1. I either trade a longer timeframe
2. I trade and scalp a much shorter timeframe
Admittedly though, it has been tough. I still very much enjoy trading and doing technical analysis. However just wondering what would be the best way to balance this as I take my trading seriously and hope to make this a business by Nov.
However, whatever it is and my goals aside, here's my analysis for different instruments this week.
EUR/SGD - 2 April 2017 (Weekly Outlook/Weekly Chart)
- Cloud is really thin with both Tenkan and Kijun being flat where they are.
- Last week was a pretty much down week with price pulling back to the 1.48334 support level.
- 1.48334 seems to be a very strong support level as prices are seen bouncing off this level back in July 2016 and July 2015.
- Chikou is also in the clear and is below the cloud.
- Good to note that RSI is approaching the oversold level of 30
- Time Frame Outlook : Bearish -
EUR/SGD - 2 April 2017 (Weekly Outlook/Daily Chart)
- Cloud is thin however it seems to be dipping lower towards the mid of May 2017. Cloud is also flat at 1.50698. This would be a good resistance level should price enter back into the cloud.
- Tenkan and Kijun are both in the cloud, however it looks like while kijun is flat, tenkan seems to be crossing over kijun from above.
- Price and Chikou are below the cloud, however chikou seems to be meeting resistance as it comes into the nearest candlestick
- As mentioned, price is quite close to the strong support level of 1.48334
- RSI has just entered the oversold region
- Time Frame Outlook : Bearish
Overall, I would think that there is still some width for price to be attracted towards the 1.48334 support level. However once price reaches that support, price would actually retrace back towards the flat kijun (1.52705) on the weekly chart whilst meeting resistance going into the cloud first. Also, on the daily chart, price seems like we're entering downwards wave 3 going by EW lingo. I would actually go for a short play and take profit at the 1.48334 level. Should price move beyond this strong level of support, the next strong support level would be the 1.44567 price level
Have a good week you all.
P.S : Do drop me a PM if you would like me to help you with technical analysis. I would gladly help you and guide you along.