Weekly Market Analysis 08.08.2022 – 12.08.2022

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EUR/PLN Active Trade:

This is an active trade that is currently not doing too well. After going into profit immediately, the price turned back around and is now stalling sideways. This is still a valid trade and we’ll keep it open and see what the next week brings up. 

 

EUR/CHF Potential Trade:

We are waiting for a pullback into the support area and a potential trade short from there if we get good enough bearish price action. 

 

USD/BRL Potential Trade: 

The price broke the resistance area and made a pullback. We didn’t get a good entry the first time around. Now ‌the price is coming back again, forming a potential double bottom pattern. Hopefully, this time we get good enough bullish price action for an entry. 

 

USD/NOK Potential Trade: 

After breaking the support area, the price now made a pullback and is showing signs of rejection by forming long wick rejection candles. We’ll be looking at the 4h for bearish price action like a double top pattern before entering. 

 

USD/PLN Potential Trade: 

After breaking the resistance area the price formed a pullback in the shape of a descending triangle forming a triple bottom on the way. We’ll be looking for a break of the trend line on the 4h timeframe before entering.

 

Note: As we are already in one PLN trade, we won’t be entering this one. 

 

USD/THB Potential Trade: 

After breaking the resistance area, the price made a pullback and formed long wick rejection candles on top of the S/R area and the 50 EMA. We’ll be looking for bullish price action on the 4h timeframe like a double bottom pattern before entering the trade.

 

 

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One thought on “Weekly Market Analysis 08.08.2022 – 12.08.2022
  1. Thanks Nick once more for the guide. I am solely trading taking positions based on your guidance.