Forexfargo
GBPJPY WEEKLY 5/5-5/10 ANALYSIS Good Afternoon Traders! #ForexFargo checking back in!
Apologies that it has been quite some time, but I needed to take time off and refine my craft!
Today our analysis today is on #GBPJPY!
I believe the overall trend is Bullish.
This past week, we have seen price rally from our Monthly Support Level of 144.000 toward our Monthly Resistance Level of 146.500.
A nice 250 Pip Rally. I still believe there is room for price to continue its climb toward 147.500, which is our next designated Zone.
I believe that there will be a retracement toward one of these red lines.. 23.6, 38.2, 50.0 marked respectively, before continuing back up.
I have a Short Position set for the retracement (Counter-Trend Trade) & a long position set for the continuation (Trend-Continuation Trade).
SELL ENTRY/LIMIT @ 146.500
STOP LOSS @ 146.750 (-25 PIPS)
TP1 @ 145.850 (65 PIPS)
TP2 @ 145.450 (100 PIPS)
TP3 @ 145.150 (135 PIPS)
BUY ENTRY/LIMIT @ 145.500
STOP LOSS @ 145.300 (-20 PIPS)
TP1 @ 146.000 (50 PIPS)
TP2 @ 146.500 (100 PIPS)
TP3 @ 147.000 (150 PIPS)
TP4 @ 147.500 (200 PIPS)
PLEASE REFER TO CHART FOR MORE DETAILS!
AS ALWAYS, HAPPY TRADING!
USDMXN Analysis Potential Short & Long PositionGood Evening Traders, #ForexFargo checking in!
Today our analysis is on USDMXN.
Please bare with me as I have never looked at this pair and this is my first analysis.
The overall trend is Bullish indicating strong momentum.
Price has rallied from Monthly Support Level @ 19.0000 to our Market Structure Level @ 19.35000. 350 Pips!
Weekly Resistance Level is set @ 19.50000.
Weekly Support Level is set @ 19.10000.
Please refer to chart for detailed descriptions on Short & Long Positions.
Happy Trading as always!
AUDUSD WEEKLY 3/24-3/29 ANALYSIS Happy Saturday Traders! #ForexFargo checking back in!
Apologies for the extended absence, I have been refining my style a tad bit for you all!
Today's analysis is on AUDUSD.
I believe the overall Trend is Bearish.
I have a few trade scenarios set up for how this upcoming week could play out!
Please refer to chart for more detailed explanation!
AS always, you know our basic Support and Resistance Levels are set!
Weekly Resistance Level is set @ 0.71500.
Weekly Structure Level is set at @ 0.70750.
Weekly Support Level is set @ 0.70000.
AS always, Happy Trading!
Potential AUDUSD Long/Short Position 50-100 PipsHello Traders, #ForexFargo checking back in!
Today our analysis is on #AUDUSD.
The overall trend is Bearish, although we've had some Bullish momentum today.
Last week's price plummeted from our previous structure level of 0.71000 shooting down toward our 0.70000 region... which we haven't seen since Mid December.
Since that big move, we've seen a change in structure levels at our 0.70750. In previous weeks, 0.70750 has acted as a strong Support Level.
It has now swapped structure levels as a new Weekly Resistance Level @ 0.70750.
Our Weekly Support Level is now set for 0.70000.
I have set zones around key levels according to where price seems to have the most action, in my eyes.
I haven't entered this trade yet, but will enter if price happens to return to 0.70500 region.
If price returns I will enter as follows: RR 3:1
Entry @ 0.70500
SL @ 0.70350 (15 pips)
TP @ 0.70900-0.71000 (40-60 pips)
If price fails to return to 0.70500,
I will see look to see if price holds above our resistance level.
If not then, I will look for Short positions as follows:
Entry @ 0.70900-0.71000
SL @ 0.71250 (15-35 pips)
TP @ 0.70000 (90-110 pips)
Good Trading!
Potential AUDUSD Swing Position 60-100 Pips Hello Traders, #ForexFargo checking back in!
Today our analysis is on AUDUSD.
The overall trend is now Bullish.
This post is a continuation of the post linked below.
Price since then, has broken through our Daily Support Level of 0.71000.
We are now approaching our Weekly Resistance Level of 0.71500.
I expect price to break past the resistance level today and continue toward our next Major Daily Level of 0.72000.
