Current and Upcoming Forex Trades – May 29 - choose online binary options trading!

Lots of trades on the radar right now –here is a sampling of a few I am already in, and some others I am waiting for.

GBPNZD

The GBPNZD is bucking up against a strong resistance level and providing potential short entry, especially with the false upside breakout earlier today.

Watch the spread on this one, it can be bigger. Also, the trade is going against current momentum, which is up. But that momentum has slowed considerably in this area. The is basically a 50/50 probability, but the reward is greater than the risk (as always), so I am taking it.

I am short near the top of the range at 1.9742, with a stop near 1.9785, and a target near the bottom of the consolidation at 1.96719. Trade should last about a day. Reward to risk is 1.6:1.

Figure 1. GBPNZD – 4 Hour (blue dashed=entry, yellow dashed=stop and target)

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EURCHF

This trade has a similar setup to the trade above, but in reverse; we had a false breakout lower today out of a consolidation within an uptrend.

I am long near the low of that consolidation at 1.2208. Stop at 1.21976 and a target at 1.22256. Looking for a move back toward the top of the consolidation. Reward to risk is 1.6: 1. This trade should last about a day.

Figure 2. EURCHF – 4 Hour Chart (blue dashed=entry, yellow dashed=stop and target)

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AUDUSD

A sharp move higher yesterday has set up a potential long trade.

The price moved higher off of a strong support level, which should provide a nice long trade if it pulls back.

Looking for a pullback to 0.9238 (or close to it) with a stop below the recent low at 0.92056 and a target at 0.92898.

If the price continues higher, I am also watching for a short trade in the vicinity of 0.9356, with a stop loss at 0.9380 and targets at 0.93176, 0.92936 and 0.92696. This trade is based on the downward sloping trendline and the valley floor trading approach.

Figure 3. AUDUSD – 4 Hour Chart (littered with entries, stops and especially targets)

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CADJPY

Here is another that is getting close to an entry point. Currently my order to go short is at 93.85, with a stop at 91.14 and a target at 93.386 (reward to risk 1.6:1).

Another way to trade this one is to wait for the price to drop below the prior low and sell on a pullback higher. This will provide a bit more confirmation that the current up move is out of steam.

The risk right now is that current momentum is up. I am willing to take the short though because this is a strong resistance area, and the recent move lower was enough to signify the start of an overall short-term down move.

I also have an order to buy down below at 92.88. This is based on the rising lows of the triangle type pattern we are in.

Figure 4. CADJPY 4-Hour Chart (Again, littered with entries, stops and targets)

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Final Word

These are based on personal strategies which are implemented in about 20 forex pairs. There this is a sampling of current/upcoming trades. As I have indicated in many of my articles, I prefer to take lots of valid signals, that way if some lose the others are likely to cover those losses and produce a profit as well. Therefore, these trade ideas are meant to provide an idea of the trades I am currently looking at, as well provide you with some strategy concepts, so you can come up with more of your own trade ideas/strategies.

These are not recommendations to buy or sell, and are for information purposes only.

Cory Mitchell, CMT