Weekly Predictions and Ideas 8th April 2019

Overall there hasn’t been too much change in the markets but looking across the markets we do have a few opportunities here and there from the way I approach the market at least. Like always we will start off my 4 pair portfolio and then take a close in depth opportunity set up on NzdUsd this week.


As you see for there is a fair a bit going on on the EurUsd which I am looking to get in at. Bigger picture we just held support and rejected off it after a deep pullback. This deep pullback inidicates a weakening trand so it adds to the confluence to this setup. We also happen to be putting in a potential head and shoulders which is a reversal pattern and the location it comes in at makes it a decent opportunity. Furthermore, there is a gartley pattern coming right at the support level. It would mess up the Head and shoulders a little bit but a good way to enter. If we break above as seen by the lines I will look for a pullback and extension further up to the highs of the first lcation I see as resistance. Overall I would not be surprised if we retest the highest resistance drawn but I personally like to be in and out the market as quickly as I can so my target taking is more conserative. GbpUsd we are consolidating but tightening up the range which means there is likely to be a breakout coming. It can break either way but I personally think it will go up if I had to choose a direction. On the 1hr we are bouncing off support so if you are predicting a bullish break there is a chance to get in early with a decent RR potentially. If you are predicting a bearish move there is a cypher and a killzone just below it to get in at so some opportunity there. For me I would wait, take the cypher if it still meets my rules and see where this break comes in at.

Not too much on AudUsd we havent changed much since the start of this blog and my opinion hasnt changed on it. Consolidation with a slight bearish bias but would need quite a lot of confirmation for me to get into. GbpAud I will be reentering sunday night assuming price is still there as I was in a long opportunity on it. Overall on daily it is consolidating and on the 1hr it is giving many conflicting signals so far. We had this head and shoulders which is in overall consolidation. We are currntly testing the necklie and I dont personally dont use trendlines but I have it on there for some bullish confidence and to see how it plays out of it. I am very curious and intriguesd by what happens and why so I tend to look for an explenation in everything. I’m not as confident in the bullish move simply because of the break and close of the red zone which indicates a move lower. But then again there is divergence on the RSI. So like I said many conflicting signals around right now and whatever happens with this trade happens, I know my risk on it and wouldnt ever go into a trade withough being prepared to lose that money.

This week as mentioned we look into NzdUsd. I see a decent bullish opportunity setting up with a fair amount of confluence. We are currently at the minor green support zone which could make the move before we go lower but the red zone is a more significant level of structure. As you see we have 3 different Fib extensions lined up almost perfectly. An equal measured move come slgihtly lower but I put it in there for example purposes. I wouldn’t personally use this one as confluence due to where it comes down to. Stops can go below the red zone and there is many various targets you can take looking at the green lines. As a conervative trader I wouldnt look further than the first 2 but depending on what you see in the market you can take them much higher than me and use varoious combinations of T1, T2 and so on.

And to finish off this week we have 3 quick patterns potentially setting up and that would be it.

So there it is, another weekly predictions and we will see how these play out next week. Thank you for reading this and hope you found value in my analysis and views on the markets. Share it around and be sure to follow me on social media. If you have any questions, I am always available so dont be shy to ask.

Lach

Published by Lach Plays Trading

I'm a forex trader whos journey began January 2018 and has had its ups and downs but has taught me a lot about the markets and myself as a person. Documenting my journey and sharing my experiences for you to be able to learn from them and my prior mistakes. Fully transparent, not afraid to show losses or speak exactly what comes to my mind.

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