Price on a weekly has made a LL first as seen in point 2 then a HH as seen in point 3. In patterns, this points towards a potential formation of a HNS. Point 4 was good confirmation that a HNS will indeed come into play as it made a LL of point 2. The profit target of this HNS, beautifully coincides with the 50% retracement of the rally from March 20' to May 20'
Personally, seeing those continuous pin bars on USDJPY on the weekly TF is not favourable to trade swings. Hence, I will be on the lookout on the smaller TF to look for momentum and hop on trades depending on smaller TF confluences. In depth analysis is mentioned on the chart itself.
In this video I talked about 4 setups I took last week and when i got into and out of these trades. Still trying to overcome my issue of holding trades as a result of self-doubt. As a swing trader, this has been my challenge that I have been trying to overcome and I hope to triumph in due time!
Entered a short on USDCAD. This is a swing trade where I'll be taking profits along the way and moving the trade to BE once LL AND LH are formed. Do note FOMC is on Thursday 2am Singapore time so there might be some consolidation or manipulation prior to that so do trade safe to protect your positions and capital.
GBPUSD rejected the supply zone and the trap zone on a weekly tf so I've entered a swing on GBP up around 300 pips. Profits will be taken along the way and trade will be set to BE once HH and LH have been formed.
Overall I am bearish on NU but a long trade idea has been plotted and I entered this trade at the rejection of the 38 fib level on an hourly. Might take till the end of the week to move up. If DXY continues to show strength,it may hit SL and I will source for new opportunities.
USDCAD has formed a cup and handle pattern on a daily TF. If it respects the pattern, this bearish movement in USDCAD could possibly be the retest. While price is sitting on trendline already, there's a good chance the price will drop further before reversing and making moves to the upside.