If you have been following my blog, you should know that I often talks about the trend. This is because trend is a very important factor in trading.
This month is not easy to trade due to the Brexit uncertainty but with the power of trend, we make a good profits on Friday.
If you take a look at the screenshot of the trades I have made last Friday, you can see that I enter a lot of BUY trade which makes us a good profit on one single day. If you are a user of my trade copier, you will also see these trades on your platform.
If you take a look at the screenshot below, you can see that the trend on last Friday is UP which is why we had good profit on that day.
This goes to show that trend always work no matter of the market uncertainty. In trading, one thing that is certain is it is always good to trade in the direction of the trend.
For those of you who are new to trading, I will advice you to always trade in the direction of the trend.
As usual, I have done my analysis for my own trading for this coming week and below is my analysis
On the weekly chart, you can see that the EURUSD is in a Down trend
On the 4 Hourly Chart, you can see that the EURUSD has hit the 400 EMA which is a strong resistance
On the 15 minutes chart, you can see that the EURUSD is in a strong uptrend
If you have read my Multiple Candlestick blog post, you will know that the price will most likely move up after the multiple candlesticks formation.
This kind of situation is pretty hard to trade as the higher and lower time frame is not aligned.
Therefore if you are new to trading, I will recommend that you do not trade the EURUSD this week
However if you wish to trade, you can enter a BUY trade and please exit the trade when it hits the strong resistance shown on the 4 hourly picture above.
On the Daily chart, you can see that the price is still moving within the symmetrical triangle
On the 4 hourly chart, you can see that the price has hit a major resistance
On the 15 minutes chart, you can see that the price is in a strong up trend
For the USDJPY, I will say that I will continue to go LONG once the price manage to break the 400 EMA on the 4 hour chart as the price will attempt to move to touch the upper of the symmetrical triangle.
For those of you who are interested in my trade copier service, please click on the link below for more info