Many ways and depends on your system and strategy. Mine is very clear to me and I try to give some indication on this thread. If you’ve been following how I analyze and approach the markets from my posts on this thread you will have an idea of how I do it.
Trade safe and prosper.
I will be tracking Gold for a sell trading opportunity this week. Here’s why, from a technical perspectiv.
On the H4 time frame, the order flow is in favour of bears. A minor descending trendline is in play and the technicals are synced southward but the market mode is a consolidation. Towards the end of last Friday sessions, price action was slightly influenced by bulls but the two candlesticks printed were small in size. Nevertheless, should bulls attempt to push price action northward in the early part of this week, we may see them target the minor horizontal resistance around 1250.08/1257.06 or the minor descending trendline before a southward turnaround. Failure on the part of bulls may see bears seize the initiative after a sideways operation. An initial target of bears is likely to be the horizontal support around 1213.90.
I will wait for the market to show me its disposition after Monday session. I expect a northward retracement to a mean area first before considering a sell trading opportunity.
I may be wrong. Trade safe and prosper.
Just sharing
If you would successfully trap the markets, put in the effort to do a thorough market analysis when the market has closed for the week. Upon your market analysis, develop trade scenarios and prepare a trade plan for each market you would like to track in the ensuing week.
Trade safe and prosper.
Price action with structure-based trading will add consistency to your trading success. Beyond using indicators, take time to understand market structure. Here’s a video you may learn from.
Trade safe and prosper.
Structure-based reading of the market using a multi-time frame top-down approach could be highly highly potent for trapping any Forex market.
Trade safe and prosper.
Are you tracking the AUDUSD market this week? Here’s a technical perspective.
On the daily time frame, price action has shown a technical pattern; whereby a period of consolidation yields to a southward move. Currently, we are in a consolidation regime (magenta) and a southward move is likely to follow. On Friday, the market printed an inside candlestick, which technically is ambivalent. We may have to wait to see what happens on Monday.
I may be wrong. Trade safe and prosper.
I am bearish EURJPY this week. Here’s why, from a technical perspective.
On the daily time frame, recent price action has carved out an ascending channel (magenta). Presently, price action is located around the channel support and the candlesticks printed in the last three days of last week are disposed in favour of bears. But a break of the channel support is likely to see bears face further barrier in the shape of the horizontal support around 128.210; which may likely result in a corrective pullback, perhaps to around the previous minor horizontal support turned resistance around 129.300. Thereafter, we may see a southward turnaround, which is likely to give impetus for a bearish momentum that may see bears attempt to take out the horizontal support around 127.050/126.600.
I may be wrong. Trade safe and prosper.
I am bearish EURUSD this week. Here’s why, from a technical perspective.
On the H4 time frame, the market experienced a parabolic drop from the area of consolidation where it has operated for quite a long while. Such a move is not likely to be sustainable and is likely to be followed by a pullback. We may expect the market to have a pullback to the 1.15200 area, which is a broken down support area and then role-flipped as resistance. This is likely to result in a southward turnaround. A descending trendline (magenta) from July 31, 2018 is likely to act as resistance.
I may be wrong. Trade safe and prosper.
Every weekend I do a screening of the pairs/assets on my watch list and select a few that have the likelihood of being traded during the next week. I have just completed the analysis for this week and the following will be watched for potential trading setups during the week ahead: EURUSD (sell) and GBPUSD (sell).
I may be wrong. Trade safe and prosper.
Here’s why I am bearish EURUSD this week, from a technical perspective.
On the H4 time frame, the most recent price action is under the influence of bulls and we may see them take price action further northward. A descending trendline (magenta) is at play and may be an immediate barrier to bulls. However, a major horizontal resistance, which may be a natural target of bulls, is the 1.15690 area. The area is in confluence with the 61.8 Fib retracement of the most recent downward swing on the H4 time frame and it is a potential area for a southward turnaround. Thus, should price action fail to turn southward earlier, the 1.15690 area is likely to see a significant southward turnaround.
I may be wrong. Trade safe and prosper.
Here’s my take on the XAUUSD from a technical perspective.
