By forex-fxtrader.com
Analysis of Weekly Charts
After 2 weeks we have now grown the account 2% from low risk trades placed at market open (1% maximum risk per trade). Last week I pointed out that we still have to pay attention to major scheduled news. I specifically said to close all pending orders prior to FOMC news as bad $ news would probably mean that old existing support & resistance areas could be smashed.
The Aud was a perfect example of what I said. Price smashed straight through the huge area of 1.000 & kept going.
The other important thing to be aware of is this. If you do decide to leave trades running through major news, make sure that you only have one trade per currency and or correlated pair. For example do not have 2 trades that are directly related to the $USA, if one loses they both lose.
Similarly do not be in two correlated pairs at the same time. A long on the Euro/$ is almost identical to a short on the $/Chf as they go in opposite directions most of the time.
Gbp/$ | Price broke and closed above 1.6000. We then look for a pullback to 1.6010 with a view to a long. Stop @ 1.5945I will do my usual method of taking 50% profit at 1.6100, stop to entry and balance to run, overall target 1.6240.Half stake short 1.6685 stop at 1.6755 Target 1.6255, stop to entry after 100 pips and profit taking along the way. |
| Euro/$ | Last year the Euro tanked around this time. The Euro woes have not gone away & Greek & Irish problems could resurface this week. Even though price has closed above 1-4000 I have a “gut feeling” that this may fall down . However I will trade what the charts, not my gut tells me JI see more opportunities on the daily charts as shown in the second video, but weekly the areas to consider for me are:Looking to short at 1.4360 half stake, stop at 1.4525 target 1.4010 Daily: Longs around 1.3830 |
| Chf/$ | Worked perfectly last week for overall 300 pip move. I am only interested to short. 0.9920 is the area for me with my stop above last weeks high, so 0.9980 & 0.9610 my target again. There is a counter trend opportunity to long at 0.9470 area but not for me |
| $/Yen | Only interested in shorting: Main area is 82.90 Stop at 83.55, stop to entry at 82.10 balance to run. Target 81.10 |
| Aud/$ | Keep watching gold for clues it made new highs last week. Price smashed through 1.000 last week. A 50% fib pullback of last weeks candle is spookily at 0.99980 to support the move. I will split the long trade in half. long at 1.10010 with a stop at 0.9945. Target 1.0145.2nd part long at 1.0010 stop at 0.9885, target open (for now). This is in case the first part loses. I could not decide which was the best stop. |
| Aud/jpy | Closed and broke above 81.35 where I will look for a pullback entry.Long 81.40 Stop 80.80 Target 83.2084.20 short 78.6 fib and weekly 200 where I will put my stop above 85.00 |
| Euro/Gbp | Only interested to short. Maybe better trading from daily charts as this is not clear.Order to Short at 0.8730 stop 0.8785 and 1st target 0.8615. Scale out. Stop to entry, balance to run.Counter trenders will look for longs at 0.8600 (not me) |
| Euro/Yen | More of a daily move, messy on weekly.Yes will long at 112.20 Stop 111.40 1st Target 113.90Stop to entry, 50% profit balance to run for 114.45 I will look to short around 115.50. Stop 116.15. Stop to entry 100 pips and Target 113.60 |
| Cad | Only Looking to short. Weekly 1.0180 Stop at 1.0235 Stop to entry at 100 pips. Counter trenders will look to long (not for me) at 1.000 area. |
