journeyofarookie2.0

Scenarios for next week

FX:EURUSD   Euro / U.S. Dollar
Been forever since last time I shared an idea. Trading has been tough this last few months (sitting in a drawdown since March and far from getting out of it) and completely got off trading during half the summer to rest, reload and do a bunch of work and testing including higher timeframe analysis to my trading. Also currently busy "revamping" my trading "slightly" to higher trading timeframe from the H1 to H4 as I'll be switching job in a few weeks and won't be able to check charts as often as I can at the moment.

Anyway, just wanted to share what I'll be looking out on this pair this coming week(s).

Price is currently trading at a monthly level of support and it will be interesting to see the candle close at the end of the month to see if we got a rebound (and potentially a longer term move to the 1,25 area) or a break below the support level for a potential longer term move down to the 1,05 area.

On the swing trading side of things, I'll be waiting for a short entry on the H4 at the weekly resistance level or a long entry (also H4) at the weekly support level and "ride the wave". (the black arrows)

On a shorter term perspective, price is in a daily range between the 1,1730's and the 1,1520's. I'll be looking for shorting or buying opportunities on the H1 or M30 for a retest of the opposite side of the daily range (the blue arrows; forgot to mark the "shorting" one). But IF price breaks above/below the daily range I'll be looking for buying/shorting opportunities for a retest of the weekly resistance/support level (the pink arrows).

Plan YOUR trades and trade YOUR plan!

Have a great week in the market.
Sep 21
Comment: Well after a busy week some part of the scenario played out : price bounced from the middle of the daily consolidation area to break and close above the daily resistance on thursday and retested the weekly resistance this morning before being rejected.

Took a total of 5 trades on that pair for a total of -42 pips. Wrongly placed my stop on a short on wednesday which got me out on thursday for -94 pips but also made me miss the move that same day (left about 80 pips on that table) which would have made it a positive week on that pair instead of a negative one.

Nothing wrong with making mistakes as long as you learn from them and improve : fail your way to sucess !

Have a great week
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