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.
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.
Watching for a breakdown in USDCAD through 1.2555. Once we break down, I will try to position short – if I see my entry criteria.
I believe this is the standout opportunity of the day, as other markets aren’t where I want them right now.
Confluence is one ‘buzz word’ used so often in trading that it’s almost lost meaning. Using confluence properly can improve your bottom line and boost your expectancy. Read On…
Want to see a breakdown through 1.5634 in EURAUD. Should I get my entry criteria, I’ll then position short for a run down to around 1.5527-1.5577.
Short at the green line in Silver if we get there today: 16.56. Target 16.40
Short at the green line if we get there today: 1.4087
‘Cut Your Losers’ is a natural follow-up to my previous ‘trading lore’ article. Here we have another cliché, frequently used in the game of trading and investing.
Following on from the previous post about magnetic price points in trading, it’s time to consider the opposite situation: do you know of a price level where price is likely to not go? We will call this a Repellant Price Point.