Forex News 24

XAU Plummets from Yearly Highs- Bulls Eye Support
H&R Block Earnings: HRB Stock Pops on Q4 Beat, Wave Financial Deal
XAU Plummets from Yearly Highs- Bulls Eye Support
Tuesday Apple Rumors: Apple Pencil May Get Floating Gesture Controls
Gold Price Pullback the Start of a Healthy Correction as US Dollar Rebounds
Crude Oil Price Test of Downtrend May Determine USDCAD’s Next Move
MSFT Stock: Why No One Is Calling the World’s Largest Company Too Big
U.S. and Mexico Reach Border Agreement and Avert Tariffs
The Latest in Technology News
Trading Reversals with the Harami Candlestick

XAU Plummets from Yearly Highs- Bulls Eye Support

Posted: 11 Jun 2019 09:18 AM PDT

Gold prices have shed nearly 2% from the fresh yearly highs registered last week and we're on the lookout for support on this pullback. These are the updated targets and invalidation levels that matter on the XAU/USD charts. Review this week's Strategy Webinar for an in-depth breakdown of this setup and more.

New to Gold Trading? Get started with this Free How to Trade Gold -Beginners Guide

Gold Daily Price Chart (XAU/USD)

Technical Outlook: In my latest Gold Price Outlook we noted that the breakout was testing initial resistance at 1328/29 – "A topside breach of this resistance barrier would keep the focus on subsequent objectives at the yearly high-day close at 1337 and the high-close at 1341 – look for a bigger reaction there If reached." A topside break of the yearly-high close saw price register a high at the 2018 high-day close at 1348 before pulling back.

Interim support rests at the 38.2% retracement of the yearly range at 1316 with broader bullish invalidation steady at 1302. Daily resistance at the new high-day close at 1340 with a breach / close above 1348 needed to fuel the next leg higher targeting the 2016 high-close at 1366.

Why does the average trader lose? Avoid these Mistakes in your trading

Gold 120min Price Chart (XAU/USD)

Notes: A closer look at price action shows Gold trading within the confines of a near-term descending pitchfork formation extending off the monthly highs. Price is holding median-line support in early US trade – look for initial resistance at 1328 backed by 1334– both areas of interest for possible exhaustion. Interim support rests at 1316 backed by 1302/03 – look for a stronger reaction there IF reached.

Learn how to Trade with Confidence in our Free Trading Guide

Bottom line: The Gold breakout risks a larger pullback for now while below 1341and we're looking for a low nearby. From a trading standpoint, look for downside exhaustion on a final wash-out towards the lower parallels for possible entries. Ultimately a breach above 1341 / the yearly opening-range high is needed to validate resumption of the broader uptrend. Review our latest Gold 2Q forecasts for a longer-term look at the technical picture for XAU/USD prices.

For a complete breakdown of Michael's trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Gold Trader Sentiment

A summary of IG Client Sentiment shows traders are net-long Gold- the ratio stands at +1.21 (54.7% of traders are long) – weak bearishreading
Long positions are5.0% higher than yesterday and 12.8% lower from last week
Short positions are2.0% higher than yesterday and 25.6% higher from last week
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may continue to fall. Traders are further net-long than yesterday & last week, and the combination of current positioning and recent changes gives us a stronger Gold-bearish contrarian trading bias from a sentiment standpoint.

See how shifts in Gold retail positioning are impacting trend- Learn more about sentiment!

—

Active Trade Setups

– Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

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H&R Block Earnings: HRB Stock Pops on Q4 Beat, Wave Financial Deal

Posted: 11 Jun 2019 09:16 AM PDT

H&R Block earnings for the company's fiscal fourth quarter of 2019 have HRB stock up on Tuesday.

H&R Block Earnings: HRB Stock Pops on Q4 Beat, Wave Financial Deal

H&R Block (NYSE:HRB) reported earnings per share of $4.29 for its fiscal fourth quarter of the year. This is down from the company's earnings per share of $5.42 from the same period of the year prior. However, it was a blessing to HRB stock by beating out Wall Street's earnings per share estimate of $4.14 for the quarter.

