My Weekly Decision Bar Trading Direction Journal

GbpChf: Weekly closes have me looking for long positions and actually have me ready for a big and up coming breakout ready to transpire possibly this week to the long side. Will be watching that very closely!

Yes you made some great calls. I will be checking in periodically. Keep up the good works

GbpJpy: Based on weekly closes I am looking for long setups for this pair for the most part.

Nothing really immediate is jumping out at me so far this week, but there are definitely a bunch of things I am watching for longer term breakout trades. They will be there though.. be patient, watch the charts and the candlesticks and before you know it, they will appear. That is what I always have to keep telling myself.

GbpNzd: Again dealing with those strong sister bars for this pair like the eurnzd. Some short before those sister bars strength takes over is how I want to play it. I would rather give up the shorts and try and focus on catching the longs when they are in position as those will be the bigger moves.

gbpusd: the only thing I can say here is that the monthly bar is either a rejection bar or a pull-back bar. Maybe I will be able to determine in time to helhp me decide the best direction to trade this pair at the moment because right now, there may be better opp. out there unless a good set-up shows up... and it might. My thought is that if this pair has price action above the body of last months candlestick body... then the bar is a rejection bar. Until then, I think that the best opportunities will be short.

NzdUsd - Looking mostly for long trade opportunities.

usdcad: I am not seeing much in the area of definitive with this pair either. I guess my bias would be short based on the fact that top of the channel on the weekly has been hit with strong rejection.

usdchf: weekly bearish but it would not be surprising to see a 100 pip or so pull-back before the fall continues to the bottom of the channel.

usdjpy: weekly, I am bearish, but I would not be surprised to see a bullish push pull-back before it continues lower.

Good trading... I will be waiting for some good set-ups. Nothing much at the moment, but that can change in an instant!

Let's see what is going on this week. Unfortunately I did not keep my profits from the week before taking a good trade with above average risk that went against me. I really did not think that the EurNzd triple bottom would break, but it did while the UsdCad triple bottom held nicely!. Good trades do hit s/l once in a while and had I used good Risk management I would not have lost so much, but I never saw what happened happening. I saw those sisters on the EurNzd weekly taking hold, but I guess that was not meant to happen yet. Besides Friday.... I did not see much to trade and I really stayed out of the market for the most part.

It took out my stop by just a few pips when I could not be by the computer and then went back up and is looking like the trade I was seeing it was going to be. So frustrating when that happens. Instead of a few hundred in profit, I have a hundred loss. The time is to be smart and not get emotional with a re-entry!

SO.. what is happening this week.

AudJpy:

EurUsd: I am bullish on the weekly close with a pull-back to support on the last weeks weekly close. I am also seeing a bullish h&s on the monthly where we have already pulled back to last months lower wick. Last month close I would consider bullish direction against the month before which was indirection. Everything is telling me not to be holding shorts on this pair for very long.

AudUsd: Short all the way! I am seeing a bar which I call a bullet on the weekly. A bullet is an exhaustion bar in this case that closed bullish but which will be followed by a bearish bar. It is also a gravestone doji which is not a doji of indecision but rather a doji with meaning. Also, taking a look at the monthly we are at resistance of the evening star doji of 4 month ago and is sitting on 2 white soldiers. I would rather see 3 or 4, but I will take 2, being that we are at resistance.

I know exactly where to add on an additional trade using my equity.. providing this trade moves like it appears that it will.

EurAud: Definitely long since I am long on the euro and short on the audusd. We are also at weekly support with what I think is a weekly bullet bar that entered bearish.. meaning that the bearish move of last week is exhausted, and we are going to be bullish this week. We are also at a triple bottom on the weekly. Let's not mention that we are currently on a pullback of a bullish h&s breakout move on the 1 hr. This could be the lowest price that we will see on this pair for a very long time if you are reading this post.

GbpChf: Bullish all day on the weekly. The charts on the weekly are showing me 3 beautiful black soldiers with a bullish gravestone doji. This looks like another exceptional awesome trading set-up with a great opportunity for an add on equity trade.

All good stuff. Thanks for doing it.