4 Days: 4 Trades 500 + Pips Profit

(That’ll Do Nicely !)

Fri 19th May 2023 : Daily Forex Price Action

Today we’re looking at Trading Setups in:

• EURUSD (Primary Focus Pair)
• CADJPY (Covered In Video)
• USDJPY (Covered In Video)
• AUDUSD (Covered In Video)
• EURNZD (Covered In Video)

Primary Focus Pair: Overview

EURUSD

Earlier in the week we highlighted a potential short on EURUSD at 1.0900 minor resistance level.

Price retested that level and it was rejected, seeing sellers target 1.0800 for a 100 pip gain.

EURUSD continues to remain on the tables, which could offer us further selling opportunities going into next week.

AUDUSD

We were trading AUDUSD short this week from the minor highs that developed on a hourly time frame at 0.6670.

We had two opportunities to short from this level, once we entered, price fell in our direction.

However, after US Unemployment Claims data came out  AUDUSD traded through its lows and AUD disappeared from our tables.

This information told us to close all positions on AUDUSD leading to a 100+ pip gain as we took two positions. 

Price has since traded higher again so if AUD returns to the tables on the weak side, with USD remains strong, we can look for further selling ideas.

CADJPY

CADJPY was one of our biggest movers of this week seeing CAD remaining on the strong side of the tables since Tuesday morning when we identified a level of support at 100.75.

Price retested this supporting level and formed a bullish rejection candle.

We took two long positions on this forex pair, which allowed us to profit 130+ pips.

Those who held positions in line with the tables have seen price rally over 200+ pips. 

Price is now trading above key resistance at 102.00, offering further long trading ideas.

USDJPY

JPY weakness was something to target going into this trading week.

USDJPY had featured on the currency strength vs weakness tables since Monday 15th May, specifically on the 5pm table.

Traders who saw this would have been able to identify price was trading below a key resistance level at 137.75 – 138.00 and bought the close on Monday 15th May. We’re currently sitting in 250+ pips profit. 

This example is a great example of how you can use the tables to get into some very profitable positions.