GBPUSD
Last week I mentioned that I was looking for opportunities on the smaller time frames to go long with the short term uptrend on the daily. I waited until the market showed me the right setup. It was simply a break of resistance. Target was set at 3:1 RR because I wanted to ride the trend as close as possible to 1.5460 resistance.
Entry @ 1.5192
Stop @ 1.5105 (-87 pips)
Target @ 1.5450 (+258 pips) closed all positions
Final RR for the trade is 2.97:1
AUDUSD
The daily rally had no trouble breaking 0.7890 resistance and got all the way up to 0.8000 resistance where a short setup formed on the daily chart.
Entry @ 0.7950
Stop @ 0.8075 (-125 pips)
TP1 @ 0.7820 (+130 pips) hit, exited 60% for 1:1 RR
Stop has been moved to 0.7910 to follow price down if it turns out that way.
Interestingly, I also took a long trade on this pair on 4 hour when I saw signs of a potential reversal at 0.7890 support. I was notified of the trade after it has triggered but being the greedy trader that I am, I entered long using an appropriate risk profile and trading plan. As it turned out, the market didn't let me have my cake and eat it too. Fortunately, my risk management came to the rescue and I walked away losing only a tiny fraction of what I had risked.
Entry @ 0.7900
Stop @ 0.7862 (-38 pips) manual exit for -7 pips
Target @ 0.7930 (+30 pips)
Final RR for the trade is -0.18:1
EURAUD
If price reaches 1.4410 resistance then I will be looking for opportunities to short.
EURCAD
This pair has enjoyed a strong rally on daily chart and if it continues to 1.3760 where strong resistance awaits then I will be looking to short.
EURUSD
The Euro had seen good buying this week and this pair has broken above 1.1060 resistance. Right now there's a short setup on the daily chart but knowing that next week is Non-Farm Employment Change (aka NFP) I would have to see how the next candle would close to give me a better indication on how to manage risk.
GBPAUD
This pair continues to trade within the funnel. Next week is the UK general election so I would expect this holding pattern to continue until the election results are out.
GBPJPY
There was a false break outside of the weekly descending triangle pattern but price closed the week inside the top line of the pattern. This pattern suggests a break of 175.50 is the more likely scenario so I will continue to stand aside and wait for more confirmation.
Last week I mentioned that I was looking for opportunities on the smaller time frames to go long with the short term uptrend on the daily. I waited until the market showed me the right setup. It was simply a break of resistance. Target was set at 3:1 RR because I wanted to ride the trend as close as possible to 1.5460 resistance.
Entry @ 1.5192
Stop @ 1.5105 (-87 pips)
Target @ 1.5450 (+258 pips) closed all positions
Final RR for the trade is 2.97:1
AUDUSD
The daily rally had no trouble breaking 0.7890 resistance and got all the way up to 0.8000 resistance where a short setup formed on the daily chart.
Entry @ 0.7950
Stop @ 0.8075 (-125 pips)
TP1 @ 0.7820 (+130 pips) hit, exited 60% for 1:1 RR
Stop has been moved to 0.7910 to follow price down if it turns out that way.
Interestingly, I also took a long trade on this pair on 4 hour when I saw signs of a potential reversal at 0.7890 support. I was notified of the trade after it has triggered but being the greedy trader that I am, I entered long using an appropriate risk profile and trading plan. As it turned out, the market didn't let me have my cake and eat it too. Fortunately, my risk management came to the rescue and I walked away losing only a tiny fraction of what I had risked.
Entry @ 0.7900
Stop @ 0.7862 (-38 pips) manual exit for -7 pips
Target @ 0.7930 (+30 pips)
Final RR for the trade is -0.18:1
EURAUD
If price reaches 1.4410 resistance then I will be looking for opportunities to short.
EURCAD
This pair has enjoyed a strong rally on daily chart and if it continues to 1.3760 where strong resistance awaits then I will be looking to short.
EURUSD
The Euro had seen good buying this week and this pair has broken above 1.1060 resistance. Right now there's a short setup on the daily chart but knowing that next week is Non-Farm Employment Change (aka NFP) I would have to see how the next candle would close to give me a better indication on how to manage risk.
GBPAUD
This pair continues to trade within the funnel. Next week is the UK general election so I would expect this holding pattern to continue until the election results are out.
GBPJPY
There was a false break outside of the weekly descending triangle pattern but price closed the week inside the top line of the pattern. This pattern suggests a break of 175.50 is the more likely scenario so I will continue to stand aside and wait for more confirmation.
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