[B]Tip:[/B]
Let the market be but do what you need to do to effectively and efficiently read, track, stalk, and trap the market.
I will be looking to trade USDCAD northward this week. The pair continues its ascent. On the 4H time frame, although, the most recent high of 1.33122 was formed on Friday October 8, 2016 by the penultimate candlestick, the last candlestick has made a bullish push apparently for a further northward drive.
For more details on USDCAD technical analysis, visit top-down outlook.
KP
My fundamental approach to gaining a profitable edge over the market is to set a trap and wait for the best opportunity to strike. Trade safe.
I now realize the value of using more S/R zones on my set-up timeframe than I was using. Trade safe.
I am now tracking EURJPY as it is on an upward retracement within the channel on the 4H time frame. If it bounces off the upper trendline, which is proximal to the 76.4 and 61.8 Fib levels, I will be interested in a southward drive with it.
During the week I will be looking to trading EURGBP, GBPUSD and GBPAUD. While I am largely bearish on both GBPUSD and GBPAUD, my bearish outlook on the EURGBP is only for the short term. It seems that after a retracement southwards, the potential for EURGBP to head north may be in play. Trade safe.
I will be reducing the number of pairs on my watch list and use the power of compounding to make the most of the trading opportunities I get from the few pairs that satisfy my trading criteria. Trade safe.
I will look to trade EURGBP to the upside this week because all the technicals favour further northward drive.
Trade safe.
I put a lot of effort on weekly preparation in order to make my trading more efficient and more focused. This primarily involves pre-week scan and analysis I do mainly on Sundays. Trade safe.
Tip
To successfully track and trap the market for consistently profitable trades, you must take cognizance of the difference between market trend and the market mode.
The latter is the current disposition or mood of the market and would impact significantly the outcome of your trade if your timing is wrong even if you align yourself with the market trend.
Trade safe.
After my weekly scan and analysis, I will look to trading three main pairs this week as they meet my selection criteria: USDCAD, GBPAUD and GBPUSD.
I find it helpful to adopt the ‘80/20 rule’ in my Forex trading. The rule simply means that you devote the most of your time to the few things that matter. One way I use this rule in my trading is that I devote a lot of time to reading and analyzing the market and preparing and planning on the few trades I will take during the week. I spend only about 90-120 minutes each day for actual trading.
Trade safe.
This week, I will be looking for opportunity to go south with AUDUSD and GBPCAD because they are still on a bearish trend. However, there is likely to be an initial corrective move to the upside. Trade safe.
[B]Tip[/B]
Chasing money, looking for quick bucks, will make you bankrupt fast in this business. Money management and trading discipline with an effective, functional trading strategy and system will bring you the money. Trade safe.
I have completed my weekly technical analysis and this week I will be looking to trade 2-3 pairs which met my criteria. These are EURJPY and USDJPY. A third possibility is GBPJPY, which I may after further tracking during the week. Trade safe.
Why I do weekly technical analysis to plan my trade, I realize that success in the Forex business is less a matter of predicting the next market move and more of reacting to what is happening in the market. Trade safe.
Simply reacting to the market is not going to bring you lasting and consistent trading success. You should have efficient trading strategy, system and techniques that help you effectively read, master, track and trap the market. Trade safe.
During the week, I will be looking for the appropriate time to trade EURJPY and USDJPY to the upside. The two pairs met the criteria I use weekly to scan and analyse the the pairs to track and trade during the week. All the technicals I use point to further northward move of the two pairs.