Hello Traders, I’m sorry for not updating the blog. I’m a trader and I face challenges also. I was busy learning new stuff from the markets and mentors. Well, let me share what I have for you next week.
Last week, EurGbp was forming a head and shoulder pattern but what many traders didn’t know is: a head and shoulder pattern is confirmed when we have the break of the neckline. Just like a double top or bottom pattern. Since EurGbp didn’t close below the neckline, I was bullish. Guess what> I lost the trade, another lesson learned.
Now let’s look at what is currently happening. In the picture above, price is at resistance. Also on the weekly chart, price is trading at a retracement zone with a bearish engulfing candle. This information gave me a reason to go short on the currency. Stops are at 0.90200. I’m expecting the markets to push lower next week.
We had a huge drop on UsdJpy bullish momentum. On friday, we had a bullish engulfing candle at retracement zones. Will like to buy UsdJpy from monday and stops will be below 107.000. Take low risks on daily and find more bullish setup on 4hr.
Thank you for reading, talk to you later.