Autochartist – A Market Leader in Intraday Trading Tools

Many traders use technical analysis every single day to decide how and when they will trade, as it is one of the best and most understandable approaches to trading. However, even technical analysis has its difficulties that need time and effort to master. Thankfully, there are tools that make technical analysis easier, regardless of a trader’s level of experience. Autochartist is one such tool – and it is not just a tool, it is one the best tools to do that for you.

This incredible tool recently launched with an enhanced application interface. What is more, the competitive online broker ActivTrades’ customers now have access to the tool’s latest trade-opportunity finder: Key Levels, and PowerStats.

Autochartist has many features that benefit a trader and here I will name a few:

-        Intraday scanning: Autochartist gives traders early notification of potential trade opportunities throughout the day.

-        Forecast zones: On completed patterns, Autochartist automatically plots a forecast zone of what price level is expected to be reached. Autochartist has a 70% success rate in price reaching forecast zones

-        Saves time: Rather than forcing a trader to rely on (or acquire) years of training to recognise trading patterns, and key levels (horizontal support or resistance levels) Autochartist scans through massive quantities of market price data and automatically detects predefined patterns and key levels.

-        Use only one screen and launch AutoChartist from MT4: All trade opportunities are consolidated into one screen. That is: Chart Patterns, Fibonacci Patterns, PowerStats and Key Levels. Traders have an ability to switch the opportunities ON/OFF with the click of a button.

ActivTrades offers their customers a free subscription to this incredibly useful tool.

You can learn more about Autochartist and you can subscribe to it by following this link.

Silver Is Climbing Again

Silver had been oscillating between 15.700 and 18.000 for months when the UK referendum last week finally pushed it above the resistance at 18.000 and to a new high at 18.300. Although Silver retraced considerably afterwards, it formed a pair of spinning top candlesticks on the daily time-frame above the support at 17.515 and started moving to the upside again, breaking above the resistance at 18.000 for a second time.  Currently Silver it testing the high from last week at 18.30 again and I think it is likely for it to break above that level. Should that happen we can probably expect a further move to the upside towards 19.510, which is (MA)89 on the monthly time-frame.

Gold Is Retracing

Although the UK referendum and the subsequent market turmoil occurred last Thursday, it took several days of sideways consolidation before most of the affected currency pairs and other instruments finally started retracing.

Gold, in particular, may not only be retracing, but we could actually be looking at a reversal pattern, as it formed a shooting star candlestick on the daily time-frame yesterday and today it started moving to the downside. 

Gold is currently testing the support at $1,305 level, which is (MA)89 on the one-hour time-frame, and a possible breakout below that level will lead to a further drop to $1,300 and possibly even $1,280 all over again.