Sunday, 4 August 2013

Frustration

Have been extremely busy at work since my last post, and wouldn't you know it, that's when the market decides to move. Missed out on a swag load of opportunities. Call it laziness, call it busy from getting home at God awful hours in the night. Either way I could not capitalize. Instead I chose to make an undisciplined and unplanned trade. Result: 60 pip loss within secs. Awesome way to start the weekend...

Taking a look at my trades in the past year and consistency continues to elude me. Does not look like an issue with the technique, but more with the start stop approach which has plagued my relatively short trading career. That is, narrow periods of concentration across days and weeks where I do well with focus, offset by weeks to months of inactivity and forgetting all the fundamentals. Need a better way to beat myself into shape.

Enough whining, onwards to this week's analysis...


Pair Level(s) to watch Description
EUR/USD 1.32, 1.33 Ranging price action between 1.32 and 1.33.
EUR/JPY 129.493, 131.108, 132.738 Ranging prices action between 129.493 and 132.
EUR/GBP 0.86637 Price pushing higer within expanding wedge formation. Moving averages are bullish.
EUR/AUD 1.38603, 1.4415 Aussie dollar continuing to suck across the board. Should be another extended wave up. Watching for long entry opportunity.
EUR/CHF 1.235 Slightly bearish consolidation towards upward sloping trendline support.
EUR/CAD 1.37 Break of key level 1.37. Watch for retracement for long opportunity. Likely to hit 1.43381
AUD/USD 0.877, 0.90406 Sux to be Aussie right now. No end to the pain in sight. Watch for short opportunity. Likely extension into 0.85 area.
AUD/JPY 86, 89, 90 Same assessment as USD counterpart. Looking out for extension into support at 86 level.
NZD/USD 0.78576, 0.8, 0.805 Bullish engulfing bar off mva(20). Close below 0.78576 level. Likely to retest 0.76868 this week.
AUD/NZD 1.16521 1.12 target reached. Looking for price consolidation this week.
AUD/CAD 0.93519, 0.94815 0.93519 level breached. Extension likely. Watch for short opportunity.
USD/CHF 0.92054, 0.92272,  Inverted hammer close to key level. May see beginning of a reversal this week off the upward sloping support line of triangle formation.
USD/JPY 97.5, 99.7 Unable to hold 100 level. Price caught in downward descending channel.
USD/CAD 1.03355, 1.04381 Rebound off 1.025 level and close above 1.03355. Should retest 1.04381.
XAU/USD 1267, 1300, 1321 Weekly pattern still bearish. Daily MVAs bullish with fakey setup off key 1300 level.
SPX500 1709 Another historical high this week. US economy slow down? Bitch please!
US Oil Discontinued
GBP/USD 1.52491, 1.54 Large pin bar off 1.51 level on the weekly chart. Bullish engulfing candle off the daily. Likely extension to the upside this week.
GBP/JPY 150.68, 151.727 False break of the rising channel this week. Still watching for a move to the down side.
GBP/CAD 1.58770, 1.58, 1.59262 Price consolidating back above the trend line. Needs to close above 1.59262 to signal uptrend coninuation.
GBP/AUD 1.68729 Extremely bullish. Watch for long entry back at 1.68729 support level

Trend map


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