This pair is a bit tricky.
I would not really call this a setup. This is rather my bias for the coming week.
This pair did print a bullish setup. However price is at the range top.
I like this pa setup, but as mentioned price is in a narrow range.
Currently a new high as been formed, which actually is a bullish sign.
But it is also important to notice how the high has been formed. Price was
not really able to sustain the high. So there are two scenarios.
Either we do get a sustained break above the range top, and price is more
likely to go up. Or we have a range play. The levels I will keep an eye on are
38,2 Fib almost in line with pwl and the break and strong close above the local
high. I do not need to trade this pair at all. So if nothing of that happens, I might
just watch and observe what is happening on the screen.
ECAD
Two things make this asset interesting. First, price did break out of the channel.
Second, the close above 1,45. My bias is bullish for the week ahead.
CADJ
I was expecting a bounce off the narrow red zone. And it did happen, but I was not
able to get a trade. My bias for the week ahead is bearish. I will look for pullbacks
to get a decent trade.
GCAD
I like how price is respecting the recent highs. My bias is bearish for the week ahead.
I may not get a pullback entry. A break below seems to be a valid setup. I'll keep an
eye on this pair on lower TFs.
H4 however is in a range. Price is showing downward pressure. A break below followed
by a pullback would be ideal. We do not always get a pullback though. Trade with cautious,
AN
This is a difficult asset. I like how last week played out. My bias is mixed on this asset.
Above 1,05 my bias is bullish, however I am in a short trade. And we have a nice bearish
setup. This pair may attemt to touch its ATL. But that is future music. And we don't know
what the future will serve. We trade what we see. And that is a bearish setup. If my target
gets hit and we have follow through, I still can look for another setup.
What I see on the chart above is a range break and a retest. The strong bullish candle a couple
weeks ago is a strong bullish signal. Hence this asset is difficult to trade at the moment.
ET
This is a tough pair to trade. This asset has been generous recently. I like the location a lot. We have a confirmed Hanging Man formation at ATH levels. That strong move two weeks ago was event driven. We can expect some pullback. I see this pair attemting to move higher though. We don't know when. So far the bias has shifted downward for the week ahead.
NCAD
I was monitoring this pair but did not get my entry. Price did honor the 38,2 Fib levle well.
Sometimes you see something and have a high expectency trade, but you do not really manage
to get your trade. That has happened with me last week. But that's trading. Not shedding a single
tear on the missed opportunity. My bias for the week ahead is bullish.
This translates to a conflict of CAD bias. Cross curreny analysis shows me strength in favor of CAD
on GBP but weakness on this asset. However, NZD remains strong. Now I need to compare other NZD pairs. We may see another hit of the ATHs or at least a hit of the 0,95 level.
USDX
I am attaching this chart to show my overall bias on USD. My bias for USD is bearish.
I do not really trade this index due to my money management. This asset does not only require
a high margin, it also has a high Pip-Value making this asset less attractive for the time being.
I like to keep an eye on this asset for reference only.
EJ
My bias for this pair is bearish for the week ahead. The weekly bias is in line with the monthly bias.
But there is still some bullishness in the market. The long wick (5 candles left) together with the Bull Eng Pat still show strength. We may still see a move back to 120. But as long we stay below 115 the bearish bias remains intact,
UJ
My bias is bearish for the week ahead. I was looking for a bounce off the yellow zone. The bounce
did occure, but I was not at the computer. Together with the bearish bias on the USD Index, makes this pair a better short as opposed to EJ.
GJ
Another pair I was following this week. Price did play nicely in favor of my bias.
My bias remains bearish for the week ahead. The volatile moves make this pair
difficult to trade.
AJ
My bias for the week ahead is bearish. Same as GJ, the volatile moves make this pair difficult
to trade.
UCHF
I personally do not like the CHF pairs. This pair is the only swissy I look at.
My bias for the week ahead is bearish.
Due to internet connection issues I am not able to continue my analyis on the other pairs.
There are still a couple more assets left that I wanted to have a look at, to define my weekly bias.
Correction, due to maintenance I do not have acces to the trading plattform over the weekend. Sunday will be the next best opportunity to continue my analysis.
Update: Continuing the analysis on the remaining pairs.
AU
The strong close above 0,75 shifts my bias in favour of the bulls. This asset is very interesting.
While the years ahead, this pair was in a downtrend it's the first time price managed to break a high and formed a higher low. Now price needs to break the recent highs to form a new trend.
Since we were in a strong downtrend we may see some sideways movement until price breaks ultimately the recent highs. The red line shows how price broke the range high and came back to
test it. This is how the market communicates. It's just up to us to listen. As my bias is bullish for the
coming week, I will be looking for nice pullback levels to take a trade north. However, I am aware of the resistance at around last month high.
EA
We are at range support. My bias for the week ahead is bullish.
But as you can see, ultimately I am bearish.
NU
I was spot on last week. (http://tradertrade.blogspot.com.tr/2016/07/setups-for-week-2507-290716.html scrol down). I did get to trade the move down to the 0,7 level. Last week I said I rather bullish and expecting a bounce off the 0,7 level. Unfortunately my risk- and moneymanagement did
not allow me to take a trade. My bias for the week ahead remains bullish.
UC
I have mixed feelings regarding this pair. Above 1,30 I am actually bullish. But this pair is in a range and hit its range top. During summer, I expect rather rangy markets. So range tactics apply. Last week did form a rejection candle. My bias for the week ahead is bearish.
GA
My bias for the week ahead is bearish. This matches the cross currency analyis which indicates GBP weakness. However, I do get mixed feelings about the Aussie. Having a bearish bias on AN would make GN a better short. Lets see what other assets are saying until I get to GN.
USOil
I did not really take profit on this asset. Price did move nicely in the end, but without me. That happens. Technically I am bearish this asset. But I see a possible support bounce. The 40 level is
very interesting. I will keep a close eye on this level. This would be great for my existing short position in UC. UC and USOil are negative correlated.
GN
My bias is bearish for the week ahead. This is in line with my cross currency analysis which indicates GBP weakness and NZD strength. However, this pair is aproaching its ATL. The strong close below
1,85 together with the candlestick formation give this asset a bearish outlook. I will keep a close eye on a couple levels. Espescially if price approaches its ATLs I might consider a trade counter my bias.
Happy trading,
TT
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