Jan 20 – 25 – 2019
How did these charts play out?
AUDJPY – Great example of a pullback failure. What this means is we were getting the pullback we wanted, but it resovled into a range instead of reversing. Now, you would look into a breakout type of strategy as playing the pullback, is off the table.
AUDUSD – Price pulled back to the downside with no real momentum in the pullback. This is a great sign for another chance to the upside. Price came into an area os support that previous resistance. This is our sign to head to the four hour chart to see if bulls are stepping in. A failure test trade entry set up and price rocketed 85 pips upside
EURAUD – Price popped up to the area of the red line on the chart. The short move happened for a potential of 99 pips
EURJPY – Price continued to range
USDCAD – We got the leg down from the lazy pullback for 115 pips
USDJPY – Pullback resolved into a range.
No risk was put on with regards to the pairs posted last week. Lazy price action continued without giving any triggers. This is one thing that people have a hard time with when it comes to daily charts – the setups/triggers take longer to develop.
This is probably one of the worst performing starts for trading I’ve seen. Patience is key.
My trend direction is still intact and the price action has changed the directions I am looking – yet.
If you found yourself itching to trade this week:
1. Daily charts are not for you
2. You are trading for the wrong reasons.