I plan my trading for the week ahead each weekend. Here are the Forex trading opportunities I will be stalking this week.
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 strong bull. Reversal pattern mentioned last week has played out nicely.
- Waiting USD/JPY. – MT is sideways normal. Maybe an opportunity off the edge here, but wait for confirmation.
- Waiting AUD/USD – MT is sideways normal. More bullish reversal patterns on the weekly chart, but fundamentally still very bearish AUD.
- Waiting EUR/USD. – MT is sideways normal. Mixed US data and european data keep us within the range.
- Waiting NZD/USD. – MT is sideways normal. Bearish pin candle last week has played out and best to look short for now to the opposite side of the range.
- Waiting USD/CHF. – MT is sideways normal. Look for a bullish reversal or breakout lower.
- Short EUR/CHF. Trend – MT is bear normal. We have been mentioning that you want to be careful in-case of a sudden reversal which we got last week. Bear normal market type continues to hold so it could be a selling opportunity.
- Short USD/CAD. Trend – MT is bear normal. Continue to look short
- Short EUR/GBP. Trend – MT is bear normal. Reversal failed. Keep looking short.
- Waiting AUD/JPY. MT is sideways volatile. Wait or trade off the edges.
- Short NZD/JPY – MT is volatile sideways . Had a reversal off the edge short.
- Long GBP/JPY. Trend – MT is Bull normal. The long reversal mentioned previously had been quite strong. Continue to buy.
- Waiting EUR/JPY. – MT is sideways normal. Reversal played out but Fridays price action was consolidative.
- Long GBP/NZD. Reversal – MT is just bull normal. Great looking reversal last week and price action continues to support a buy.
- Short EUR/NZD. Trend– MT is normal bear. Had a very bullish candle on Friday, but the normal bear market type suggests that this could be a selling opportunity.
- long AUD/NZD. Breakout – MT is normal bull. Market type completely reversed last week. Look to buy but be wary of a reversal back into the range.
- Waiting EUR/AUD. – MT is sideways normal. Wait and see
- Waiting GBP/AUD. – MT is sideways normal. As above.
- Waiting AUD/CAD. Trend– MT is sideways normal. Wait.
- Short GBP/CAD. Trend– MT is bear normal. Continue going short, but shorter-term signals are turning bullish.
- Short EUR/CAD. Trend -MT is bear normal. Look to go short.
Analysis to read:
Economic calendar for the week ahead:
(MT = Market Type: Click for more information on market types.)
(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.
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The post Forex Trading Opportunities for the Week Ahead 26 April 2014 appeared first on www.forextell.com.