My Entry for 2nd Week of May 2021

My point of view currently for shorting JPY and USD. This happens because of the bullish pattern that I saw in the indices structure.

I always make USDJPY as a reference on the strength of USD with correlation to DXY index movement. 

With the view of strong indices structure and sideways of USDJPY pair movement, I've decided to buy commodities instrument and pair for the low risk calculated, however, my first entry was too early that makes me hit SL for pair NZDUSD, AUDUSD & EURAUD.

The correction happens to be a deep correction and made all of these 3 pairs have to be cut loss.

The second entry has been set up for double correction position WXY where the price has formed Bullish Divergence. 

For the second setup, I have entered buy for 2 pairs JPY (AUDJPY & NZDJPY), 2 pairs of USD pair (AUDUSD & NZDUSD) and 1 pair of metal where I already shared last week about XAGUSD.

In my opinion of view, this JPY & USD pair will have another 1 wave of correction "C" to the downside with correlation to CADJPY & USDCAD pair previous LH, not RSI not forming any bullish divergence and other pair either will forming a triangle or diagonal in order to allow pair CAD to complete his correction correlation.

By the end of the week, all of these pair have continued the bull trend and move more than 50% of the Fibonacci Retracement. Those pair have been risk-free with SL has been adjusted to BE+1 excepted for XAGUSD and I wish for a good bull run coming in the following week.

XAGUSD SL has been modified and placed at the LH level as a precautions measurement to reduce the risk from SL 50 pips to 20pips. this happens because the momentum Silver is slightly lower compare to Gold where Gold already break the previous HH. With that, I'm strongly buyers for Silver will follow but will form another small correction up to price 27.10USD before continuing the bull pattern. My midterm TP will be at a price of 28.15USD and for the long term will be beyond 31.60USD.

Last but not least, I would like to wish all the happy Hari Raya Aidilfitri 2021.