I've detailed some of my trade ideas for the next couple of days below. Remember that it is NFP week this week, with a lot of other news out there as well. It's good because it can make the market move - but you have to accept that news will either push you closer to your target, or to your stop...that's the way it is.
GBPUSD: Short - Price Action - Inside Bar on daily chart at previous resistance
My entry is below Friday's low, stop is above Friday's high - target is 1.55 for a nice 1.5:1 trade....let's see if I can't break my duck on non-euro pairs!
NZDUSD: Short - Price Action - Doji at previous resistance
Entry below the low, stop above the high - trailing stop on this one to minimise risk. The spike in volume today demonstrates to me that there is selling pressure in the market here. If that is true, then the bears were up to the challenge on the day. I think at least that there will be a pull back there to the weekly pivot, which is why I've targeted that for a 1.2:1 trade. If this triggers I'll monitor it on the hourly time frame and any sign of a HH or HL I'll close for either a small loss or profit. (Only trade this if it's in your trading plan).
Happy trading!
GBPUSD trade update - The trade is currently 4 pips down, with price action showing an H&S pattern on lower time frames. I'm still confident on this trade.
ReplyDeleteNZDUSD trade - didn't trigger, but I've left the order on as todays action was a high test bar at the level (ie an even better signal that the bears are starting to win.)