Week2
USDJPY, week 2's most wanted. After the massive drop in week 1, USDJPY confined itself in a ranging state. In week 1, the analysis points towards a bullish trend, however, it was for USDJPY to make a second leg to the low, forming a complete reversal pattern and to rise after. However, what we have seen in week 2 is quite different. The pair did not move down as expected, in fact, it is moving slowly upwards, reflecting a strong overall bullish state of the pair.
Small and slow movement usually reflects a strong trend, therefore, for USDJPY, I will maintain a long call on them, even though a second leg does not look possible now. It seems to be moving upwards quite persistently. I will continue to watch USDJPY and most likely not trade, as currently, my most comfortable pair would be GBPUSD, EURUSD, USDCHF followed up USDJPY.
However, it does look promising for a good rise in week 3. I hope you will make good returns from USDJPY if you are trading it.
If you have any thoughts on USDJPY's movement for the coming weeks, please share them below, I look forward to learning and staying profitable together. Please help me like this analysis, and follow me for my weekly updates!
GBPUSD, lets short for week 3!GBPUSD's week 2 movement largely confined itself in a range until Friday, when it rises about 120 pips and ended the week with a bearish candlestick combination, which I took the opportunity to enter a short.
I did not change the label of the chart because I wanted to remind myself of this incident where the price went up above the supposedly reversal level and price pattern. The small reversal pattern created in the latest box reflects the reversal price pattern I am looking for. If you look at the M15 chart, it will also show a candlestick combination which reflects the change of trend when found in the right place.
I entered long in Thursday US session, stayed on with it, and to realise about 100 pips and 50 pips respectively on two long positions in GBPUSD. Later I entered a short, at 1.28580. Currently up by 17 pips, and the swap for the weekend is positive. I am expecting the pair to move lower for week 3, and to add position when the market opens for its week 3.
I hope you make good gains for week 3, and continue to increase your account's equity!
If you have any thoughts on GBPUSD's movement for the coming weeks, please share them below, I look forward to learning and staying profitable together. Please help me like this analysis, and follow me for my weekly updates!
EURUSD, level 3 in week 2. Short for week 3EURUSD went ahead to create a bullish level 3 in week 2, which I did not expect it. In week 1, the analysis was for EURUSD to drop after a reversal formation was formed at the bullish level 2 zone. Looking back at the analysis, the price pattern convinced me that level 2 will be the one reversing rather than level 3. That's why I did not change the marking of the zone, so to reflect the oversight and to remind me of what happened before.
I avoided trading EURUSD for week 2, as I cannot gain good clarity on the movement, even though the analysis expects EURUSD to drop after level 2. However, with the level 3 reversal pattern being formed on Friday, we can be sure that the price would be moving through three levels of bearish movement (not 100%). So I will be looking to enter short in EURUSD. Hopefully to see a 10% increase in my week 3's profit. The reversal price pattern is strong in the highlighted box with "M" because the second high is lower than the first hight, signaling a strong bearish power. So my take is to stay with the bearish trend, till other combination/patterns emerge to suggest otherwise.
Stay flexible and open-minded, and I hope you continue to make good gains in week 3!
If you have any thoughts on EURUSD's movement for the coming weeks, please share them below, I look forward to learning and staying profitable together. Please help me like this analysis, and follow me for my weekly updates!
USDCHF, week 2's surpriseUSDCHF week 2's move ended near the opening of the week. Both long and short traders would have suffered losses somewhere along if they held on to multi-day positions. The winner would certainly be the day traders. I was shorting the USDCHF on Monday and exited sometime late Monday or early Tuesday. The analysis of USDCHF was for it to rise in the longer term, but it unexpectedly made a dip of about 65 pips lower than the low identified in the W reversal. While this is not a tremendous move, it can shake the long traders off.
After the dip was an immediate rise which caught all the short traders off guard and some might exit with little or no profit, some might have made a loss. I personally made a loss as I expected the price to go back down again and form a second leg, however, the losses were covered by the gains I made in GBPUSD. Making my week 2 net positive.
So it seems that the price will be going back to the bull trend? I actually think so, the zone that it consolidated during Friday to the end of the week, is considered to be a bullish level 1. I expect the price to rise fast on Monday till a bullish level 3 to be formed sometime in Tuesday or Wednesday.
Therefore, moving forward, I am going to long USDCHF on Monday, since this rise has given me confidence that it will continue to rise further.
I hope you will continue to make good gains in week 3!
If you have any thoughts on USDCHF's movement for the coming weeks, please share them below, I look forward to learning and staying profitable together. Please help me like this analysis, and follow me for my weekly updates!
USDCHF, safe and sound in week 1USDCHF did not move as much as the others, not as spectacular, but, its a safe pair to trade. In week 1, it broke its level 3 and successfully went into bullish level 1. Its a profitable pair, it did not move as much as EURUSD and GBPUSD, but it is going to make your account stay positive.
Week 1, 2019, sees the successful completion of a W reversal pattern, also known as a double bottom. It went into a bullish level 1, and it stayed there till the week closes. Within the zone, we see lots of long tail at bottom of many candles which hints on good market demand to go long at the level. So for the coming week, we can play safe by going long with USDCHF.
I hope week 2, 2019 will continue to be a profitable week for you traders!
If you have any thoughts on USDCHF's movement for the coming weeks, please share them below, I look forward to learning and staying profitable together. Please help me like this analysis, and follow me for my weekly updates!
GBPUSD, big move in week 1GBPUSD, one of my frequently traded pair. It moved in line with our analysis for week 1, 2019. The pair made a last push upwards, breaking the high of the M formation which we identified in week 52, 2018. It then made a quick turn around and went down straight for hundreds of pips. If you have shorted this pair with EURUSD, you would be very profitable for week 1, 2019.
I have shifted the zone 3 to the little M formed in week 1, 2019. I did that because I realised that the last zone which I identified has the same low as the bullish zone 2. For a trend to be in effect, it must fulfill two guiding principles,
1. A higher high
2. A higher low
In my week 52, 2018 analysis, there is a higher high, but there is a low which is almost the same for zone 2 and 3, thus, I shifted them for my week 1, 2019 analysis. Not too much of an issue, my outlook remains the same.
For week 2, I am looking at a good short. I will be more inclined to short in GBPUSD as compared to EURUSD, as the range seems to be larger. The next point that price should reach will be the low that was created in week 1's move, it has got a lot of room for the drop.
Let's get ready for week 2 and hope all you traders continue a profitable week!
If you have any thoughts on GBPUSD's movement for the coming weeks, please share them below, I look forward to learning and staying profitable together. Please help me like this analysis, and follow me for my weekly updates!