The H&R Block earnings report for its fiscal fourth quarter of 2019 also includes net income of $877.91 million. The company's net income from its fiscal fourth quarter of 2018 was $1.14 billion.

Operating income reported in the H&R Block earnings release for its fiscal fourth quarter of the year comes in at $884.77 million. That's a drop from the company's operating income of $1.15 billion reported during the same time last year.

H&R Block earnings for its fiscal fourth quarter of 2019 have revenue coming in at $2.33 billion. This is a decrease from the company's revenue of $2.39 billion reported in its fiscal fourth quarter of the previous year. It was also a boon to HRB stock by coming in above analysts' revenue estimate of $2.32 billion for the period.

The H&R Block earnings report isn't the only good news for HRB stock today. The company has also announced that it is acquiring Wave Financial. It will be paying $405 million in cash for the company. HRB is expecting the deal to close in the next few months.

HRB stock was up 1% as of noon Tuesday.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2019/06/hr-block-earnings-pop-hrb-stock/.

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XAU Plummets from Yearly Highs- Bulls Eye Support

Posted: 11 Jun 2019 09:13 AM PDT

New to Gold Trading? Get started with this Free How to Trade Gold -Beginners Guide

Gold Daily Price Chart (XAU/USD)

Why does the average trader lose? Avoid these Mistakes in your trading

Gold 120min Price Chart (XAU/USD)

Learn how to Trade with Confidence in our Free Trading Guide

For a complete breakdown of Michael's trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Gold Trader Sentiment

A summary of IG Client Sentiment shows traders are net-long Gold- the ratio stands at +1.21 (54.7% of traders are long) – weak bearishreading
Long positions are5.0% higher than yesterday and 12.8% lower from last week
Short positions are2.0% higher than yesterday and 25.6% higher from last week
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may continue to fall. Traders are further net-long than yesterday & last week, and the combination of current positioning and recent changes gives us a stronger Gold-bearish contrarian trading bias from a sentiment standpoint.

See how shifts in Gold retail positioning are impacting trend- Learn more about sentiment!

—

Active Trade Setups

– Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

2019-06-11 15:36:00

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Tuesday Apple Rumors: Apple Pencil May Get Floating Gesture Controls

Posted: 11 Jun 2019 08:40 AM PDT

Leading the Apple (NASDAQ:AAPL) rumor mill today is news of new gesture controls for iPad. Today, we'll look at that and other Apple Rumors for Tuesday.

Source: Apple

Pencil Gesture: A new patent from AAPL shows some new features that may come to the iPad, reports AppleInsider. This patent describes a system that could add gesture controls to the device. However, these gesture controls would work without the need to touch the tablet. It would allow for gestures to be made with the Pencil stylus as well. Being that this is just a patent, there is no guarantee we'll see this feature anytime soon.

Bran Value: A new brand value report has AAPL taking the second spot on the list, MacRumors notes. This report comes from market research firm Kantar. According to the report, the most valuable brand in the world is Amazon (NASDAQ:AMZN). Apple comes in second after the online retailer, and the third position belongs to Alphabet's (NASDAQ:GOOG,GOOGL) Google.

Trade War: AAPL may be able to avoid a good portion of the trade war between the U.S. and China, reports 9to5Mac. Foxconn, one of the company's major iPhone makers, says that it will be able to make all of the company's U.S. smartphones outside of China. This will be possible through its other various factories in the world. The company is also looking to open a factory in Wisconsin, which will also help avoid the trade war.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2019/06/apple-pencil-may-get-floating-gesture-controls/.

Gold Price Pullback the Start of a Healthy Correction as US Dollar Rebounds

Posted: 11 Jun 2019 08:37 AM PDT

Gold Price Talking Points:

Given recent technical observations about the gold price rally being overextended and facing exhaustion, the turn in sentiment around US-led trade wars is arriving at just the right time.
Relaxation in tensions between the US and Mexico after the tariffs were avoided is helping provoke a rebound in risky assets – reducing gold’s appeal as a safe haven.
The pause in the gold rally has created the conditions for a pullback, per retail trader positioning.

Looking for longer-term forecasts on Gold and Silver prices? Check out the DailyFX Trading Guides.

