I want to give thanks to all our subscribers following us on our website. We had quite some pairs on our watchlist last week which we posted on the site majorly the EUR & GBP pairs.
I will list out some of the pairs which we had on our watchlist and give you guys updates why we took those pairs, why it played out well and why it didn’t.
Here are list of pairs we had on our watchlist: Also watch out for our video review of our last week trades and analysis.
- AUDUSD (Australian dollar & US dollar)
- CADCHF (Canadian dollar & Swiss franc)
- GBPCAD (British pounds & Canadian dollar)
- EURCAD (Euro & Canadian dollar)
- EURJPY (Euro & Japanese yen)
- USDCAD (US dollar & Canadian dollar)
- AUDNZD (Australian dollar & New Zealand dollar)
We look into this above pairs one after the order
AUDUSD (Australian dollar & US dollar)
AUDUSD SCREENSHOT (BEFORE)
AUDUSD played out really well as we had predicted. We gather all our information right from the higher timeframe because it plays a big role when it comes down to Analyzing the forex market. Price hit a very strong level visible on the Weekly timeframe and price has been rejecting that particular area @0.72750 for weeks.
The daily and 4 Hours timeframe shows possible reversal confirmation structure. This is one of the pattern we at Forex Optimal watch out for to have an idea where the market is directing. The 4 Hours shows more clearer view of this Wedge pattern formed at the resistance level also noticed another channel drawn within this wedge pattern. Our major concern was to wait patiently for a breakout of this smaller channel and find our entries using other tools. We took our position on that and running about +100pips profits to the downside
AUDUSD SCREENSHOT (AFTER)
CADCHF (Canadian dollar & Swiss franc)
CADCHF SCREENSHOT (BEFORE)
CADCHF has been on our watchlist since first week of August seeing the potential to move to the upside. Price has been moving to the downside within a descending channel and a possible movement to the upside after spotting a bullish corrective structure. We took our entry after the breakout of the smaller pattern inside the descending channel. Price has been moving as predicted
CADCHF SCREENSHOT (AFTER)
GBPCAD (British pounds & Canadian dollar)
GBPCAD SCREENSHOT (BEFORE)
GBPCAD formed a bullish flag pattern which we see as correction of the previous move to the upside. Our prediction was to buying to the upside. The pair has been on our watchlist since beginning of August and has been playing out well in our trading community.
GBPCAD SCREENSHOT (AFTER)
EURCAD (Euro & Canadian dollar)
EURCAD SCREENSHOT (BEFORE)
Price approached a key resistance area @1.59800 last held on March 19th 2020. Price reacted to that level giving us good selling opportunity. As you should know we don’t just trade base on support & resistance alone. We basically identify the market structure and the direction of the trend. We begins analysis right from higher timeframe like the weekly chart.
We could identify two possible opportunities which is the head and shoulders pattern and the bearish continuation structure. We did took advantage of that and we were able to book some pips after all.
EURCAD SCREENSHOT (AFTER)
EURJPY (Euro & Japanese yen)
EURJPY SCREENSHOT (BEFORE)
EURCAD & EURJPY almost had the same similarities. They both played our perfectly well. Noticed the ascending channel formed at the resistance area which was drawn from the weekly chart and also 50.0% retracement of our weekly swing high and lows. We are anticipating more selling to the downside as @123.000 is going to be our target level possibly breaks below the structure and we can have more selling opportunities.
EURJPY SCREENSHOT (AFTER)
USDCAD (US dollar & Canadian dollar)
USDCAD SCREENSHOT (BEFORE)
Price has been trending to the downside for quite some time, we spotted this channel drawn anticipating buying opportunities but unfortunately price didn’t move according to our prediction as the selling pressure wasn’t over. We’re waiting patiently for another opportunity to print its self.
USDCAD SCREENSHOT (AFTER)
AUDNZD (Australian dollar & New Zealand dollar)
AUDNZD SCREENSHOT (BEFORE)
Price broke out from an ascending channel giving a good signal to enter the market. Price retested the channel with different candlestick pattern but unfortunately they were invalidated as price broke back into the channel forming a double top chart formation. This could be opportunity to reenter the market again after price breaking out of the neck line.
AUDNZD SCREENSHOT (AFTER)
Anifowose Ope is a professional trader and founder of Forex Optimal, I have been trading the forex market for many years and whatever the challenges new traders are facing I have been there.
I started my trading journey back in 2014 where I begin trading using various indicators that leads to losses in the market. After searching for alternatives, I found price action trading to be the best approach to the forex market My success in the financial market has given me a greater degree of independence than others.
With the knowledge I have acquired in the forex market I want to assist other traders to be able to profit from the market