Highlights include AUDUSD, EURUSD, and GBPUSD.
Each weekend, we’ll share a few examples of our work from the prior week. Many in this business scream to the high heavens when they make a good call and conveniently ignore when they are wrong… they are charlatans. Our goal with ‘Highs and Lows’ is to review what we got right and more importantly, what we got wrong. The following examples are from the Swing Updates, published Sunday to Thursday (here is a Swing Update tutorial).
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Highs and Lows for the Week Ended 11/3/2017
AUDUSD 4 Hour
10/30 – The AUDUSD bounce is probably a 4th wave, specifically wave 4 of 5 within the 5 wave drop from the September high. The implication is that the bounce carries a bit further before a new low is registered. Watch for resistance near .7730 (10/6 low).
Aftermath – AUDUSD bounced into .7929 and rolled over sharply.
EURUSD 4 Hour
10/30 – The same levels remain in play. That is, 1.1694-1.1712 is resistance and 1.XXXX is well-defined for the next ‘decent’ support. Very short term, 1.1604 (week open) should be known for support within a corrective bounce sequence.
Aftermath – EURUSD was confined to a tight range last week but the highlighted levels worked out well as price traded between 1.1605 and 1.1690.
GBPUSD 4 Hour
11/1 BoE tomorrow and all I know is that I favor upside…but at a price! There are several levels to know for support…a high volume level at 1.3213 and the 61.8% retracement of the rally from 10/27 at 1.3165. This lower level is in line with a parallel (blue line), that was support through October and just above the BoE spike low from September at 1.3144.
Aftermath – Plain wrong but we didn’t end up trading from the long side. In fact, we actually took a short on the NFP spike.