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Trade Ideas

Disclaimer: The views on the posts and charts are for educational and illustration purpose only, as past performance is not necessarily indicative of future performance. They are provided for general information only and therefore should not be taken as any offer or solicitation to do any investment or trade.

Note: Non-Members are strongly recommended to sign up for the online free course to have a better understanding of the setups as discussed below:

Index CFD and Forex Trade Ideas & Chart Analysis (12 – 16 Oct 20)

By Hector in Trade Ideas on 11 October 2020

1.(Hong Kong Index HKD5 CFD)

 

  

Big Picture – Bearish

Resistance : 24,187, 24,933    Support : 22,505

One Good Trade Idea

The bias remains bearish even though it has pulled back higher from the low in Sep. It is now trading near the resistance 24,817 where the bears may battle it out to regain control at this confluence area. Traders may prefer to sell below this resistance  or higher near 24,933 for price action to resume lower.

 

2.(Strait Times Index SGD5 CFD)

 

 

Big Picture – Neutral

Resistance : 2,671    Support : 2,501

One Good Trade Idea

STI has pull back above 2,500 and managed to close above it. From here, it may resume trading in the range between 2,500 – 2,671. Short term traders may prefer to adopt a range strategy to buy near 2,500 and sell on strength near 2,671 resistance.

 

3.(US SP500 Index USD5 CFD)

 

 

Big Picture – Bullish

Resistance :  3,589     Support :3,293

One Good Trade Idea

The bullish trend continues last week with the market putting risk on the table in anticipation of a post election fiscal stimulus package. Traders may prefer to buy for a move higher towards resistance at 3,589. However, price actions are likely to remain volatile leading up the US Election and traders are advised to trade with cautious and stop loss.

 

Note:

To trade Index CFD, you may open a CFD Account with Phillip Securities under Hector (XL) as your preferred Trading Representative.

 

4.(EURUSD)

 

 

Big Picture – Slightly Bullish

Resistance : 1.2011    Support : 1.1695

One Good Trade Idea

EURUSD may resume trading higher from the Sep low of 1.1611. Price actions managed to stay above the support at 1.1695 last week as FOMC minutes warned of protracted recovery. This may suggest that FED is likely to stick to the same script ahead of the next meeting in Dec. Traders may prefer to long with a price action buy signal.

 

5.(GBPUSD)

 

 

Big Picture – Short term Bearish

Resistance : 1.3209    Support : 1.2812

One Good Trade Idea

The trend remains bearish in the short term although it managed to hold gain last week with the weakness in USD. GDP data showed UK economy expanded less than expected. With the looming deadline for a Brexit agreement (15th Oct) nearing, the currency pair may be under pressure next week. Traders may prefer to sell below 1.2812 or wait for further strength to sell below 1.3209 resistance.

 

6.(USDCAD)

 

 

Big Picture – Bearish

Resistance : 1.3314    Support : 1.2993

One Good Trade Idea

After failing to hold above the resistance at 1.3314, price actions reversed last week and may resume the downtrend. Traders may prefer to sell with a continuation candle signal for a target move to 1.2993.

 

Note:

To trade Forex, you may first open a MT5 Demo Account under Phillip Futures A/c No (If any) : Hector (VXL)

 

 

Happy Trading!
One Good Trade

 

 

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