It was another successful trading week for the Elite Zone members.
The trading week started at a slow pace as investors waited for the FOMC minutes.
Just before the minutes, the Dollar Index formed a double top at the 102$ resistance zone:
That provided the technical reason to trade against the Dollar and we had two setups ready for it:
The first setup was on the GBPUSD, which was the strongest among the Majors last week.
The GBPUSD was testing a daily support zone and we used it to go long GBPUSD – A decision that generated more than 100 pips profit.
The second setup that was sent to the members was on NZDUSD. I personally didn’t trade this one but as you can see it generated about 100 pips profit for the members who chose to trade it.
The two setups above shows examples of short term trading scenarios sent to the members as part of out weekly trading plan. There were two additional setups that were considered as longer term opportunities.
One of them was on EURNZD that completed a bullish harmonic pattern:
1.46 was our action zone and as you can see we got a perfect reversal from the PRZ.
The trade generated 100 pips profit before we got a pullback before the close on Friday.
1.46 is still a focus zone that you should monitor in near term future. EURNZD will continue to provide bullish opportunities as long as this zone will hold.