By — Casey Stubbs — Follow Casey on Twitter
Time for my weekly Forex Report that I release on Saturdays. This week I am going to share what has been my favorite trade for a long time and I am going to keep trading it until it doesn’t work anymore. In review of last week I posted the idea of putting a short trade on the Eur/Cad and fortunately it worked out pretty well I hope some of you were able to get that trade as well. I enjoy taking Saturdays to find the best setups for the coming week.
How many traders are like me putting the time in to find the right trades when the market is closed?
I know that it is supposed to be the weekend, the time to rest, however preparation is important for trading. I think that if you just start in Monday with out a game plan for the week that is where traders get bounced around and can have some big losses. It is so important for me to find the right setups to read my news and go in Monday morning knowing what I am looking for and when I see it I trade it. My advice to the traders is do your homework and don’t get caught off guard. I am good at what I do because I put time in. Please do your homework and be prepared this week and I have helped you by sharing my work with you, so I hope it helps.
The last week was a range bound week as the pair is trying to determine which currency is in worse shape the Euro or the Dollar. I think that both of these currencies are in bad shape and honestly I dont see a strong trend for either one until one economy emerges stronger. Due to the range pattern in the Eur/Usd there are not any great swing setups at this time, however it is quite possible to play those ranges for some short target trades. Any type of swing trade in this condition will get chopped up and not make any money so I would play the range while it is intact.
There are plenty of great fundamental plays however such as the Eur/Cad which I mentioned last week see link above at the beginning of the post. One possible trade to look out for is the Eur/Chf, normally I do not bother trading this pair but there is some setups that could be forming because the Swiss Government is taking a firm stand. This gives traders an edge when we have some good news like this to help us with our trading plan. Take a look at the chart and lets see if we can find any good trades next week on this one.
My Favorite Trade:
Now that I have posted some useful content now I am going to share a strategy that has worked for me very well. This is very simple and I love simple because I am a simple guy 🙂 that is to buy the Nzd/Usd on all pullbacks. The pair is currently way up and I would never buy at the top because of the strong move up. However since this has been working so well I will be looking at all pull backs looking for possible long setups.
Take a look at the chart
I have two things that I am going to leave you with that is very interesting. Take a look at the U.S. Government Debt Clock. Did you know that Facebook is going public, now that is an IPO that will make some good money. Thanks for reading and please share via social media if you have found any value in this article.
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