It has been another week of patiently sitting on my hands.
Market conditions are still hostile towards my trading style so I am happy to
wait. On Thursday there was almost a trade for me on AUDNZD H8 when price tested
1.0730 for the second time. My intended target of 2R is just out of reach by a
few pips but rules are rules so no trade was taken.
These are the currency pairs that I am watching next week
for trading opportunities:
USDCAD – This pair is approaching 1.3280 resistance. On my
chart I have also marked in 1.3190 as a possible new resistance level. I will
see how price reacts to this level in the next few days. As it stands, I am
only interested in 1.3280 as the level to trade from. If price reaches that
level then I would be looking for signs of sellers in control below resistance
to enter short.
USDJPY – Price broke above 105.50 resistance last week, came
back down to test it and for now it appears to be acting as support. I was
monitoring this pair on multiple intraday time frames as it came back down to
test 105.50 but did not see anything that meets my trading criteria. Going into
next week, I will be watching this pair on the daily chart only for sign of
strong buying power above support in order to go long.
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