Forex Market Analysis [08/02/2020]
Welcome to another weekly Forex market review. In these blog posts I show my opinion on the week ahead and the trades I will be watching. These are not trades I am taking or advising you to take. This is a platform for me to share my opinion on the market and to share my ideas. If you have your own opinion on what the upcoming week could hold, comment below this post and let me know.
I am going to go over the trades of last week because we had a great trade on EURUSD and GBPAUD. Even though these trades did not come up to the area I was having a look last week, during the week I entered both of these trades. I will only be showing the results of these trades. If you wish to go back and have a look at the analysis, you can go through our market analysis blog.
These were very profitable trades last week. I am currently still in one of the trades from last week which was a USDJPY short position. I will be going over that trade next.
As you can see, I have combined all 3 aspects to the trading strategy. Using Fibonacci, Pitchfork and Orderblocks to find a trade setup here on USDJPY. I am currently still in this trade and hope to hold it over the next week. My stop loss is currently at breakeven so this is a perfect trade right now. No risk and still looking like a profitable trade.
This is the first trade that I will be entering next week when the market opens. I spoke about this in my last market analysis on Youtube, where I said either the market breaks down or comes back to the trendline and then could go down. As you can see, the second option has taken place and this could be a great area to take a short position. We've closed with a nice bearish candlestick.
If you are entering any of these trades during the week or have an opinions on the market. Comment below and let me know! I am always open to hearing other traders view on the markets. These are just my ideas for the markets and I am not a professional trader or financial advisor.
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Thank you for your time and I hope to see you in the next blog post.