Here's how currencies are looking on the weekly TF:

Weekly
EUR Falling hard
GBP Falling somewhat
AUD Starting to rise
NZD Falling and starting to go sideways
USD Rising hard
CAD sideways
CHF Sideways
JPY up

Trades:
Sell EUR against AUD, USD, JPY, CHF
Sell GBP against AUD, USD, JPY, CHF
Buy AUD against EUR,GBP
Buy NZD against EUR,GBP (risky)
Buy USD against EUR, GBP
Buy Cad against EUR, GBP
Buy CHF against EUR, GBP
Buy JPY against EUR, GBP
Comment:
Daily
EUR Falling
GBP Falling
AUD Rising not so much
NZD Rising
USD Rising
CAD Falling
CHF Rising
JPY Rising

Trades:
Sell Eur against USD, JPY, CHF, NZD
Sell GBP against USD, JPY, CHF, NZD
Buy AUD against EUR, GBP. Maybe sell against CHF, USD and JPY
Buy NZD against EUR, GBP, CAD
Buy USD agains EUR, GBP, CAD
Sell CAD against USD, JPY. CHF, NZD
Buy CHF against EUR, GBP, CAD
Buy JPY against EUR, GBP, CAD

Resume:
EURCHF, EURJPY, EURNZD, EURUSD shorts
GBPCHF, GBPJPY, GBPNZD, GBPUSD shorts
NZDCAD long
USDCAD long
CADCHF CADJPY short
more risky but possible:
AUDCHF, AUDUSD, AUDJPY short; EURAUD, GBPAUD short
whatcha think of the rising wedge / falling wedge on DXY and EUR, respectively? The bounces off the lower wall (and right below it) have been great scalps. You think the euro's going to fall out of the wedge as well?
Reply
@some_guy, If you followed these trades from yesterday you probably woke up to some very green numbers... this idea is just a complete description of the supply and demand (or overall strength) of each currency against each other... using probabilities you can take trades with very little risks... I went into replay mode to test this algorithm during the weekly from the year 2000 to the date and I saw every channel being broken, every resistance pierced, RSI staying at 100 and at 0 for a few months... etc... ever since then I don't trust resistances nor channels, if there is demand or lack of it the currency will move... and this makes more sense than one may think, after all the only people who look at these kind of things are the forex traders, Bond traders, option traders, stock traders and the government and banks use forex without regards to those key levels... I admit that these indicators aren't fool proof, when I went into replay mode and tested it I had like 75% correct trades, because stuff happens, and sometimes a weaker currency can fly fast under some conditions (like the yen last week)
Reply
Nice analysis!
Reply
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