Based on last weeks data and assuming the strength/weakness continues this week I have put together some pairs to keep on the radar for possible setups using pivot theory.
1. The blue rectangles are showing possible W-M2 to W-M4 bullish trade zones or W-M3 to W-M1 bearish trade zones.
2. The long black lines are M-PP’s on the charts that have them so watch those zones as well to be respected by price.
*Move into minute charts and trade your preferred setup for an entry if your bias matches these setups.
*Let the 4HR stoch cycle into position for 1-2 days if need be & watch the blue 5 ema.
*Find support & resistance levels to support an entry as well.
*Watch for any fundamentals to support or void an entry with any setup.
>>Last week I mentioned to watch for the USD & Gold to correct and that seems to have resumed its normal correlation. The USD has ISM on Monday then nothing on the calendar really this week, FYI.
>>The Euro gained strength last week as the case has been for the past couple months roughly. Euro has a rate statement this week which likely won’t surprise. Watch the 1.1400 level as resistance should price rally that high at this weeks pivot profit zone.
>>The Nzd has also regained its strength that has been of late.
>>The AUD has the RBA Statement, GDP, & Trade news releases this week to keep an eye on.
>>The UK has the parliamentary elections this week which could likely create volatility in GBP.
>>If you’re trading JPY strength again then look to trade the weaker cross pairs shown here although the JPY lost some strength from the prior week in comparison.
>>Notice that if a change of trend is to take place on most of these pairs price will have to pass thru the blue zones and take out swing high/lows which could likely invalidate these trades!
Lets see how it plays.
Note: At the end of each week I post results for the current weeks price action within the original post for those interested to study.
Results Post Analysis:
The white lines represent price action that took place close to actual levels.
The NZD did continue its strength this week if you were a buyer of Kiwi.
Some trades went range bound while other were break even trades.