5/28 Analysis: Trading the Entire Forex Market
The most obvious currency is the AUD (orange line) which is weak and getting weaker with a very steep line down.
The 3 potential currencies that you could pair it with are the EUR (pink line), the CHF (turquoise line) and the JPY (yellow line).
Potential trades could be:
- EUR/AUD BUY
- AUD/JPY SELL
- AUD/CHF SELL
Looking at the EUR/AUD, if we placed our entry 10 pips higher than the price at the London open we would have rode that momentum up over 84 pips with no significant pull backs.
You can see by watching the video analysis that we had similar results with the AUD/JPY and AUD/CHF.
This is a great example of what can happen when you are analyzing the individual currencies and the entire market as opposed to just your favorite pairs. These are currencies (and profitable trades) most amateur traders wouldn’t even be looking at.
For example, if you only look at the EUR/USD, here is the chart for today:
If you tried to trade this pair, you would have been chopped to pieces.
So while amateur traders are taking back to back losses and wondering why their trading isn’t improving, professional, savvy traders are picking out the very highest probability, lowest risk trade set ups based on what is going on in the full market.
Watch the entire video analysis below:
You can see that our Currency Strength Indicator is an effective tool for picking out the highest probability, lowest risk trade set ups while avoiding market conditions that aren’t favorable. If you keep using this tool every day along with our daily Forex analysis, you will increase your win rate and be on your way to becoming a profitable trader long term.
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