Ideally I’d like to see a flag-type formation into my green sell level, in order to position short for a break of 105.55.
If we tag 105.55 before it hits my green sell level at 106.54, the trade idea is off the cards.
Supposing we do get back there before tagging the low, I will enter short with a stop loss at 106.93
The first chart of the day for the new month.
I will be offering AUDJPY at 83.375 and a stop-loss at 83.93.
My target is currently 82.71, however, this may change if the price action changes and creates a target nearer to my entry. I will re-evaluate, if this happens.
We might be waiting a while for this one, but
WLTW is one of the most obvious trade’s I’ve ever seen!
I will be entering a bid at 132.12 with a stop loss at 125.78.
For now, my target it at the orange line at around 146.00 for approximately 2R.
I will reassess if we get adverse price action ahead of my buy entry.
A very common question I’m asked is: ‘What are your favourite trading books and resources to learn?’. I’m going to reveal my top 7 trading resources.
My first item on this week’s watchlist is a long trade in Gold. The 1330-1332 area looks promising for an upwards bounce, if we can make an arched return to it. As yet I’m unsure of where I want my target, likely around 1343. Stop would need to be 1326.5.
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I will be starting the day offered 108.43 in USDJPY, target is 107.9, stop is 108.75.
Multiple touch structural area, past ATR. Looking at roughly a 1.63R payoff.
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Letting your winners run is another misconception that holds many traders back.
It is preached and pontificated as the ultimate fix to your trading. The people who say this, as if it were some magic potion, usually have no idea how or why you trade.
On a day with multiple global bank holidays I’m not expecting a great deal of activity in the markets.
However, I believe that AUDUSD could provide the first opportunity of the week.
I’d like to see a breakdown through 0.7891 and a retest in order to position short for a move lower.
If I get entry conditions, I will figure a stop and target based on the new structure that has formed.
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The best play of yesterday in my opinion was to be long off of the lower green line.
Today I’d like to see a breakout of the upper line (16.99) and get long into new highs, if I see entry criteria.
In AUDJPY, we have a decent fakeout of a level on the daily timeframe.
I will look to position long on a break of 84.90, if we get my entry criteria on the H1.
Target will be 85.61.