Join Professional Market Commentator Cameron Buchanan from My Trading Academy for his weekly Market Wrap and Market Forecast for insight into the Global Financial Markets and what is driving them from week to week. Cam offers a fundamental overview for you to learn about the markets and how you too can learn how to trade, manage risk and take advantage of the global economic climate, whether the market is trending up or down.
My Trading Academy is a wholly-owned subsidiary of the International Day Trading Academy Pty Ltd. Cameron is CEO, Co-Founder and Director of the International Day Trading Academy Company and a regular contributor to YTE (Your Trading Edge) Magazine. He is known to his trading students as Cam the Trading Educator and Mentor, Live Trading Room Moderator and Professional Trader.
Watch the Global Market Forecast Video Below
Hi, Guys, it’s Cam here from My Trading Academy with this weeks market forecast.
Alright, so one of the markets we’ve been looking at very closely is the Ausie Dollar versus the US Dolar. On the weekly chart, this market has been trending down for quite some time. You would not want to be traveling overseas right now, because the Aussie Dollar is complete dirt compared to what it was this time last year. So, it’s not in a great place, however, we think we’ve found a bottom here. When we find bottoms in the market we are starting to look for the market to go back up and we call this a “Reversal Pattern”. You can see that candle that is circled is quite a reversal type candle. Now we’re looking for that trade entry for it to go back up to a mid-point or a range.
The next chart that I’m going to look at is the 4 hour chart and this 4 hour chart is showing us a very, very powerful pattern in the market, it’s called an “Upsidedown Head and Shoulders Pattern” and that pattern can give us a really powerful trade entry and gives us some limits between bottom and the top. You can see by the chart where our target range is. We’ve got range one up around 69 cents and range two, or target range two up around 69.5 cents, so, that’s where I’m looking for these trades to go to. I’m not entering this trade now, I’m going to wait until the market come back to around 67.5 and if we see that failure there, then we’re going to look into getting long and trade it back up to the target range.
If you are a Day Trader, I’d be looking for those larger moves to the upside.
See you Saturday for the Market Wrap.