Hello Traders,
How has your weekend been and who watched UFC 254, which featured the fight between Khabib Nurmagomedov Vs Justin Gaethje?
Khabib’s level of energy was remarkable, and the fact that he pushed Justin so hard that Justin literally gassed out was just phenomenal.
All through, Khabib forced the fight to go his way, just like every other elite fighter does.
Though I saw Justin try so hard to keep Khabib off him, but in my opinion, Justin was too focused on what Khabib could do to him rather than focusing on his own game plan.
The same thing happens in forex trading.
Too many traders focus so much on not losing money to the market, that they end up not following their process.
A trader not following his process will ultimately lead to blown up accounts or such traders may experience a lot of difficulties making substantial profits off the market
That said, let’s see what the last trading week of October has for us:
1. GBP/USD
Looking through the higher time frame, the GBP/USD had an overall bearish outlook. Support level 1.30196 served its purpose in the last few hours before the market closed.
This week, all we should be looking out for is:
Verify if the present reversal of price is not just a fakey.
One way to do so, is wait to see how price reacts around resistance level 1.30665, which is the region around the roof of the triangle formed.
A breakout may take price back to resistance level 1.31131, and if for any reason price breaks the current area of support (1.30130-1.30320), we could see price fall to hit support level 1.29100.
2. EUR/JPY
On the EUR/JPY we can see an ascending trendline doing a good job of bouncing off price.
Presently price is within an area of resistance (124.193 – 124.322). A breakout of price through this level and we may see price racing to the next possible resistance level (124.684)
If price reverses at the present resistance level, we could see price re-visit support level 123.843
3. CAD/JPY
Price on the CAD/JPY is consolidating around a previous support level, which is now serving as a resistance level.
Last week, price found it difficult breaking through support level 79.479. This week, we have two options:
- Price either breaking the present area of resistance (79.818 – 79.897) which may encourage price to hit the next possible resistance level (80.430) or
- Price returning back to test support level 79.479, and if a bearish breakout happens, then price’s next bus stop would be 79.077
What say you?
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