Hello guys, welcome to this weeks market analysis where we cover the setups that we are looking at for the upcoming week.
Weekly trade ideas and analysis:
Our first potential setup of the week is going to be NZD/JPY.
The price has been in an uptrend for a long time. But we recently saw the price make a lower low and a retrace into a lower high. This could be the start of a new downtrend, and getting in right at the beginning means that we can potentially ride this new trend for a long time.
We got a great potential trade setup after the price made a pullback which aligned with the resistance area and the 0.61 Fibonacci area. At those areas, the price formed a bearish long wick rejection candle which confirmed this setup.
We are going to look for an entry on the 4h timeframe. Here is how:
We have drawn a trendline on the current pullback, and once the price breaks that trendline we will look for an entry short.
We are looking at a very similar scenario here as we were on the previous setup. But, as you might have noticed there is no bearish price action yet. The price has made a pullback, but we are still waiting for some bearish PA.
We’ll be keeping an eye on this setup throughout this week. If we get some bearish PA, we will use the same 4h trendline technique to enter the trade.
We also have a potential silver trade this week. Which will also use the same entry technique as the previous two setups.
The price has recently broken below the support area and is now making a pullback. If we get bearish price action on the daily, we’ll look for an entry on the 4h timeframe.