A surprising turn of events after the close on Friday precipitated significant gaps in prices when markets opened this week, gold prices included. US President Donald Trump announced that the Mexico tariffs would be "suspended indefinitely" after an agreement regarding immigration and the southern border was reached between the two countries.

The gains by US equities, US Treasury yields, and the US Dollar – in aggregate reflecting market participants' collective belief that the odds of a sharp slowdown to the US economy and thus three rate cuts over the next year have dropped, per Fed funds futures – make for a difficult environment for gold prices at the start of the week.

Two Major Drivers of Gold Prices Taking a Breather

There have been two significant drivers of gold price action over the past month, with the former feeding into the latter: developments around US-led trade wars; and the ensuing speculation around the timing of Fed rate cuts. With the US-China trade war intensifying over the course of May, culminating in the imposition of tariffs at the start of June, gold prices saw their role as a safe haven renewed.

And with the threat of tariffs on Mexico arriving in the second half of the month, all of the sudden there was a tangible possibility of a dramatic slowdown in the US economy: estimates suggest that the combined effect of the China, Mexico, and global auto tariffs would have knocked off over 1% from US GDP this year alone.

Calendar and Event Risk Create Environment for Gold Rally Pause

With the prospect of a sharp slowdown hitting the US economy, traders have been aggressively pricing in a more dovish Federal Reserve over the next year. Federal Reserve policymakers, including Fed Chair Jerome Powell, have been offering up commentary that has reinforced the market's collective belief. The resulting drop in US Treasury yields (and US real yields) proved to make for one of the more bullish fundamental backdrops for gold prices in quite some time.

Yet with the Federal Reserve in its blackout period before the June Fed meeting, a bullish catalyst for gold prices has been removed this week: policymakers talking up the possibility of rate cuts.

Additionally, now that the Mexico tariff threat has been lifted, another bullish catalyst that helped drive gold prices higher in recent weeks has been eliminated. In turn, the odds of the Federal Reserve feeling the need to take immediate dovish policy action has been reduced; whereas last week Eurodollar contracts (interest rate contracts between commercial banks) were pricing out 73-bps over the next year, they are only pricing out 65-bps today. This means that market participants are thinking the Fed will be less dovish moving forward, a mindset that doesn't cater to a bullish outlook for gold prices.

Gold Volatility Drop Drags Down Gold Prices

It bears mentioning again that one of the more important factor of the recent gold price rally has been how gold volatility moved higher alongside prices. Whereas other asset classes don't like increased volatility (signaling greater uncertainty around cash flows, dividends, coupon payments, etc.), precious metals tend to benefit from periods of higher volatility as uncertainty increases the appeal of gold's and silver's safe haven appeal.

GVZ (Gold Volatility) Technical Analysis: Daily Price Chart (June 2018 to June 2019) (Chart 1)

That gold volatility (as measured by the CBOE's gold volatility ETF, GVZ, which tracks the 1-month implied volatility of gold as derived from the GLD option chain) has started to pullback suggests that gold prices are facing a more difficult environment in the near-term.

Gold Price Pullback Was Due – Corrective Price Action is Here

Last week we examined episodes since August 2018 when gold prices were more than 2% above their daily 21-EMA, positing that this was a sign that the gold price rally was nearing exhaustion.

Four instances occurred since the gold price bottoming effort began in Q3'18, producing an average 1-week return of -0.49%: October 3, 2018 (0.12%); January 3, 2019 (-0.59%); January 31, 2019 (-0.59%); and February 19, 2019 (-0.90%). A fifth instance had occurred last Wednesday, when gold prices moved more than 2% above their daily 21-EMA. At the time we suggested that "the risk for exhaustion setting in again soon and cutting the rally short is increasing."

Then on Friday, after gold prices returned to the base of the bullish falling wedge, it was noted that "traders should be cautioned the fulfilment of this pattern may mean that the gold price rally is due for a breather…the current technical environment for gold prices is similar to other times when rallies were cut short."

Since hitting a high of 1348.13 last Wednesday, gold prices have come down -1.3% to where they stood at 1327.23 at the time this note was written.

