Market review video for week ending May 20th
Of the pairs I trade AUDUSD is my top SW trade and will be the focus of my trading this week. We have multiple areas of resistance making any rally (without the help of some major bank policy changes) likely to fail. I will be watching for a price action failure at those resistance areas to add short positions. Price target in the 0.700 to 0.690 area looks like a good bet.
Good day for the yen, I am looking for a good yen pair to short
I am just sick over this one, I had it called perfectly, I needed price to move up just another 15 pips and it would had hit my sell entry order, as it is I missed the entry. Sometimes you are better off just to take the trade knowing price may move against you for several days before the reversal,
Big day for GBP, I missed the EURGBP entry but I did get short EURUSD and AUDUSD so can’t complain
EURAUD has closed for the 13th straight day inside this tiny 120 pip range, The closes thing to a trade signal came on today’s false breakout pin bar reversal. With US stocks looking like they might move higher buying Aussie and matching it to a weakening Euro might not be a bad idea
Here is another great example of how pullbacks to the 200 moving average on the 1hr chart make for great entry points
Another good day for the Pound, followed closely by the CAD
markets are pulling back and consolidating, good time to plan your entry points for when trends resume
Here is another great example of pullback to 200 ma on 1hr chart, price rejected the moving average, moved sideways for awhile and is now moving lower, I am short this pair
AUDUSD 1hr chart w/ 200 moving average
EURUSD did not make it all the way back to the 200 ma, but it got close and gave a very tradable pin bar reversal, I am short this pair
EURUSD 1hr chart with 200 ma
Here is my weekly look at market trends, S&P looks ready to break to new all time highs, while gold continues it’s 4 week pull back, We still see a strong Dollar and Pound as Euro and Aussie remain weak, maybe some life for the CAD as it ended it’s 3 week loosing streak
Yen weak across the board, this could mean a good week for US stocks
EURUSD pulled back and rejected the 200 ma on 1 hr chart , this would had been a great entry point for the day trader.
On the flip side, in the AUDUSD, price sliced right through the 200 ma, if you had shorted at the 200 ma you would had been as much as 60 pips down before price reversed.
May trading comes to a close and we have markets tightening up, now is time to patiently watch and wait for those reversal candles as prices pull back to support/resistance
Look out , here comes the Yen again, Yen is still strongest currency year to date, I would not bet against it
EURAUD Pin bar reversal off of strong support and 200 ma. if price can get above that grey consolidation box a move to 1.6000 is possible. EURUSD and AUDUSD all have price bouncing of the 200 ma
EURAUD daily chart
I warned you Yen was on the move and here it is back at #1.
what looked like a nice follow through after a pin bar really fizzled out taking back most of gains from my 4 am post. The pin bar entry is still valid and the strong support that made this a good trade is still there so I am going to stick with this one, another test of the 200 ma is possible
