This past Monday, we pointed our members towards a specific zone to explore potential long trading opportunities. That zone had previously marked a weekly low. During the release of the NFP report, we witnessed a quick rejection in this area. I personally foresee more upside potential in various Dollar pairs, and I'm including USDJPY in that outlook.
We've had a bearish view on BTC for a while, and we had identified 27244.45 as a potential area for further downside. Next week, we'll be keeping an eye on new price levels, considering them for potential entry points in case of any pullbacks.
Gold hit our level a few times before dropping just before the market close. Overall, it was a very quiet week for me personally due to it being month-end and the NFP on Friday, which meant I didn't take many trades. Nevertheless, members can utilize these levels in their own trading and use them as a great guide, as we provide the level and what we are looking to do, whether it be buying or selling, with an overall target also provided. Moving into September, we are forecasting a busy one here at Dominic James Trading.
On Monday I shared the selling level I had in mind for Xpdusd with the members. As the week came to a close, we go the positive response we were looking for from that area.
We decided to take our profits on Solana when it reached a previous weekly high. Meanwhile, we kept a close watch on Bitcoin, considering a potential selling opportunity.
The trade its self was easy to get involved with as we deviated a previous weekly low and broke structure to the upside.
We've got this trade still active in the members' zone, and we've set our stops at breakeven to safeguard our gains. It's a straightforward trade – we took note of the previous weekly high and combined it with resistance from a higher time frame, aligning well with our bearish outlook.
Audcad has reached a significant level that presents a potential buying opportunity. This level is reinforced by the confluence of trendline structure and diagonal support, adding further strength to the setup. Although the level was touched quite late in the week, it remains a compelling prospect for consideration in the upcoming week.
Similar to Audcad, Eurcad has also reached one of our preferred buying levels this week. Unfortunately, we entered the trade late in the week, resulting in limited upside potential. Nevertheless, we will keep a close eye on it next week, as it still holds promise. Diversifying risk across multiple CAD pairs remains a viable option to consider.
EURGBP is predominantly characterized by a tight trading range. Hence, whenever we observe a significant extension to one side, as is the case with the recent upside movement, I am particularly interested in executing a reversal strategy. This interest intensifies further when we successfully surpass a major swing point in the market, clearly visible on the chart. We witnessed a rather choppy response around our selling level, but I can't say I'm surprised. This pair tends to be quite unpredictable and volatile, so it's pretty much what I expected.
This week, I experienced a small loss on GBPCAD. My initial plan was to start adding positions at our identified level and, if the price went lower and swept the previous weekly low, then add another position. However, I deviated from my own plan and ended up with a small loss. In hindsight, I realize that it would have been wiser to wait until the previous weekly low was swept. I've noticed that combining the confluence of an overextended market and a weekly low or high often provides me with the best entry points. Lesson learned for next time!