Two possible and quick short term trade ideas

Entry Signal

Hey traders, what are you up to?

I just wanted to ask you about the currency pairs are you currently trading?

There are days that is kind of difficult to find trade opportunities, on those days, we need to trade the least we can. Because our job is not to trade everyday, but to trade only when the odds are on our favor.

But today is different, there are plenty of opportunities out there, both, short term and medium term opportunities.

I’m going to focus only on the short term charts, but as you already know, the most important aspect of trading is how you choose the instruments you trade.

Get that right, and you’ll have 80% of the job done!

So I’ve already done my long term analysis on each one of the opportunities below, but in this article, I’m just going to focus in the short term charts.

EURGBP Analysis

The EURGBP is trading in a very clear bullish condition, you can see it on both, the daily and the weekly chart.

So you know that we should only look for long opportunities here.

Let me show you the hourly chart:

EURGBP hourly

We know the EURGBP its bullish, only long opportunities are in play, it looks like its going to get rejected from the bottom of the range, so we just need to find an excuse to go long (call it signal).

Maybe a rejection from the 0.7228, or a breakout of the previous high could work.

AUDUSD Analysis

Another currency pair I’m currently monitoring is the AUDUSD.

Again, it is trading in a very clear bullish condition, and I would feel perfectly comfortable looking for long opportunities. Why? Because its got clear levels on the long term charts.

When we’ve got clear levels, we know what the market is likely to do and we can plan accordingly.

Here is what the AUDUSD hourly chart looks like:

AUDUSD hourly

In this chart we also have two trade scenarios:

  • A possible retracement to the ST support level (0.7680) and use the retracement strategy to trade it
  • Or a possible breakout of the previous high and use my breakout strategy

A possible retracement to the ST support level (0.7680) and use the retracement strategy to trade it
Or a possible breakout of the previous high and use my breakout strategy

What do you think?

Your turn

What do you think about the two possibilities here? Are you currently trading these two currency pairs?

What other currency pairs are you monitoring?

Please share your thoughts

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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 .

  • Varahala Babu

    hi raul…once we are 80 pips favour in any trade then during imp fundamental announcement should we shift our stoploss to entry price (break even ) or should not change stop loss ?

    • Raul Lopez

      Hello Varahala,

      It depends, we cant set an arbitrary # of pips for every currency pair… each one of them is different, so I’d rather set it based on each condition… for instance, 80 pips in the GBPNZD is nothing… but it might seem enough in the AUDUSD…

      See what I mean?

      Good luck!

  • Varahala Babu

    hi raul…eur/gbp and eur/cad are in bearish condition ?

    • Raul Lopez

      I wouldnt trade the EURGBP…

      But I would agree with the EURCAD, in fact, I have a short trade there…

      Good luck!

  • hira

    hi raul I cleared 1000 pips this weak even after 5 loses this week I gained 1000 pips pyrimiding positions as the markets were on the move this week and got many signals , I could still be in the trades but I was happy with my take so I exit every trade I had running Friday …

    • Raul Lopez

      Wow! Congrats Hira! I’m glad you are having those results!

      • hira

        not all the time i get this much raul .. ( only when markets move like the analysis i posted on patience ( eur/usd ) and trading from the resistance i hold that one to the low at breakeven then mid ranged pull back ill add on position if there is another signal to take … mid range is taken from small tf signall only thou not a daily signal …

        • Raul Lopez

          Well done Hira Congrat

  • Maurice

    Hi Raul, I think EURGBP market is too strongly Bearish looking at W1 and M1 charts. Both trading below their 20 SMA and D1 just got broke the trading below 0.72580 (2003-05-01 high). So no long opportunities for now unless a strong reversal signal by candlestiks formation

    • Raul Lopez

      Hello Maurice,

      Right now I’m having second thoughts about it… I’m currently trading/monitoring others… honestly, I’m not that comfortable anymore with the EURGBP

  • Tradman

    How about the USDCAD?

    • Raul Lopez

      Hello Tradman, It is trading in a very clear bearish condition… very clear by the way!

      Good luck!

    • hira

      i took a nice amount of pips on this 1 from the 2nd pinbar down but itook it from a four hour pinbar inside of the daily pinbar for better risk reward ( risked 40 pips and gained 350 pips …

      • Raul Lopez

        Thanks Hira! That was a heck of a trade!

        • hira

          I entered here here is my next location to get short if price action leads me …

          • Raul Lopez

            Well done Hira!

          • hira

            didn’t get the pull back I was looking for as traders decided to get in aggressively early with out a decent pull back …

          • hira

            hi raul what do you think a bout this selling off again back in to that cad sell zone ??

          • Raul Lopez

            This happened more than a month ago???

          • hira

            Yes but this was the event zone frome the daily momentum shifting this will be absolute next key for the bears to step back in and will watch for the price shift here once again…

          • Raul Lopez

            Ahhhh ok ok, I see that you mean…

          • hira

            hi raul there is 2 pbs at this level now indercates bears and orders are here and the slow of this current bullish momentum / the overall market was in that range and then bang the bears came in witch could be the start of the shift … what do you think buyers of the recent momentum getting nervous ????