July has been fascinating for commodity and forex traders. The US dollar broke parity with the euro, and oil prices dove below $100. Veteran SimpleFX traders took advantage of the moving prices and made substantial profits. Many of them share their strategies by posting Trading Ideas. Each month we choose the best TIs and reward their authors with $100 in bitcoins. Here are the contest winners in July:
|EURUSD – short||vasquez2197||sell EURUSD 1.02611. take profit 1.00934||$25|
|AUDJPY – long||glandula_ss||buy AUDJPY 92.853, take profit 95.120||$25|
|EURUSD – long||windowsbos||buy EURUSD 1.00866, take profit 1.01811||$25|
|USOIL – long||karinkablanco||buy USOIL 98.82, take profit 102.7||$25|
If you are new to trading, following the most experienced SimpleFX traders may be a good idea to learn how to profit from the global markets.
One of July winners recommended shorting the euro against the dollar. There was intense pressure for the USD appreciation during this time as we experienced withdrawal from all assets – crypto, equities, commodities, and other currencies. Last month was a time of great uncertainty, and big capital moved to bonds and this one currency.
There was a possibility that EURUSD would collapse once the parity was achieved, but this has not happened yet. Since mid-July, the European currency recovered as investors returned to more diversified portfolios. Fortunately, SimpleFX trader who shared their Trading Ideas recommended taking profit at an attractive level when shorting EURSD.
Another contest winner foresaw the USOIL breaking through the $100 resistance at the end of the month. Going long on oil and taking a profit at $102.7 was a good idea as the commodity imploded a few days later and is trading below $95.
You can create and share your Trading Ideas, too. It’s simple, and you will have a chance to win $100 in Bitcoin in August. Here’s how to do it. Good luck!