Hello everyone welcome to a new month;
Welcome to a new month every one and it also happens to be “Easter Day” so everyone enjoy your Easter eggs and bunnies.
This forex analysis is for the week (1st -6th APRIL 2018) and we are going to analyze some pairs that I have some open positions on. We are going to analyze this pairs to find out if any of you can still jump in or not.
Keep in mind that I am a swing trader so I hold my trades for days.
The Great Britain Pounds and Switzerland Franc gave a good signal for a sell last week. The resistance level at 1.34782 has held price for 2 consecutive times and we believe it will hold for the third time, also we can see that it is likely to be retest that trend line before going south and we hope for it to 1.32169 so we should put our TAKE PROFIT around that area (1.32712-1.32169) and STOP LOSS should be placed at 1.35500 –just in case price should go against us.
The Switzerland Franc and Japanese Yen, is wonderful pair to trade. We can see how the pair fell for weeks. There is a strong resistance at 118.385 to a support at 110.318 if this support fails to hold the next should be 107.682.
I have already entered into a buy position and my target area is 112.789 because of the resistance level, but my TAKE PROFIT (114.319-115.308) STOP LOSS is at 110.318.
This pair has already shown a reversal signal we are just waiting patiently for it to reverse. We can see the doji candlestick formation and the support level at the 81.493. Our expected TAKE PROFIT zone is at 83.275 and STOP LOSS at 80.550, let’s see how it goes.
Also note I am a great fan of money management, if you wish to follow my trade call you have to set TAKE PROFIT and STOP LOSS accordingly. You can contact me for more information.