If you are new to forex or cryptocurrency trading, you can follow more experienced traders. SimpleFX users publish Trading Ideas. They share their insights with the SFX community, earn revenue share, and on top of it each we give away prizes to the authors of the best TIs.
SimpleFX users who followed these Trading ideas made an impressive profit on commodities, forex, and crypto markets in May. Congratulations to the authors who get $100 and to all who took their advice 🙂
|Language of the price. EURCAD H1. Short
|UKOIL Technical analysis
|YFIUSD New record
On May 9, purwantokali wrote:
GBPNZD is testing the support of 17th of March again,and it’s a strong support by the way, especially if we see the uptrendline, it seemsready to go up again to test a strong resistance of 1.9407, where we can take profit. 1.9205 seems good to buy and take profit 1.9407 .
It proved to be a great piece of advice, as the pair jumped by 2.25% over the next four trading days. More aggressive traders made even more profit than recommended by the author of this TI, as GBPNZD reached 1.977 in May.
Language of the price. EURCAD H1. Short
Another first prize goes to a Spanish-speaking author vasquez2197, who made a correct prediction to short EURCAD on May 2021:
Entrada en Corto en el Par EURCAD H1. Entrar entre los precios 1.47854 y 1.47704, colocar el Stop Loss al precio de 1.48187 y el Take Profit al precio de 1.46944. Se recomienda mover a empate apenas se tenga la oportunidad. Saludos!
Short Entry in EURCAD H1. Enter between the prices 1.47854 and 1.47704, place the Stop Loss at the price of 1.48187 and the Take Profit at the price of 1.46944. It is recommended to move to a tie as soon as you have the opportunity. Greetings!
Indeed, the price dropped to 1.46475 the next day. Congrats!
UKOIL Technical analysis
If you’re into commodity trading, a great opportunity emerged. On May 5, SimpleFX user abbounmeriem wrote:
UKOIL is testing an important resistance at $70 Area, I think it will look for support before break it this strong level, 1st support is at 67.66 and 2nd one is at 65.87 and it’s a strong support. so I will sell with TP at 67.66 and 65.87.
The timing of the advice was great, and over the next three trading days, UKOIL dropped by 6.84%, giving substantial profit especially for the traders who opened leveraged positions.
YFIUSD New record
Finally, something for cryptocurrency traders. One of the hot tokens recently yearn.finance was making a strong run in the first half of May. The user abbounmeriem wrote on May 12:
YFIUSD made a new record today with more than +52% in just one day, we can see it clearly touching the upside of the bleu channel, wich it’s a good point to sell, 77700 and 61700 are my targets to take profit.
The token’s price dropped by 21% the next day, and set a local low at $23,614 on May 23, losing 61% over this period. Great insight.
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We are looking forward to your fantastic pieces of analysis. Remember, we’ll have more prizes for you to win in June.