HarmonicForex Weekend Analysis (WW2)
Good morning traders,
Let's have a quick review on last week's trades. (Click here for last week's post)
If you were following me last week, I was looking forward to the fall in the yen pairs. Only managed to take a small profits on the EURJPY short (+20pips). Price managed to only move 50pips down, twice, before it bounced up again. The signs were all there for me to get out without a loss, it was not coincidental.
I have taken a short on EURUSD after the completion of the Shark Pattern. Currently running on about +20pips. The reaction from the NFP figures has given me a higher confidence that it should drop further (barring any news event over the weekend) next week. See the chart below.
Expecting EURUSD to drop to the 1.1880 levels
Moving ahead towards the next trading week, I believe the yen pairs are now more ready to fall. Evidence are found in EURJPY, NZDJPY and even GBPJPY.
EURJPY - DeepCrab completion at 136.68
However, since I am already in the EURUSD short, I would probably choose to go short on NZDJPY or GBPJPY over another EUR short. Avoiding correlated pairs.
One other pattern spotted is the GBPNZD (Bat & Shark)
The Bat pattern has completed and there is a bigger Shark waiting under the waters. Let's see how this pair opens at the beginning of the week to trade it accordingly.
I don't trade Cryptocurrencies previously because it was just too volatile for my liking. However, Bitcoin seems to be beginning to stabalise and I see patterns forming too. Here are my views on BitCoin for those who trades them.
Bearish Gartley to short at $18800 and a Bullish Gartley to buy at $7160
Trade with care.
Last but not least, I am inviting traders who would like to explore more on Harmonic Patterns Trading to my sharing session on the 17th Jan (7pm). Bring along your friends please. This will be a classrom sharing session in Singapore
Thanks everyone for reading, we strive to continuously give you good educational contents and trade ideas, Trade well and trade safe.