How I am Trading the Forex Majors This Week, March 30
Cory Mitchell, CMT
This week has started off a bit slower than the past couple of weeks have. We are seeing consolidations on the 4-hour charts on the EURUSD, GBPUSD, USDJPY, USDCAD, AUDUSD, and NZDUSD.
The USDCAD had an early move up, while the EURUSD had a move to the downside in early trading this week. That said, they are once again consolidating.
So all these pairs are awaiting consolidation breakouts. I am willing to trade in either direction since the moves are big enough to likely be profitable.
I am using a trailing stop loss on my positions, and Renko charts are the preferred choice right now.
The charts in the video are 4-hour charts. The 4- or 1-hour charts just provide an overall context. I then drop down to a 15- or 5-minute chart to find consolidations near the edges of the consolidations on the 4-hour or hourly charts. I then trade a breakout of the small consolidation.
Since all these pairs involve the USD, pick one pair and trade the normal position size. Or trade two or three USD positions, but use a 1/2 or 1/3 position size in each.
By Cory Mitchell, CMT. Join me in my free Facebook swing trading group.
Disclaimer: Nothing in this article is personal investment advice, or advice to buy or sell anything. Trading is risky and can result in substantial losses, even more than deposited if using leverage.