Longer Term Longs

Last price price rallied up to the daily supply we’ve been watching on EJ and there’s been a bit of a reversal. This week I want to see if it will continue or if it will actually rally higher as the higher time frames indicate. We’ll be looking at this along with other longer term charts.

EURAUD  – Long

EA rallied strong last week producing a demand level on the daily chart. The’re a large momo candle leaving the level and price has already started to move back down. If price continues to drop with red candles only then we could have a long.

2015-08-16 EA Long D1

EURJPY – Short

With price back at supply it’s time to look for potential shorts. Price has arrived with clear green candles indicating profit potential so if there’s confirmation on the lower time frames we may have a trade.

2015-08-16 EJ Short D1

The Bigger Picture

The majority of the setups I post use entries on time frames such as the 5m but there ways to trade SD for those who don’t have the time or wish to fine tune entries so much. For this we can use the same supply and demand principles that I’ve shared already but on larger charts. Check out the pairs below:

EURAUD – Long

2015-08-16 EA Long W1

EURGBP – Long

2015-08-16 EG Long M1

EURJPY – Long

2015-08-16 EJ Long M1

GBPJPY – Long

2015-08-16 GJ Long M1

GBPUSD – Long

2015-08-16 GU Long M1

USDJPY – Long

2015-08-16 UJ Long M1

This weeks video goes into more detail so may sure you check it out below:

Video

Detailed Analysis

Members can login to the forum for the detailed analysis which looks at the lower time frame levels we are watching to confirm entries. This weeks detailed video analysis is here. We also analyse the markets for short term trades throughout the week. If you do not have access to this premium content then you can find out how to sign up here.

2 Comments

  1. Kieran on August 19, 2015 at 03:39

    Hi Joe,

    Just a quick question on your GU Monthly analysis you mention the next supply is at 1.93233; at 1.68660 would you call that a Supply area, a rally base drop?

    Thanks in advance

    • Joe Wright on August 27, 2015 at 20:45

      Hi Kerian, I think we could definitely have a reaction there. It looks more like a drop base drop since it fell from the high before basing. The base isn’t pretty but it’s worth a watch given how price eventually broke through the area.

      Joe

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