Two possible and quick short term trade ideas
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.
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:
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.
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:
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?
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