Hello Legendary Traders,
How did your weekend go?
I spent most part of my weekend trying to finish the entire season 7 of Game of Thrones and doing my research on the author of the series (George R.R Martin).
One thing that struck me about the author was that he pretty much looked like one of the characters in the series (lol).
In all of his online pictures, he seemed like a frugal man, and reading a bit about him, I noticed he had gone through a whole lot of challenges before hitting his gold mine with the Game of Thrones series.
Relating this to what we do as traders, I see a lot of similarities. It takes a whole lot to make it as a successful trader. Most people come into this profession focusing on the fancy stuff they see on social media, believing it’s an escape from hard work.
It isn’t my friend, it’s just as difficult as any other vocation.
The reason for this gibberish writeup is to understand one thing…
To be successful at anything, you require two key ingredients:
- Commitment and
- Sacrifice.
Alright alright alright…
Let’s save all the talk for next time. Its time to look into our charts and see how we could manage our trades this coming week.
1. GBP/USD
GBP/USD is currently resting on a key support level (1.29707)
If there is a bearish breakout of the present support level, price will most likely head to the next possible support level (1.27784).
If price is able to break through the ascending trendline which is currently serving as an ascending resistance line (1.30830), we may be looking at price hitting the next possible resistance level (1.32128).
2. USD/CAD
USD/CAD is presently ranging within a minor horizontal channel on the 4 hours chart.
The USD/CAD dribbled most bearish biased traders last week as it had all the hallmarks of a bearish move. Only to bounce of a minor support level (1.33707) and remain stagnant for the most part of the day, since there were loads of bank holidays.
On the USD/CAD this week…
- We either see price breakout through a resistance level 1.33990 which will further encourage price to head to the next possible resistance level (1.34403) or
- We may see a price breakout from support level 1.33707 which will most likely push price down to its next possible support level (1.32996).
3. EUR/JPY
EUR/JPY is currently resting on a key support level 125.655.
After the descending channel’s resistance level (125.927) on the 4 hours chart was broken, we saw a quick burst of a bullish move to the next resistance level (126.776).
After which the Bulls lost their strength and the Bears slowly took price back to the present support level which was once a key resistance level.
This coming week should either present us with a support breakout, which could encourage the Bears to take price below 125.021, or we may see the present support level holding its ground, therefore sending price back to resistance level 126.776.
Wishing everyone a pip-full week ahead.