Gold Price Technical Analysis: Daily Chart (April 2018 to June 2019) (Chart 2)

If this is indeed another episode where the gold price move in excess of 2% of the daily 21-EMA signaled near-term exhaustion, then the pullback in gold prices may simply be a healthy correction in context of a longer-term uptrend. The fulfillment of the bullish falling wedge pattern in gold prices only underscores the rationale that the recent gold price rally is due for a pause (just like at the end of January 2019, for example).

Given that trading is both a function of price and time, the correction could simply mean that gold prices trade sideways as the moving averages catch up and the overbought condition of gold prices being too far extended above the daily 21-EMA is worked off. The former resistance now support appearing as the March 25 swing high at 1324.40 may be the first near-term support level followed by the daily 8-EMA at 1322.07; a break below this area (1322.07/1324.40) would a sign that a deeper pullback is due for gold prices.

IG Client Sentiment Index: Spot Gold Price Forecast (June 10, 2019) (Chart 3)

Spot gold: Retail trader data shows 56.7% of traders are net-long with the ratio of traders long to short at 1.31 to 1. The number of traders net-long is 6.8% higher than yesterday and 21.9% lower from last week, while the number of traders net-short is 8.5% lower than yesterday and 43.7% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests spot gold prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger spot gold-bearish contrarian trading bias.

FX TRADING RESOURCES

Whether you are a new or experienced trader, DailyFX has multiple resources available to help you: an indicator for monitoring trader sentiment; quarterly trading forecasts; analytical and educational webinars held daily; trading guides to help you improve trading performance, and even one for those who are new to FX trading.

— Written by Christopher Vecchio, CFA, Senior Currency Strategist

To contact Christopher Vecchio, e-mail at cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

View our long-term forecasts with the DailyFX Trading Guides

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2019-06-10 18:10:00

Crude Oil Price Test of Downtrend May Determine USDCAD’s Next Move

Posted: 11 Jun 2019 08:06 AM PDT

Crude Oil Price Talking Points:

– USDCAD prices have been under pressure throughout June, mirroring weakness in the DXY Index amid rising Fed rate cut odds.

– Recent crude oil price gains may be tied to relaxed tensions after the Mexico tariffs were "suspended indefinitely"; little reason otherwise.

– Recent changes in retail trader positioning suggest that both USDCAD and crude oil prices are susceptible to further losses – an unusual set of circumstances.

Looking for longer-term forecasts on Oil prices? Check out the DailyFX Trading Guides.

Crude oil prices have traded marginally higher throughout June, with prices trading in a 7.7% range over the first six-plus trading days of the month. With the OPEC+ production cut extension looking like it may not continue past the end of the month, fresh global oversupply concerns are weighing down crude oil prices at a time when slowing global growth concerns are rising.

The broad turn in market sentiment midweek last week may be the main reason for the crude oil price rally – more so than any reason specifically attributable to energy markets themselves. With Fed Chair Jerome Powell signaling the FOMC's willingness to introduce lower interest rates to stave off the impact of the US-led trade wars, risk appetite rebounded broadly led by higher US equities and a weaker US Dollar. In turn, crude oil prices were able to stabilize around the 23.6% retracement of the 2018 high/low range at 50.49.

Crude Oil Technical Analysis: Daily Price Chart (September 2018 to June 2019) (Chart 1)

But the rally over the past few days doesn't mean that crude oil prices are out of the woods just yet. In our last update on May 29, we noted that "a bearish bias is appropriate until crude oil prices return back above the daily 8-EMA." As it were, crude oil prices have stayed below the daily 8-EMA since then, as they have closed every session since May 22. It thus still holds that until the daily 8-EMA is cleared out (currently at 54.00) it's too soon to say that the crude oil price rebound is anything more than a correction.

IG Client Sentiment Index: Crude Oil Price Forecast (June 11, 2019) (Chart 2)

Crude Oil Price Test of Downtrend May Determine USDCAD's Next Move

Crude oil: Retail trader data shows 72.9% of traders are net-long with the ratio of traders long to short at 2.69 to 1. In fact, traders have remained net-long since May 22 when crude oil traded near 6263.8; price has moved 14.2% lower since then. The number of traders net-long is 8.6% higher than yesterday and 2.6% higher from last week, while the number of traders net-short is 4.9% higher than yesterday and 4.2% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests crude oil prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger crude oil contrarian trading bias.

