Thursday Technical update of the high probability opportunities for this week in Forex, Indices & Commodities.
Click on the video to watch the full breakdown
If you haven’t taken some time off this week and felt brave enough to stay in the markets, you’ve probably seen the extreme volatility that Bank of Japan has injected into the JPY pairs. It’s like someone has pressed a big red button somewhere…
On Tuesday, we had a huge spike which no doubt caused damage to many accounts and left behind bruised egos.
That ‘shock’ moment creates uncertainty. For us, it signals a good time to leave all JPY charts alone, until we’ve got more clarity on the intended direction.
The USD-based pairs/charts too, aren’t clear. This period in the year, as explained before, is a tricky one to get right if you’re not experienced.
With the environment being 50/50, probabilities aren’t in our favour.
So that leaves us with only a few charts to place focus on. That’s: EUR/GBP and NZD/CAD.
Both seem to be following the Uptrend that was identified as higher probability, and with both sticking to major structures and High/Lows, they can be deemed valid continuation Buy ideas. Keep a close eye on the price action in relationship to news events, lower your risk when necessary, and emotionally detach.
Saying that… At the same time it’s worth repeating that, in the long term, you never want to stick too firmly to a certain idea, even if it looks high probability. Otherwise, as the Bank of Japan has shown this week, you may get eaten up unexpectedly…
In this video we go over these opportunities for the week:
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.)