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Forex Trading Week In Review & Outlook

Week in Review

USD

After weeks of sideways price movement during the US trading sessions we wrapped up the week with a strong bullish move of the USD as Yellen continues to be hawkish about a second interest rate increase for the USD this year.
I was anticipating a major move in the market and I don’t think that it’s over quite yet.  Ultimately I expect the EUR/USD to reach parity and with so many traders having a consensus that this pair will drop as the USD strengthens expect lots of volatility as the pair descends.

GBP & JPY

The GBP and JPY have been the most solid currencies to trade this week with consistency in following through on swing trade setups.
In the coming weeks, I will continue to look for GBP strength and JPY weakness.

Watchlist

Bullish

Currencies:  GBP, USD, AUD, NZD
Currency Pairs:  GBP/JPY, GBP/AUD, AUD/JPY, NZD/JPY

Bearish

Currencies:  JPY, EUR
Currency Pairs:  EUR/USD

Swing Trades Review

In this video I review all swing trades taken by Course + Signals members this week.  Pairs traded were AUD/CAD, GBP/AUD, GBP/JPY and NZD/JPY. We ended last week with all winning swing trades and a partial loss on one trade.  This week we had all winning swing trades, but one where we got stopped out by just 1 pip.

Question

Should I limit my trading to just a handful of pairs?

Answer

If you are an intraday trader then it can be easier to catch trade setups by monitoring just a few currency pairs.  However, if you are a swing trader, then it would be wise to trade at least a couple dozen pairs.  I trade 28 currency pairs.
No currency trends all of the time and in a sideways market such as Forex it is wise to stack the odds in your favor.  Traders who limit themselves to trading only one currency are limiting their profit potential as opposed to someone who focuses on buying strong currencies and selling weak ones.
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Forex Trading Week In Review & Outlook

Week In Review – Week of August 14, 2016

Last week was a great week for swing trading as many pairs pushed into the Overbought/Oversold areas.

The strength in the Japanese Yen continued throughout the week while some of the trending currencies, such as AUD and GBP, are now retracing.

Currencies that I identified as being neutral last week have since taken a directional bias as noted below.

Watchlist – Week of August 21, 2016

While some of the trending pairs are retracing on the Daily timeframe, my primary focus for swing trades will be to look for increasing strength in EUR and weakness in USD.  My secondary focus will be to look for AUD strength to resume as this currency is nearing a major level of support.

JPY is still strong, but is showing evidence that this currency may start a correction.

At this time, I am not interested in any bearish GBP swing trades as this currency is going through a correction.

Strong Currencies & Pairs

  • AUD, CAD, CHF, EUR, JPY, NZD
  • EUR/USD, NZD/USD

Weak Currencies & Pairs

  • GBP, USD
  • USD/CAD and USD/CHF

Swing Trades Review Video

In this video I review every swing trade taken this week using my swing trading strategy.  Use this video to further your learning.  Click here to watch the video.

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Forex Trading ~ GBP/USD Trade Review August 12, 2016

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