Technical Thursday Analysis of the high probability opportunities for this week in Forex, Indices & Commodities.
Click on the video to watch the full breakdown
If you’re still thinking about trading the watchlist, as of writing this post, exercise caution in this week’s setups.
Usually, if the big move for the week started on Monday/Tuesday, we can expect to see the market slow down or complete its momentum by end of Thursday. Friday ends up being slower or reverses the trend – ending off the week and forming the wick of the weekly candle.
That’s not to say there aren’t any opportunities. Those that have reached our overall targets, like Oil, will now be low probability for continuation. But those that are yet expected to continue, may have steam left in them.
They are: EUR/AUD, EUR/GBP and NZD/CAD.
Our JPY pairs are interesting and currently retracing to a better price, but given that they’ve already covered ground this week with a lot of pips, plus having bounced off significant levels, it’s preferable to see some obvious bullish candles reacting off the marked zones, before counting them as good to go.
Those that are no longer of interest are: GBP/CHF, AUD/NZD and Crude Oil. Simply because we don’t like trading ranging markets or those that are in an extremely ‘overbought/oversold’ area.
A rule to follow to filter out low quality setups is:
Buy only when price is at a cheap area; Sell only when price is at an expensive area.
If no obvious setup presents itself tomorrow at London session, it’s likely that you won’t see an opportunity until next week. So plan accordingly.
In this video we go over these opportunities for the week:
- WTI Crude Oil
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.)