This week, once again I managed to foresee the movement of four trading instruments within the North? South? Flat? contest. I look forward to when InstaForex will introduce one touch options, and I’ll be able to try out these forecasts on real accounts. Participating in such a contest, you can both get a prize and develop your analytical skills which help you to improve trading results.
Here are the suggested for choosing options.
EUR/USD. The correct answer is the price will break through and/or will touch the 1.2499 level.
The range was set between 1.2227 and 1.2499. According to the forecast for EUR/USD H1- D1, 24-28.11.2014 trading weekly plan, I expected a minor southward break to occur, and then the price was expected to rise within a correction after the 6-month decline. However, the bears failed to carry out a break, and the suggested uptick started after the double bottom pattern had been formed. As a result, the price reached the 1.2499 target level.
Explanation of what is depicted in the picture:
- The horizontal red lines represent the range set by the contest promoter;
- The vertical dashed line is the start of the trading week;
- The green lines draw the expected price movement.
GBP/USD. The correct answer is the price will break through or will touch the 1.5780 level.
Similar to the previous EUR/USDoption, I expected a minor southward movement, the double bottom testing, and further advance.
USD/JPY. The correct answer is the price will stay within the range (flat).
It was quite easy to forecast the USD/JPY movement as the suggested range was too wide. It was a situation when one could say that the upside didn’t want and the downside wasn’t able to be broken.
Gold. The correct answer is the price will stay within the range (flat).
The gold is one of the most difficult instruments to be predicted. But this time, its movement turned to be unusually predictable. Keeping in mind bearish divergence and the expected rise of majors against the US dollar by the end of the week, I bet on gold moving within the suggested range.
As you see, one can and should predict the market movements. Try and you’ll do it!