The Week Ahead - Possible Setups

April 21, 2008 02:41 by JEB

Let's take a look at some of the major currencies in anticipation of the upcoming week.  I don't have any positions open at the moment, but will keep my eyes open for possible opportunities with some of the following currencies:

EUR/USD:  The Euro's low on Friday caused me to redraw the trendline on the rising triangle that has formed on the daily chart.  I've still got my buy limit order in place from last week above the week's high, because I think if it breaks out above that high, it should continue for a bit.

GBP/USD:  The Cable convincingly broke above the down trendline last week (much to my dismay, as it caused me to lose on my short!).  I'll keep an eye on this pair this week to see if there's a retracement that provides a good buying opportunity.  I'll be interested to see if EUR/USD follows GBP/USD's lead.

USD/JPY:  The USD/JPY also broke out above the down trendline last week.  As with GBP/USD, I'll keep an eye on this pair this week to see if there's a retracement that provides a good buying opportunity.

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Categories: Discretionary Trading
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September 7. 2010 11:39