EURNZD

Weekly Forex Outlook: June 24

Hi traders, good morning and good weekend! How was your trading week? For me, the past week was relatively uneventful and with many setups lacking a bit of follow through. Most of the setup in last week’s outlook didn’t materialise, which means that I didn’t take any position in them. Instead, there were a couple of other opportunities that came along as the week went by, still good for some nice trades. We’ll go over one of them in a moment.

 

On a personal note: I decided to extend my stay in Tokyo for another month as I’m having a great time here. The Japanese culture and big city life agrees with me! It reminds me of my time in London. By the way: did I already tell you how crazy good the sushi is around here? 😉

 

 
Some interesting events were crude oil selling off, regardless of better than expected oil inventory data and the recent developments with the UK starting the Brexit negotiations. Not too much has happened otherwise, so let’s not linger too long and have a look at the big picture, before diving into the outlook for next week.

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Deliberate Practice

Deliberate Practice in Trading

 

You just need more chart time“.

 

I hear this advice all the time. My take on this? Yes and no.

 

Yes in the sense that as a beginning trader, you do need to develop a feel for the market you’re trading. Without any time in front of the charts, you will never understand the natural rhythm of a market, patterns, the influence economic news has on the price, how support and resistance are used, etc. In other words: chart time is a way to develop a gut feeling about how the market operates.

 

No in the sense that beyond the experience developed by initially observing charts, staring at charts without a purpose won’t increase your knowledge level and more importantly, won’t necessarily improve your bottom line.

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Cut losses short and let winners run

The Art of Cutting Losses & Letting Winners Run

For years, I was losing money because I didn’t get it. Not really. You hear it everywhere, it’s probably the best-known trader’s mantra in the world:

 

Cut Your Losers Fast And Let Your Winners Run

 

Often, people just skim over this line as something that’s probably true, without any second thought. We know what it means, but we don’t act on it. And we do this all the time in our lives: a smoker will occasionally think: “I should stop smoking”. Many people have this thought in their mind: “I should start exercising”. I should contact my friend whom I haven’t spoken in months. I should go on that world trip I’ve been planning for years.

 

I should cut my losses faster and let my winners run.

 

I really should

 

I should.

 

Yet, most of us don’t.

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EURAUD forex outlook

Weekly Forex Outlook: June 17

Good morning crew 👋 and a good weekend too! Another trading week has passed and one theme of this week was pretty much waiting for the big events. We had multiple central bank interest rate decisions and we could often see the market being relatively quiet in between these events. Nevertheless, there were some good opportunities, especially on the daily charts.

 

But first, let’s review our weekly outlook for last week! Let’s start with EURAUD on the daily. I mapped out two scenarios last week, one being a retracement before moving down and one being an immediate break of the support zone. Well, after some hesitation, the support level broke and the price moved down for the second part of the week. A nice trade could be had if you’d entered a short position here!

 

EURAUD review

 

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EURCAD Forex outlook

Weekly Forex Outlook: June 10

Hi traders, how’s the weekend going? I hope you had a good trading week! It certainly was an eventful week, with the UK elections as the main event on Thursday in addition to ECB meetings and a Senate hearing of ex-FBI director James Comey. These events made sure that it was a rather short week for me, without any trading on Thursday and Friday.

 

It was a relatively quiet week for setups as well. I only took two trades: the AUDNZD 4H long and the CHFJPY 1H short. The former had to be cut quickly since it didn’t really work out as planned (I suspect due to a very strong New Zealand dollar) but the latter worked out beautifully. I’m going to review the CHFJPY trade in a moment.

 

If you want to keep up to date on setups during the week, have a look at my TradingView page. During the week, I will often publish a chart setup over there as well if I think it’s worth looking at.

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USDNOK forex outlook

Weekly Forex Outlook: June 3

Hello, champs! The week is done and I’m spending my weekend doing some trade analysis and of course writing the weekly forex outlook! I’ve spent last Thursday travelling on the bullet train from Kyoto to Tokyo and I’m now spending a month in Tokyo. So far, I love it here!

 

 

 

Last week was a bit challenging with lots of setups that didn’t have a follow-through. It’s in these times that knowing when to cut a trade is very important. I took 3 trades: the EURUSD 4H short, the USDCHF 4H long and a 1H short on EURNZD. It ended up being a break-even week for me.

 

If you want to keep up to date on setups during the week, have a look at my TradingView page. During the week, I will often publish a chart setup over there as well if I think it’s worth looking at.

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