USDCAD Technical Analysis: Daily Price Chart (September 2018 to June 2019) (Chart 3)

Crude Oil Price Test of Downtrend May Determine USDCAD's Next Move

Amid all of the US Dollar selling pressure in June, USDCAD prices have plunged through key technical support. The break below 1.3377 would constituted a break of the consolidation as well as a break of the uptrend from February, March, and April 2019 swing lows. The gain in crude oil prices over the past week has been a significant factor weighing down USDCAD.

It's clear then why crude oil price's test of its daily 8-EMA is so crucial for USDCAD: if crude oil prices break higher, the likelihood increases of USDCAD continuing lower through the mid-March swing low of 1.3251 goes up; if crude oil prices stay below the daily 8-EMA, then the odds increase of USDCAD rebounding to the 1.3327/47 area (38.2% retracement of 2018 high/low range, uptrend from February, March, and April 2019 swing lows, and daily 8-EMA).

IG Client Sentiment Index: USDCAD Price Forecast (June 11, 2019) (Chart 4)

Crude Oil Price Test of Downtrend May Determine USDCAD's Next Move

USDCAD: Retail trader data shows 54.0% of traders are net-long with the ratio of traders long to short at 1.17 to 1. The number of traders net-long is 15.0% higher than yesterday and 67.8% higher from last week, while the number of traders net-short is 11.7% higher than yesterday and 26.9% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USDCAD prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USDCAD-bearish contrarian trading bias.

FX TRADING RESOURCES

— Written by Christopher Vecchio, CFA, Senior Currency Strategist

To contact Christopher Vecchio, e-mail at cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

View our long-term forecasts with the DailyFX Trading Guides

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MSFT Stock: Why No One Is Calling the World’s Largest Company Too Big

Posted: 11 Jun 2019 08:04 AM PDT

Microsoft (NASDAQ:MSFT) is once again the most valuable company in the world, by a large margin. MSFT stock is currently trading with a market cap of $1.02 trillion.

Will A Glass Ceiling Keep A Lid On Microsoft Stock?

Second-place Amazon.com (NASDAQ:AMZN) is at $888 billion, and Apple (NASDAQ:AAPL) is at $886 billion. Alphabet (NASDAQ:GOOGL,NASDAQ:GOOG) is even further back at $740 billion.

How Microsoft has done this, without drawing the ire of the antitrust police? Partnerships. One example is yesterday's Microsoft news announcing a cloud interoperability partnership with Oracle (NASDAQ:ORCL). This is being presented as a win for customers who want to use multiple clouds.

Those looking to make snark points can note how Oracle board member Leon Panetta has been making big money at Oracle. But since he joined the board, in 2016, Panetta would have been better off in an S&P 500 index fund. It's Microsoft stock that's ridden to glory, recently gaining nearly $84 billion in market cap in just five trading sessions.

Going Along by Getting Along

Microsoft CEO Satya Nadella has accomplished all this growth in MSFT stock reversing the course set by predecessor Steve Ballmer, and even by co-founder Bill Gates.

Instead of buying or burying competitors, Nadella has embraced them. He has built a cloud in Azure that's neutral in terms of technology and globe-girdling in its reach, with operations on every continent.

This has provided a lifeline to Oracle, whose cloud has become an also-ran.

And Oracle has bigger problems than cloud. Salesforce (NASDAQ:CRM) and other software as a service companies — some, like Salesforce, built with Oracle software — continue to grab market share. Even Oracle's database niche continues to face new fast-growing competitors.

What, Me Monopoly?

Oracle moved toward Microsoft, ironically, because it has seen how Microsoft treated open source. Oracle went to war with open source for two decades. Most notably it bought Sun Microsystems in 2010 and made its open source crown jewels – Java, mySQL and Open Office — de-facto proprietary. It may have won its point in court but it seems a pyrrhic victory.

