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Weekly Trading Ideas | November 5 - 9

November 4, 2018

The new trading week is only about 3 hours away and Sunday is the best day to prepare for the new trading week. 

 

My trading routine is designed to keep me connected to the markets as much as possible, yeah I day and swing trade but it is evident that the pre-market routine is paramount to successful trading. - Preparation is essential in trading.

 

This is the time when trading opportunities are located and the week is planned.

 

If you don't have a daily trading routine then you should think about adopting my trading routine as it can help you improve your trading and ultimately help you to start generating profits in the markets. 

 

Remember, just like all traders I make mistakes and lose money in the markets, but it is resilience that helps me bounce back and continue to not only grow financially but mentally too. 

 

Anyway, we've got a pretty busy forex trading week ahead of us and volatility should be coming to the markets again so let's just straight into a few trading ideas and then go over the economic calendar. 

 

If you haven't subscribed yet to my notifications make sure you do so right now! - Just head to the front page and scroll all the way down!

EURJPY DAILY TRADING CHART | Very good buying potential

 

The play on EURJPY's daily chart is very promising for both day and swing trading. The rewards can be impressive if price action continues heading higher.

 

We have 4 very good reasons to buy this pair technically and they are:

 

1. 3 higher highs pattern

 

2. Bullish pin bar at trendline support

 

3. Breakout of bearish trend line

 

4. 30% reversal

 

The above patterns are pretty much my main trading patterns and I entered this trade on Friday with intentions to manage this trade as I am quite certain that in the coming trading sessions, or a few days, EURJPY should head above the 130.00 level and towards the 132.00 which is my ideal profit target.

 

A 0.40 lot trade can earn me over $1,150 and that will put me significantly close to my monthly profit target, which is $3,000 for November. 

 

I am a little worried about a possible retest of the YELLOW trendline... but the 4-hour chart gives me more assurances... check this out:

 

 So there's the 5th reason to take this up... further to all of this, you can see that the neckline has already acted as a support thus price action should head higher... 

 

My biggest worry is that the trade is just too obvious... so I don't know how this will work out... there are far too many technical reasons to buy (and I took action) but again... I'm worried about a possible retest. 

 

Anyhow, losses are part of the game, the chart gave me all the reasons to buy and I did, now I can't control what will happen so I will just ride whatever happens. 

 

 

XAUUSD (GOLD) WEEKLY TRADING CHART | Good buying potential

 

 Gold has decent buying indications too, but this is a little more long-term and further analysis has to be done, more importantly we need to give it a little bit of time and see how price action reacts in this trading week. 

 

No doubt the big news out of the US (see below) could be the cause of a rally in gold. 

 

Generally I think gold will be targeting the 1300 level by this December. Historically Gold finds support in December and starts heading higher in January so I will be preparing my buying arsenal  as history + charting = cha-ching!

 

I can't go to much in depth into the analysis here but you are getting my key points. 

 

I will be updating my courses on Udemy with an indepth analysis of EURJPY and Gold. 

 

Before I move into the economic calendar and the upcoming news I want to quickly introduce the Movember movement which is designed to assist with men's health... 

 

You can learn everything on this website: https://www.movember.com/ and even donate some funds, the idea is pretty cool and we did it at PipsMatter in 2016... but since i'm running solo for some time I didn't find the time to grow a stash... but I'll do it next year as I'll be growing my team in 2019!

As you can clearly see above, we have a busy trading week with 3 central bank meetings.

 

But it is the US mid-term elections which will attract a lot of attention, the fact that no major changes are expected could create volatility... well volatility can come if something"unexpected" happens. - So be extra careful this trading week, especially on USD pairs.

 

The FOMC meeting is a small one and no major changes are expected.

 

In the EU, traders attention will be on politics in Italy and Germany.

 

The UK is likely to print out strong GDP figures for Q3, but more interestingly, we will also get indicators for Q4, which might well be weaker.

 

The trade and FX reserve data coming out of China will shed light on the effects of the trade war and the scale of the intervention to support the CNY in October.

 

All of the above is just good trading opportunities, this is why we need to prepare early to make sure we are able to take advantage of these market moving events. 

 

My trading room was very active last week and I will be even more active this week, if you want to learn to day and swing trade then make sure you join my community while its still free.

 

I'm done for now, you have yourself a good trading week and make sure to follow your system and apply risk management!

 

Peace out!

 

 

 

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