A great week all round for Dean and highlights the importance of doing a little work before the week starts. Forex Trading is as much about planning your trades as executing them. “Fail to plan … plan to fail” as the old saying goes.
Dean's Daily FX Update – 23 September 2016
In the EURUSD, we can see from the levels he put in place at the beginning of the week that it has responded as expected. We traded much of the week flat but come Wednesday, the market traded down to our support zone (1.1126 – 1.1133) and then straight up to our resistance around 1.1250. In the middle of the range today and so Dean is unlikely to looking for anything here.
The AUDUSD was driven higher yesterday and into our resistance zone and seems to have topped out at 0.7675. An indecision candle by way of a spinning top gave us our first clue that the market may not push higher. If it can break 0.76forex26 then we may see it head quite a bit lower and target 0.7544.
The NZDUSD traded within our ranges this week. Each time we got into our resistance area, the market came off. There were numerous opportunities to get into a trade this week. We had everything from price action to stochastics being heavily overbought that could have given you a clue.
The USDCAD is where Dean was involved for most of the week. 200+ pips and he really had this one on a string. Three attempts to break 1.3250 before collapsing to just below 1.30 the figure. We have now got a bounce off this level and there was nothing wrong with taking a long around 1.3029 yesterday afternoon.
Dean is very happy with his week and may sit out the market today. If he was going to trade he might consider looking for shorts in the AUDUSD and longs in the USDZAR and USDCAD. Feels he might have missed the entries so possibly a long lunch in order!
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