Last week was an extremely busy work week for me at my real job, and an extremely slow week in the forex department because the market settled down a bit. I need more volatility for my trading, and I think this week will provide that.
Let's take a look at what the majors did last week:
- EUR/USD | +7 pips
- USD/JPY | -144 pips
- GBP/USD | +175 pips
- USD/CHF | +250 pips
- AUD/USD | -151 pips
- USD/CAD | +331 pips
There has been more than a 900 pip gain for the USD/CAD over the past two weeks. As I suspected, this pair gave some of those gains back on Friday because it was way overbought, and was reaching some all-time high numbers and resistance that caused it to pull back. I'm caught at an impass as to whether or not we will see it recover from this pullback. In my last article I wrote about how the Canadian Dollar is Being Killed by Slumping Commodities. This remains true, and therefore I don't think there is much fundamental strength to the CAD.
After giving back my profits last week on a 100 pip stop loss trade, I'm eager to see what this week gives me. I'm still fine tuning my stop losses for the two different types of trades that I like to recommend. I'm also going to take some more time to try and fine tune my EUR/USD scalping techniques to see if this is going to be profitable for me in the future. Scalping is something that will fit my schedule in the morning and at night outside of my normal work hours. Let's move into what I am looking at for this week in terms of future profitable trades.
If I could only predict the future, I would have many more readers! After seeing a great friday for the US stock market, we will have to wait and see if some of the gains were caused by short selers taking profit before the weekend. I'm going to cut this week's brunch short because I honestly haven't had time to look at the market. So good luck this week, and let's get into some good trades.