Trend for 7th of September (updated) ~ forex trading journal blog
Hi, to those who enjoy trend trading analysis and enjoy analyzing markets daily. So, markets basically continue going in the direction they have started. From the negative point of view I see that eur/gbp did not continue its’ downward move. So, in this aspect my prediction was not right. However, eur/aud, which I identified as the leader in the move continued going down. EUR/CAD was going nowhere, but I think it is temporary and the downtrend will resume sooner rather than later.
I am also looking at gbp/jpy and think whether the pair is going to go down through the floor or it has found its’ solid bottom. I would encourage you to look at daily and weekly charts of the security to make your own analysis and prediction. When you look you will see that the gbp/jpy is at the multi year low and probably jump off the level it is sitting on at the moment. So, in this kind of situation a breakout trader would place a sell stop below the support and wait for a breakout and a range trader would wait for a reversal and after seeing a reversal pattern formed would go up. It is best to wait and see at real market conditions and react accordingly.
See also:
Breakout
Range
Follow the leader
Disclaimer
Trading financial markets carries a high level of risk, and may not be suitable for all investors. All information on the blog is of educational nature and cannot be considered as advice, recommendation or signals to trade in any financial markets.
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