5 Forex Trading Signals For FEB 6 – FEB 10 2017
With a heavy release of reports last week, we can NEVER know what is going to happen.
- We trade the imbalance.
- We trade the probabilities.
- We manage our risk.
Let’s take a quick look at what happened:
GBPAUD – Played out as written and also gave a backside test entry. Over 250 pips in play.
CADJPY – Gave us the opportunities as presented short.
CHFJPY – Gave us our downside target.
EURGBP – Gave us the rally and short but would have been difficult to trade if not looking intra-day
EURNOK – First target hit
AUDCAD – The momentum move that broke the trend line consolidated. Great example of a trend line break failure. If the momentum was to continue, you don’t want to see the consolidation like we did going into the week.
AUDJPY – Continues its compression.
USDCAD – This pair is all over the map!
USDJPY – I mentioned watch for strong retrace. It happened. Nothing going on.
Many Forex charts are not moving very cleanly at the moment. Even consolidations are whippy which can cause you a huge headache when it comes to stop placements.
AUDCHF WEEKLY CHART
Never hurts to have position trades ready to go!
GBPCHF 4 HOUR CHART
GBPJPY DAILY CHART