Week ahead – CHFJPY, EURGBP

Last week I was able to take several trades {3} on my little longer term strategy T3 {matters of several hours to several days}. Both EURCHF and GBPCHF were profitable trades {89 + 83 = +172pips} and one loss on NZDUSD {-55pips}. At the moment I am still in one unpleasant trade which is now at -106pips on EURCAD and in another GBPCHF trade now at 12pips. I want to see some action after the open but I am now more sceptical about GBPCHF trade and if 5347 won’t get broken by tomorrow evening I will exit the trade. With EURCAD my SL is 300pips wide so I still have some room to go. I am expecting to see a key reaction at 3550. If the reaction is bearish I will add to the position with much tighter stop. If the reaction is strong breaking above I might have to exit the position with probably 200pips loss. So let’s see what is going to happened.

For the upcoming week I am very intersted in CHFJPY and EURGBP. With CHFJPY I want to play the top of the range. If the reaction around 88.12 is bearish I would like to SHORT this pair for a 100pips move. With EURGBP I will be watching 8450 – 8500 range. On the chart it might LOOKS like reversal with W formation and break out of the down channel. Again ready to fade on negative reaction around 8450 down to 8355-8332. For some other pairs I am following see my watchlist:

Tomorrow’s US session will be more quiet due to Bank Holidays so I am not going to trade during that session. With strong moves at the end of the Friday session I am expecting some gaps at the Sunday open. If they are wide enough I might take some trades there on my shorter-term subaccount. I am also expecting upcoming week to be a bit more volatile since we are approaching some key levels on all fronts {from GOLD to OIL and S&P’s}. So take it into account while trading ;-). No need to play heroes next week.
Have a great trading week.