Forex Market Review (Week 30)
The U.S dollar index being a major determinant or indicator of the strength or weakness of the dollar and a measure of the value of the U.S. dollar relative to other currencies has been in a downtrend for some while now and continued this downtrend movement in the past week albeit a bit of a retracement, it must be noted however that the screenshot above is for week 29.
I was prepping to release this when a technical difficulty with my gadgets broke out. Good enough, nothing much happened in week 30 as we were caught in a bit of a ranging market, even though I still maintain my bearish momentum.
Key events to watch for in the upcoming week
To be honest, I consider myself as a purely technical trader. I am not really much of a fan of fundamental analysis. Did I say fundamental analysis is irrelevant? NO! I am just not a fan of it. Also the fact that I am not a fan does not mean the market doesn’t respect it. heard of the phrase “The technical respect the fundamentals”? yep! it is somewhat true 🥱
Consider the High Impact News (screenshot Above) coming up this week. It would be stupid to ignore these especially if you are Day trader, and more importantly if you plan to trade on Friday which happens to be the first Friday of the month of August. With a clapping ovation, let us welcome Mr NFP 🥶
Are you a new trader and you’re wondering what’s happening? well, all I’ll say is that that guy deserves a lot of respect, and you wouldn’t want to find out the level of respect that should have accorded HIM or SHIM 😏 Only few accounts have lived to tell the story.
Well, my whole point is that you should thread with caution with these upcoming events especially the NFP. 🛑
Trade Review For The Past Week
This past week was a kind of slow week for me, if I’m being honest. The market kept showing me things different from my perspective. One trade on Monday and another one on Friday summed up my week, this doesn’t mean I didn’t see trades, I saw some but was being really cautious and I thing overly cautious too.
To cut the long story short, 😒 I ended the week with a -1.35R while trading USD pairs 🤬 $USDCHF and $USDJPY to be precise 😢
To be honest, I can’t say I learnt any major thing from these trades. especially $USDCHF. Just the market doing it’s thing.
For context, the market is in an overall bearish direction. I pick my trades after the 50% and 61.8% retracement level with further entry confirmation.
And for $USDJPY, I really shouldn’t have taken the trade. The more reason why I closed it early. I care less if it hits TP. It was against my trading rules.
This is getting too long and I don’t want that. I’m yet to find the fairy tale ending for every write-up, and until then, I’ll see you in the next review. Chao! 🤗
I think that one banged!! 😝
