Hi Traders! Here is the weekly trades summary May 18th 2018. Third trading week of May 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.
GBPAUD – Price moved exactly as per our plan and broke below the bearish flag pattern triggering our entry for sells. It has provided 1:1 risk reward ratio already.
Price has also broken below the most recent low at 1.79865, thus triggering our conservative entry.
USDCAD – Setup invalidated. The price broke through the marked zone and also invalidated the pattern we were following for a breakout.
Gold – Price has reached the confluence zone. If the bullish divergence completes itself, we may look for more bullish evidences and start looking for buys.
EURAUD – The bullish reversal that we were looking for didn’t happen yet and the price has broken below the bottom of the range. If this turns out to be a false break then wait for the price to move higher and break above the H4 downtrend line first, we may then look for buys until price reaches the top of the bullish channel. Alternatively if the price holds below the bottom of this channel then this setup is invalidated.
USDJPY – Price has reached the 111 zone, we have a potential bearish divergence forming at the moment. Once this bearish divergence completes itself we may look for more evidences of bearish reversal and start looking for sells.
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Have a nice weekend!
Yours to your success