USDCAD POTENTIAL *SELL*Hey guys, hope you guys have had a wonderful trading week. I just wanted to upload a quick trade idea as there is a potential opportunity for a sell. USDCAD has hit an area of resistance and is showing weak buying pressure as all the traders that went long are looking to close their position due to the area of resistance. Therefore i have executed a short position with a 1:2 RR.
HAPPY TRADING!
Trades
GBPJPY [SHORT] Trend TradingRelatively good sized trade I've picked up on this afternoon. Theres a couple resistance levels to take note of, the first one will be a retest before the price drops.
This would not be an active trade until that resistance line is retested.
Potential profit levels marked. Simple trend analysis trade.
EURUSD Short *maybeDXY -> Strength
EXY -> Weakness
We entered yesterday and are sitting at roughly +42pips profit.
Still potential for a breakout to the upside, this would require something big with either the US or Europe (very possible) with the ECB's "announcement" coming soon.
Rate cuts will continue this month. Likely going negative.
Can join us now or wait on further confirmation with the weird volatility mixed with consolidation we have going on.
GBPUSD Which Way?Our short was executed perfectly with 215+ pips locked in.
But now where is GPBUSD going?
If we take a look at BXY (GBP Strength Index) its rather unclear, we have a bias to say that GBP should fall with the brexit dealings.
Take DXY (USD Strength Index) however and we can see a clear path to weakness.
What we think could happen is a 2-5day drop down to the trendline. Followed by a significant surge up to the supply zone.
EURJPY New Long SetupPrevious Short Setup Netted Us Over 222 pips profit. *All in orange!
New setup would be a long either from where EJ is at now or after another stretch to the downside at one of the next support levels.
EUR (EXY) -> Could go either way, but the data suggests it will gain strength.
JPY (JXY) -> Should see a correction to the downside by later this week, could spike up a bit more first (in this scenario EJ goes lower before entering long)
Either way, overall long on EJ for the next few weeks. Trade coming soon.
Waiting for confirmation first!
EURJPY Underway Simple resistance based setup including an ascending channel with resistance trend/zone
Add in JXY (JPY*YEN) TA:
JXY -> Strength
+COT DATA -> JPY = Strength*
EUR -> EXY -> Has been weak and it's unclear where it's headed next
COT Data suggests that EUR will be losing strength and getting weaker supporting our EURJPY short trade.