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How I am trading Forex this week, starting Dec 6th-9th (2016)

I love the thrill of currency trading in Forex. However, one thing that I have come to learn is that you cannot succeed in Forex when you don’t have some sort of a trading plan or journal where you record your weekly activities. So in light with this, I am going to highlight certain currency pairs that you and I should focus on this week, starting December 6th to 9th 2016.

Forecast of 5 currency pairs on the daily time frame this week December 6th-9th 2016)

1 USDCAD

A good uptrend line was broken after several weeks of this currency pair riding on the upper Bollinger Band. The trend was broken by one strong bear bar and it should have indicated that the bears were taking over, hence the breaking of this critical line.

This was a good opportunity for traders. I quickly entered the a Short/Sell position immediately after the bear bar. But I also took notice of a near-term bounce area which looked like support. I had to get out with 10 pips TP. The trade was successful.

If this support is broken with one or two decent bear bars, then we could have very strong sell signals. The next support is very far away, and this means ample time for those who would want to sell with a Take Profit of 10-30 pips.

2 GBPJPY

GBPJPY has been showing a strong uptrend since last week. There is no upward resistance at all from where the price currently is. And with 3 decent bull bars, we could go Long as many times as we want — until the trend is showing signs of exhaustion or is nearing a resistance zone.

But these signals also apply to all GBP currency pairs this week. The Buy signals apply to GBPJPY, GBPUSD, GBPAUD, and GBPCAD.

3 AUDUSD

Market has been ranging with perfect Buy and Sell signals over the last couple of weeks. But it suddenly broke the trend and started slopping downwards. An uptrend was attempted in the last couple of days, although it never held. It was corrected with a very strong sell bar. Then it was also followed by some 3 strong Bull bars. As it is now, we should wait for a solid trend to form so we can enter the market on this pair. But the most likely position we shall be looking for is a short position.

4 EURCHF

Market has been slopping downwards for some time. However, the middle bollinger band was broken, and the price even rallied past the upper bollinger band with a very very strong bull bar. A buy trend is clearly forming here. We should look to buy just after a potential downtrend bear bar is corrected (if at all it forms). 

5 EURGBP

The downtrend is strong. Scalpers most likely missed the opportunity of placing a Sell Stop with 5 pips right after the bear bar confirmation which succeeded the doji.

Right now, price is at an area which is considered a support zone. It would be foolhardy to go short. And since price remains below the middle band, it would be wise to step aside and wait.

These are my top 5 currency pairs that I shall watch throughout the week on the daily time frame. As you can see, some of them have already formed ripe signals, so you could act on them without hesitation. But as for those that are yet to form, don’t rush because money is made by sitting aside. Don’t try to beat the market. Just wait for it to form what is clearly a signal that can be traded. 

Author: Deli Press Viral

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