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[encorecapitals]

EURUSD

Overall direction is to the downside and in picture as seen this is a corrective structure, last week we were expecting market give us a big corrective structure from 1.3500 prior to 1.1130 drop mark gave us just a running structure and then it went back down.
Remember 1.12 levels mentioned, so all of you who are selling now is the time to take partial profits guys take at least 60 to 70 percent off and leave the rest at break even.
What next we can see market correcting upwards to 1.1180 one push down to around 1.1120 and then the up wave, it's up to you what wave you are going to trade is this down wave to 1.1120 needed for the structure no, is this a high probability chance move yes it is we will wait mark it to unfold and then we'll take action accordingly.

GBPUSD
GBPUSD we were expecting market to go up and we said guys be careful with up wave from 1.36500 we were waiting market to give us a bus setup we never got one market continued to drop it gave us an expansion on 1.34500 and then drop from 1.35500 to 1.33764 now market is correcting to 1.34500 for another drop to 1.33764 under this low market will start to go up again are we going to jump in “NO” we will be waiting our buy setups to go for the next up wave.
under 1.33500 low we'll start to look for our buy setups again I’m repeating this do not jump in because the political pressure still exists and if USD will correct for another push up 1.33764 will continue to the downside make sense until dollar will start to reverse this will not go up.

AUDUSD
A lot of you are trading this pair and they sold from 0.73200, 0.72400, some of you also sold after 0.71800 corrective structure, you know we were biased to the downside and we said this is a five wave corrective structure & you must remember 0.7050 level. Now what next for AUDUSD any buy setup we got we will go for it, we will be waiting our buy setups to go for the next up wave.

USDJPY
For this one while expecting market to correct downwards from 115.800 this drop it might be corrective or the first wave of the next structure, the next wave is towards the downside.

NZDUSD
We will expect the market to correct for another drop after 0.65356 drop we'll start to look for our buy setups.
Market went down and now the next wave is towards the upside if we get a buy setup we will go for the buy setup all majors guys gave us the corrective structure that we need and they went down.
Remember there is nothing you know that the market doesn't already know don’t forget that

GBPJPY
GBPJPY market will correct upwards after the finish of 154.156 corrective structure market will be going down one more time
So, wait this corrective structure to finish and then you look for your sell setups for GBPJPY

GOLD
what next for GOLD one, the next wave is towards the upside so all of you get in the sell take partial profits 70 to 80 percent off and leave the rest at break even if you are happy with the profits close your trade and wait for the next setup.

 

[encorecapitals]

what is spread in Forex Market?

The spread is an inevitable part of trading and is the profit taken by the broker. When trading Forex, whether through a Forex account or using spread betting, the broker does not charge you a fixed or monthly fee for operating the account. The broker does not take any direct transaction charges for taking a trade either. Instead, the broker offers two different prices for a currency trade, often referred to as the bid price and the offer price. These are the brokers prices, describe what the broker is doing, the broker is bidding and offering.
You buy at the offer price and sell at the bid price. The difference is called the spread and is the broker’s profit margin.

Let’s look at some examples.

These are the prices at which I can buy and sell Euro dollar, the currency pairing of the EURUSD (Euro and the US Dollar) the price you can sell them to the broker is 1.2612. This is the bid price, or what the broker is bidding to buy your currency.
When looking at Forex charts, it is most common to have the bid price displayed. If you wanted to buy this currency from the broker, you would have to pay 1.2614. This price is called the offer price, or ask price or the price the broker is offering to sell you the currency.


MID PRICE


There is another price called the mid price.

The mid price, as its name suggests, is the middle point between the two prices. Take the bid and offer price, add them together and divide by two to obtain the mid price.
The mid price is not often used, as you can’t actually trade at this price. It may be useful when the market is very slow or volatile.

Currency movements are measured in pips. The spread is the difference between the bid and offer prices and is expressed as a number of pips.

How to Calculate the Spread?

To calculate the spread, move the decimal point four places to the right and simply deduct the bid price from the offer price.

In this example, (EURUSD) Euro Dollar is trading with the spread of 2 pips.



When you look at a price chart based on the bid price, you need to add the spread to the bid price whenever you are contemplating buying the currency to find your true cost.
Spreads on different currency pairs vary. The calculation is the same, so move the decimal point four places to the right and deduct the bid price from the offer price to obtain the spread.

GBPUSD (Cable) is trading here with the spread of 3 pips.

On some of the less commonly traded currency pairs, it is normal to see spreads a lot higher. Here, the NZDUSD Kiwi Dollar and the Swiss Franc are trading with the spread of 7 pips.

