View: Blanks of the trader
Blanks of the trader
Having fair number of risk events last week there has been some volatility across the board last week, without good sense of direction though. I had my fill on CAC40 short posted last week @4420's level that proved to be good entry area initially before market broke resistance levels @4430's and moved higher towards 4500's later. Despite initial trade being loser for net -30 pips, the earlier resistance @4430 became support that allowed hedge trade to take place making up for earlier loser.
Looking into coming week there will be more focus on EUR related pairs across FX space. ECB seem to be trying to avoid QE by any means possible without much of a success so far seeing EUR/USD slowly but surely moving towards 1.40's level. There is a chance to get more clarity from Germans and ECB officials in coming week, that could give some direction to this pair in the future, having said that ECB has recent history of strong reactive rhetoric without much action to it.
This major has two potential patterns shaping up on 4 hour chart. Bullish Gartleys posted last week came close to completion and is still valid. Since then there is another pattern emerging on 4 hour chart. Bearish Cypher to be completed @1.39 even handle number. See the chart below
Have a good one traders!
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