TV

Video: Good Odds on These Minor Pairs & Why You Should Be Careful with USD…

Analysis of the high probability opportunities for this week in Forex, Indices & Commodities.

Click on the video to watch the full breakdown

Forex trading – or any trading for the matter – involves flexibility in thinking and action.

If you see something that’s contrary to what you originally anticipated, change plans and adapt.

As Bruce Lee said: “Be like water.”

For a while now we’ve been bullish on the dollar and have outlined opportunities according to that. But with such a strong market, inevitably we expect a retracement to kick in at some point. That week has come. Last week NFP created a kick of retracement.

But remember, the higher timeframe is still bullish. Therefore the NFP action is temporary – at least for now. So the plan adjusts in accordance to that.

Therefore, the position now on dollar overall is: short-term bearish, longer-term bullish. The reference points have been marked on the chart (see the video) and we stay with our course, until proven otherwise.

Similarly to USD, the JPY has also left a wick and indicated its intended direction. We’re biased towards weakness in XXX/JPY pairs. Even despite the fact that we are at extreme highs on them…

The carry-over charts that are still looking high probability are EUR/GBP and NZD/CAD. Watch the video to understand why. The very higher timeframes mean that, even if you were to take a loss (and you may have last week), it’s worthwhile keeping track and finding another opportunity. The odds, and the risk-to-reward, are in your favour.

…And yet, no matter what you see, always leave the possibility that the markets may shift in an unexpected way. In those situations, remember Lee’s words of wisdom.

In this video we go over these opportunities for the week:

  • EUR/USD
  • Gold
  • EUR/JPY
  • CHF/JPY
  • EUR/GBP
  • SP500
  • NZD/CAD

Written by: Dima Mihailovich, Technical Analyst for Forex Prop News

Contact and follow Dima on Twitter: @dimafpn

(Please note: All comments made in this video and article are not trading or investment advice and are for education purposes only. You are responsible for your own decisions and the associated risk.)

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Related Articles

TV

Video: Here’s the Trade Plan for EUR Pairs, as ECB Interest Rate is Announced Tomorrow

Here's the Trade Plan for EUR Pairs, as ECB Interest Rate is...

TV

Video: Watch These Setups on CAD and JPY Pairs, with Big News Incoming

Watch These Setups on CAD and JPY Pairs, with Big News Incoming

TV

Video: How to Skyrocket Your Profits from *One* Trade Setup (Plus: This Week’s Trade Results)

How To Squeeze More Profits from ONE Trade Setup (Plus: This Week's...

TV

Video: Watch for These Breakouts on Minor Pairs & Dollar Direction Imminent

Watch for These Moves on Minor Pairs & Dollar Direction Imminent