My Short List
EUR/USD - Trend Continuation Long
USD/JPY & EUR/JPY- Trend Continuation Short
USD/CHF - Range Based Reversal Long
EUR/CAD - Trend Continuation Long
Hi Traders
First of all accept my apologies for being away from this blog due to holidays & some other business. Here is my short list which I am looking at in these days.
EUR/USD - Trend Continuation (Long)
Finally its seems that euro came out from 1.32 - 1.33 range & now I am expecting to have a pull back on 1.33 level to go long.
USD/JPY & EUR/JPY - Trend Continuation (Short)
Both pairs started channeling nicely in a predictable short term downtrend. Phase 1 is completing today so we have to wait for a pullback up to the top of the channel, to go short.
Last cycle setup on USD/JPY was excellent but price action didn't form a reversal bar to allow us to go short. I hope this time any of this pair can give us something worthwhile
USD/CHF - Range Based Reversal (Long)
This pair is hitting its floor. RSI developing a divergence while price action is extending to touch/fall in the FIB Extension level of 1.272.
EUR/CAD - Trend Continuation (Long)
This pair broke 1.38 level today & taken out the 24th June high. Just like euro I am expecting a pull back on this level to go long.
Hi Saj,
ReplyDeleteApologies for the delay on my reply. i am not trying to do hindsight trading.
eurusd: i would agree with you. only worries is after last weeks close that 1.34 is a bit of a level too. so RR might not be enough for prop set up.
JPY Pairs: nothing to add apart from that they might set up this week.
USDCHF: generally don't like price action on this pair as rather choppy. therefore you might the the direction right but still get stopped out before catching the move.
EURCAD: I am looking now for a set up to go long of 1.37 level - hopefully tonight.
Hi Chris
ReplyDeleteI made a basic error in my analysis which I am not sure anybody was able to detect. That is Currency Co-relation as EUR/USD & USD/CHF are inversely proportional, if one goes long other goes short.
I am seeing a downtrend on EUR/USD on 4 hour chart, which is an uptrend on USD/CHF, although its having a pull back (which is normal)but its still in right direction. Finger Crossed.
EUR/CAD pulled back quite deep due to downtrend on EUR/USD so I will not trade it now