EUR/JPY completed the first 2 legs to the weekly trade. Short 137.83 and 137.91 to target 137.12 for +89 pips. Perfect entry at 137.91. Then the 2nd leg as Short below 136.80 to target 135.85. Lows achieved 135.70 for +95 pips.
So far 2 trades, +184 pips in 2 days. The 3rd leg just completed as long 135.85 to target 136.33. Highs just traded to 136.31 for +48.
Total EUR/JPY +232 pips.
EUR/JPY’s benefit this week to shorts and the leading JPY cross pair was the EUR/JPY cross below USD/JPY. Same principle as EUR/CAD crossed below USD/CAD. Both situations will reverse as EUR/CAD will trade above USD/CAD and EUR/JPY above USD/JPY.
EUR/CAD and GBP/CAD both sit at entry and oversold as well as overbought USD/JPY and USD/CAD.
GBP/JPY trades below big breaks at 161.82 and 161.87.
GBP/JPY short trade: short 162.35 and 162.41 to target 162.11 completed. Highs achieved 162.49. Not much to GBP/JPY weekly trade and last on the GBP rank list.
NZD/CHF Long Anywhere or 0.5915 and 0.5905 to target 0.6053. Lows achieved 0.5911 and perfect entry while highs achieved 0.5971 and long way to target and profits. +42 pips.
CAD/CHF Long 0.7352 and 0.7346 to target 0.7411. Lows achieved 0.7358 and highs 0.7420 for +62 pips. Perfect entry and perfect target.
The CAD/CHF 2nd, 3rd and 4th legs as follows: Long above 0.7424 to target 0.7463. Short 0.7463 to target 0.7437. Cautious short 0.7411 to target 0.7372.
The benefit to CHF cross pairs is to trade together with anchor pairs for double and multiple trades. CHF currencies lack the range of anchor pairs however every week, multiple longs and shorts exist to match the profits from anchor pairs.
Note longs and shorts anywhere to entries.
This week’s market began at massively oversold to EUR/USD, GBP, NZD and AUD while USD pairs as USD/JPY and USD/CAD began deeply overbought.
Its impossible to trade continued longs and shorts to oversold and overbought conditions. Rare weeks and the most dangerous situation throughout the years is seen oversold trades to more oversold or overbought to more overbought. These are unhealthy markets. The only rectification is add 1 lot and trade to breakeven or to target.
Overall for the majority of trade weeks, a trade begins at entry and ends at target.
The benefit to this week as is the case every week is 12 currencies run 24 hour trades and 8 currencies trade for 7 hours. Profits always exist. Running daily and weekly trades are current: SPX, WTI, Brent, XAU/USD and DAX.