Week of: 06/06/22 – 06/10/22
The World Wealth Gauge is showing us some good readings this time as well. But it begs the question – Is this rally real or one that’s going to fade soon?
Well, as I’ve mentioned earlier, I think we are still in a ‘Sell the Strength’ kind of an environment. And if the market continues to rally, I’m not willing to buy it but sell at every rise.
That brings me to our favorite trades we’ve been talking about in this market.
One of these trades is the NZDCAD currency pair where we have locked in over 290 PIPS from the original trade.
Here’s what I mentioned last time for the new trade on NZDCAD – buy at 0.8210 levels for a price target of 0.8600 and a stop set at 0.8065 level.
As things stand today, this trade is down by around 100 PIPS but I still see that it could rally up to our target levels. For the ones who are already in this new trade – I’m looking to take the stop loss if the currency pair hits 0.865 level.
And for the ones who aren’t in this trade – the current price is at a good point to enter into this trade. We can enter at a break above 0.8132 levels. Moreover, this can also be a good opportunity to lower down your buy price if you are already in this trade. Overall, we have around +430 PIPS worth of potential upside on this trade with our price target of 0.8600.
The other favorite trade which we’ve been following for quite a while is the AUDJPY trade. I see an amazing pattern forming for this currency pair at current levels and I’m still willing to sell it. I believe that the price will hit 76.50 levels, giving us profits, before it goes to 103 levels.
Here’s a quick look at the two trade setups we have on this currency pair…
- If you’re not in this trade, a conservative option is to sell on a break below 93.05. The target here can be at 76.50 with a stop set at 102.85.
- And for ones who’ve been following this trade, the original trade setup was to sell at 90.06, 94.50, 97.25, and 100 levels. Our average price, if we did sell at these four levels, comes to 95.45. My profit target on this one is at 76.50.
Check out this week’s video as I review the above trades and show you how I’m looking to manage them ahead.
I also briefly talk about the SPY and explain how it’s flashing some good signals for our trades.
A big thanks to all of you for following Tysons Trends!
For more tips and picks, you can join me in my Money Flow Trading Room. It’s where I talk about market and trade strategies every week.