You might decide this is too high for you to trade. Your might restrict the currency pairs you trade on certain strategies as a result of the spread.

When it comes to trades involving the AUDJPY, the decimal place is moved two places to the right to calculate the spread.

In this case, the AUDJPY Aussie Dollar is trading against the Japanese Yen with a 4 pip spread. Competition amongst brokers is fierce and often seen in their advertising by the spreads they quote.

Competition amongst brokers is fierce and often seen in their advertising by the spreads they quote.
EURUSD Euro Dollar is the most heavily traded currency pair and usually has the tightest spreads. Brokers are keen to let you know how tight (or narrow) their spreads are on Eurodollar at 5 decimal places. To calculate the spread still means moving the decimal point 4 places to the right.
In this example, the spread is 1.3 pips.

The equivalent for pricing the Japanese Yen is to quote the price to three decimal places. Like in example given below

Most brokers now use variable spreads. This means the broker can change the spread at will.
During periods of normal trading, this leads to very competitive spreads.
When trading is “thin”, which means not very much activity, brokers often widen their spreads.

This can sometimes be seen at the beginning of the week when the market is opening and at the end of the week when it is about to close.

Given spreads are variable;

It can mean the bid and offer price moving quite independently of each other.
This can also happen at times of high market volatility.


Although the spread is the brokers cut, it is not generally seen as a transaction cost. When trading, the focus is on the bid and offer prices at the moment in time when the trade is executed. When trading, the focus is on the bid and offer prices at the moment in time when the trade is executed.


You can see the impact of the spread at the precise moment you take the trade.

For example, trading EURUSD Euro Dollar at £2 per pip with the spread of 1.1 pips results in a cost of £2.20.

Rather than focus on this cost, you will be looking at the P&L as the trade progresses and either the net profit to you, or the total cost.

QUICK RECAP

 

[encorecapitals]

XAU/USD (GOLD):

On the H4, with prices bouncing off the ichimoku cloud and breakout from descending trend line, As per the Encore Capitals Analyst gold will bullish bias that price will rise from our 1st support at 1842.65 where the horizontal swing low support is to 1st resistance at 1864.72 in line with the horizontal swing high resistance, 61.8% Fibonacci retracement and 38.2% Fibonacci retracement. Secondly, price can break our 1st support structure and head for our 2nd support at 1834.67 where the horizontal overlap support and 38.2% Fibonacci retracement are.

Areas of Major Support & Resistance:
H4 time frame, 1st Resistance at 1864.78
H4 time frame, 1st Support at 1842.69

GBP/USD:

On the H4, Price moving above the ichimoku indicator, Its bullish bias according to Encore Capitals Analyst that price will rise from the 1st support at 1.25496 where the horizontal overlap support is to 1st resistance at 1.26703 in line with the 61.8% Fibonacci retracement, 100% Fibonacci projection and swing high resistance. Secondly, price may break 1st support structure and head for 2nd support at 1.24741 where the horizontal overlap support available.

Areas of Major Support & Resistance:
H4 1st resistance at 1.26708
H4 1st support at 1.25494

EUR/USD:

On the H4, Price moving above the ichimoku cloud and within the ascending trend channel, Its bullish bias according to Encore Capitals Analyst that price will rise to our 1st overlap resistance at 1.08595 where the 61.8% Fibonacci retracement is from our 1st support at 1.07495. Secondly, price may break 1st support structure and head for 2nd support at 1.0542 in line with the 23.6% Fibonacci retracement.

Areas of Major Support & Resistance:
H4 1st resistance at 1.08591
H4 1st support at 1.07492

USD/JPY:

On the H4,Prices breaking above the ichimoku indicator and breakout from descending trend line, Bullish bias according to Encore Capitals Analyst that price will rise from 1st support at 128.070 where the horizontal overlap resistance and 78.6% Fibonacci projection are to 1st resistance at 128.899 in line with the swing high resistance, 127.2% Fibonacci extension and 78.6% Fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 127.164 where the horizontal overlap support available.

Areas of Major Support & Resistance:
H4 time frame, 1st resistance at 128.899
H4 time frame, 1st support at 128.070

CRUDE OIL:

On the H4, Price expected to reverse off the stochastic indicator, Bearish bias according to Encore Capitals Analyst that price will drop to our 1st support at 112 where the 23.6% Fibonacci retracement is from our 1st resistance at 119.02 in line with the swing high resistance. Secondly, price may break 1st resistance structure and head for 2nd resistance at 123.10 where the 127.2% Fibonacci extension is.

Areas of Major Support & Resistance:
H4 time frame, 1st resistance of 119.02
H4 time frame, 1st support of 112