Tomorrow is a National Bank Holiday in USA, President's Day. So I expect weakness in dollar.
If price holds, it can break through this Weekly resistance level and continue toward next Daily Level of 0.72000.
If price fails to break resistance level, then we can expect price to head retrace back toward our previous Daily Level of 0.71000.
I have not entered a position yet. Waiting for price action confirmation.
As always, happy trading and remember risk management!
Potential DXY Short 50 Pips Good Afternoon Traders, ForexFargo checking back in!
Today our analysis is on the DXY index.
The overall trend for this pair is seems to be Bullish, however with that being said, seems that the Dollar could run into some exhaustion this upcoming week.
Right now, we can see price playing ping-pong between Monthly & Weekly- Support & Resistance Levels.
Price is currently in Bullish Momentum approaching on Weekly Resistance Level of 96.700.
If Weekly Resistance is broken, we could see a potential push toward our Monthly Resistance Level of 96.930.
If price holds at our Weekly Resistance Level, then we can potentially expect price to decline throughout the week.
Price would potentially decline toward our previous Weekly Support Level of 95.600.
If Weekly Support is broken, we could see a potential push toward our Monthly Support Level of 95.050.
Either way, I am waiting for the next 2 daily candles to form in order to get a good sense of where the market could potentially go.
If price gives strong confirmation, then I will look to enter the trade as follows:
Entry @ 96.600
Stop Loss @ 96.750
Take Profit @ 96.050
GOOD TRADING!
If this price in DXY declines, expect a rise in Gold (XAUUSD).
Potential USDCAD Buy Swing Position 200+ PipsGood Afternoon Traders, Forex Fargo checking back in!
Today our analysis is on USDCAD.
The overall trend for this pair seems to be in a slow Bullish incline.
With that being said, there seems to be a potential for a VERY good Long Swing Position if entered correctly.
My prediction is that from a 4H and Daily TF, you are able to see what looks like an inverted head and shoulders.
Please refer to chart for more details on where placement is.
As always, Monthly Resistance Level is set at 1.36500.
And as for, Monthly Support Level is set at 1.30500.
The neckline for the pattern is marked off as the Weekly Resistance Level at 1.33200.
Weekly Support Level is marked off at 1.31000.
Once price enters my Demand Zone (1.31800-1.32000), I will look to enter the trade as follow.
Entry @ 1.31800-1.32000 (20 Pip Entry)
Stop Loss @ 1.31500 (30-50 Pips)
TP1 @ 1.33200 (110 Pips)
TP2 @ 1.35000 (300 Pips)
RR is 2:1 and 10:1.
HAPPY TRADING!
Potential UJ Short Position 50-100 PipsGood Afternoon Traders, about an hour before market open. ForexFargo checking back in.
Today's analysis is on USDJPY. The overall trend for this pair is Bearish.
Price seems to still consolidating between Weekly Support and Resistance Levels for the Past 3 weeks, so a big move is to be anticipated coming shortly.
In the meantime, this leaves us intraday opportunities between our S&R levels.
Right now, I am the opportunity for a potential UJ short with 2 TP regions.
Our Weekly Resistance Level is 110.050.
Our Weekly Support Level is 108.500.
Entry @ 109.950 (previous Daily Level of Resistance)
Stop Loss @ 110.200 (previous level of Resistance)
TP1 @ 109.450 (50 pips)
TP2 @ 108.850 (100 pips)
Current market conditions at the moment have price on my chart stuck between a symmetrical triangle.
My prediction is that once price breaks out there, we will have our drop as expected!
GOOD TRADING!
*Trade has been entered a couple days ago based upon the fact that I had confirmation based upon my analysis before this was posted*
Potential AUDUSD Buy Swing Position 160+ PipsGood Morning Traders, ForexFargo checking back in
Today our analysis is on AUDUSD. The overall trend is Bearish for sure. However I see a potential set up for start of next week if price continues Bearish toward of Support Level.
Price on this pair has been consolidating for the past 5 weeks, ranging mainly between support and resistance.
Weekly Resistance Level set at 0.72350.
Weekly Support Level is set at 0.70750.
I believe that price will continue toward of weekly support levels by end of week or beginning of next week.
When price gets at that level of support... I will wait for a strong Bullish candle on the minor timeframes to indicate a good position.
Entry @ 0.70750
Exit @ 0.72350
Stop Loss @ 0.70450
As always, thanks for the support!
