Ended up being a flat week for me as Cable ended up reversing back up to take out stops although I profited from the multiple trades that I’d placed. The speculative Yen trade I placed off the weekly candles didn’t work out as expected with a head and shoulders pattern negated and the market reversing strongly towards the end of the week.

I’ve posted a few charts below which indicate my plan for trading the markets during the week ahead.

GBPUSD:

EURUSD:

USDJPY:

AUDUSD:

Managed to profit from a series of trades in Cable this week as I posted on Twitter. In fact I was in two minds whether to hold onto my initial trades in Cable but decided to close them out before NFP on Friday. I’m still holding one position and will look to add to it during any potential pullbacks – I reckon they push the market up and take out the stops as indicated in the chart below.

I started building a position in EURUSD towards the end of last week and will add to this if the market moves lower as I anticipate the market could be forming the right shoulder of the inverse head and shoulders shown below. If you look at candles that make up the left shoulder you’ll notice the market spiked down to retest the level a few times before heading back up … we should see similar PA and possibly a further retest of the lows of the right shoulder. If I don’t see the anticipated PA then I’ll simply cut the existing trade.

Please find some charts below of a couple of other markets on my radar this week …

USDJPY: Really like the way this has been staircasing up, break, pullback, break, pullback …

USDCAD: Interesting level, previous resistance should provide some support …

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Managed to catch GBPJPY on Friday and as you can see from the chart below, stops were raided and a pin bar formed on the 15m chart signifying that buyers were rushing in. The market then proceeded to shoot up albeit momentarily, as it retraced the entire move over the rest of the afternoon. Good job I’d tightened up my stops and locked in a healthy profit.

The USDJPY trade was stopped out this afternoon for just over 1R. Unfortunately I had a few meetings this afternoon and tightened up my stops to lock in a profit. Price has been oscillating around this level for most of the way, possibly consolidating before the next move up; will simply study price and the way this market moves from here, no chasing, no position.