment is being driven by:
→ A delay in showcasing the capabilities of the Gemini AI assistant at the “Made by Google” event;
→ Speculation about a potential breakup of Google under US antitrust laws. According to Benzinga, the US Department of Justice (DOJ) is considering this possibility.
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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Market Analysis: AUD/USD Rallies While NZD/USD Trims Gains
AUD/USD is consolidating gains near the 0.6620 zone. NZD/USD is trimming gains and struggling to stay above the 0.6000 pivot zone.
Important Takeaways for AUD/USD and NZD/USD Analysis Today
- The Aussie Dollar started a downside correction from 0.6640 against the US Dollar.
- There is a key bullish trend line forming with support at 0.6610 on the hourly chart of AUD/USD at FXOpen.
- NZD/USD is declining from the 0.6080 resistance zone.
- There is a major bullish trend line forming with support at 0.6010 on the hourly chart of NZD/USD at FXOpen.
AUD/USD Technical Analysis
On the hourly chart of AUD/USD at FXOpen, the pair started a fresh increase from the 0.6500 support. The Aussie Dollar was able to clear the 0.6580 resistance to move into a positive zone against the US Dollar.
There was a close above the 0.6600 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6640 zone. A high was formed near 0.6642 and the pair is now correcting gains.
There was a move below the 0.6630 level. The pair declined below the 23.6% Fib retracement level of the upward move from the 0.6579 swing low to the 0.6642 high. On the downside, initial support is near a key bullish trend line at 0.6610.
The next major support is near the 61.8% Fib retracement level of the upward move from the 0.6579 swing low to the 0.6642 high at 0.6600.
If there is a downside break below the 0.6600 support, the pair could extend its decline toward the 0.6580 level. Any more losses might signal a move toward 0.6545.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6640. The first major resistance might be 0.6650. An upside break above the 0.6650 resistance might send the pair further higher.
The next major resistance is near the 0.6700 level. Any more gains could clear the path for a move toward the 0.6740 resistance zone.
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1-Minute Scalping Trading Strategies With Examples
Scalping is a popular trading style capitalising on rapid, small price movements within minutes. 1-minute scalping strategies are often used by traders but require precise execution and solid understanding of technical indicators. This article explores four 1-min scalping strategies, detailing the indicators used alongside specific entries and exits.
Understanding 1-Minute Scalping
1-minute scalping is a fast-paced trading style focusing on taking advantage of small price movements within a minute timeframe. Traders using this approach rely on 1-minute charts to make quick, multiple trades throughout the trading session. The primary goal is to accumulate potential small gains that might add up to larger returns over time.
A scalp trading strategy requires a solid understanding of technical analysis and market conditions. Scalpers typically use indicators, price action patterns, and trend analysis to identify short-term market movements and potential entry and exit points. The rapid nature of 1-minute scalping demands precision and discipline, as even a slight delay can impact the trade outcome.
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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors.
Analytical Intel Stock Predictions for 2024–2030 and Beyond
Intel Corporation remains a cornerstone in the semiconductor industry. This article delves into expert analyses and forecasts for Intel’s stock from 2024 to 2030 and beyond, exploring technological advancements, market strategies, and financial projections and offering insights for anyone looking to trade INTC stock.
Intel Price History
Intel Corporation went public in October 1971, and its stock has undergone several splits since. During the 1980s, Intel experienced modest growth, with its stock price fluctuating around the $0.11 to $0.73 range (adjusted for splits and dividends). The company began gaining significant traction in the 1990s, driven by its dominance in the microprocessor market. By 1999, Intel’s stock reached a high of more than $25, marking a period of rapid growth due to the tech boom and increasing demand for personal computers.
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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors.
Commodity Currencies Strengthen After U.S. Inflation Data Release
Yesterday’s data showed that U.S. inflation for July dropped to 2.9%. Given that the Federal Reserve will consider inflation and labour market figures when deciding on rates at the September meeting, the steady decline in the core Consumer Price Index (CPI) was expected to put downward pressure on the USD. However, the market’s reaction to the U.S. inflation decrease was relatively muted, judging by the movement of major currency pairs. The Australian and Canadian dollars paused the upward correction they started late last week. However, since strategic supports remain intact, a resumption of medium-term growth is still possible.
AUD/USD
Technical analysis of the AUD/USD pair indicates the possibility of continued upward movement if the price can firmly establish itself above the 0.6650-0.6630 range. If these levels turn into support, the pair could test the 0.6770-0.6700 range.
The bullish sentiment is further supported by the “hammer” pattern formed on August 5th. This formation could be invalidated if the price falls below 0.6500-0.6470.
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Apple Inc. (AAPL) Forms 9 Consecutive Bullish Candles on Daily Chart
If we define bullish candles as those where the closing price is higher than the opening price, we can observe a sequence of 9 such candles on Apple Inc.'s (AAPL) daily chart from August 2nd to 14th.
On August 6th, we mentioned that market participants were bearish due to news that Warren Buffett had sold half of his Apple Inc. (AAPL) shares, but the situation has since reversed.
Now, bullish sentiment is gaining support from news related to George Soros purchasing Apple Inc. (AAPL) shares. According to MarketWatch, Soros Fund Management LLC has invested in Apple Inc. along with other tech companies, including Broadcom Inc. (AVGO), Micron Technology (MU), Texas Instruments Inc. (TXN), and Super Micro Computer Inc. (SMCI).
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