On the H4 time frame, price action is operating in an ascending wedge (magenta). Presently it is located around wedge support but the lower wicks on the most recent candlesticks indicate the likelihood of some northward move, perhaps to retest the wedge resistance or the resistance zone around the 1208.15 area. Given the higher time frame’s bearish disposition, we may see the bears seize the initiative after the brief northward pullback. A possible initial target of a bearish drive is the horizontal support around the 1282.20 area, which may extend to the 1169.40 area. I am bearish XAUUSD.
I may be wrong. Trade safe and prosper.
I am bearish AUDUSD. Here’s why, from a technical perspective.
On the H4 time frame, price action is in a consolidating phase within an ascending triangle (magenta). Such a pattern is technically prone to a southward breakout. However, in a period of uncertainties or ambivalence as we currently have in the markets, it is better to step aside and wait for clarity of price action. Much likely, a break of the triangle support will lead to a bearish continuation and momentum.
I may be wrong. Trade safe and prosper.
I am bearish AUDUSD. Here’s why, from a technical perspective.
On the daily time frame, price action is operating in a descending channel (blue). Last week Wednesday, the market printed a bearish pinbar around a minor horizontal resistance (0.72910) but it lacked a proper follow-through. On Friday, bulls attempted a northward pullback but they were hindered by bears, resulting in the printing of an insignificant candlestick. We may see another attempt at a northward move by bulls in the early part of this week. Bulls may want to retest the horizontal resistance around 0.72910, or the channel resistance, before a southward turnaround. The monthly pivot around 0.72730 is also a possible initial target of bulls. At any rate, the technicals still favour a bearish disposition of the market.
I may be wrong. Trade safe and prosper.
Here’s my take on the GBPUSD, from a technical perspective.
On the daily time frame, the GBPUSD is technically on a down trend. However, recent price action is in a corrective consolidation along an ascending channel (blue), which peaked around the 38.2 Fib retracement of the southward drop from the high of April 17, 2018 to the low of August 15, 2018. Thus, a southward technical bias is likely to meet with a high probability of success, particularly should price action print a bearish setup around the channel resistance or the horizontal resistance around 1.33150 or 1.34420 on a daily closing basis.
I may be wrong. Trade safe and prosper
I have just completed the weekly pre-market screening of the pairs on my watch list. I will be tracking the AUDUSD, EURUSD and GBPUSD markets this week for potential trading opportunities. On all the three, the bigger technical outlook is bearish but the market sentiment (present market mood) favours a pullback to the north.
I may be wrong. Trade safe and prosper.
Looking at the W1 time frame, technically I still see the EURNZD susceptible to a bearish disposition. But we are likely going to see a northward retracement this week before a southward turnaround.
Trade safe and prosper.
I am bearish GBPUSD and will look for an opportune time at an area of value to trade the pair southward. Here’s my technical perspective on the pair.
On the H4 time frame, price action is operating in a mini descending wedge (blue) but recent operation points to a consolidation mode. This may extend to a retest of the minor resistance around the 1.29270/1.29630 zone (bound by magenta horizontal lines) before a southward turnaround.
I may be wrong. Trade safe and prosper.
Here’s my technical viewpoint on the EURUSD market this week.
The EURUSD market is still in sideways operation. On the weekly time frame, presently price action predominantly operates in the 1.12660/1.15700 zone. The upper-tailed bullish candlestick printed last week indicated that bears were restraining momentum to the upside and we may see them maintain the pressure in the early part of this week.
We are likely to see bears push price action southward, at least briefly in the early part of this week, and then give way to further sideways operation.
I may be wrong. Trade safe and prosper.
Here’s my take on the USDJPY, Technically, we are likely to have a further southward move. But we need a breakout of the triangle on the monthly time frame for a sustainable directional move.
Trade safe and prosper.
Here’ my take on the EURUSD this week, from the technical perspective of a swing trader.
On the weekly time frame, two weeks ago, a long-upper tailed candlestick was formed at a horizontal resistance around the 1.14300 area. This was followed through last week with a bearish continuation. As thee is a technical range 1.15650/1.11800 (bound by horizontal magenta lines), we may see bears drive price action towards the support zone this week.
On the daily time frame, price action is consolidating in a descending wedge/triangle (black) and a break out below is likely to spur a bearish continuation. However, as thee has been a bottoming pattern around the wedge support recently, we may see a northward retracement early this week, before a bearish southward turnaround. I am bearish EURUSD.
I may be wrong. Trade safe and prosper.
