I plan my trading for the week ahead each weekend. Here are the Forex trading opportunities I will be stalking this week.
Note that this is my current view, but if market conditions change my view can change too. Generally I will trade in alignment with what I have noted here, though I will wait for a set-up before I enter. I base my view on technical and fundamental information. This is my beliefs and you are welcome to have opposite ones. Having a plan is more important than the actual direction for me.
- Short GBP/USD. Reversal – MT is a normal bull. But we have a strong bearish pin candle on the weekly chart, heavily selling on negative data and the election coming up.
- Waiting USD/JPY. – MT is sideways normal. Range continues to hold.
- Short AUD/USD Reversal – MT is sideways normal. Bearish weekly pin candle off resistance, and selling on positive news suggests the opportunities are short. Will depend a bit on the RBA though.
- Long EUR/USD. Trend – MT is bull normal. I think better opportunities on the crosses this week.
- Short NZD/USD. Reversal– MT is sideways normal. Selling signals on daily and weekly charts.
- Short USD/CHF. Short – MT is bear normal. Watch out for a bullish day on Monday in combo with Fridays spinning top.
- Waiting EUR/CHF. – MT is bear normal. But turning sideways normal so prefer to wait.
- Waiting USD/CAD. – MT is bear normal. But weekly signals are bullish.
- Long EUR/GBP. Trend – MT is fast bull. Think there may be more upside here.
- Short AUD/JPY. MT is sideways volatile. Got the short reversal off the edge we have been waiting for.
- Waiting NZD/JPY – MT is sideways normal. Wait for now.
- Waiting GBP/JPY. – MT is bull normal. But careful after a bearish pin candle and the election this week.
- Long EUR/JPY. Trend – MT is bull normal. This could be a good play.
- Waiting GBP/NZD. – MT is just bull normal. But reversing and the election coming up makes me careful.
- Long EUR/NZD. Trend– MT is fast bull. Could be a decent buy the dip opportunity.
- Long AUD/NZD. Trend– MT is normal bull. But the pin candle on daily chart on Thursday means trade with caution.
- Long EUR/AUD. Reversal – MT is fast bull. Great reversal pattern on Wednesday provided a good buying opportunity.
- Short GBP/AUD. Reversal – MT is sideways normal. Bearish engulfing off resistance provides a low conviction short
- Waiting AUD/CAD. Trend– MT is sideways normal. Wait.
- Short GBP/CAD. Trend– MT is bear normal. Nice candle stick patterns indicating a selling opportunity here.
- Waiting EUR/CAD. Trend -MT is bear volatile. Wait and see.
Analysis to read:
Economic calendar for the week ahead:
(MT = Market Type: Click for more information on market types.)
(MT = Market Type: Click for more information on market types.)
Trend: Market is trending in the direction I have listed and I expect it to continue.
Reversal: I am looking for a reversal against the current trend.
Breakout: The currency pair is breaking out of a range.
About the Author
Sam Eder is a currency trader and author of the Definitive Guide to Developing a Winning Forex Trading System and the Advanced Forex Course for Smart Traders (get free access). He is a co-owner of Forex Signal Provider www.fxrenew.com. If you like Sam’s writing you can subscribe to his newsletter.
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