All the 3 pairs are still moving within a trend channel which is a sign that the traders are still not sure of which way to go. There are 2 ways we can trade in this kind of situation.
1) The Breakout Trading Method
For the breakout method, we will wait for the price to breakout of the trend channel and then enter a trade based on the direction of the breakout.
Do note that the longer the trend channel, the higher the target profits for the breakout
2) The Fakeout Range Trading Method
The fakeout is very common in trading. It is the failed breakout that occur in method 1. When the price breaks the trend channel, you will enter a trade based on the breakout direction. If the price moves back and then close inside the channel again, you can then enter a trade based on the range which is the repulsion of the support and resistance of the trend channel.
For those of you who are in my forex signal video service, you can go to your members area to view the signal video on the trading opportunities on Monday for the 3 pairs.
My EURUSD Analysis
For this pair, it is slightly more tricky. The price has made a successful breakout on Friday but it moved back to the trend channel before the market closed. However it hits the 400 EMA which is a strong level of resistance.
At the moment, we have a sell trade on the EURUSD and the stop loss has been shifted to breakeven. I enter the trade before the breakout but the price has now moved back into the channel. So I will monitor to see if I am going for the fakeout trade.
My GBPJPY Analysis
For the GBPJPY, It is still moving within a trend channel but as the price produces lower high on Friday, I have entered a SELL trade on it and it is currently 15 pips in profits and I have shifted the stop loss to breakeven.
For this pair, I will recommend that you wait for the price to break the trend channel before you enter a trade on the breakout.
My GBPUSD Analysis
For the GBPUSD, It is also moving within a trend channel. So my advice for you is wait for the breakout like the GBPJPY.
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