Good Trading!
-ForexFargo
USDJPY Potential 20-30 Pips Before NY CLOSEHey Traders, so I banked a few pips early today from the initial push that got us into the 110 region with this pair.
I am now thinking that we will have another push before market close to get us back toward that 110.150 region right before Asia Session.
I have my weekly Support Level at 108.500.
I have weekly Resistance Level at 110.150.
My thoughts are that we will see a final push from 108.850 to about 110.150.
This is a 3:1 RR ratio.
Entry @ 109.850
Stop Loss @ 109.750
Take Profit @ 110.150
IF, my take profit is hit on this Buy position. Then I will have a sell limit set for 110.150 hoping to catch the decline in prices during Asia Session.
As always, please leave comments, questions, reviews!
Over & Out!
AUDCAD Analysis Hey Traders, sorry have been away for a few days.
Today, our analysis is on AUDCAD.
This setup will take a few days, so be patient as I am posting this before the start of the trading week.
AUDCAD has been in HEAVY CONSOLIDATION since the beginning of January 1st. 2018.
I have marked off my Weekly Resistance Level at 0.95750.
I have marked off my Weekly Support Level at 0.94500.
Basically, I am waiting for price to reach either Resistance or Support levels, then wait for a STRONG confirmation candlestick or confluence to let me know that price is moving in that direction.
I believe that if we are to finally break through either Resistance or Support levels then we can expect a very big move as this pair has been building up momentum for a big decline or rally up!
As always, please leave comments, questions or concerns!
Thanks again,
#ForexFargo
Potential AUDUSD Short 70 PipsHey Traders, #ForexFargo checking back in!
Today our analysis is on AUDUSD.
This pairs overall trend is Bullish. However there is an opportunity for us to short when price reaches our level of 0.72800.
I have set new Weekly Resistance and Support levels as we are now in a new month.
I have also marked off on the chart that I believe this price action candlestick will be the completion of a Head & Shoulders pattern. It will take a few days to complete and so will this trade.
Price should be triggered Overnight, as Sydney Session opens first and there should be momentum to push price back toward our new Resistance Level at 0.72950.
When price respects of Levels around 0.72800 I will place my Sell Limit there and if I get washed out by the Stop Loss, I will re-enter.
This trade is very low risk with an Entry at 0.72800. Stop Loss at 0.73000. Take Profit at 0.72000... This is a 1:4 RR set up.
BE SURE TO SET ALERTS AT YOUR LEVELS SO YOU DON'T HAVE TO CHART WATCH ALL DAY!
As always please leave, comments, questions and constructive criticism!
#ForexFargo OVER & OUT!
USDJPY POTENTIAL BUY 50 PIPS Good Morning Traders!
Today our analysis is on USDJPY.
The overall trend for this pair is Bearish, however I see a potential for us to collect a few pips.
Based on my analysis, prices on Friday had soared to 109.996. With a Friday low of 109.260.
My analysis is that right now price is just retesting the 109.350-109.550 region before creating a big move back up and potentially creating a new Daily High.
I have entered this trade last night based on the fact I thought price would retest and breakout once again.
On my chart, I have my previous Weekly Support levels still marked off and HAVEN'T updated them to remind me of what price did last week.
I have entered the trade at 109.349 with a Stop Loss of 109.266. Take Profit is set for 109.996. This is a 3.5:1 Risk Reward.
GOOD TRADING!
#ForexFargo
USDJPY POTENTIAL BUY 60 PIPS Good Evening Traders... Marcel checking back in.
Today our analysis is a continuation of last week's analysis on USDJPY with the overall trend being Bullish.
Today my analysis is that we will retested to this 109.550 region through the Asia and London session and during the start of NY session the price will shoot looking to set a new previous daily high as the JPY Index did not have a good day and USD will be coming strong tomorrow out the gates because of the Federal Holiday.
If you look at the previous post, it will show you how price has risen over the last week or so and has broken our past weekly support of 109.550.
Price has also broken out of my diagonal trend line and at this point is just acting as resistance and good signs for entries.
I have a TP set for 110.100 region which is 60 pips, this trade hopefully should fulfill by end of NY session. Stop Loss is tight at 109.450.
This is a 6:1 RR set up.
If stop loss is hit, will re-enter trade still based on analysis.
As always, good trading!
