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Daily FX Retail Trader Contrarian Analysis 20th Oct
This daily report is designed to help traders find opportunities to trade against this group. The premise is very simple we are looking for 66% of retail traders to be trading either long or short a currency pair, we then look for opportunities to fade (trade against) this group. For example if 72.99% of traders are long the USD/CHF we look for opportunities to short that pair.
The pairs that we feel offer the highest opportunity for success are described in the Shortand Long Zones.
What’s New Today? EUR/GBP shorts have strengthened to take the bottom spot.
Provided by Pivotfarm - The Home of Support and Resistance Trading
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pretty useless, been the same signal for a week. zzzzzzzzzzzzzzzzzzzz.
Same signal for MORE than 3 weeks...If you had been shorting the USDCHF and USDJPY in that time...think you would have done pretty well...not that useless
oops.. went thru 2x. *shrugging*
USD/JPY would need to close below 81.10 & still faces 80.86 which is a significant Fib level. A close below 80.86 could translate into a land slide.
USD/CHF hit major resistance at .9756 but again, is coming upon a major Fib at .9462 & I see a possible hiccup at .9560
These could be a couple of day trades but I'd want to watch em closely.