This 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.
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.
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
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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Winner’s Edge Trading, as seen on: