Silver is currently trading at $29 per ounce, having printed a 7.5-year high of $29.86 during the early Asian trading hours. The daily candle now has a long upper wick. If prices suffer a deeper drop or remain unchanged till Friday’s close, a daily candle with a long upper shadow – a sign of uptrend exhaustion – will be confirmed. That would validate overbought readings on the daily chart indicators like the relative strength index and slow stochastics and could yield a notable price pullback. That said, the overall bias would remain bullish as long as prices are held above the former resistance-turned-support of $26.20 (July 28 high).

Japan’s household spending fell at a much slower pace in June than in the previous month as the economy re-opened from lockdown measures to contain the coronavirus pandemic, offering some hope of a moderate recovery later this year. But the recovery was driven largely by the government’s blanket cash payouts to households, which were spent on big ticket items like television sets, personal computers and sofas. That cast some doubt on the sustainability of the rebound, particuarly as rising COVID-19 infections nationwide have forced the government to request citizens hold off on unnecessary travel and work from home as much as possible.

In California, 57% seeking unemployment benefits lost their jobs for a second time https://www.cnbc.com/2020/08/06/in-california-57percent-filing-for-unemployment-lost-their-jobs-again.html

The layoffs reported by global outplacement firm Challenger, Gray & Christmas on Thursday were up 54% from June. The job cuts, the third-largest monthly total since the coronavirus pandemic began, followed data this week showing a big step-down in private payrolls in July and further contraction in employment at manufacturing and services industries. Hiring announcements totaled 246,507 in July, almost matching layoffs, Challenger, Gray reported. “The downturn is far from over, especially as COVID cases rise around the country,” said Andrew Challenger, senior vice president at Challenger, Gray. “Consumers are buying fewer goods and services, businesses are closing, and bankruptcies are rising.” July’s job cuts brought the total so far this year to 1.848 million, up 212% from the same period in 2019. The year-to-date layoffs are just 109,180 away from the record 1.957 million job cuts announced in 2001. The weak labor market data raises the risk of a sharper slowdown in job growth in July. The Labor Department will publish its closely watched, and broader, monthly employment report on Friday. According to a Reuters survey of economists, nonfarm payrolls likely increased by 1.6 million in July, down from the record 4.8 million jobs created in June. According to Challenger, Gray & Christmas, COVID-19 was cited as the reason for 63,517 job cuts in July. The respiratory illness has been blamed for 1.075 million layoffs so far this year. The balance of job cuts in July were attributed to market conditions, a downturn in demand and bankruptcies. Several retailers including J.C. Penney and Lord & Taylor have filed for bankruptcy since March. Job cuts remained concentrated at bars, restaurants, hotels and amusement parks. The automotive sector cut 83,853 jobs. Hiring announcements totaled 246,507 in July, almost matching layoffs. “It is clear that many job losses are now permanent, and it will be challenging for many workers to find new jobs and feel safe taking jobs that are public-facing,” said Challenger.

I been selling this pair during past 3 weeks and adjusting the model to the highest levels ever due to superior short term variability. This is my weekly limit order. Any comments are welcome.

Amigo he tratado de buscar el evento de colombia ...nose si estoy mal ...

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I was trading CHFJPY last night when out of nowhere the pair shot up 200 pips then dropped just as fast. I made some nice change on the move, but when I woke up this morning the trades were removed from my account, both online and on MT4. Their support says the trades were removed because they were "non-market prices". What does that mean? And can brokers do that?

The brokers I tried made me lose some trades because they dont close when the price hits TP, i use mt4 so maybe it has something to do (?). Is it normal for every broker or is just the ones i tried? I also did some researchs but webs that recommend brokers dont write about it. Is there any broker who closes trades accurately when price hit TP? The brokers I tried made me lose some trades because they dont close when the price hits TP, i use mt4 so maybe it has something to do (?). Is it normal for every broker or is just the ones i tried? I also did some researchs but webs that recommend brokers dont write about it.

Hey guys, I put in $1k into my trading account and I want to buy gasoil and its hovering at around $359. I was wondering if I enter the trade with $1k, how do I calculate at what price the gasoil will need to hit for me to be kicked out of the trade? Is it even possible to calculate this? Thanks in advance for your help.

babypips.com course read 2-3 books(mainly at night for 30 mins to 1 hour) while reading books create trading plan & strategy backtest the trading plan & strategy demo trade it take into a live (1,000-10,000 account). trading very small with no leverage to ease into the psychological rape i will probably experience from thethe markets while live, create trading journal

I'm back testing charts everyday for 4 hours And it's such a great way to gain experience. But I don't want to be limited I want to be better. Especially while I have nothing else to do in quarantine.

Hey people ! Stumbles on a guy on YouTube saying that most of the indicators where made for stock trading a long time ago and so a portion of them shouldn't be used for Forex. Ofc the guy don't tell you which one. He's a bit Guruish but I think he makes a good point. So, while starting to create a strategy, I want to try indicators that where actually made for forex to see if there's actually a difference. Do you have any that you would share ? On a more personal note, I'm trying to find: A good way to find an entry and exit point for trend trading all help welcome :)

Are you someone who sees high volatility as a warning that you should temporarily reduce your trading activity until the market becomes less volatile, or do you use it as an opportunity to make extra gains?

CHF/JPY Reach Support Area? CHF/JPY Reach Support Area? Maybe I need some help

I'm very into long term investment and FIRE. The people from those communities usually see trading as a sure way to lose money. Also, there are many self-proclaimed gurus that try to sell the idea that trading is easy and that you can quit your 9-5 job and live off trading in no time. In my eyes this sounds delusional and scammy. I'm very sceptical about making money with trading. I'd be fighting against investment banks whose budgets are counted in the millions; they can buy software and hardware and hire the best candidates to trade. Do I really have a chance to make money consistently? If so, what's a realistic expected return? How much do you guys make per year, and how many years of experience do you have?

13. Always think in terms of probabilities. Trading is all about thinking in probabilities NOT certainties. You can make all the “right” decisions and the trade still goes against you. This does not make it a “wrong” trade, just one of the many trades you will take which, through probability, are on the “loosing” side of your trading plan. Don’t expect not to have negative trades - they are a necessary part of the plan and cannot be a 14. Ensure that the candle is fully formed on the timeframe you are trading BEFORE you enter your trade. Trade what you see, not what you would like to see.

11. Learn about FIBONACCI levels and how to apply them to your charts. 12. Keep your trading system simple. Do not have too much information on your trading screen. It is unnecessary and will only cause you to be confused and delay you making your trading decisions.

9. Ensure you fully understand how to generate and use pivot points and camarilla points on your trading platform. These are crucial decision points for daily trading and you will struggle without them. 10. DO NOT overtrade your account. Read up on money management in trading to make sure you fully understand why this is important and develop a strategy which fits with your personal trading capital. NEVER risk wiping out your account because believe me, it can happen. I’ve done it twice myself 11. Learn about FIBONACCI levels and how to apply them to your charts. and delay you making your trading decisions.

Hello everyone, this is part 2. I hope this will help you. 6. Don’t set yourself false targets and expectations. Trading is not an EXACT science and if you do you will only become frustrated by your failure to meet them. Take what the market gives and be satisfied. Greed will kill you as a trader, both mentally and monetarily. 7. The market is rarely your friend in a trade that goes against you. Cut your losses quickly and accept them as an inherent part of trading. You will not be able to trade without some loosing positions. Manage them well! 8. Try hard not to get out of profitable trades too early. Try operating a trailing stoploss of say 15 to 20 pips behind the trade (on 5 minute timeframe) and maximise your good trades by letting them run. Be patient!