I will be tracking the USDJPY this week. If you would like to trade the USDJPY this week, be aware that the current market mode is ambivalent as the buyers are still influential even though the trend seems to favour the sellers. On the 4H time frame, price action is at a significant S/R zone and a rejection of the zone to the downside to respect the descending channel (navy colour) is likely. There is the possibility that price action will pursue a southwards drive thereafter as a significant moving average has been acting as a dynamic resistance for the past two weeks.
For me to make the most of the price action and take advantage of the descending channel pattern, I will wait for price action to retrace to between 50 and 61.8 Fib levels to short the pair.
It is important to review trades taken within a 24-hour cycle if you are an intraday trader. If you are a swing trader, it is beneficial to review each trade as soon as it has ended, at least before you take the next trade.
What has changed recently in the way I analyse the market is that I now incorporate market mode in my analysis and set trade scenarios that consider both the market mode and the market direction.
You can gain a profitable edge in the market through proper planning. By taking time during the weekend to analyse the market, create trading scenarios, plan your strategies and trade accordingly you would sooner than later become consistently profitable. Trade safe and prosper.
EURNZD is a pair I added to my watch list during the weekend. It looks tradable for the week. The pair is disposed southwards. All the technicals on the weekly, daily and 4H time frames support a bearish disposition for the pair. Trade safe and prosper.
I will be tracking GBPUSD this week for trading opportunity southwards. Presently, price action on the weekly time frame shows a struggle between the bulls and the bears with the bulls still more influential. Should the bulls overpower the bears, a much likely target upwards will be the immediate resistance zone around 1.3030, which adjoins the 61.8 Fib and may also retest the descending trendline (chocolate colour). On the H4 time frame, price action is operating within an ascending channel with the technicals in support of a bullish push upwards.
One of my trading principles is optimizing efficiency in my trading. So, during the week I sought a way of reducing the number of steps I employ in my weekly scan and analysis of the pairs on my watch list. I found a way of doing this, reducing the number of steps from six to four. Trade safe and prosper.
If you are tracking the EURUSD this week, be aware that since the beginning of 2017, price action on the pair on the daily time frame has been on a retracement upwards covering over 290 pips to respect the 61.8 Fib level with a significant moving average serving as a confluence and resistance. Thereafter the order flow has been dominated by the bears. Last week the bulls made a push upwards but on Friday a piercing line formed to counter the bulls. On the H4 time frame, the downward trendline is well respected after a 50.0 Fib retracement of the most recent swing low from February 2, 2017. The most recent order flow has seen two relatively big bearish candlesticks showing the influence of the bears. The technicals on the H4 time frame support a further southward move with a possible initial target of around 1.0490, which is in confluence with the immediate support zone and the trendline joining the swing lows on the H4 time frame.
Plenty - and from his other videos, and [I]especially[/I] from the hugely long document he calls (for some reason) his “lost blog posts” which he makes available free as a PDF, from his website.
He’s “one of the good guys”: a good trader and quite a good teacher.
Avoid making a functional, efficient strategy/system perfect so that you don’t ruin it. Whatever is efficient, functional and offers you consistent profitable trades is best for you. Trade safe and prosper.
If you are tracking USDJPY, notice that on the weekly time frame, the past two weeks have witnessed two strong bearish candlesticks and the technicals favour further bearish move; a likely target being around 109.980, the immediate weekly support zone.
The technicals on the weekly time frame still favour further southward price action. On the H4 time frame, recent price action resulted in a southward price wave and a pull back developed as part of the process of completing the first descending price wave. If this pull back retests the immediate weekly resistance around 1.2398 (which adjoins the 50 Fib retracement of the recent drop), or validates the descending trendline by a southward rejection, the second southward price wave may be in the offing; this may target 1.2155, the immediate weekly support.
I will look to a sell trading opportunity on GBPAUD this week. Here is why.
The pair has been on a descent on the weekly time frame since September 2015 and respecting a major trendline (chocolate colour). On the H4 time frame, price has been operating in a descending channel since February 2017. It has moved southwards within the channel creating a double inside bar during the last eight hours of Friday last week. If this results in a further bearish move, price is likely to target the channel line and, perhaps, the next significant support around 1.60044, which represents the 2017 low on the pair; and may expose the 1.57890 handle, the 2016 low.
