GBPJPY Monthly - While I’m bearish all the way on this pair long term:
The weekly chart is signalling a pullback off this support level (green), possibly back up to test the resistance level:
Wheat is looking good for a short on the weekly chart; price has formed a double top with a nice 2 bar reversal:
I’ll have this one on my watch list for next week.
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Copper Weekly - Has Copper’s long bull run come to an end? Price tested my support level this week, but closed just above:
The daily chart shows price broke down through, then tested that SR level today. We will see which way it decides to go next week. If it breaks downwards then it could be in for a long-term bear run:
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DOW has been my focus this week. Bought the dip, now waiting for price to break this pattern it’s been in all week:
Patience.
Here’s a spreadsheet showing:
- Margin for a 10,000 unit position
- Spread during the weekend
- Spread during the day
-All numbers taken from OANDA.
-Red highlighted columns represent exotic pairs.
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USDCAD 4H - This pair has been in a nice uptrend since mid June.
If price continues up through my MA and that R level then I’ll get in. I could just go in now as there’s no reason to think the trend won’t continue, but I would rather take a more cautious approach since price made a lower high and sellers took over on Sept. 20th.
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Oil expected to hit $90 by year end. We will see how that plays out.
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My patience paid off, price kept falling and is approaching support:
Now I’ll wait and see what price does at this support level:
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Haha…just going through my thread looking for something and found this post from Oct. 2020:
I’ve gotta say, I wasn’t too far off, other than price increasing faster than predicted:
**EDIT - This is a good example of how SR levels on the monthly can give you an idea of long term price direction.
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EURUSD - Price bounced off a monthly R area twice in the last year, and is now testing a strong S area on the weekly chart. If it breaks through this area I feel that it will continue down long term:
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USDCAD
Nothing lost, nothing gained as price retraced to hit my SL at BE.
Looking for another long entry point. USD is weak today, but I’m expecting a breakout next week as price is being squeezed, respecting that diagonal trend line:
Long term on the monthly, this pair is not so easy. I’m calling long, based on the continued strength of the USD:
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AUDNZD - Price is consolidating on the 1H chart. I like consolidation, the longer the better. It usually means a nice breakout and gives you and idea of entry/exit:
Long term outlook on this pair seems obvious, which likely means it will fall through the floor, lol:
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This is a classic thread Matty, I’m sorry I’m late joining in.
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Yup. I expect the same. Several pairs are due for a nice swing. Next week should be interesting!
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You’re digging into m1?? Oh god! I can’t imagine that kind of movement!
That’s interesting that you look at everything from monthly to minute charts.
Which do you trade the most? Faster or slower charts?
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I had two orders placed around there. Just in case price bounced off of either one.
No dice.
Price ran right thru both of them. Sometimes, price will bounce perfectly off such support zones.
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I always plot SR levels on the monthly charts, it gives me an idea of long term price direction. On some charts the zones are pretty obvious and easy to see, others not so much. I do the same with weekly charts and look to trade with the trend. I don’t look at anything under 1H.
Faster, usually 4H. I don’t really have the patience for long-term, or position trading right now. Eventually I will put some money into an account, make a trade or two then forget about it for a few weeks at a time. But right now I just want to trade.
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Yeah, I can understand your opinion about position trading. I had a USD/DKK trade and it went up very nicely. On the monthly it was in a triangle and had just bounced support.
I assumed it would be bullish for the year.
It ended up hitting some resistance then returning to support.
I watched my wonderful profits dwindle. What was the point of all that? To prove a point? What sense does it make to have a 40-50% profit and not take it?
Strategy or not, that’s some nice profit. If you’re in the green with a nice robust profit, there’s some resistance but your original strategy said to hold it, you’re gonna close and collect your profit, or watch the profits shrink because you wanna follow your strategy?
Your strategy is about profiting. Period.
Sorry, I’m going on a rant because I can remember that trade so vividly. Haha
Anyway, yeah, position trading can be a pain.
I prefer the D1/W1. I feel like that’s a happy medium.
So, for trading the H4, you’re basically day trading only, right?
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