Hi members,
This week I wasn’t able to take profits or close trades because the setups that got triggered didn’t come to my take profit areas. I am holding a few trades over the weekend although I don’t do this often. But my funded account rules do allow this option.
The trades that got triggered are:
EURGBP: which is currently in a loss of around 40 pips but stopped again at the 78.6% fib and the Daily 200 MA. It possibly does have a chance to reverse back up again.
AUDNZD: I have been holding this one because there is a weekly trendline and a bunch of EMAs along with the 61.8% fib where it is right now. I’m looking to get out of the long at 1.09000 looking to get around 120 pips out of it.
GBPNZD: This one got triggered on Friday and is around 105 pips in profit. I will look at open what it does and maybe close half of it making it a risk-free trade. So that could be a good start to the week.
There is an interesting article written by Alf who is an ex- bond trader. He is very informative and writes articles weekly giving updates on what is happening in the markets.
Most people have been predicting a recession, but the real question is when will it hit us all and how hard? To know just that Alf has analyzed the market and showed some charts that show us a recession could be coming sooner than we think.. He has also shown the month that the data predicts it could hit the markets! Would recommend reading this article!
https://themacrocompass.substack.com/p/when-recession#details
You can follow Alf on Twitter https://twitter.com/MacroAlf
You can also follow Marc on Twitter https://twitter.com/marcwalton
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The Forex Week Ahead
For the week ahead it looks pretty good but you have a lot of speeches during the first half of the week. Any unusual comment could cause some volatility in the market so keep an eye on those.
The main event of the week is NFP which is out on Friday and we have recommended our members here for many years to stay away from this. It is forex at its craziest and there is no point predicting it. Perfect opportunity for market makers to target retail traders.
Don’t lose your shirt. Let the dust settle.
For many months, the market has been giving more trade opportunities on the cross-pairs. Don’t go looking for trouble but make sure you manage and trade around the news. You must have learned by now just because a country raises its interest rates doesn’t mean its currency will go up at that moment.
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MAJORS
Remember I am looking for “A” grade trades from weekly & daily charts that I can place the orders and then just walk away.
EUR/USD: I think it’s time for a reversal as it has broken its structure and previous highs. I would look to long anywhere near the Parity region 1.0000 on the pullback.
USD/CHF: Very messy at the moment. Leaving alone. Looking for a breakout of the weekly trendline, watch the video.
GBP/USD: Same as the EURUSD. A pullback to 1.14026 for a long is attractive.
AUD/USD: A grade short at 0.71647
NZDUSD: Looking to short near 0.66560.
USD/CAD: Don’t touch where it is now. Seems like it has broken a Head and Shoulder pattern worth 460 pips. A grade long near 1.30 region, we have multiple reasons there.
USDJPY: I don’t trade this pair, only using it for the YEN direction so I can trade cross pairs.
CROSSES
EURGBP: A grade long at 0.86300.
EURCAD: Looking for the break of the trendline on the Daily, pullback, and then long at 1.39080
EURNZD: Missed by a few pips this week, Only interested to long at 1.65350
EUR/AUD: Could look to range trade between 1.56400 and 1.53700
GBPAUD: Looking to short at 1.81300
NZDCHF: Short at 0.60450
GBPNZD: Caught it this week and is 100 pips in profit. Will look to close half at open and make it risk-free. Shorting around 1.95000 has been working for the past few weeks. But it’s a very volatile pair.
AUDCAD: 0.89900 is the A-grade short region. But I will wait for more confirmation as it’s back up there again.
AUD/NZD: Currently in a long at the current region where we have a weekly trendline. Watch the video.
CAD/CHF: 0.73500 is an A grade short for me.
AUDCHF: 0.64830 and 0.66040 are interesting areas for a short.
As always, remember correlation!
We are NOT a “tipping service” our aim is to teach you how to trade for yourself.
Watch the video below for more detailed explanations of this week’s analysis and trade plan (click the 4 arrows bottom right to view full-screen):
Kind regards,
Ashley
