Oct 20 – Oct 25 2019
AUDJPY – Not much in the way of movement but a failure test short for 36 pips maximum was available.
CADJPY – Price continued to grind higher
CHFJPY – Had our failed test of highs and a drop of 58 pips
EURGBP – Wanted a rally but the price just ranged
EURJPY – No price movement we could trade
EURUSD – Pullback underway
GBPAUD – Price putting in a sloppy price pattern that looks like a descending triangle
GBPCHF – Price continued forming a triangle
GBPNZD – Pullback underway
GBPUSD – Pullback underway
NZDCAD – Four-hour chart used. Sloppy head and shoulder type pattern forming. Shorting the left shoulder as it breaks lower is an early entry. Break of the neckline is confirmation. 91 pips
Another week where basic patterns worked. Pullbacks, breakouts, all taken in the context of price action lead to 362 potential pips.
You don’t need to complicate things and look at tiny time frames. The bigger picture is the daily chart and the four hours are used to see price action and entry triggers.
The GDP crosses may change this weekend with Brexit moves. If so, I won’t update them but the same trading method applies as it does every week.