USDSGD weakness

Morning Dynamic Traders

I hope you all had a great trading week and an enjoyable weekend. I spent time last week reviewing my trading, TP, strategies and goals. Taking time out of the markets can be a really good exercise and I'm certainly feeling refreshed and ready for trading once again. Seems last week may have been a good time to be off the markets as many currencies are consolidating. Always a good sign, as this usually means price is preparing for its next move.

I was stopped out of my AUDNZD trade last week. It seems price did a FBO and has simply continued in a range. Now, what have i learnt from this trade? I'm happy with the confluences that I had entered this trade on and odds still favour a long - nothing's changed there. My stop may have been a little tight - but that's the nature of mechanical trading and sticking to your rules. This pair is still on the watchlist for a BOB of the high.

I hope USDSGD is also featuring on your watchlist. Last Wednesday saw price plummet almost 200 pips providing us a positive signal for continued weakness. Of course after a big move down price has decided to take a breather - we just don't know how deep the pullback will be. Price recently broke the H&S neckline, so there's always the chance of a retest. For a short entry I'll be waiting for a breach of the new low - MOBO could be used if the right signals/confluences are present.
















Note, there are a number of high impact news items due on the $ this week, so bear this in mind when placing orders.

Abundant trading!
Sonia Molina