How I trade 8 currencies and their combinations and make $$$ each week!
- Thread starter MarchFX
- Start date
I was waiting since the start of this week for both USDCHF and USDJPY to pull back so I could buy them. But somehow, I missed my opportunity when the U.S. dollar-Swiss franc dropped down to 0.9136 and then climbed above 0.9160, where I should have jumped in. Other than that, these two pairs have been more-or-less on straight paths headed north.
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No, I definitely would not say that AUDNZD is headed north. I would regard it as having been neutral/range bound for the past seven weeks. I see little, if any, upward momentum at all. I would not dare to say what would be the best entry point in that I have no qualifications to do so. All I can do is share what my personal choice might be, which would be to sell near the top of the present range, and buy near the bottom—but IF AND ONLY IF I got confirmation signals validating bona fide reversals at those levels.
I think with the kind of trading you seem to be doing (using a one-hour chart) I would be using pullback levels. So, the last time I would have bought the pair was when it pulled back to 1.0723. If I were going to try to buy it right now, I would be waiting for it to pull back to 1.0735. However, these levels are generated based on historical data and therefore adjust themselves as time goes buy, so all of this is subject to change as things develop/unfold.
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