SP500 – BUY – 30th September 2020

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Good afternoon team,

An interesting start of the week, not much has been jumping out to me just yet, however, the recent pull back on the SP500 is appealing.

We are still waiting on the next stimulus package to be announced, and whilst we wait the Senate has agreed to put a partial deal in place to act as a stop-gap and prevent any economic damage. The Presidential debate raised concerns about a smooth transition out of the White House should Trump lose the Presidential campaign. This resulted in a stronger USD as the safe haven play came into effect. US equities dropped during the early Asian session.

The SP500 now looks like a buy opportunity based on a number of technical patterns.

SP500 4 Hour Charts

SP500 has tagged the 61% Fib retracement, the RSI is signalling further upside. There has also been a falling wedge breakout from a key support zone. We are now looking to go long on the index in anticipation of a move higher.

Trade Setup: Buy Market Execution, current price 3308, stop loss 3248 and take profit 3468.

Stop loss: 60 pips

Take profit: 160 pips

Price may vary depending on provider. Please check specification before placing trades

 

All New Trading Floor Members CLICK HERE – Important INFO

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Hi trading floor team,

Welcome to the trading floor, Forex Kings wants you to be as successful as we are trading in the Forex Market.

I am sure you have a number of questions, however please read through these FAQs before asking in the live chat.

Please keep in mind, Forex is a very high risk investment, you should not trade with equity you can not afford to lose.

We lose trades, that is part of trading. Understand risk management is the key to success in the Forex market. Forex Kings uses anywhere from a 1% risk to a 5% risk of our total balance.

The amount you chose to risk in the Forex market is solely down to your own discretion.

We highly recommend doing a training period on a demo account whilst you learn. It is better to make mistakes on a demo account rather than your real money.

All positions on this page are set ups that Forex Kings are currently trading.

Here are a number of FAQs that you should read through.

  1. Should I close my trade off I am in a profit? This is entirely down to you when you close your trade off, we set parameters for stop losses and take profits. However, Forex Kings also sends alerts out via text message and telegram of when we close out our trades or update our stop loss. Please do not keep asking if you should close your trade. This FOMO mentality is negative for the community. It encourages jumping in and out of positions which is a very bad trading habit.
  2. What is a market execution trade? A market execution is a live trade going in at the current market price. Everyone will have a slightly different entry depending on how long it takes you to place the trade.
  3. What is a BUY STOP, BUY LIMIT, SELL STOP and SELL LIMIT? These are pending trades. We want our trade to be activated at a certain level as the current price isn’t a great entry. Therefore we use a ‘pending order’ to set up a trade at a certain level.
  4. How do I place a trade? Please go to the section on the trading floor that says ‘how to use the trading floor’. There is webinar content which shows you how to place a trade using MT4. Please watch all of the training videos in the trading floor as well. There is a MT4 guide that you can download from your welcome to the trading floor email.
  5. Can I download MT4 on my MacBook? No MT4 is not available on a MacBook, however there is a web version which you can use: https://webtrader.synergyfx.com/
  6. My symbols on MT4 are greyed out and I can not place a trade… Please right click on the symbols list and select ‘Show All Symbols’. This will show you the symbols you need to trade on. As you are on an ‘ecn’ account you will need to trade symbols with ecn at the end for example EURUSDecn. If you are using the MT4 mobile app please press the + button in the top right hand corner and select Forexecn
  7. How do I trade Gold and Oil? There is a CFD cheat sheet in the trading floor. This will teach you how to calculate position sizes on CFDs
  8. I am having trouble working out position sizes… Most of our new members use an app called ‘Stinu’. Please download this it will give you the correct position for each trade you complete. To get an understanding of position sizes, please open a demo account to get some practice under your belt.

Any further questions please jump into the live chat, or book a call using the book a call feature in the trading floor.