Preview 1st Week of November

• EURJPY ready for a small bounce up
• USDCAD long continuation or reverse
• USDJPY ready for a small bounce up
• CADJPY short continuation or reverse
• NZDUSD short continuation or reverse
  

30th October Friday

New Positions:

• CADJPY short
• USDCAD long
• NZDUSD short
  

29th October Thursday

Day Trades:

• GBPUSD long
• AUDUSD long

28th October Wednesday

Closed Positions:

• AUDJPY short
• USDCAD long
• NZDUSD short
  

New Positions:

• GBPUSD long
  

Day Trades:

• USDCAD long
• GBPUSD short (first attempt to go short got stopped out because point c was at a trend line)
• AUDUSD short (entry on 5 min chart in DP area)
  

27th October Tuesday

Daytrades:

• USDCAD long
• GBPUSD long

26th October Monday

Trading ideas:

• EURUSD short (not clear yet we might first get a double top)
• USDJPY short correction
  
• USDCAD long continuation
• GBPUSD long
• AUDUSD long

New Positions:

• USDCAD long
  
• NZDUSD short
  

Day Trades:

• USDJPY short and long
• GBPUSD long
• USDCAD long
  

Preview 4th week of october

• AUDJPY long (Thursday)
• AUDUSD long (Monday)
• EURCAD no setup (Tuesday and Thursday)
• EURJPY long trend (Wednesday to Friday)
• EURUSD short but still long trend (Monday and Wednesday)
• GBPJPY no setup (Wednesday and Thursday)
• GBPUSD no setup (Wednesday to Friday)
• NZDUSD long and short (Monday and Wednesday)
• USDCAD already long target 1,0610 (Tuesday)
• USDJPY already long reached target (Tuesday and Wednesday)

Again we will see Monday if EURUSD continues the uptrend, if yes then obviously AUDUSD and NZDUSD long is the best choice, if not there is a good chance that GBPUSD contines the down move or USDCAD and USDJPY pushes through the targets and make a massive upmove.

Trading Plan: Where to expect a reversal

There are 3 different points where a reversal can happen:

1. At the end of the 3th wave
2. At a fibonacci retracement
3. In a decision point area.

The reversal most likely happen at every hour, so taking a trade on the 5 min chart is still valid once one of the above mentioned criteria are met.

Trading Plan: Which data feed provider to choose

When comparing the different data feed provider I have to say GAIN CAPITAL (forex.com) provides the best forex data, all others (PFG Futures and Forex feeds as well as the popular ZENFIRE feed for Ninjatrader) simply dont generate charts that provide so clear signals with the MTPredictor Indicator.

4 Signals on the first screenshot (GAIN) and only 2 valid signals with even higher risk on the other screenshots that are from the other providers.

Trading Plan: Which setups can be skipped

Its important to not trade every setup, as long trades work most likely in oversold conditions (price near low of yesterday) or on trends (higher highs and lows). This ways going long euro and gold in the above charts is considered a risky trade. The only way to take these is waiting for a trend line to break.

In general there should be a clear base before entering a long trade, very seldom (mostly on news) it happens that there are spikes visible on those its valid to enter even if no base has been formed yet. However you have to rely on the concept that an uptrend requires a double bottom so the all market participants know price does not go lower.

Short setups in a trading range especially when the entry is at Point A of an upmove (see NZDUSD chart)

Trading Plan Which Instrument to short

When the US dollar gained strength overnight, its clear to short one of the currencies in the morning. But which one? Looking at the different instruments the YEN already traded near the low of yesterday, the Aussie Dollar almost, Canadian Dollar and Euro. So only the pound which was the strongest currency for the last few days has the best risk reward ratio.

Looking at the Dollar Index (DX) makes it also very clear when to enter, as only on certain times the pullback on an uptrend allows shorting other currencies.