Weekly Forex outlook 24 April 2016

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.

Weekly Forex outlook 17 April 2016

In this video, I discuss possible trading opportunities for EURJPY, GBPAUD, GBPJPY and USDCAD. There is some exciting news at the end of the video!

Weekly Forex outlook 10 April 2016

I am very short for time this weekend so it was not possible to make a video. There was no trade taken last week, although I did miss a long opportunity on EURAUD H6 at 1.4980 support on Thursday. Next week I will be updating my support resistance areas for a few pairs now that there is recent data to go with. Below are possible trading opportunities that I am anticipating:

EURJPY tested 123 support on Thursday and it finished the week just above it. Friday’s daily candle is showing that sellers are still very strong despite not being able to break resistance. If a daily candle closes below support next week then I will be looking for opportunities to go short.

EURUSD had a scratch week and price closed the week just 3 pips below its open. I am still on the lookout for 1.1480 to be tested because it could provide me with an opportunity to sell at resistance.

GBPUSD broke below 1.4080 support on Thursdays but buyers pushed price up on Friday and closed above it. This could be an opportunity to buy at support if buyers continue to be strong. For next week, I am specifically looking for a daily close above 1.4172 as the first sign of a possible long trade.

NZDJPY broke below 74.50 support level and stayed below it on Friday. This support level has been very strong since the beginning of this year and now it has been decisively broken. If price retraces back to retest this level next week then I will be looking for opportunities to short at resistance if I can see signs of strong selling power.

Weekly Forex outlook 3 April 2016

In this week's video, I talk about trading opportunities for AUDJPY, AUDNZD, EURUSD, GBPAUD and USDJPY. I also share a story about a viewer taking on board one of my trading ideas and turned it to a +5R winner on USDCAD.

March 2016 performance summary

The PAMM growth account had a +0.34% increase despite the fact that I could not trade during the first week of the month due to travel. The anniversary date of the account is June 11th and this is when I have my yearly performance review with my employer.

The high risk account decreased by -1.12% for the month. My contract with this account is 2 years which is coming up in 4 months. At the moment, the total gain is +117% on the initial account balance. Unless I do something really stupid in the next few months, I should be able to finish this account over +100%.

My trend following account had a -3.39% loss for this month. Price has been range bound for most of the traded pair and this is reflected in the string of losses. I am keeping a close watch on the variance of the position sizes. I may add more money to this account by the end of this year to keep the variance down to an acceptable number.

I have updated the Performance page and Account Statements page.