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- Risk sentiment has been positive in recent weeks, especially after the slowdown in US consumer inflation, which sent the USD lower, although last week the sentiment started to turn negative again as China continued with the Covid restrictions. The USD started fighting back but there was a lot of uncertainty as risk sentiment kept flipping. We opened 23 trading signals in forex, commodities and cryptocurrencies as the price action was decent. We increased the number of long-term signals due to the volatility and ended up on 12 winning and 11 losing signals during such a volatile week.
- Cryptocurrencies continued to decline after the crash in the previous week following the bankruptcy of the FTX exchange and the forced selloff to its rival Binance. Ethereum headed toward $1,000 again while Bitcoin declined below $16,000 for a second time in two weeks, although the decline has stopped now and crypto coins are trying to consolidate.
- Commodities also turned bearish last week, after recuperating for several weeks. The deterioration in the risk sentiment. Crude Oil and Gold resumed the larger bearish trend as they suffered some heavy losses, which will likely continue as the global economy is still heading into a recession.
- Stock markets and Indices had been on a bearish trend since early this year as central banks started raising interest rates, but they have been bullish since early October, and last week they remain bullish again, as the sentiment remains positive. Although the retrace higher looks oversold, so we're looking to sell some stock indices this week.
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What Are Forex Signals?
How to Use Our Forex Signals?
Follow the live signals and manually copy them to your own trading platform by opening a buy/sell position according to the data of the active signal.
FX Leaders forex signals are essentially trade ideas. The trader receives the position (buy/sell) posted on the forex signals page together with the stop loss (SL) and take profit (TP) levels. All traders need to do is to copy the trade at the market price when the signal goes live.
This is what an "Active" (or "live") signal and a "Get Ready" signal looks like:
In addition to 'Active' (live) signals, FX Leaders uses ‘Get ready’ signals. This type of signal is published to let traders know when the FX Leaders analyst team sees a favorable technical chart setup or fundamental event, and are about to open a live signal.
How to Make the Most of Forex Signals?
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Forex Signals for Technical Traders
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Forex Signals FAQs
Q1. What is a trading signal?
A trading signal is a trade recommendation, issued by a professional trader or by a trading software/programme. Forex signals provide all the information you need to take a trade on a given forex pair or other trading instruments, such as the opening price and opening time, the take profit target and stop loss target. Forex signals are live trading opportunities, which are sent through various means, such as SMS, other messages, or just showing on signal provider websites. Typically, forex signals provide the following information:
“Buy/Sell” – This is a call-to-action-style signal in most instances, with it often taking the form of a direct “Buy” or “Sell” statement.
Stop Loss – The Stop Loss in the signal represents the exit point, which is designed to provide cover in case things go wrong. Detailed by a preset price, what the signal will do (when automated) is pull you out of a trade before losses begin to ramp up.
Take Profit – The Take Profit target is the opposite of the Stop Loss signal, the Take Profit closes the signal once the price has reached that level, booking the profit.
Entry Price – The Entry Price in a forex signal is the price the the forex pair was when the signal was issued. It helps followers compare the price of the currency pair at the time when the signal was opened with the actual price at the time of opening the order.
Opening Time – The opening time is sometimes sent out as information with the signal, the SMS, e-mail etc. The opening time lets followers see when the signal was issued, just in case there is a delay due to internet connection.
Q2. How to read forex signals?
Forex signals are very easy to read, since they provide all the information needed to trade. A forex signal is basically information to trade. With the forex signal you get the opening price, the forex pair for the trade, the action (buy/sell) and the take profit and stop loss targets. All you need to do is to follow the instructions. Open the trade as soon as possible once you get the signal, so the actual price is as close to the entering price in the signal.
Q3. How to understand forex trading signals?
As a trade recommendation, the information and details such as the Buy/Sell action, the Opening Price, the Take Profit and Stop Loss targets and the Opening Time are specified well, which you can follow very easily when trading. But, you are not obligated to follow the instructions precisely as received. Signal receivers are also traders themselves and when there’s potential for more profit, they can also move the take profit target further to maximize profits.They can also move the stop loss, to nurse their trades, close their trades whenever they want or even not follow the signal at all, if markets have changed too fast.
Q4. What is a forex signal service?
A signals service is a provider who offers forex signals, issued either by professional forex traders and analysts or by an automated trading software. Some forex signal services provide free signals, while others offer them for a fee.
Q5. How to trade forex signals?
Forex signals are easy to trade. Basically, you open a trade as soon as you get the alert for the trade, as a trading signal with the specified trading instrument, buy/sell action, entry price, take profit and stop loss levels. All they have to do is copy these levels. Beginners in forex usually follow signals this way. Traders with more experience often also add their experience, in order to increase profits, by nursing the trades and playing with stop loss and take profit targets.
Q6. What is the best forex signal provider?
The best depends mostly on performance, so the providers with the most profit are usually preferred. But, always after testing their performance, to see if it meets the results they claim. FX Leaders is one of the most popular analysis and forex signals provider, empowered by a team of experienced analysts who utilize a variety of skills and strategies and are worth following for trade recommendations.
In addition, different other factors also take their weight in the total score card for a good signal provider. The option and the time you receive the message after the trade is open are important. The risk factor as well, because some signal providers open too many signals and place quite large stops. This increases the risk. Automated trading signals might be good at certain times, but they can’t read fundamentals, epidemics, OPEC decisions, politics, etc, when the potential for profit is immense. So, you have to combine all these factors to see what signal providers are best.
Q7. Are forex signals legit?
As a trader, do take care to ignore claims of false profits and perform due diligence before subscribing to a forex signals service. One possible way to do this is to test the service by adding it to your own market analysis toolkit to assess the performance.
As long as signals providers offer trade recommendations, they are legit, but their acclaimed performance might not be too legit. If legit means profitable, then you have to follow some trades either by watching the signals or copying them on a demo account. Usually, the more transparent a signals service is, the more legit their work is.
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