Forex FOREX PRO WEEKLY, December 02 - 06, 2019

RogerTC

Special Consultant to the FPA
Messages
287
Folks,

If you remember previously we discussed a scalp trade on NZD/CAD and we also mentioned the stronger resistance higher up. Now the trade is in play. I treat that with the trading method 'Lean Against Big Level'

Basically we sell a strong confluence on weekly timeframe and place /pinpoint hard stop by dropping lower timeframes. Then we look to to take profit 2 timeframes lower.


Weekly,
NZDCADWeekly.png


Daily,

NZDCADDaily.png


And 4hr;

NZDCADH4.png



Regards,
 

Sive Morten

Special Consultant to the FPA
Messages
14,046
Morning guys,

EUR has formed inside session yesterday, but shows an action that doesn't correspond to patterns that we've discussed yesterday. In general, indeed EUR is a bit lagging behind Dollar Index and GBP, which shows great rally and gets to our targets that we've specified. It means that indeed, EUR could make a challenge of daily 1.11 level, especially if NFP numbers will be worse.

eur_d_06_12_19.png


Here, on 4H chart market has not erased yet our engulfing pattern, but stands close to this moment. Retracement looks too extended, and makes us think that this is not a retracement any more as solid buying power stands beyond it. In general, we could talk on Bullish Dynamic pressure here as MACD shows bearish trend while price action is going higher:
eur_4h_06_12_19.png


The same story on 1H chart. It seems that we can't rely on H&S pattern any more. The last bearish hope is XOP at 1.1111 but, it is poor solace. Thus, now we should wait a bit with any short position. Speaking on long position, we think that maybe it makes sense to use Stop "Buy" order above the recent top, instead of buying right under XOP target.
eur_1h_06_12_19.png
 
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