Forex Weekly Report

Forex StarsThis week I am going to have some great market ideas for you as I do every week 🙂 but first I want to give some shout outs to some friends of mine that helped my trading this week. I am a huge twitter user and I have been ever since I posted about the awakening I had about Forex Twitter about 3 years ago. That article has helped several traders into using twitter and I want to encourage you to do the same. I received a thank you from one such user today, which in turn inspired me to mention that old article once again.

Trading Stars This Week:

I like to give a shout out to my boys who help out the trading community.

@pipczar Blake had a Usd/Cad Tweet that as soon as he sent it I knew that it was love at first site. I followed him and I woke up about 35 pips higher and was so glad that I didnt have to do my home work on that pair but I could trust Blake and make a move. It worked well.

@Kosentrade Tim Kosen posted a trade idea and video about the Gbp/Usd, I saw it and thought that it might work and boy work it did, after following that trade I ended up with 120 pips on the trade.

If you are not on twitter than you should get on there now start by following me and to make things easier for you, follow my list of expert forex traders that I have compiled on twitter.

Trade Updates:

Last week I recommended finding Eur/Usd Short positions based on the weekly resistance level and a daily bearish candle.  You can see that if you would have been taking shorts through out the week it would have worked out well with several good trades.

Euro Hrly Chart

Enough about last week let me share with you what I am looking at this week. Eur/Usd has been flat lately and I will be looking at more trades just like I showed before.  However the Weekly chart is still in a consolodation phase at this point and I have found something more interesting to look at.  What could that be you ask????

 

The Yen of course. Take a look at the Forex Power Indicator

Forex Power Meter

Forex Power Meter

Based on that the Yen is very weak right now I mean really weak. So why would we not want to take advantage of this move? My strategy is to wait for a pull back and the get in. See the 5 best pairs based onthe power meter.  Find a support level and go for it. One last warning it can be volatile so exercise caution and use proper risk parameters.

I wish you the best in your trading this week and as always if you would please leave a comment  on anything in the above article and or share on your favorite social media platform I would be most thankful. If you are a web surfer like me and like to read all things trading I would like to point you to this thoughtful post about Trading Services.

 

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Casey Stubbs is the founder of Winners Edge Trading, which is one of the most widely read forex sites on the web. Winners Edge Trading has trained thousands of people to trade the Forex markets.

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  • Mombemelford

    It is great insight I wish you were my mentor. Thank you very much for the reports 

  • Thanks Casey.

    The yen does indeed seem very weak at the moment, and it’s the first time I’ve noticed it responding to fundamentals. It feels like it could be the beginning of a reversal of the yen’s bull trend over the last few years, although I’m not sure if we’re quite there yet.

    Good luck for the week ahead! 🙂

  • Thanks for your input Casey. I sometimes feel a little isolated down here in the South Pacific (New Zealand). Totally agree with your comments on USD/JPY. Traded this successfully a couple of weeks ago and just watching for a re-entry point.

  • Good to get confirmation of thoughts on USD/JPY. Traded this successfuuly 2 wks ago and also thinking about a retrace point for re-entry.

  • Kristofa

    Thank you for sincerely showing us how you trade the markets. I believe it not showing off. I will follow through on the yen pairs that you suggested. Thank you and happy pipping.

  • Mr T

    Casey,

    You are a great guy. Thanks for your trading tips.

    Regards,
    Mr T

  • Jackie W. Cox

    Thank you again Casey for your professional insight. As always your article was very fun to read and very informative also. God bless you and yours and your trading. I’m always thankful to have email from Winners Edge Trading. 

  • Phil

    Fantastic Casey , once again you are on the money !
    I traded the Usd/Jpy two weeks ago, and had good success .
    Your inspirational wisdom and experience is invaluable to us newbies.

  • Rusty

    Casey.

    Good advice on the Pound. I always look forward to your calls. I look for the Eur/Usd to go no lower than 1.3026-1.3055 and then head to the 1.3600 area, possibly this week despite the Greece situation. I think the Gbp/Usd is also going to be a pip getter to the north.

    Regards
    Rusty