#1 EURUSD 4 Hour Chart
In the first of the 4 trading opportunities, I am looking at the EURUSD. Since, I do not like to make guesses, I will be waiting for this pair to reach the level of 1.0850. This is a major level of resistance. Once the price reaches that level, I will be looking for a sign from the Daily chart. If I have a confirmation from price action, I will act upon it. Let’s have a look at the chart below:
#2 AUDUSD 4 Hour Chart
The second trading opportunity that I will be looking for is another potential short sale on AUDUSD. Seems to me that the price might bounce back from the major resistance area at 0.7740. I will be looking for a daily candlestick confirmation before acting on it. Alternative (and very feasible) scenario is a breakout. If the daily price action is confirming the case for a breakout, I might wait for a retracement back to this level to go long. Let’s have a look at the screenshot below to visualise better these two scenarios:
#3 USDJPY 4 Hour Chart
In the third trading opportunity, I will be looking for a possible reversal. Once the price reaches the 112.00 level, I will be looking for price action confirmation. If I see a bullish candle around this level, I will be looking to go long. Alternatively, it could be a breakout, which should again be confirmed with a price action setup. I have been short (as many of you might have followed) since a few days already. The first target was reached and we might see the second one be breached, top. For the ones of you who have not read that post.
#4 GBPJPY 4 Hour Chart
In the chart below, you can see the 4 Hour price action of GBPJPY. I have been short for a few days already. If you have not read the post yet. You can check the following article, which is quite educational too- Two trades that worked out amazingly well.
What I am looking in this chart below is for the price to approach the support level. On the daily chart, I will be searching for a candlestick confirmation to go long. If there is no such price action confirmation, I will just let this trade run.
This material is written for educational purposes only. By no means do any of its contents recommend, advocate or urge the buying, selling or holding of any financial instrument whatsoever. Trading and Investing involves high levels of risk. The author expresses personal opinions and will not assume any responsibility whatsoever for the actions of the reader. The author may or may not have positions in Financial Instruments discussed in this newsletter. Future results can be dramatically different from the opinions expressed herein. Past performance does not guarantee future results.
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