FX Trading Ideas for the Week | Mar 18 - Mar 22, 2019
Never be a blind follower, especially to some annoying guru (whether dead or alive) who insists that his way is the high way (to losses lmao)!
Warning: Long trigger-inducing hormonal rant below. If you're some kind of guru too,
At some point, drafting a blog post about Types of Gurus/Mentors/Coaches to Avoid feels highly enticing -- they all just want to avoid the bad rep of one term and use another term, but they're all technically the same. At the end of the day, they wanna earn money from teaching instead of trading on their own.
But I don't wanna make fun of those with teaching vocation because it's an honorable job and I'm highly grateful and indebted to all my teachers, particularly my dad who taught me most of the things I've struggled with back in elementary; my life-changing Physics, Econ, and Computer high school teachers and also our principal back then; my college professors in Math, NatSci, Finance & Economics; our CPA reviewers who made me understand what I actually need to understand in accounting and without them and their exercises, I definitely won't pass the boards; my cool previous bosses who taught me how to use Excel the most efficient way possible; my current S.O. for teaching me the basics in trading; the awesome people in BabyPips.com; a handful of Youtuber traders who really trade irl and provide emotional support; and a few kind souls in ForexFactory and SteveHopwood forums who shared their trading strategies-- some of which I've adapted and still use up to this day.
Anyway, back to that annoying trading guru. This dude is more annoying than 2 of the other braggadocious "traders" who have vast experience trading their bank's money, but never their own money (to be fair, they have sound macro fundamental teachings though). Come to think of it, even more annoying than those pessimistic bitter trader-wannabes who think nobody really earns money from trading and have the audacity to demand broker & bank statements-- unless I plan to teach or trade for these dingleberries or apply as some hedge fund manager, I'm not some insecure bitch who will just randomly post such to brag and invite hackers, kidnappers, and scammers in my doorstep. Only the right eyes will see them.
I'm not gonna mention his name, but he's pretty active in Youtube. He insists in every video that his price action strategy is The Only Way to correctly trade. I'm all in favor of using price action too. But what grinds my gears is that he's in denial when he's wrong, and always insists that he's right (and can never be wrong) even if it's highly obvious that a trade didn't go his favor because he clearly ignored even the most basic macroeconomic fundamentals and RSI overbought/oversold levels.
Let's not even talk about fibonacci levels because he takes extreme pride in not using any kind of indicator and tools, just pure candlesticks.
Alright then.
I understand why he insists on his methods though, that all his students should strictly follow the way he trades: because he wants them to work for him and trade for him, so he can earn "passive income" like that popular handsome Mr. Traveling Trader.
I received a bunch of invites both in Linkedin and Tradingview to join some trading program and eventually trade for dudes like them. I initially took offense and thought they're underestimating my ability just because I'm a lady.
But then again, if I look at the bigger picture, we all are just trying to make money, especially the passive kind. If we only trade purely manually, without a combination of EA or help of AI and python scripts to automate some stuff for us, it's like being self-employed instead of running a self-sustaining business.
Come to think of it, trading even with machine-learning AI and other people trading for you still requires analyzing markets on our own just to be constantly on top of things. Else you'll wake up one day with bloody oil prices blown in your face.
Just look at what's been happening among Youtube creators who have been ranting about the algorithm these past few years.
I've already accepted the fact that trading is work for me-- a work I very much love doing! If I want passive income, I look for something else: i.e. creating Youtube videos, selling Korean beauty stuff and food, buying more gold jewelries, investing in art, position trading in stocks, also considering doing voice overs in audiobooks recently because those royalties can add up too (if not writing my own children's book).
Hopefully I save enough to be able to build my own apartment complex or inn for renting out. Being a landlady is the ultimate goal. 👱
The main reason for this long rant is I feel soooooo bad for these guys' pawns. I read their comments in those gurus' channels and be like "tsk, tsk, tsk". They've been fooled into quitting their own jobs and achieving financial freedom through trading, only to end up simply working under another boss. Well at least they're probably enjoying what they're doing now more than their old work.
