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. Trend – MT is bear normal. Getting close to the bottom of the monthly range.
- Waiting USD/JPY. MT is sideways normal. Could go to either edge of the range from here.
- Short AUD/USD Breakout – MT is bear normal. The breakout has been strong so far. As with all breakouts watch out for a reversal back into the range. Checkout the monthly chart to see the significance of this level broken by this breakout.
- Short EUR/USD. Trend – MT is strong bear. Could continue to fall a lot faster than what people think.
- Short NZD/USD. Breakout – MT is strong bear. The breakout has been quite strong on some negative inter-bank reports about the Kiwi.
- Waiting USD/CHF. MT is volatile sideways.
- Long USD/CAD. Trend – MT is strong bull. Beware of sharp reversals during strong bull market types. Can be a good idea to have tight stops if you have a position on.
- Short AUD/JPY. Breakout – MT is strong bear. Expect the move to continue down to 91.50.
- Short NZD/JPY Trend – MT is bear normal.
- Long GBP/NZD. Trend – MT is normal sideways but momentum is strong and plenty of room until the top of the range.
- Long AUD/NZD. Trend – MT is bull normal. But currently in a pullback that could turn into a reversal.
- Short EUR/GBP. Breakout – MT is strong bear.
- Waiting EUR/AUD. MT is tricky to define.
- Short EUR/NZD. Breakout – MT is normal bear. Price is holding below the monthly level.
- Long GBP/AUD. Trend – MT is normal sideways. Similar to the GBPNZD there is strong momentum and room to move until the top of the range.
(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. I will list this with the .
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. He is a part owner of Forex Signal Provider fxrenew.com (You can get a free trial). If you like Sam’s writing you can subscribe to his newsletter for free.
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