Top 3 potential setups ahead of the New trading Year open
Looking at the end of the 2018Â Year charts we have identified 5 potential setups that we want to share with you ahead of New trading Year open.
GBPJPY
We were using our usual top-down trading analysis, to get to this trading setups. On the weekly chart below you can see that the pair is testing the key horizontal resistance level for a downside break into the 135 level. This level is giving us a good opportunity for both long/short trade entries.
Depending on the price action daily close tomorrow you can open long trade with the stop loss below 139.700 or a short trade with the stop loss above 140 level. Remember you can act only after tomorrow daily close. Both trades will have about 75-100 pips of the risk and between 300-500 pips of reward.
USDCAD
After reaching almost 61.8% Fibonacci retracement level of the last long-term swing lower, and the channel top, the pair is making a reversal candlesticks formation giving us a good short risk to reward trade entry. Going short at the market with the stop loss above 1.3685 level would give you a nice possible pullback reward of almost 300 pips targeting 1.3400 level.
USDCHF
After breaking below the H&S neckline 0.9900 this pair is opening a possible test of 0.9700 uptrend line support level. To avoid getting to early into the trade wait for a small bounce into the 0.9850-0.9870 zone before taking a short trade entry with the stop loss above the 0.9900 level targeting 0.9700 first and much lower upon a possible long-term uptrend line break.
The main conclusion of this technical analysis insight is that we will have much better New trading Year start than 2018 and we could see some nice medium-term trends developing in the Q1 2019. There is a lot of nice trading setups even now, but we picked this 3 to give you an intro in what should be our most successful trading Year! Happy trading!
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