The top 4 trade opportunities for today (and at least for the rest of the week)

Here are a few of the currency pairs I’m currently monitoring.

On some of them I’m already trading/looking for a trade opportunity, while on others, I need to wait for the market to do “something” before I start looking for a trade opportunity.

But there is something in common on all of them: CLARITY.

Clarity trumps everything in forex.

Clarity in Forex

What do I mean by clarity?

It’s how clear the analysis of a currency pair is. Is it clear that the market will move up? or down? Or I have absolutely no idea of what the market is going to do?

Of course, if there is no clarity, there is no point on trading that particular currency pair, you have no idea of where it is heading right?

Clarity is so important when trading the forex market, that it can help you get good results even when you don’t have a good entry system, patience, etc.

Even if you don’t have a good entry system, if its clear that the market will continue its way up, even if you go long randomly, the market might favor you.

Even if you dont have patience, and enter your trade too soon, who knows, the market might favor you, because it has a higher chance of moving in one direction.

Of course, the ideal is to have a good entry system, patience, etc plus clarity when analyzing the market, I’m just trying to make my point here…

You see what I’m talking about? Do you agree with me?

Ok, now to my analysis:

The EURAUD broke the SF Box

EURAUD

The EURAUD just broke the bottom of the SF box, this means that the EURUAD just triggered a bearish market condition and it is likely to continue its way down, until it hits the next long term support level.

I have my next LT support level at 1.2360, which is more than 500 pips away from where it is currently trading at.

So as long as the EURAUD trades below 1.2932 I’ll be looking for short opportunities.

GBPUSD still has good downside potential

gbpusd

Last week I talked about the GBPUSD, it was in a very clear bearish condition. I even opened a trade, but had to close it because of the GBPUSD interest rate announcement.

I know I talked about the way I’m going to handle news announcements this year, but it was too close to my entry, and I also mentioned that when it is too close to my entry, the best thing to do when it is too close to your entry, is to close your trades.

Anyway, it is still in a bearish condition, and I’m still looking for short opportunities.

The next LT support level is at 1.5342.

The USDCHF looks good for longs

usdchf

Its clear that the USDCHF got rejected from the bottom of the range and it is likely to continue its way up.

It is trading around an important ST support level at 0.9211. The next one is at 0.9151. I’d enter on both of these levels if I see enough upward pressure.

The next LT resistance level (where I’d set all my TP levels) is at 0.9363. It is currently trading at 0.9212, so we’ve still got around 250 pips before we get there.

AUDJPY waiting for a breakout

audjpy

The AUDJPY is already trading in a very clear bullish market condition. Still, I’d like to see the AUDJPY break the top of the range (upper green level) before starting to look for long opportunities.

Patience is required to trade consistently buddy, that’s a fact. I rather wait and have a higher accuracy rate…

Whats your take?

Your Turn

What do you think about my open paragraph: CLARITY, do you agree with me that it is one of the most important factors in trading?

Now, about the trade opportunities that I mention, what do you think?

Are you trading something else? What other currency pairs are you monitoring?

Leave a comment.

Tags: , , , ,


Raul Lopez

I’ve been trading the markets for more than 15 years. I believe the best way to trade is by adapting to the market conditions. You can learn it too, join our community .


  • caswell Les

    Hi Raul. Clarity is very important especially when going for long positions. I took advantage of GBP/USD last week but now I am scared since it has bee trailing bearish for quite sometime now.  

    • Raul Lopez

      Hey Caswell, dont be scared… The market is never to low to stop shorting it… (or to high to stop buying)

      Good luck!

  • Raul i think you should zoom in a chart and then post it to get a clear view of the candles .
    Gpb/usd looks pretty bearish with huge impulsive selling but its approaching a critical support/congestion area, eur/usd i went counter trend short of that h4 pin bar and looking  clear of at the recent daily support:)

    • Raul Lopez

      Hey Jason, I’ll zoom in in the my next posts… In these charts I wanted to show you more data, that’s why I decided to zoom out :)

      I agree with you, GBPUSD is still bearish, we still got a good amount of pips…

      I wouldnt short the EURUSD just now… I have a bullish bias, but not enough clarity to trade it.