Welcome to this week's Weekly Forex Review.
I hope you're staying warm with all the cold weather we've been having.
The purpose of these newsletters is to provide you with actionable trade ideas that can help you make great trades in the Forex market.
A couple of things I want to start with: reviewing last week's trades, I took a USD/CAD and GBP/JPY long position.
Last weeks trades crushed it, I want you to do the same.
I want that kind of success for you.
These trades helped me pass a $50,000 prop firm test. I hope the analysis I did helped you with your trading.
That was the first phase in my $500-to-million-dollar trading plan.
I have outlined this in a PDF report, which has stirred up a great deal of excitement because that is really life-changing money.
This week, I am starting out by looking at the Euro/Pound.
The reason I'm considering the Euro/Pound is that we are at a very strong support level. The level I'm watching here is .85.
The price has bounced off this level many times in the past, which means there's going to be a lot of buying pressure around that level.
So, my strategy is going to be to buy on bounce trades at that level.
See the chart below for reference:
Notice all the support around the .85 zone. I think that we could see the price possibly bounce to the .8650 level in the next week or so.
Around that level, we have resistance because we are in a wedge pattern on the Euro/Pound.
Additionally, there is a great breakout opportunity on the 2-hour chart. If we break the horizontal and diagonal level, I will be going long on the EUR/GBP, targeting the .8650 level.
Next, I want to look at the AUD/USD. There is downward selling pressure on the weekly chart.
But if we look at the daily chart, you will notice we have some strong support that price has bounced around the .65 level.
If we go to the 2-hour chart, you can see the bounce, and I will be going short if we get a breakdown or long if we get a break up.
See the chart:
This is what I am waiting for to trade the AUD/USD. Remember to be patient and wait for the setup to come to you.
To Your Trading Success,