Monday, June 5, 2017

Forex trend direction

Recently I have been working at the logic of trend directional changes and using this to place trades on a number of forex pairs and gold. Please note that the time-frame is daily

Going forward I will share some of my ideas and welcome input on these.

To start of with let's look at the current directions which have been in place since around 12 May 2017:

Current direction is long with the trend reaching some maturity and also taking into account that there is a resistance level around $1300. Although I am long at the moment I am keeping a close eye on gold and will take profit around the $1252 number.

EURUSD: Current direction is long and trading at the top of the range. The EURUSD could potentially be the first indication of a market direction change if it were to close below $1.11550

GDPJPY: Current direction is short, this pair I am not to sure on but will remain short in anticipation of weakness.

USDZAR: My loyalty pair. I am looking at a long term short position and will start loading positions to benefit from the carry on this.

All the best