June 5, 2017 at 10:52 am #24254
Weekly Watchlist [Video] June 5-9, 2017
This week we look at:
- EURUSD gearing up for a move to 1.1350
- USDJPY preparing to close it’s April 24th gap
- Event risk trading the GBP
- USDCHF single candle bearish retouch
- An AUDNZD buying opportunity
- USDCAD short breakout
- NZDUSD (buying dips)
- EURGBP nearing 0.88 and
- GOLD about to bust back into its channel.
- This topic was modified 10 months, 3 weeks ago by Glenn.
June 12, 2017 at 2:57 pm #24285
Weekly Watchlist [Video] June 12-16, 2017
This week we look at:
- USDJPY which managed to close it’s April 24th gap
- GBPUSD after UK elections
- USDCHF at a decision point
- AUDCAD potentially setting up a buy tomorrow
- AUDCHF teaching a valuable price-action lesson
- XAUUSD bear trap?
- This reply was modified 10 months, 2 weeks ago by Glenn.
June 19, 2017 at 11:13 am #24323
Weekly Watchlist [Video] June 19-23, 2017
This week we look at the AUDNZD going nowhere….and use that valuable information to pick between two very simlar markets (NZDJPY and AUDJPY) for a potential long setup.
We then also check out:
GBPUSD – which looks half decent on daily timeframe
AUDUSD – in a summer doldrums wedge on the weekly (if you’re in the northern hemisphere)
AUDCHF – after the excellent lesson provided by this pair last week, price looks to be gearing up to offer us a long opportunity.
June 27, 2017 at 11:22 am #24346
Weekly Watchlist June 27-30, 2017
The EURUSD has traded in a tight 180 pip range for nearly 6 weeks now, but might be carving out a tradeable pattern on the daily chart.
While the right-shoulder is yet to form (and would require price to move back down to the downward sloping neckline with the next few days), the completed pattern will finally give us a clue as to the pairs medium to long-term direction.
Having spent so long ‘coiled’ up, the eventual break to the down- or upside, is likely to be explosive.
Trade idea: Wait for a daily close below the neckline to confirm the setup. If that happens, a break below the neckline and retest from below would further confirm the pattern. First target at 1.0860, some 240 pips lower than expected entry price.
The EURUSD isn’t the easiest pair to trade of late. Be cautious.
Could the Loonie finally be breaking out of its 65-week long channel?
Price has been constrained within the rising channel formation for over a year now. If you consider closing prices to be more important than extremes (as I do), then you’d have to note that two weeks ago, price managed a close outside the channel, and then retested the channel last week, once again closing below the lower channel trendline.
The 4-hour chart shows price wedging up. Given the recent downside bias, the most likely break at this stage would be to the downside. Unfortunately, major support is nearby at 1.3180, just 40 pips away.
As such, my preference would be target support at 1.3070.
Trade idea: Wait for the wedge to break. If price breaks to the downside, wait for the retest – you may need to drop down to a lower timeframe to confirm this. Target 1.3070, with a potential move to break-even if price clears out the first level of support at 1.3180.
At 1.3180 – 1.3200 expect to find buyers. The pair has been happy to trade in a tight range for weeks. It might simply return to this pattern if supply comes in strongly at that level.
Finally, we’re going to look at the EURJPY, daily chart:
The EURJPY is knocking on 125.50s door, and it’s been denied entry three times recently.
I think this time price is just going to barge on through!
Here are my reasons:
- Price would be restarting the uptrend that began in April this year.
- Price managed to break above the capping trendline which was squeezing it down
- The more times that price hits it’s head up against the level, the more likely it is to breakthrough.
Trade idea: Let’s wait for it to break through 125.50 – this could even happen today. A retest of that level from above is almost guaranteed, so let’s let it happen too. The retest gives us two things, for those who don’t believe in the patient approach.
- Further confirmation that ‘we are right’
- A good place to put our stop-loss.
Targets would be 1.2700 and 1.3000.
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