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.
After completing the weekly scan and analysis of the pairs on my watch list, only two pairs made my priority list: AUDUSD and USDJPY. I will look for the auspicious time during the week to trade them southwards as I have a bearish outlook on them. Trade safe.
Becoming more patient is key to the progress I made as a trader this year. Learning to wait patiently and track the market and confirm price action in a top-down regime has been crucial to the progress I made since March this year when I blew one of my live accounts.
This week, I opened a demo account primarily to test my strategy on gold. Although the longer term trend is downwards, gold is at the moment on an upside move. Meanwhile, it is retracing towards an ascending trendline on the 4H time frame.
Trade safe and prosper.
One of the two pairs I will look to trading this week is USJPY. Here is my technical analysis of it.
The the trend has been up for a while but it seems the momentum has slowed down. Recent price action has rejected a descending trendline on the weekly time frame (saddle brown colour) and the 78.6% Fib level. Therefore, it is important to watch how price reacts to this area.
I may be wrong. Trade safe and proper.
During the week, I will look to trading USDJPY and GBPCAD as they met my criteria for short-term swing trading. While I will wait for further clarity of price action on USDJPY, I will look to shorting the GBPCAD at an identified area as all the technicals on the HTFs syncronise for further bearish drive.
Trade safe and prosper.
KP
