AUD Monthly and WeeklyNext week will be about whether AUD moves down towards .7400 or July's 50% level pushes price back into the Weekly 50% level:- resistance.
AUD 5-day patternThere were a number of patterns last week to trade using the levels in the market without relying on the larger timeframe levels.
As always l use the 3-day filter to trade down moves in the 5-day patterns, but occasionally they will fail.
The most robust trends always occur around the higher timeframe levels:- Weekly and monthly.
If you and I are trading the 5-day levels and filters, but price isn't near any higher timeframe level, price can often be choppy during a certain timezone and then the trend continues on in another timezone
It's imperative that some form of partial exit strategy is used regardless of the resistance and support levels used in the 5-day pattern
That is why I always focus on a partial exit strategy of around 41 pips if a more robust set-up isn't aligned
Euro Monthly and WeeklyEuro trading sideways:- Yearly 50% level resistance
I would think price will come down next week into the July 50% levels, using the Weekly 50% level as a trend guide ;- resistance.
Euro 5-day patternWhen trading the 5-day patterns and 3-day filter, we always begin by focusing on the larger trends and then look for patterns that align with those larger trends.
If the market is going down, then some UP days we be missed as part of the morning analysis, but an adaptive trader can still trade against the overall view of the market by using 4 hour closes and or R41 spiral points to verify the change of trend.
As an Intra-day trader I want to focus on key levels because of their reliability and statistical expectancy, but it doesn't mean they won't fail.
If price is moving down from a 4 hour high and resistance, which could be a 5-day level or 3-day filter, then it's going to be more robust than price already trading around a 4 hour low or an R41 spiral low
Therefore if trading down from resistance and timeframe levels and filters then run stops accordingly
If price is rising up from a 4 hour low or even an R41 low, but below key levels then tighten your stops.
I always know my best trades always have a number of alignments during the day or week, but sometimes those alignments don't always occur during our own timezone, and some of the patterns and daily movement can be missed.
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
