Hi everyone,
I’ve arrived in England on Friday. Next Thursday I will
travel to the recording studio in London for my interview. Last week I had one
trade: long GBPUSD H6 which ended up as a -17.5 pips or -0.32R loss. Small
losses are the key to how I make money from trading. The following currency
pairs are on my watch list for next week:
AUDJPY – price finished the week just below 86.40 resistance.
This is a strong resistance level which buyers have not been able to push
though this year. I will be watching this pair on multiple time frames looking
for opportunities to short if I can see evidence of strong selling power below
resistance.
AUDNZD – there is a similar picture to AUDJPY. Price is
approaching 1.1300 resistance level which has not been broken so far this year.
Again, I will be looking for opportunities to short if I can see evidence of
strong selling power below resistance.
EURJPY – I will be looking for opportunities to short at 125.70
resistance on multiple time frames if I can see evidence of strong selling power.
My trading plan has always been to buy above support and sell below resistance.
GBPAUD – Support at 183.60 was in play last week and it is
holding up for now. Thursday and Friday saw strong signs from buyers. Since
buyers had pushed price up significantly on Friday, the opportunity for a
Monday market open entry no longer exists according to my methodology. Instead,
I need to monitor this pair closing for the right opportunity to enter long. Patience
is the key.
GBJPY – Friday saw price breaking and closing above 159.70
resistance level. This could now be acting as support if price pulls back to
retest it. Therefore, I will be looking for opportunities to enter long if a
pullback happens. Alternatively, if price continues up and hits 164 resistance
then I will be looking for opportunities to short if I can see evidence of
strong selling power below resistance.
USDJPY – this pair had broken 111 resistance level and
closed above it for the week. Similar to GBPJPY, this could now be acting as
support if price pulls back to retest it. Therefore, I will be looking for
opportunities to enter long if a pullback happens.
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