Month: November 2021

Scandinavian Capital Markets

Market Update 11/29 – Massive Yen Reversal in Play

USDJPY reversed sharply last week and high was 115.52! Near term downside focus is 112.20s and 114.50s sticks out as possible resistance. This is the 61.8% retrace of the decline from the high along with the 25 line of a short term fork. The 75 line provided support (so far) so resistance at the 25 line would make sense.

Scandinavian Capital Markets

Guide to Demo Trading Accounts

Getting started as a trader can be overwhelming. Luckily, you can start practising how to trade using a demo trading account.

Scandinavian Capital Markets

Scandinavian Capital Markets vs IC Markets

This article explores the differences between two international forex brokers, Scandinavian Capital Markets vs IC Markets.

Scandinavian Capital Markets

Advantages of Trading Cryptocurrency CFDs with a Regulated Broker

Cryptocurrency trading has become incredibly popular in recent years, especially among younger traders. Few are aware of cryptocurrency CFDs and the fact they can be traded in a regulated environment.

Scandinavian Capital Markets

Market Update 11/23 – Watching Gold and Yen Here

***This is the last post until next week. The Thanksgiving holiday is coming at the right time for me…I’ve been ‘out of tune’ with markets for the last 2 months and need a breather. Happy Thanksgiving!***

Remember the gold ‘breakout’ above the critical 1834. It was short lived and the yellow metal has been slammed lower the last few days. Focus is squarely on the slope confluence (blue lines) near 1769. That level needs to provide support in order to hold a constructive view.

Scandinavian Capital Markets

Market Update 11/22 – The Powell Top?

Is this the ‘Powell top’? XLK (tech ETF) made a daily volume reversal today and Nasdaq futures (see below) topped a few ticks under channel resistance. This channel was resistance for the September top. From a very big picture perspective, I’ll note that the market cap of the 5 largest companies as a percentage of the S&P 500 is extreme (see 2 charts down). The 5 largest companies are all tech companies by the way. In other words, it’s a highly concentrated market. Historically, this is unsustainable.

Scandinavian Capital Markets

Guide to forex trading costs

Forex trading is associated with different types of fees and commissions. Understanding forex trading costs can be very helpful for traders.

Scandinavian Capital Markets

Market Update – 11/18 – USDTRY (gasp!) Channel

The TRY crisis has led to USDTRY near (or at…I’ll explain) the top of a decade + channel. The channel top when using intraday highs/lows is about 11.61. When using daily closing prices, USDTRY is at the line now. An interesting juncture and one that wouldn’t be surprising as resistance. That’s as bold as I’ll get regarding USDTRY comments right now.

Scandinavian Capital Markets

Market Update 11/17 – USD Reversal?

EURUSD low today was 1.1263. How about that trendline! I can’t think of a better technical combination, a Fibonacci level and long term well-defined trendline, to mark an important turning point. I am bullish against the low. The first hurdle on the upside is the weekly opening price at 1.1446 followed by former support at 1.1525. Support should be 1.1290-1.1300.

Scandinavian Capital Markets

Market Update 11/16 – Bearish Crypto?

BTCUSD has followed through on its 11/10 reversal. I love this setup. Price has broken the median line, which is now proposed resistance along with the 11/12 low at 62295. Initial downside focus is channel support (blue line) in the 52000s. A longer term view is below.