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Week 12 - 2020. Trades review and trade set ups

Good Day Trainee Traders,


The US dollar has been surging as people are liquidating their assets and pouring into the dollar as a safe haven. Price is now at the resistant level...will price break the level and continue rallying or we will expect some pull back or reversal?


Trade Recap


EURUSD

I was expecting the US dollar to rally through out the week and assumed the price will follow the price action based on the arrow and the curve. Analysis was spot on as price get reversed at the 1.11909 resistant zone and 10 EMA on 4 hour time frame.


Reason:

Resistant line @ 1.1191

Head and shoulders pattern broken

10 EMA reversal @ 4hour


USD/JPY

Same as the previous, was expecting price to continue rallying at the point. However the 2 weeks ago. price ended at the resistant level and last week, assumed that price will reverse back to the trendline to retest the level before surging again.


Reason

Trendline reversal - resistance turned support


All these analysis were posted on my signal group!!


Trade Setup


GBP/JPY

Price seem to start a reversal despite the recent crash with the pound.


Waiting for price to break the resistant level @ 131.075 which will form a break of inverse head and shoulders pattern.


Current reason

Trendline resistance turned support

50EMA reversal @ hourly


That is all for this week. Trade safe!


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