Weekly Trade Plan for December 3rd – 7th, 2018.

Welcome back!!!!

You are welcome to another edition of our weekly trade plan. Once again last week saw us in profits as AUDUSD gave us 100 pips as price bounced off the support level as shown..

Its the last month of the year.

What are the usual market reactions in the last month of the year?

Learning price action or how to draw lines and detect support and resistant regions alone will not make you successful trading the market.

You need to understand the sentimental aspect of analyzing each currency pair at different times of the month or year.

Sign up to the trading room for free to level up in your trading skill and understand the market from a broader perspective.

The trade plan for this week will only be looking at the AUDUSD.

Last weeks trade plan for the EURUSD and GBPUSD remains valid.

AUDUSD

Buying at the support level as shown last week gave us 100 pips for this pair. Price is now at the next level resistance. We will need a clear break upwards to continue the bullish momentum. The formation of a fakey pin bar at the resistance has given an indication of upside pressure.

TRADE ADVICE- Look to buy on exhaustion or pull back to the trend line shown. A break below the trend line nullifies the outlook.

Have a great week ahead!!

Feel free to share and drop comments. You can send a message to support@forexdorm.com If you will like us to provide you with a weekly trade plan for a currency pair not listed above. 

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Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Past performance is not indicative of future results. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubt.

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