Microsoft, once as opposed to open source as Oracle itself, is now a member in good standing of all major open source groups. It even owns the largest open source code repository, Github.

Neutrality has been very, very good for Microsoft. The shares are up 242% since Nadella took over in 2014 while Oracle is up just 36%. This hasn't come at a sacrifice in the dividend, which has nearly doubled in that time. Microsoft continues to make acquisitions. It made 15 in 2018 alone. But most are small, bolt-on deals for units like LinkedIn or Xbox.

Speaking of Xbox, Microsoft now has a partnership with Sony (NYSE:SNE) in cloud gaming. The two leaders in console gaming have teamed up because, they note, Amazon and Google are threatening to run away with the cloud market.

This may be the key point. Every announcement Microsoft makes to extend Azure, or to partner with former foes, is portrayed as a defensive move, necessary because some other company threatens to monopolize a market.

Microsoft has no monopolies. Microsoft has its hands in every key market — operating systems, gaming, applications, enterprise software, social — but controls none.

The Bottom Line for MSFT Stock

Once a company becomes the world's most valuable there is a target on its back.

MSFT stock now has that target on its back, as the target was once on the back of Apple, Amazon, and others. But it has been here before.

Of course, Microsoft was a monopoly then, as Oracle once tried to be.

Dana Blankenhorn is a financial and technology journalist. He is the author of a new environmental story, Bridget O'Flynn and the Bear, available now at the Amazon Kindle store. Write him at [email protected] or follow him on Twitter at @danablankenhorn. As of this writing he owned shares in MSFT, AMZN and AAPL.

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U.S. and Mexico Reach Border Agreement and Avert Tariffs

Posted: 11 Jun 2019 07:58 AM PDT

Both countries agree to work together on curbing migration, sending stocks up on Monday.

Mexico and the United states have agreed to stem the tide of migration through Mexico and into the United States.

The news came late Friday after 10 hours of meetings, and the news gave markets another bounce on Monday. The State Department released a declaration stating that it would work with Mexican authorities to expand a program returning asylum seekers while claims are adjudicated.

Mexico also agreed to take steps to increase enforcement and "irregular migration" throughout the country, including the deployment of 6,000 members of the Mexican National Guard on its southern border with Guatemala.

Migration from Central American countries through Mexico has been a recurring issue in recent months, and estimates are that over 1 million have sought to enter the United States through Mexico year-to-date.

The deal on border enforcement also suspends the proposed tariffs that were scheduled to take place on Monday. The tariffs would have started at 5 percent on all goods coming into the United States from Mexico and would have gradually risen to 25 percent over time.

The potential economic impact of tariffs—essentially a tax on any good simply crossing a border—is widely regarded by economists as being harmful to the final consumer, who tends to have to pay more as a result. With many Republicans in Congress warning the White House that tariffs against Mexico would be a step too far, the issue appears to be avoided for now.

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2019-06-11 10:00:46

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The Latest in Technology News

Posted: 11 Jun 2019 07:56 AM PDT

Twitter Buys Snappy TV

Who would have thought that TV viewing would ever be more social? Twitter is looking to do just that by agreeing to purchase Snappy TV, which is a San Francisco based video sharing startup. The move seems to be the second step towards Twitter's aspirations of making its way in to what it calls "Social TV", the first being it's unveiling of the Vine app last year. Some of the clients of Snappy TV includes Fox Sports, Universal Sports and ABC News just to name a few. Snappy TV is already being used by various media companies to post sports updates and other videos on Twitter. This deal will allow Twitter to make videos a big part of its service, which is something it's been wanting to do for some time now. Both parties have so far been tightlipped about the purchase price.

Google and Microsoft Phones to Provide a 'Kill Switch'

Since technology is spreading, few would disagree that Smartphone still remains a sad reality, and the recent numbers have only shown that there are more likely to increase. Keeping that in mind, two titans of the tech world, Google and Microsoft recently announced that their future Smartphone models will feature a kill switch, which will enable the user to disable their Smartphone, making it useless to the thief. The New York Attorney General, Eric Schneiderman, also said that with companies like Google and Microsoft on board, almost 95% of Smartphones will feature kill switches. The latest version of the Apple iOS does not have a kill switch called "Activation Lock" along with a tracking software which requires a password before the iPhone or iPad can be reset. Samsung also launched a similar feature called the "Reactivation Lock" in May.

