Weekly Forex outlook 18 September 2016

My blog entry last Sunday produced 3 trades on the Growth account during the week: 2 losses and 1 win. In typical fashion, I started the week with 2 losses in a row before getting a winner with GBPAUD on Friday. However, that 1 winner is twice as large as the 2 losers combined. This is my reward for grinding it out trade after trade, doing the exact same thing, taking losses without losing trust in my ability. It's not easy to take a trade when you just had 6 losses in a row. Discipline and a high tolerance for pain are essential for trading success.

These are potential trading opportunities that I am monitoring for next week:

AUDJPY - Support at 76.30 has been tested a few times last week and it appears to be holding. However, according to my analysis, price action is not showing any sign of strong buying power.Therefore I will be watching for an opportunity to short if resistance breaks.

AUDNZD - I shorted this pair last week when resistance wast tested. The trade was closed out for -0.56R loss when my exit signal came up. Price finished the week just below resistance therefore once again I will be looking for signs of strong selling pressure to enter short.

EURAUD - After breaking above 1.4890 resistance earlier in the week, price has pulled back to this level again. This can potentially setup a continuation trade for me. I will be watching price at support to find low risk high reward opportunities to enter long.

EURJPY - This pair mostly been ranging in the last 2 weeks. Support at 114.00 has been holding up well so far. For next week, I am looking for opportunities to go long if support holds and buyers are strong. Alternatively, if support breaks then I will be looking for shorts. I trade whichever direction is price action is showing a higher probability according to my strategy.

USDCAD - Resistance at 1.3250 is finally coming into play. This is a significant resistance level in my analysis. Just like the GBPAUD from last week, I prefer to trade only from these support resistance levels because they offer many advantages to suit my risk management techniques. If resistance holds then I will be looking at multiple time frames for signs of strong selling power to enter short.