[Week 05 - 2021] Trades Recap and Trade Setups

Hey Traders,

What a dramatic this week was as the /r/Wallstreetbets saga rages on. Expect more volatile week as institutional money flows to cover their position like we saw this week in the equity market, red for the week.

Dollar Index (DXY)

The dollar continues trading in consolidation for several weeks now. Expecting a huge breakout upon the break of this sideway pattern.

Spot Gold (XAU/USD)

Likewise, Gold is trading in consolidation as well though we had some swing movements later on the week, possibly money flow during the /r/Wallstreetbets saga.

Trade Recap

EUR/JPY (Analysis 4-1)

Long position reached Take Profit - 3 level and we announced to close the trade fully.

NZD/CAD (Exclusive Trade)

Recap (Week 4) Take Profit - 2 level

Recap (This Week) Take Profit - 3 level

Long position reached Take Profit - 3 level where we announced to close / partial.

CAD/JPY (Exclusive Trade)

Long position at market was stopped out. Very unfortunate for this trade as after it got stopped out, price reached our take profit target. A reminder that losing trade is inevitable. The end goal is that we are still in profit as we practice proper risk to reward ratio.

Trade Analysis / Setups

CAD/JPY (Analysis 5-1)

Long position: Break and retest confirmation at 81.28 region towards 80.56.

Short position: Break and retest confirmation at 82.125 region towards 82.735.

GBP/JPY (Analysis 5-2)

Long position: Retest confirmation at 142.66 region towards 144.40 with price staying above the ascending trendline.

EUR/JPY (Analysis 5-3)

Long position: Break and retest confirmation at 127.23 region towards 127.59. Short position: Break and retest confirmation at 127.0 region towards 126.615.

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Cheers to the member who managed to pack some profits this trading week.

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