FOREX Chart Of The Day: FOREX Trades Update
Hi, and welcome to this Blueberry Markets video update with me John Kibbler, head currency analyst.
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In this video, we’re going to take a look at euro kiwi. I want to potentially belong to this market. We’ve put a blueberry jam trade on it. So I’m going to go over this market first but, I’m going to go over those other charts that we’re in at the moment, just because I’ve had a few questions about what we can expect to see from the likes of EUR/USD for instance.
So, I’ll go through those in a second, but ultimately I really like EUR/NZD long a lot. Because if we kind of look at the weekly time frame, there was a nice little bit of structure where we had the market making lower lows, broke-out, formed new higher highs on the weekly. It’s come back into that previous area of structure.
Now, when I’m looking at the trend, I want to find those previous areas of highs and lows to look to buy the market. It doesn’t matter what time frame it is. But you know, looking at this weekly coming from into that area of highs, looking for that support to continue, looking for the market to target the previous structure highs. That’s what I always look to do when trading a trend in the environment.
Now, if I go to the daily time frame, we can see that the market is starting to just kind of make its way and grind, its way a little bit higher. Now the price is at this area of resistance, but from that higher time frame analysis and strength and weakness analysis, we’re looking for the New Zealand Dollar to continue to lose strength. So for me, it’s looking for that continuation of that move. It doesn’t really matter that there are these sort of highs in play just through there.
If I go to the four-hour time frame, we can actually see a little bit of an interesting move in regards to the market. It has started to make higher highs. There’s a bit of a level just running through here, where we can see the market has reacted at numerous amounts of times even most recently there.
So, what we’re looking to do is for the market to press into this level, and continue that four-hour trend to the upside into those key highs through there. The market hasn’t triggered our order yet, still waiting on this one. But it’s looking good for some upside, especially from that weekly perspective through here.
If I go over to the other markets that we’re in at the moment, EUR/AUD has pulled back quite a bit, is at the point where we’re back at break even. I had a good little run-up. I could have banked some profits but just letting this play out seeing how it works. I’m not too fussed about this one because look at the four-hour time frame, again the price making its way back down the consolidation zone.
We break out of that. I always expect a retest of the consolidation zone, which we’re in at the moment. If the market starts finding buyers again, we’ll look for that market to extend to the upside through here. So not too fussed about what’s going on here at the moment.
Like I said before in previous videos, you’ve got to let these markets run. You’ve got to let the positions play out. Because half the time that traders lose is not necessarily because they’re taking wrong positions, it’s because they don’t let their winners run. And that’s one key thing that you need to take away is when we take a position, we want to maximize that tight profit because that’s going to help us recover losses and add more gains. So, what we want to do is just let these markets play out.
USD/CHF for instance, we’ve been in this for a good while now. We can, you know, 75 pips away from our target. Market pullback, it looks like it was kind of grinding towards our entry again. But looking at the four-hour time frame, looking at the shape of this market, really starting to sort of find support in and around here.
If we can get that break out to the upside, I think you know we’ll see that pullback. We’ll see that four-hour trend form again, and that impulse is more than likely going to press to the upside. Still happy to be a buyer of the Dollar, that’s why I’m still happy to hold this short on Euro as well.
Daily time frame is a nice rejection. Again, it’s all about patience just waiting for that breakdown. Ideally, I would have wanted to see the four-hour change trend first and then look for it. I was looking for that momentum shift on this chart, we just happened to just get triggered in it, pulled back, retested this structure, and it’s starting to move now, so let’s see how this one plays out.
I want to see the market drive and form those lower lows, if it does we are highly likely to head towards our targets if it doesn’t and we get stopped out, then it’s just one that we have to chalk up as potential as just a loss, and we have to look at the sort of what we could have done differently. But at the moment, everything’s just looking okay here, just being a little bit patient, waiting for this to start playing out.
AUD/USD as well got triggered in from here last week. Nice bearish candlestick, which was giving me a lot of hope that we would see a continuation down into the next day. But a lot of the times when you see these big bearish moves the next days tends to be, you know, a pullback day and we’ve had a couple of days of that as of now.
The four-hour time frame has kind of changed simplicity through here, but you know, at a point where if it does start breaking down again I’m happy to hold this one as well. So just really all about patience, really all about trying to let the trades run so that we can maximize the potential returns that we’re faced with.
So, keep an eye on these charts. I hope that update gives you a little bit more information on what you can be doing, and yeah, enjoy the rest of your day cheers.
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