Hey Guys,
Here is this weeks analysis. I know its becoming sort of a trend now but I am not doing the video analysis since we only have one new line.
These are all scalp lines therefore the target and stop for all of them is 50 pips. However, that is my target and while I suggest you aim for no more than 50 pips you could adopt some other strategies to maximize gains. For example you could close out half you position at 50 pips and move your stop to break even. This strategy is discussed in the free e-Book above.
1. Long @ 162.59 – average line
This line formed last week. It is the new 2009 yearly high but it has not had a decent reversal. I would much rather see the price head away from this line before it approaches it again but I will trade it either way. That being said I will obviously have much more confidence in the line if the price moves away from it first.
2. Short @ 154.82 – average line
This line formed the week before last and it seems quite good. We see a nice strong move towards the line, two candle wicks hitting it followed be a strong reversal.
This line looks like a great trade opportunity so be ready for it.
3. Short @ 142.95 – strong line
This line has been around for a few weeks now it looks like a good line and I will trade it if the price somehow magically gets down there this week. Watch out though this area has proven to be very tough to break through. I will exercise extreme caution with this trade.
3. Short @ 139.00 – strong line
This is a very good line that formed a few weeks ago.
4. Other lines
As usual, other lines are likely to form during the week, so keep an eye out. I will update the analysis if any new lines form.