As this week started with a US bank holiday I decided not to trade until Tuesday. When Tuesday came along things were quiet apart from a small EUR/USD setup so I decided to skip trading until today…
…So, let’s kick of this rather short trading week with some analysis.
GBP/AUD Analysis
We already had a reversal trade from GBP/AUD this week. However, the trade was helped along by news, so I did not trade it. It is always a tough call to avoid an awesome setup due to news. I take very little risk in my trading, so trades like this aren’t for me.
Some people in the advanced course are more open to risk so they took the trade. It is marked in yellow below, so you can check it out.
So what am I watching on GBP/AUD?
Right now I am looking for shorts from the 1.9820 area marked in red. That is the only resistance I have at the moment so no shorts if price breaks above there.
For long trades I am looking at the 1.9620 and 1.9460 areas marked in green on the image above.
If these areas are hit and indecision forms I will be looking to enter a trade as per the rules of my price action strategy.
If you want to check my support resistance areas for this pair and all the other pairs I trade visit this page
EUR/USD Analysis
We have already seen a trade on EUR/USD this week, it is highlighted in yellow below. I will be looking for similar setups for the rest of the week.
I will be looking for short reversal trades from the 1.1560 and the 1.1470 areas marked in red. I will be looking for long trades from the 1.1350 and the 1.1265 areas marked in green.
Upcoming Webinar
Stay tuned this weekend for an announcement about an awesome upcoming price action webinar. I will be holding a free webibnar on Monday March 2nd, more details later…
Questions
If you have any questions please ask below, I try to answer every question.