Notable Buying In North American Currencies

Scan Of The Markets

There has been a major reset in the number of trending markets in the higher timeframes (4h and daily) as a result of the strength off its suppressed levels in the USD and the CAD. Stocks did well overnight with the tech-heavy Nasdaq making fresh record highs.

The worst performing currency was the Swiss Franc, while the rest of the European FX (Euro and Pound) also showed a sluggish behavior. Despite the pump in stocks, the Oceanic currencies didn’t attract much buying interest, with the momentum undermined by the Victoria state lockdown in Australia one would think.

We’ve transitioned from just under 20 markets with concordant trends in the higher time scales to just 8 today and the list might keep shrinking as some are on the brink of transitioning either into a range in the 4h chart or develop a short-term trend reversal.

Trending Markets On My Radar

In this section, I short-list the markets that meet the criteria or are about, in order to engage on a directional trend off higher timeframes through a 15m chart entry.

Hot Trade Of The Day

To see an expanded version, right-click and select ‘open link in new tab‘. In this section, I pick a market or several ones that presented an opportunity to buy on weakness or sell on strength based on the higher timeframes outlook.

Insights Into Market Studies

In this video analysis, I dissect the information above. Ultimately, it is the traders’ call, via a set of entries thoroughly backtested, to enter and manage a position, hence the video is intended as educational in nature and not financial advice.

Video Length: 00:10:41

Recent Economic Indicators & Events Ahead

(Click on image to enlarge)

Source: Forexfactory

Important Footnotes

MARKET STRUCTURES

Markets evolve in cycles followed by a period of distribution and/or accumulation. To understand the principles applied in the assessment of market structures, refer to this video. Fractal breakouts is at the epicenter to assist us in the analysis of chart structures.

MARKET MOMENTUM

In order to assess the market momentum of a particular asset, I’ve promoted for years the idea of using what I call the smart money tracker. The settings and the indicator can be obtained via our Discord room, where traders from all walks of life interact frequently. In this video, I lay out the elements I look into to call trend directions.

PROJECTION TARGETS

The usefulness of the 100% projection resides in the symmetry and harmonic relationships of market cycles. By drawing a 100% projection, you can anticipate the area in the chart where some type of pause and potential reversals in price is likely to occur, due to 1. The side in control of the cycle takes profits 2. Counter-trend positions are added by contrarian players 3. These are price points where limit orders are set by market-makers. You can find out more by reading the tutorial on The Magical 100% Fibonacci Projection.