traWho was the most inventive SimpleFX investor in the past month? We share with you 3 amazing hacks from November 2022 Trading Idea Winners. Grab and use these ideas for your own financial interest.
November was electrifying SimpleFX traders due to many important financial and political events. China is experiencing massive anti-lockdown protests, and a Ukrainian missile has mistakenly landed on the territory of NATO member Poland.
In turn, the Fed prepared to slow the rate-rise pace in December. We also got to know US Crude Oil Inventories, US ADP Nonfarm Employment Change, and UK’s and Japan’s GDPs. The annual Thanksgiving in November in the US and the worldwide Black Friday craze also impacted the markets.
All these events impacted dynamic price movements, which benefited investors. How did SimpleFX traders use the November turmoils? Here are the winning Trading Ideas from November.
Trading Ideas November 2022 Winners
Here are the top trading tactics that have generated profits for users and may be used as training tools for new traders. Sharing the concept of trade is an additional chance to showcase your abilities, establish a good name in the neighborhood, and make extra cash.
|Trading Idea||User||Description of analysis||Final reward ($) that will be shipped to their BTC account|
|1st idea||abousarah25||buy NDX100, entry: 10769.9, take profit: 11000.0||$33,33|
|2nd idea||vasquez2197||buy EURUSD, entry: 0.99450, take profit: 1.00315||$33,33|
|3rd idea||vasquez2197||sell BTCUSD, entry: 16787, take profit: 16159||$33,33|
Now let’s take a look at the winning trading ideas of November:
NDX 100 – Long
On November 4, SimpleFX user abousarah25 recommended going long on Nasdaq 100. When publishing the trading idea, the index traded at 10769, and the veteran SimpleFX trader advised buying at these levels, suggesting taking a profit at around 11000.
The forecast proved to be correct. Nasdaq 100 was at the local bottom at the beginning of November. The tech stocks quickly recovered, pushing Nasdaq way above the suggested take profit. On November 10, NDX100 jumped by 7.67%. The uptrend continued the next day. In the final days of November, NDX100 hit 12,000.
SimpleFX traders could have gone even more aggressively on the index. Buying in with leverage would give them an impressive profit.
On November 30, Nasdaq 100 and other stocks made another impressive rally after the speech by Fed Chairman Jerome Powell. The markets reacted enthusiastically to his comments about inflation and the state of the US economy. NDX100 gained almost 5% and passed through the strong 12,000 resistance.
EURUSD – Buy
The second winning Trading Idea gave an insight into the most crucial forex pair. On November 7, vasquez2197 recommended his Spanish-speaking followers buy EURUSD. The price at the moment was below the parity at $0.99469. The euro had already been trending up, but the most experienced traders could see that there was still room to go up even further.
That’s why vasquez2197 was going in somewhere between $0.99450 and $0.99244, intending to take profit at $1.00315. If the strategy had proven wrong, the Trading Idea author advised his followers to set a stop loss at $0.9827.
What happened next? The EURUSD rally continued. The euro went up 4.21% in the next five days. It hit $1.036, which made many SimpleFX traders rich. At the end of November, EURUSD was trading at $1.0443.
While many technical signals supported this strategy, reacting to the US and European institutions’ news and published data proved crucial. The inflation in the Euro Area decreased from 10.6% in October to 10% in November. Germany, France, and Italy still struggle with high energy prices, but food prices seem to slow down.
The European Central Bank will meet on December 15 to decide the interest rates for the euro. Make sure your SimpleFX is funded and ready on this day.
BTCUSD – short
The third Trading Idea comes from the same author. On November 16, vasquez2197 published his motivation behind shorting Bitcoin. The advice was to go short somewhere between $16865.68 and $16786.36. A leveraged trade taking profit at $16159.94 made it possible to multiply funds. The user also recommended his followers set a stop loss at $16159.94.
Bitcoin reached the take profit level on November 20, when the cryptocurrency declined by 2.57%. The trend continued the next day when BTCUSD hit the November low at $15,388. This was the perfect level to buy Bitcoin as it rallied since then and is trading above $17,000 again when writing this article.
The cryptocurrency markets are still affected by the FTX collapse and another bankruptcy filing from a crypto lender Genesis.
Crypto bulls still need to wait until Bitcoin returns to the 20-week average of $20,800. Much depends on the interest rates. It’s difficult for risky assets such as cryptocurrencies to rally again when traditional credit costs are high.