USDJPY Setup
The image above shows USDJPY H4. The overall trend is bullish although price has just broken the bullish trendline and instantly found support at previous lows (circles to the left). Usually, price normally cools down maybe with some side-way moves before continuing up. I am not seeing a bullish setup just yet, but I will take it if it develops during the week. However, if price remains below the high marked A and break the low B I will take a sell, my assumption it could be the start of a bearish trend.
USDCHF Setup
Looking at USDCHF H1 above price is currently clearly bullish. Price has stalled a little finding resistance seen at points A and B. For this setup, I’m banking on a trend continuation. If price breaks above point B without going below point C I will be taking a buy.
EURUSD Setup
Simple setup on EURUSD H4. The trend is clearly bearish and if I see a break of the low marked with the grey line I will take sell if price stays below point B.
AUDUSD Setup
This is basically the same setup as the previous EURUSD Setup. Both pairs are somewhat correlated and one should always try to avoid taking correlated trades. In this case of the two setups AUDUSD Setup seems to be much better than the EURUSD setup and as such I will be focusing on this one. So if I see a break of the low marked with the grey line I will take a sell if price stays below point B.
1 comment
Perfect