We are seeing the same theme across the USDXXX pairs which is lots of consolidation and indecision. Although we saw price break out of that strong descending trend line, we have seen nothing but a range ever since. I will be waiting patiently for a break either way followed by a re-test and rejection before considering a position. IG Client Sentiment - 71%...
Anyone with open eyes can see that this pair is caught within a range, don't try and fight the markets, let the setups come to you. Be patient, wait for a break of the consolidation phase either way before considering a position, there are plenty more pairs to trade. This pair is the devil pair, trade with caution! COT Data - 73% Long
Although we are seeing day after day of indecision and lack of volume on XAUUSD, price is still holding strong above the daily supportive region. To confirm long term buys I would like to see a crossover of the wedge trendline, until then I will be holding off from trading this ranging pair. IG Client Sentiment Data - 80% Long COT Data - 51% Long
Price is clearly stepping down, it baffles me that people are still trying to fight the trend with a whopping 71% net buyers on this pair according to the IG client sentiment data. The trend is your friend, bears are in until we see a structure shift occur and we see some of these structure levels marked getting broken and begin acting as support.
This is how I see this market, although it is very controversial, my bullish bias stands firm and I expect and aggressive upside move. COT Data - 60% Short
Please view my related idea below to gain more insight to my thoughts on this pair. I would now say I am highly interested in a long position, I will be waiting for a significant pullback to get an ideal RRR trade.
We have encountered a break of the falling wedge but more importantly, we are seeing signs of a structure shift on the 4-hour time frame. I will be waiting patiently for the price to pullback into the key zone marked and show signs of rejection before considering my long position. This looks like a fantastic setup to take advantage of today. COT Data - 49% Long
I am still not 100% sure if this pair has shown signs of a fake breakout, we will need to monitor the price on Monday and wait and see whether or not price wants to continue ot respect the ascending trend line or trade outside it again. Definitely one to keep on your watchlist, lots of potential for an upside move here. COT Data - 72% Short
For the moment it is crucial to stay patient to see how the dollar, as well as the NZD, will react to the market open. I have illustrated the next potential move for NZDUSD, for the moment price looks like it's stuck and consolidating, if the price breaks out of the trend line and starts to trade below the key level marked, I will consider changing my bias to...
I am still not certain on the overall direction of this pair, although the price on the higher timeframes suggests upside movement, I still have a very strong bearish bias on the dollar. I will need to monitor how the DXY and WTIUSD perform on Monday before considering any position on this pair. I have marked out the levels I am interested in, if price holds...
Although the price from my point of view is moving within a range on the higher time frames, we can still look to trade opportunities on the smaller timeframes. If price breaks and holds above the structure marked, I will be looking for a buy position into the previous daily highs as illustrated. COT Data - 76% Long
Nothing but consolidation all of last week, this is highly visible on the daily timeframe, all that can be seen is side by side candles followed by wicks. If the market wants to continue like this we will simply work with other pairs, however, if we see a clear break below of the structure marked followed by a re-test and rejection, this could open up the...
XAUUSD remains indecisive, price fails to hold above the key level we are interested in and continues to play around on the significant trendline, although I know many of you are keen on trading gold, I would say avoid it until a clear market direction becomes apparent because at the moment you would be diving into the unknown. COT Data - 53% Long
Potential Friday trade we may take, I am expecting a slight push back down to gather liquidity before the continuation off to the upside lets see how this one plays out. IG Client Sentiment - 75% Long COT Data - 73% Long
Although this looks like a great sell, I would wait for additional confirmation, price could easily hit the horizontal line marked and reject to the upside. For a safer alternative, consider waiting for a break below of structure followed by a re-test before considering a sell position. IG Client Sentiment - 50/50 COT Data - 55% Long
This is an idea for an intra-day trade on GBPUSD, if we manage to hold above the previous small resistance level then we can consider a small buy position into the next key level marked. It is quite obvious that GBP has finally reacted to the beating it was taking and on the lower time frames, you can see that price has begun to shift. IG Client Sentiment - 52%...
If you look closely you will see that the previous supportive level failed to become resistance, after breaking the descending trendline it has once again become support. I now expect the price to show signs of rejections here to give us a potential buy entry, let's see how this one unfolds throughout today. If you consider trading any EUR pairs today, please be...
If we look closely into this pair we can see that a structural shift is taking place after the small descending trend line was broken. I will be monitoring how price holds in and around this area on the 15M time frame before considering any buys. It is also essential that you monitor the DXY before taking any pairs in conjunction with the dollar. IG Client...