Hey traders, how is your trading week going so far?
Here is what I think are the best trade opportunities for today.
Remember, its always about choosing the right currency pairs to trade, get this right and you’ll have 80% of the job done.
So how do you know you are trading the right currency pairs?
- You have clear support and resistance level on both, the long and the short term charts
- You have clear swings
With that information, you’ll understand what the market is doing, you will know what it is likely to do and you can create a trading plan to take advantage of it.
So here we go:
AUDJPY – It is trading in a very clear bullish condition, we still have plenty of room before the market hits the next long term level. I took a trade here at 95.33 and I’m still holding it. I’ll try to add to this trade because the next LT resistance level is pretty far.
EURGBP – It got rejected from an important LT support level, so it is likely to continue its way up until it reaches its next resistance level which is at 0.73800. I also have a trade here, I opened it at 0.7211. In this case, the risk reward ratio is around 2:1, so we don’t have much room to increase our position.
CADJPY – This is another one that I like, I have an entry order ready on this trade:
Buy stop entry: 100.22
I have my TP open because the next LT level is at more than 700 pips away from where the market is currently trading, so we’ll have plenty of room to set it.
GBPCAD – I have another entry order here:
Buy stop entry: 1.9199
This one is also around 2:1. And I will also take a trade here if I see upward pressure around the bottom of the ST range (1.8997).
These are 4 of the 9 currency pairs that I’m currently trading/monitoring.
What do you think about these currency pairs? Are you trading them?
What other currency pairs/instruments are you trading?
Share your thoughts
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 .