As EURUSD is currently trading in a range not knowing what is going to happened next we can see other currencies breaking out of important levels (USDCHF/8950). Last week was a moderate week in terms of gains. I would like to share two losses and one winner. Those losses were something what drives me crazy for last couple of weeks: RUMORS. I would have never thought when I was starting with forex that a three trillion $ market can be sooo sensitive to any humbug coming out of some meaningless members of Greek parliament. That’s simply not something you would expect from the most traded pair in the world EURUSD. Well, I was mistaken and this year has proven to me very clearly that trading on a REFERENDUM day is simply bad RR idea.
Anyway, this RUMORS triggered stops in both my EURUSD positions on the 3rd November. Good trades anyway, bad timing.
Last trade of the week was during friday afternoon where USDCHF topped out and did my favourite 1-2-3 topping pattern (near round number) and when more action came IN I decided to wait for retracement – it paid of and I managed to get 2R. Overall I ended last week with 5.5R which is a good satisfaction after many weeks of poor results.
Looking ahead I can see two pairs which behave technically. GBPAUD and CADJPY. If GBPAUD brokes higher and closes on DAILY above 5550 I will try to get in LONG on DIPS (target would be anywhere between 200 – 400pips / depends on a price action). Another level I am watching is 76.50 in CADJPY. If the 77 holds I see a nice ACU in this pair and downward pressure. Immediate target would be 76. I have my EYES on usual major suspects as I trade throught the week smaller timeframes M1 & M5’s. Have a great week.PS: some other trades of the week