Trading plan for EURUSD, GBPUSD, USDJPY for 16/10/2020

16 oct. 2020

EURUSD*

Technical analysis**:

Trend: 0
Trend power: -3
Overbought/Oversold: absent
Preferable trade direction: sell

Buy near 1,1630 with a stop loss above 1,1590 and a take profit near 1,1790.
Sell near 1,1800 with a stop loss above 1,1840 and a take profit near 1,1730.
Sell near 1,1880 with a stop loss above 1,1920 and a take profit near 1,1800.


GBPUSD

Technical analysis**:

Trend: 0
Trend power: 1
Overbought/Oversold: absent
Preferable trade direction: buy

Buy near 1,2890 with a stop loss above 1,2840 and a take profit near 1,3000.
Sell near 1,3030 with a stop loss above 1,3080 and a take profit near 1,2920.
Sell near 1,3150 with a stop loss above 1,3190 and a take profit near 1,3040.


USDJPY

Technical analysis**:

Trend: -1
Trend power: -4
Overbought/Oversold: absent
Preferable trade direction: sell

Sell near 106,00 with a stop loss above 106,50 and a take profit near 105,30.
Buy near 104,40 with a stop loss above 104,00 and a take profit near 105,20.

* all transactions are intraday, that is, it must be closed at the end of the day. The error in the parameters of transactions is +/- 5 points; in the case of fundamental force majeure, the recommendations may be less relevant;

** the trend parameter accepts values “+1” - an uptrend, “-1” - a downtrend, “0” - no trend. Determined in terms of the author's analysis of a set of signals from technical indicators from different time frames;

the trend strength parameter - accepts values from “-4” to “+4” and shows how strong this trend is. It is determined based on the author's analysis of a set of signals from technical indicators from different time frames;

overbought/oversold is defined in terms of the analy
sis of the RSI (8) indicator on a daily time frame. The boundaries of the zones are accordingly 70 and 30;

the priority area of transactions depends first of all on trend and its strength but is also taken into account our value judgments of the situation on the market.

Wish you successful trading solutions and transactions!