While many are calling it a marginal improvement at keeping Smartphone theft at bay, there are those who think that the Government's introduction will take us to an Orwellian scenario, with companies who are offering contract phones in a position to brick a phone just to punish either a disloyal customer or after a two-year service contract is ended. While there will be obvious financial incentives for network carriers, adding a kill switch could be the deterrent Smartphone theft needs. Whether it will work or not? We'll just have to wait and see.

The App which Encourages "Yo-ing"

Yo is a new messaging app which looks to change the way we send texts via our phone. The app was developed by a Tel-Aviv based entrepreneur who obviously thinks that 140 characters are too much to handle. Since the word 'Yo' can mean anything to anyone, you can use the app to say almost anything you want, except maybe, order a pizza. message?

Conclusion

So, there you have it, the top news stories of our technology news portal , which did not get the attention they deserved.

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Trading Reversals with the Harami Candlestick

Posted: 11 Jun 2019 07:21 AM PDT

Harami Candlestick and Reversal Patterns: Main Talking Points

Reversal patterns are very popular in technical trading which can allow traders to capitalise on changes in market trends
The Harami candlestick is highly recognisable and can catch a reversal pattern at the most opportune time with tight risk.
In this way, Harami reversals can help traders to identify a clear bias and risk points.

One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about real time sentiment in the market. After the pattern is composed with the closing of the signal candle, then you can look to the following candle to identify a clear bias and risk points.

In this article we explore the Harami candlestick and reversal patterns in depth, and how to apply this knowledge to a trading strategy.

Why do traders look out for reversal patterns?

Candlestick trading signals are usually divided into reversal patterns or continuation patterns. Continuation patterns can help traders see when the sentiment is likely to keep the prevailing trend going strong.

Reversal patterns help traders recognize when the sentiment that was behind a trend potentially ceases as the pair flips its direction. The formation of the candles contains the information from buyers and sellers that indicate these potential reversals. Understanding and being able to notice reversal candlestick patterns like the Harami is beneficial for traders in taking advantage of changes in trend.

Using the Harami Candlestick to Catch Reversals

The popularity of the Harami candlestick pattern is due to how it allows traders to catch a reversal at the most opportune time with tight risk. This can lead to very favorable risk-reward ratios. In order to use the Harami to spot reversal patterns, it's important for traders to understand the origin of the candlestick and how it can be used with other technical tools.

Supporting functions of the Harami

When studying candlestick trading to pinpoint market turning points, traders are quickly introduced to the Doji candlestick. The most common principle and first lesson relates to the appearance of the Doji candlestick, which can often represent apending reversal and an opportune time to enter into a trade.

Although Dojis are only composed of one candle that open and closes at near the same level, and an upper and lower wick out of the body like a "+" sign; the next candle tells the story as to the trade preference you should have.

Once a Doji forms, it's important to note that using other oscillating indicators or moving averages to find if the pair is in an extreme condition or not. This identifies when candlestick formations are most potent.

The Harami is named because it has the appearance of a 'pregnant woman'. The first candle is a large candle continuing the immediate trend and the Doji is a small candle protruding like a pregnant woman. The second candle will tell us if the Doji gives life to a reversal or follows the trend with the starting candle.

Harami candlestick reversal pattern example

The chart above shows a Bearish Harami in action on the EUR/CAD currency pair. The daily graph has been in a long-standing established uptrend, but prices have a tendency to retrace along the way. This last retracement was started with the formation of a Harami. With its creation, the market put in its current high then quickly descended 481 pips.

Traders looking to take advantage of the Bearish Harami pattern can add it into any existing trend trading plan. Traders can look to take profits on any existing long trades, or even consider trading a full out reversal once this pattern appears. Regardless of the trading plan, when adding new components to a strategy traders should be tracking results with a trade journal. This way over time traders can gauge the effectiveness of price action and candle analysis in trading.

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