FX Trading Ideas for the Week | Apr 8 - Apr 12, 2019
Initially planned on using Python to automate basic tasks that will aid me in trading (extracting updated prices, generating reports in Excel to aid in my trading filter).
But the moment I found out that Python can not only be integrated in MT4's EA through dll, we can also apply Machine Learning there-- welp! Time to join Amazon's free Machine Learning Training. This is also another reason for me to ditch TradingView for good and just stick to MT4-- less time wasted + I'm more acquainted with mql and pretty clueless actually with C# and pinescript + my broker uses MT4 too and it's just not value-adding for me to post in TradingView anymore especially I'm also getting more visibility of my swing trade ideas through Twitter anyway.
The last sign for me to stay away from Trading View for good was them hiding some of my ideas just because I linked to this blog the same way I link to other news source as basis for my idea. It's not like I posted my link on my profile or spammed people and my charts with links smh. Whatever, not my loss.
I. FX Trading Ideas for the Week
AUD - Wait
Aussie has slightly recovered recently after better than expected China's PMI last week as well as better than forecasted numbers for AUD last week as well (i.e. Building Approvals, Retail Sales). But since market is still risk off despite some recovery in equities, expecting AUD to move in a tighter range this week. Best to wait for confirmation of a new trend first, or just ride short-term day trading opportunities.AUDCAD - Wait for bearish confirmation past 0.948 with TP @0.9415
AUDCHF - Wait near 0.712
AUDJPY - Wait near 79.5
AUDNZD - Wait near 1.058
AUDUSD - Wait for bearish confirmation past 0.712 then sell with TP @0.798
EURAUD - Wait near 1.58
GBPAUD - Wait for bullish confirmation past 1.835 then buy with TP @1.845
CAD - Buy
Oil rose last week and so was CAD. However based on price action, oil might start consolidating this week. Best to wait for bullish continuation before going long on CAD again, or sell CAD in the short-term only.
CADCHF - Wait near 0.75CADJPY - Wait near 83.745
EURCAD - Wait for bearish confirmation past 1.498 then sell with TP near 1.49
GBPCAD - Wait for bullish confirmation past 1.74275 then buy with TP near 1.76190
NZDCAD - Wait near 0.895
USDCAD - Wait near 1.33
AUDCAD - Wait for bearish confirmation past 0.948 with TP @0.9415
CHF - Wait
Though equities continue to rise last week, market is still risk off as seen on bonds, which is bullish in general for CHF, however it's best to wait for confirmation first especially since it's affected by the macroeconomic and geopolitical risks in the Euro zone (as discussed in my previous posts).CHFJPY - Wait near 111.6
EURCHF - Wait for bearish confirmation past 1.124 then sell with TP near 1.12
GBPCHF - Wait near 1.305
NZDCHF - Wait near 0.6745
USDCHF - Wait near 0.99850
AUDCHF - Wait near 0.712
CADCHF - Wait near 0.75
EUR - Sell (short-term)
Although I'm actually bullish when it comes to EUR in the long-run, riding the possible consolidation this week (except for EURUSD maybe, depends on how USD goes this week) as Brexit is further delayed and pushed to June now, with rumors that it might even be extended to a year or two (much to Macron's chagrin). Price action on higher time frame charts also seem to support a bounce down for EUR this week.EURGBP - Wait for bearish confirmation past 0.86 then sell with TP near 0.85235
EURJPY - Wait near 125.5
EURNZD - Wait near 1.67
EURUSD - Wait for bullish confirmation past 1.1275 then buy with TP near 1.133
EURAUD - Wait near 1.58
EURCAD - Wait for bearish confirmation past 1.498 then sell with TP near 1.49
EURCHF - Wait for bearish confirmation past 1.124 then sell with TP near 1.12
GBP - Buy (short-term)
May seems to be getting her way as mentioned above, so the pound is celebrating for that hope that they can negotiate a better deal. Although in the long-run, I'm bearish about all these unless they totally cancel Brexit. This dude summed up the whole Brexit drama quite well.
GBPJPY - Wait for bullish confirmation past 145.875 then buy with TP near 147.190
GBPNZD - Wait near 1.94
GBPUSD - Wait for bullish confirmation past 1.31 then buy with TP near 1.31825
EURGBP - Wait for bearish confirmation past 0.86 then sell with TP near 0.85235
GBPAUD - Wait for bullish confirmation past 1.835 then buy with TP @1.845
GBPCAD - Wait for bullish confirmation past 1.74275 then buy with TP near 1.76190
GBPCHF - Wait near 1.305
NZD - Wait
Although Kiwi has strong macroeconomic fundamentals, RBNZ confused the markets with it's dovish tone recently. Still bullish overall on Kiwi, but must wait until the markets feel the same way and wait for confirmation first before going long again on NZD pairs.NZDJPY - Wait near 75
NZDUSD - Wait near 0.675
AUDNZD - Wait near 1.058
EURNZD - Wait near 1.67
GBPNZD - Wait near 1.94
NZDCAD - Wait near 0.895
NZDCHF - Wait near 0.6745
JPY - Wait
Almost same logic as CHF above, except that instead of Euro zone risks, replace it with very dovish BOJ.USDJPY - Wait near 111.4
AUDJPY - Wait near 79.5
CADJPY - Wait near 83.745
CHFJPY - Wait near 111.6
EURJPY - Wait near 125.5
GBPJPY - Wait for bullish confirmation past 145.875 then buy with TP near 147.190
NZDJPY - Wait near 75
USD - Wait
Still best to wait for confirmation whether USD index will break out from its current resistance or bounce further down soon.AUDUSD - Wait for bearish confirmation past 0.712 then sell with TP @0.798
EURUSD - Wait for bullish confirmation past 1.1275 then buy with TP near 1.133
GBPUSD - Wait for bullish confirmation past 1.31 then buy with TP near 1.31825
NZDUSD - Wait near 0.675
USDCAD - Wait near 1.33
USDCHF - Wait near 0.99850
USDJPY - Wait near 111.4
XAUUSD - Wait near 1300
XAGUSD - Wait near 15.2
XTIUSD - Wait near 64.5
USDZAR - Wait near 14.05
USDMXN - Wait near 18.92
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