Week of: 05/23/22 – 05/27/22
The tables have turned a bit this week as the World Wealth Gauge is flashing a bullish outlook after a streak of bearish signals.
While we’re seeing positivity in the market of late, I think we are still in a ‘Sell the Strength’ kind of an environment. If the markets continues to rally, I’m not willing to buy it but sell at every rise.
That brings me to our favorite trades where we’ve been selling a few currency pairs.
One of the trades I’ve been talking about is the AUDJPY pair. Our trade on it is performing quite well and is up around 400+ PIPS. I’m seeing an amazing pattern forming for this currency pair at current levels and I’m still willing to sell it.
My other favorite trade which is paying us dividends is the NZDCAD pair.
My game plan here was to buy on a daily close above 0.8243 or buy it at 0.8100 levels.
Well, the pair did fall down to 0.8100 levels. That’s where we started buying it and our trade is currently up about 290 PIPS!
I’m willing to lock profits for this trade – cheers to everyone who’s been in it!
A quick update on the NZDCAD pair: I’m not looking to buy this pair at current levels.
Instead, I’m now looking to buy it at a pullback to 0.8210 levels. My stop here will be at 0.8065 with a price target of 0.8600. We’re looking at around 390 PIPS of potential rewards.
Check out this week’s video as I review the above trades and show you how I’m looking to manage them in the coming weeks.
And 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.