Note that this is my current view, but if market conditions change my view can change too. Generally I will trade in alignment with what I have noted here, though I will wait for a set-up before I enter. I base my view on technical and fundamental information. This is my beliefs and you are welcome to have opposite ones. Having a plan is more important than the actual direction for me.
- Long GBP/USD. Trend – MT is bull normal. Continue to look for buying opportunities.
- Waiting USD/JPY. MT is sideways normal. Looking for long breakouts preferably with a fundamental catalyst.
- Short AUD/USD. Off the edge – MT is sideways. Bearish engulfing candle off support giving an entry signal to get in on the long-term bear trend. Prefer scaling in and look to take some profit off if the price stops at the bottom of the range.
- Short EUR/USD. Breakout – MT is sideways. Strong breakout candle, but no major fundamental catalyst. Scale-in short.
- Waiting NZD/USD. Trend – MT is bull normal. Double top with bearish candle has formed which could be a sign the price will reverse.
- Long USD/CHF. Breakout – MT is bull normal. Look for buy opportunities in a bull normal market type.
- Waiting USD/CAD. – MT is normal sideways. Continue to look for range trading opportunities.
- Long AUD/JPY. Trend –MT is bull normal. The expected reversal is continuing so continue to look for long trades.
- Long NZD/JPY. Trend – MT is bull normal. Continue to stalk for a low-risk long entry point.
- Waiting GBP/NZD. – MT is sideways. Remaining within the range for now.
- Short AUD/NZD. Trend – MT is longer-term sideways, shorter-term bear. The reversal failed so either look short or for the price to head back above 1.0425
- Short EUR/GBP. Trend – MT is bear normal. Keep going short.
- Short EUR/AUD. Trend – MT is bear normal. Breaking out of the range so look short.
- Short EUR/NZD. Trend – MT is bear normal. So keep looking short.
- Long GBP/AUD. Trend – MT is bull normal. Range has formed – otherwise no change from last week. This idea is invalid if price holds below 1.9600, but otherwise I like this trade. No support in site for the AUD on the monthly chart.
- Long GBP/JPY. Trend -MT is bull normal. No change from last week – Still a big fan of this trade and price action looks bullish.
(MT = Market Type: Click for more information on market types.)
Trend: Market is trending in the direction I have listed and I expect it to continue.
Reversal: I am looking for a reversal against the current trend.
Breakout: The currency pair is breaking out of a range.
About the Author
Sam Eder is a currency trader and author of the Definitive Guide to Developing a Winning Forex Trading System and the Advanced Forex Course for Smart Traders (get free access). He is a co-owner of Forex Signal Provider www.fxrenew.com. If you like Sam’s writing you can subscribe to his newsletter.