Weekly Analysis: Week Commencing 14th April 2019
Please press play on our video for this weeks analysis.
This week we will take a look at GBPUSD, USDJPY & EURGBP.
Key thing to note is when you are conducting your weekly analysis you want to identify three key areas:
First thing you want to identify is what direction is the long term trend heading in. This will give us an idea whether we will be trading against or with the trend. The best way to identify the longterm trend is on the higher timeframes such as the 4 hour and daily.
On the Daily chart we want to understand key levels such as Support and Resistance. This week we explore one of our favourites which is the high and low for the previous month. These zones can be used as Support and Resistance meaning price will begin to react within these areas.
Now we understand the direction of the trend and key Support and Resistance zone we can wait for our desired signal during the week to enter the trade.
Trend, Level and Signal are three key components to your trading analysis, if you can implement this every weekend when the market is closed you will be well prepared on the opening. Remember failure to plan is a planning to fail.