Ok! July just kicked off and boy are we excited about this SPECIAL trading month!
I say special because this month is a "life" changer to me personally, I have been working hard to make this month, the best month of the year so far. But, I will go over this in more details in another post, for now, lets focus on the two price action setups I entered this fine morning.
The two trade setups are on EURGBP and USDCAD. Let's get the show started with EURGBP.
EURGBP 4-Hour Chart
(click on image to enlarge)
Looking over EURGBP, you will notice that price action last week broke an important resistance level, which is right now acting as a support. If it holds, we should see price action head to the next resistance level which is at or around the 0.89090 area.
Of-course I always encourage everyone to do their own analysis before entering/following any of the trade ideas I release, this is important because you will not only learn to trade better but you will know why to enter a trade and your comfort level should go higher.
Also, as with every trade, you need to know where you will get out before you even get in, for me, my "get out" price is 0.88150. (red zone)
As you can see there still is room for price action to head lower, the final support level here is 0.88245, if price action heads there, and I see the level acting as a good support, I will re-enter the market with an idea to compound this trade setup.
So. that's my game plan for EURGBP, lets head over to USDCAD, a pair that has earned me well last week.
USDCAD 1-Hour Chart
(click on image to enlarge)
So, USDCAD... finally we see some downside here which correlates to the bullishness in Oil, I spoke a little about this last week when I released the sell trade idea on USDCAD. You can check out that article by pressing here. (its actually a quick video).
USDCAD is an interesting trade setup, price action is currently using a sideways trend line, the 30-hour EMA and the 60% Reversal tool all as a resistance, which kinda makes me think that now is the time to sell.
However, there are other resistance levels that "might" be tested, such as the recent support level at 1.3220 (my SL is just above that level).
You can also notice two TP levels, they are the same TP levels as the video I released last week.
I am personally targeting the first level for now, things might change till then, if they do, I will do my best to update you guys.
So, thats pretty much it, in both images you can see my TP and SL prices, key trading levels of both pairs and a basic compounding strategy I might employ to tackle losses.
Thanks for reading! Comments are always welcome!
PS: Make sure you get this Monday of to a good start or it might make your whole week suck!