When will they realize that they can trade on their own and work for themselves instead of this guru? With enough confidence they can do it too.
TL;DR Why should I listen to someone who spends more time teaching than trading?
Even if I share my trading ideas weekly, they're just that: ideas. Though I don't have a losing week (so far) this year, it doesn't mean that my ideas work 100% of the time.
I don't also always follow through all these exactly too especially if there's a major news coming in the middle of the week that can drastically change my initial ideas (*cough* Brexit *cough*). I don't also go around forcing people to trade these ideas like that annoying guru. This only serves as a general guide and a personal record of ideas.
Before you proceed, make sure to read and understand this Disclaimer here and TRADE AT YOUR OWN RISK.
I. FX Trading Ideas for the Week
AUD - Wait
AUD pairs will likely continue to rally from previous bottoms but go range bound instead of going all bullish, especially with pending US-China trade negotiations still and weaker than expected China econ figures last week.AUDCAD - Buy with target profit near 0.95, or wait for bullish continuation past 0.95 then buy with target profit @0.955
AUDCHF - Wait for bounce from 0.70770
AUDJPY - Wait for bullish continuation past 79.120 then buy with target profit @80
AUDNZD - Wait for confirmed bounce and bullish confirmation near 1.038 then buy with target profit @1.043, else ride possible range play between 1.034 - 1.038
AUDUSD - Wait for bullish confirmation past 0.712 then buy with target profit @0.72
EURAUD - Wait near 1.60
GBPAUD - Wait for bearish confirmation past 1.85749 then sell with target profit @1.84
CAD - Wait
If oil bounces down and goes range-bound this week, CAD will continue going bearish. If oil breaks out on the upside, then my ideas below won't be relevant anymore and it's about time to finally start going long on CAD.
CADCHF - Wait for bearish confirmation past 0.748 then sell with target profit @0.744CADJPY - Wait near 83.5
EURCAD - Wait for bullish confirmation past 1.51555 then buy with target profit @1.52
GBPCAD - Wait for bounce from 1.77332 then sell with target profit @1.74
NZDCAD - Scalp up to 0.92 or wait for bearish confirmation past 0.913 then sell with target profit near 0.905
USDCAD - Wait near 1.3335
AUDCAD - Buy with target profit near 0.95, or wait for bullish continuation past 0.95 then buy with target profit @0.955
CHF - Wait
If S&P 500 continues to
CHFJPY - Wait for bullish confirmation past 111.5 then buy with target profit near 112.5
EURCHF - Wait near 1.135
GBPCHF - Wait for bearish confirmation past 1.32 then sell with target profit near 1.295
NZDCHF - Scalp up to 0.69 or wait for bounce from there then sell with target profit @0.68
USDCHF - Wait for bearish confirmation past 0.9993 then sell with target profit near 0.993
AUDCHF - Wait for bounce from 0.70770
CADCHF - Wait for bearish confirmation past 0.748 then sell with target profit @0.744
EUR - Wait
Since EUR has already bounced and recovered from being oversold starting last week and USD index is most likely to continue going down this week (after bouncing from its 97.5 resistance level recently), I have a short-term bullish bias on EUR pairs. However, since Brexit has a huge impact on EUR as well, need to be extra cautious and best to wait until that Brexit is confirmed to be delayed further (and perhaps even moved some other time-- next year perhaps) as what's being rumored.EURGBP - Wait near 0.8555
EURJPY - Wait for bullish confirmation past 126.8-127 then buy with target profit near 128
EURNZD - Wait for bullish confirmation past 1.65680 then buy with target profit @1.665
EURUSD - Wait for bullish confirmation past 1.137 then buy with target profit near 1.15
EURAUD - Wait near 1.60
EURCAD - Wait for bullish confirmation past 1.51555 then buy with target profit @1.52
EURCHF - Wait near 1.135
GBP - Wait
