Hey Guys,
I know video analysis is better but I’m really busy preparing for the 5 Day Blitz so I can only do written analysis again this week. So here goes….
These are all scalp lines therefore the target and stop for all of them is 50 pips.
1. Long @ 151.55 – strong line
This is an awesome line. We can see a strong move up from the 135.60 area followed by a strong reversal at our line. This formed a great little scalp line. I will be targeting 50 pips on a break of this line with a 50 pip stop loss. This line has been around for weeks though so be on the lookout for fake breaks. I will be watching this one like a hawk.
2. Long @ 150.90 – weak line
This is a weak line, last week we had a weak move to the line and a weak reversal. We also has what looks like a second attempt but it did not get close enough to convince me this is a good line. An alternative would be to enter at the 151.00 as that would double as a psych level. I will trade this one but cautiously.
3. Long @ 146.45 – average line
Last week we had a decent move to the line and a decent reversal. This is an average line, I will trade it with caution.
4. Short @ 143.30 – strong line (I will not take this if the market opens below this level. If it breaks in the first few hours of open I will trade it very carefully. Moves can be erratic in the first few hours of the week so exercise caution!)
This is a good line that formed at the end of last week. It has had one bounce but a second candle came close enough to it for me to consider it two bounces. This is a good line so be ready for it.
5. Short @ 139.00 – strong line
This is a very good line that formed a few weeks ago.
6. Short @ 135.60 – average line
This is a pretty good line but it is over 1000 pips away so I wouldn’t look for it to be broken this week. However, if it is I will be targeting 50 pips on a break of this line with a 50 pip stop loss.
7. Short @ 131.40 – average line
Again this is a pretty good line but it is far away so I wouldn’t look for it to be broken this week. However, if it is I will be targeting 50 pips on a break of this line with a 50 pip stop loss.
8. 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.