Thursday, August 25, 2016

Trade Review - AUDUSD shorts

Here's a review of a couple of losing trades on AUDUSD this week.

Should have waited for a more optimal entry area.


Trade Review - EU Long 1.12586

Some notes on my EURUSD long from yesterday (August 24, 2016) morning.

Entered at my support area.  Took partial profits on half the position and moved stop to break-even area.  I like establishing situations where the risk has been eliminated.

Originally risked 28 pips.


Wednesday, August 24, 2016

Trade Preparation - August 24, 2016

Time again for some Forex trading prep (~8:30pm PST during the quiet Asian session).

Overall the markets are flat.  With Jackson Hole Symposium coming up later this week I doubt the market will do much in the next several hours.  Also a light news event evening.

Here's a very quick look at the key-levels I'm interested in.  As usual, levels are general zones only.  This is for information purposes only.  These are not trade recommendations.  Trade your own plan.

Please leave any comments and share your thoughts!


USDJPY

Direction Bias:  Bearish
Key Levels:  Resistance at 101.00
Comments:  Pretty flat all day.  Looks like nothing will happen this week.  There has been higher lows though.  Triangle shape may be forming.


AUDUSD

Direction Bias: Unclear.  The H4 time frame shows this could be consolidating for a breakout upward.  The H1 time frame showed lower highs/lows until the last two days.
Key Levels:  Resistance at ~0.7650 area
Comments:  Ranging most of the week.


EURUSD

Direction Bias:  Long (weak)
Key Levels:  Support 1.1260 Resistance 1.1360
Comments:  No change in observations from yesterday.  Market retraced to my key level area this morning.  I took a long position @ 1.1258.  Stops at 1.1231.  Targets 1.1325


NZDUSD

Direction Bias:  Long (weak)
Key Levels:  Support 0.7280 Resistance 0.7330
Comments:  Bullish bias still intact (since there was still a higher low).  However, the double top/lower high is a concern.  Could also be a wedge/triangle forming in an uptrend.


USDJPY - H1

AUDUSD - H1
EURUSD - H1
NZDUSD - H1