Since the rumored Brexit delay is most likely priced in by the markets, I'm expecting GBP pairs to suddenly bounce down come Friday. But it's best to wait in the sidelines just to be safe, especially spreads can also go crazy this week.GBPJPY - Wait for bearish confirmation past 146.875 then sell with target profit near 144
GBPNZD - Wait for bearish confirmation past 1.892 then sell with target profit near 1.90
GBPUSD - Wait for bearish confirmation past 1.31745 then sell with target profit near 1.305
EURGBP - Wait near 0.8555
GBPAUD - Wait for bearish confirmation past 1.85749 then sell with target profit @1.84
GBPCAD - Wait for bounce from 1.77332 then sell with target profit @1.74
GBPCHF - Wait for bearish confirmation past 1.32 then sell with target profit near 1.295
NZD - Wait
My prayers and condolences to the people here. Since the trauma from last week's tragedy is still fresh, it's more likely that NZD will go ranging this week or follow the momentum of other's currencies instead, even if I still continue to have a bullish bias in Kiwi in the long-run thanks to its strong macroeconomic fundamentals which I've mentioned in my previous trading ideas posts.NZDJPY - Wait for bullish confirmation past 76.7 then buy with target profit near 77.5
NZDUSD - Wait near 1.68705
AUDNZD - Wait for confirmed bounce and bullish confirmation near 1.038 then buy with target profit @1.043, else ride possible range play between 1.034 - 1.038
EURNZD - Wait for bullish confirmation past 1.65680 then buy with target profit @1.665
GBPNZD - Wait for bearish confirmation past 1.892 then sell with target profit near 1.90
NZDCAD - Scalp up to 0.92 or wait for bearish confirmation past 0.913 then sell with target profit near 0.905
NZDCHF - Scalp up to 0.69 or wait for bounce from there then sell with target profit @0.68
JPY - Wait
Though there's a strong bearish momentum going for JPY still, with that S&P 500 gamble above, it's best to wait in the sidelines. If S&P 500 does go rise to the moon, then JPY will definitely continue to go bearish especially with its highly dovish BOJ. But if S&P 500 suddenly drops, then my ideas below aren't relevant anymore and JPY pairs are more likely to go ranging (if not, totally reverse).USDJPY - Wait near 111.5
AUDJPY - Wait for bullish continuation past 79.120 then buy with target profit @80
CADJPY - Wait near 83.5
CHFJPY - Wait for bullish confirmation past 111.5 then buy with target profit near 112.5
EURJPY - Wait for bullish confirmation past 126.8-127 then buy with target profit near 128
GBPJPY - Wait for bearish confirmation past 146.875 then sell with target profit near 144
NZDJPY - Wait for bullish confirmation past 76.7 then buy with target profit near 77.5
USD - Wait
Highly likely for USD Index to continue its reverse bowl chart pattern below but it's best to wait in the sidelines until at least the Fed meeting tomorrow. Both S&P 500 and Treasury Yields are inching higher recently, and if that continues along with a sudden more hawkish rhetoric from the Fed, then USD index below can rise up to 100. We'll see.AUDUSD - Wait for bullish confirmation past 0.712 then buy with target profit @0.72
EURUSD - Wait for bullish confirmation past 1.137 then buy with target profit near 1.15
GBPUSD - Wait for bearish confirmation past 1.31745 then sell with target profit near 1.305
NZDUSD - Wait near 1.68705
USDCAD - Wait near 1.3335
USDCHF - Wait for bearish confirmation past 0.9993 then sell with target profit near 0.993
USDJPY - Wait near 111.5
XAUUSD - Wait for bullish confirmation past 1308 then buy with target profit @ 1316-1320
XAGUSD - Wait for bullish continuation past 15.45 then buy with initial target profit @15.6
XTIUSD - Wait for bullish continuation past 59.5, then buy with target profit near 61
USDZAR - Wait for bearish confirmation past 14.335 then sell with target profit @14.2
USDMXN - Wait for bearish continuation past 19 and sell with target profit @18.7
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