Potential Pivots Trades For Next Week - 23-Jul-16

Potential Pivots Trades For Next Week – 23-Jul-16

In the most recent Live Weekly Workshop on Friday 22nd July at 10:00 UK local time I pointed out these 4 potential trades for the session ahead. They are all related to the Pivot Points Trading Strategy.

I also mentioned that these potential trades would, most likely, still be valid early next week. And, writing this report at around 15:30 UK local time on Friday, this seems to be the case.

First a non-FX trade…

WS30 (the DOW)

Key Level = 18700, the next Big Round Number above the all time high. I just see the market as over-extended here and if Daily Price reaches this level and it’s had a good Daily move (above R2 would be a good Daily move) I see it as a decent shorting opportunity.

Any Pivots Strategy set up with R2 below this level and R3 above this level – I would be placing a Set & Forget market order.

See chart below…

Potential Pivots Trades For Next Week - 23-Jul-16 DOW

As I openly admitted in the workshop it is a bad habit of mine shorting indices at what I consider extremes. It’s a bad habit I must learn to contain. I believe (I know) it’s related to the fact I have a sizeable investment account which is all Long. I see myself getting more drawn into Short index trades when I see my investment account at all time highs. I believe I should instead be looking at some FTSE Short ETF, which I know exist – This would of course affect my investment account performance but on the other hand would see my trading accounts in a healthier state!

Now onto the Forex markets…

USDCAD

Key Levels = 1.3187, a 3 month high and 1.3200, a Big Round Number.

Any Pivots Strategy set up with R2 below these levels and R3 above these levels – I would be placing a Set & Forget market order.

See chart below…

Potential Pivots Trades For Next Week - 23-Jul-16 USDCAD

Note – As I am just finishing off here there was a 60+ PIP news item related move up on USDCAD. I mentioned this news item in the workshop stating the event could trigger an Entry but that it was so late in the week I would not be placing an order anyway. It looks like for now though the Entry will not be triggered and the set up remains valid for next week.

Here, for Pro Members only, are the other 2 potential trades for next week, GBPJPY and GBPCHF…

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Hope it helps.

All comments welcome.

DISCLAIMER & COPYRIGHT

This update is based on my analysis on my charting package. It may differ to yours as it can be affected by time, market movements, charting packages and broker prices. I accept no liability for loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on any information in this report or analysis.