Day trading strategies on currency pair GOLD 1-08-2016 by AzaForex forex broker, trading strategies

Foreign exchange trading effective tips to navigate the market. As you remember our previous trading recommendations for rate of Gold, we can see beginning of a growing trend. We opened a long position on Gold and decided not to close it, since the potential growth rate of Gold is not limited. In anticipation to the news about employment in the US non-farm sector and changes in exchange rates of the UK, we can assume that the currency and commodity markets may become more active, increase the volatility of the currency pairs rates in the Forex market and relatively will change the price of Gold. Therefore hope we are going in right direction and the growing trend will continue, we'd better add to the already open position and thereby increase our profit by repeatedly trading Gold. A stop loss will move to the break-even level and compensate losses from the additional positions if the market does not want to continue the upward trend and the price of Gold will go down from the strong resistance level and step against our open positions. Thus, we will open two long positions, and in these deals we will not take any risk except a paper profit. If you caught the trend it is necessary to squeeze the maximum profit out of it. To learn how to trade without any risk soon you can find out from our blog at the web site. Readers of our site are able to receive free additional education that will answer questions about the successful exchange trading, and thus will be able to improve their chances of profitable trading at the forex, commodities and stock markets.

The price is above a simple moving average 200 MA and 20 MA indicating bullish trend.

If the resistance level is broken you can use the following recommendation:
•    Chart timeframe: H4
•    The trade recommendation: Buy
•    The level of entry into long position: 1355
•    The level of profit and close the position: 1374 (1900 pips)

Forex currency pair USDCHF
Possible bearish movement in the breakdown of the support level 0.9630

Forex currency pair GBPUSD
Possible bearish movement in the breakdown of the support level 1.3060

Forex currency pair USDJPY
Possible bearish movement in the breakdown of the support level 101.90

Forex currency pair EURUSD
Possible bullish movement in the breakout of the resistance level 1.1200