3 trades to be on the watch for the last 2018 quarter
Dear Traders, as summer is cooling off we want to share with you some trades to be on your watch for the last quarter of 2018. You can use this as a trading strategy guide.
First on our list is GBPUSD. By looking at the weekly chart, we can see the pair reaching a strong downside support 1.3027 level in the recent upside swing pullback. This is also the weekly 200 SMA which is now holding the pair to the downside. As long as this level is holding we will possibly see a hard downside extension. You should look for the short trade entries on lower timeframes with the stop losses above the 1.3050 level.
The second one on our last 2018 quarter trade watch list is NZDUSD. The pair broke below the strong downside resistance 0.6700 which is now the downside support and also represent the median line of the Pitchfork channel. As long as this level holds look for more downside targeting lower Pitchfork channel line 0.6000 level. Stop losses should be above the 0.6720 level.
The third one on our watch list is the DAX. The instrument is moving in swings inside the diamond candlesticks formation. A strong downside support is 12600 level. A daily close below the 12100 level will give traders a higher probability short entries. Stop losses on short trade entries should be above the 12600 level. A break below the 12100 could lead to a 11400 level target in the last quarter of 2018.
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