Hi Traders! Here is the weekly trades summary February 9th 2018. First trading week of February is over. It is now time to recap and summarize the trade setups that we had. Below you will find the short explanation of all setups we had this week.
EURJPY – Price moved exactly as per our plan. We got the double wave correction (which can be seen clearly on the H1 chart) and this trade triggered with the breakout of the most recent uptrend line. We are after sells now.
GBPJPY – This setup triggered with the breakout of the M15 uptrend line. We are after sells now.
NZDCAD – Price broke below the last low and this setup triggered. We reached more than 1:1 risk:reward ratio, this means you should have either ended up with Target 1 in the pocket or at least break even trade.
USDCAD – Setup invalidated.
EURUSD – Aggressive setup triggered, we are after buys now. Conservative setup didn’t trigger yet. As price is trading inside a range and its Friday it is a good idea to free the risk and close this position now
NZDUSD – The pullbacks that we were looking for is happening now in the form of double wave up. Currently the second leg is nearing the 61.8 fibo extension level of the leg, this 61.8 fibo level coincides with the bottom of the channel which acts as a strong resistance zone after breakout. Hence once the price reaches this critical zone we may expect a reversal to happen and we can go short with the breakout of the most recent uptrend line.
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Have a nice weekend!
Yours to your success