[Week 8 - 2020] Trades Recap and Trade Setups

Good weekend TT,

Last week we have a surge in gold / yen and a fall in stocks. Is market finally digesting the impact of the corona-virus? Friday is normally the day where most traders close their position for the week. So this upcoming week would be crucial as to determine whether the fall in stock is a simple profit taking or investors are shifting to risk off.

Now let us move to the trade review for the week.

Trade Recap

GBPJPY

Price fell but closed with a bullish candle with a reversal of the 50EMA, twice! Second entry supported by the retest after breakout (resistance turned support) and now we are approaching at a level of test again (support and 50EMA)

NZD/JPY

Price is trading within a rectangle with prior evidence of bearish confirmation. (head and shoulders, 50EMA rejection). Taking a risk by entering at the upper level hoping to take a bigger ride downwards.

Trade Setups

USD/JPY

Lots of buy stopped order got triggered together resulting in a huge spike in price due to the slowing JP economy. However price has now an engulfing candlestick and price is likely to retrace to the trendline level or back to the support level. Able to short but only if you aim to take profit at the horizontal support region.

That is all for this week. Happy trading!

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