Very quiet and dribbly markets this morning and I dont really have anything much on my radar this week either. I personally found when price ‘dribbles’ up or down it sort of continues until we hit an important level and currently we are in the middle of nowhere doing nothing on most pairs. So lets take a quick look at my portfolio first.
As you see on the Euro we have got a bit past then shoulder and are currntly at a decent inside structure level. Still potential to go down the to the green line but it is messy and uncertain on the 1hr so I wouldnt look for anything on it unless I get an FTB or an advanced pattern that meets my rules. GbpUsd isn’t that much different to be honest. Again consolidation and starting to trap price inside the 2 red zones until we break out. You could try and trade the bounces between them but it’s not something I would look to do. there’s a decent resistance zone on the 1hr oraange box but stops would be an issue for me due to the small levels slightly higher at the yellow arrows. Overall nothing again and I just wait.
AudUsd hasn’t changed at all really since the last few weeks. Consolidation, consolidation, consolidation. We do have a small break above with ossibility to carry up to the red zone for a daytrade but too messy for me and there isn’t a clear place for my stops to godue to the mess between orange and first green zone. GbpAud, what can I say. Consolidation?. Yea there isn’t anything here for me. On the daily we havent closed below but gapped down and into a small support level. On the 1hr we did actually have a L3C past the red line but due to how small the break is, the divergence on RSI and the daily overall I would just stay away. So yea nothing on my portfolio again but I’m fine with that so lets get to this weeks opportunity.
AudCad has a genuine potential opportunit that I’d look at. Overall on the daily etc we are just consolidating a lot. However on the 1hr we do have a decent break of structure and some room down to the green line in my opnion. We have bounced off a half decen level but ultimately my prediction is that we will come back down. We did have a fairly large gap over the weekend but it’s just part of a pullback. I like the zone we are currently in a lot, due to it bein a recent level and respected quite a few times recently (red zone). What I need to happen now is a break of that V on the double top and then a pullback. You could enter on the double top itself which isn’t a bad idea at all but this day trading approach I am taking, I am looking for a break on the 15 in the same direction as my bias on the 1hr and that will come through 2618 or head and shoulders type setups. It might mean I miss quite a few opportunities but I ‘should’ have higher probability setups this way. It’s also a little experiment on a demo account to see how it goes and if I like the approach which I am exctited about.
To finish it off here’s a quick 3 advanced patterns on my radar to track this week and we will see how this all plays out next week.
All are fairly close to entry and I have my orders set again on a demo account and we carry on as normal going forward. Hope you found some value in this and enjoyed it. Be sure to follow my Instagram for more updates and analysis and let me know if you have any questions or requests.