CHART ART: WEEKEND FOREX UPDATE

GOOD EVENING STEEMIT!

It’s been another hectic weekend in my neck of the woods with Friday night spent ice skating with the Mrs, Saturday night at a 21st and Sunday coaching my football team to another victory to ensure we head into the finals with momentum. The boys have the bye in next week’s final round of games and have already locked in a finals spot so the pressure is off next week to have some fun while the rest of the league hopefully kicks six shades of shit out of each other!

I know I’m cutting it a bit fine with my weekend CHART ART of the forex majors by releasing it this late, but the die hards will be up for the Asian Session open in 10 or so hours with me. Plenty of time to get your pre-open planning done on how you’re going to look to attack the markets this week.

If you haven’t already taken a look at my WEEKEND CRYPTO UPDATE blog from yesterday then why not head over and take a look. If you’re a die hard forex market guy who hasn’t delved into the world of cryptos yet because you’re sceptical of how the markets move, then that blog will go a long way to changing your mindset. They’re markets that move in a VERY technical manner.

If you are or were a crypto trading sceptic, I’d love to hear from you in the comments. Charts get mundane, but personal trading stories are a great breaker. Hit me with yours!

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CHART ART

FX Trader Magazine

I need to make these posts manageable to write as well as readable, so I’ve just gone the three majors at the top of my watch list. Once again, I’ll be starting with a higher time frame chart to find levels that are in play, before drilling down to an intraday chart in search of day trading opportunity.

I’m a boring guy and my trading reflects this fact. Find the same setups over and over again then exploit my risk:reward edge around them. This risk:reward edge is something I went through on the blog last week and is the key to why I’m able to consistently trade forex.

EUR/USD Daily:

After it looked like daily resistance held last week, I asked if it was time to short EUR/USD? The setup looked juicy at the time, but some fundies and continued USD weakness haven’t been kind.

The resistance zone on the daily is pretty clear and so long as there is no new high, any shorts from that post will still be in play for me.

EUR/USD Hourly:

If price can print an intraday double top inside this higher time frame resistance zone then that would be ideal for shorts. If it makes a new high then it’s good night. It’s as simple as that for me here.

GBP/USD Daily:

The key Cable daily levels are the Brexit drop range top, as well as the trend line you can see which has cut straight through the middle of it.

The horizontal level is too far away to bother with, but the trend line resistance level looks to be in play here.

GBP/USD Hourly:

Zoom into the hourly and it’s pretty apparent that it is.

I’ve added a short term resistance level that turned to support which was retested as the higher time frame trend line resistance level broke. But with a double top possibly forming similar to what we were looking at on EUR/USD above, it’s a wait and see here for me since I didn’t manage to get in early.

AUD/USD Daily:

Finally we come to the Aussie, with the key level in play being the 80c psychological level. The mainstream TV news reports even love this one, so you know the bulk of retail traders do too. Mark it and watch how price reacts.

I’ve also added the 0.8073 level which you can see price retested on both sides back in 2015.

AUD/USD is the pick of my forex charts at the moment and if price can hold this juicy daily resistance zone, then I’ll be shorting the shit out of short term rallies on the intraday charts.

AUD/USD Hourly:

Yep, those short term rallies!

If price doesn’t gap up, I’m going to be involved pretty early on Monday here I think.

If you’re in my part of the world then goodnight and if not, enjoy what’s left of your weekend. Just don’t get left behind by the Aussie short train.

Choo choo.

Peace!

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Related @forexbrokr CHART ART Blogs

If chart setups that I've spoken about before are related out then I'll leave them here.
CHART ART: WEEKEND CRYPTO UPDATE

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Blogging about markets is all about sharing ideas and making us see all possible angles. I look forward to having you follow along and reading what you throw at me.

Twitter: @forexbrokr
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Website: www.forexbrokr.com