Oct. 13 – Top Setups to Trade On Friday! - Forex News by FX Leaders

Oct. 13 – Top Setups to Trade On Friday!

Posted Friday, October 13, 2017 by
Arslan Butt • 1 min read

Happy Friday, traders. The trade setups recommended in the previous update on Oct 12.: Top Trade Setups For The U.S. Session did an excellent job. Let’s take a quick look at the major trade setup on for the day.

 

Nikkei – The Japanese stock market hit the target of $21,000. Now it’s trading in the overbought region not only in the daily but also in the weekly timeframes. Therefore, entering a buy position seems a bit irrational. The idea is to keep an eye on $21,280 to take a sell position, or we can take a buy position above $21,102 today.

 

S&P 500 // SPX – The U.S. stock index placed a high of $2,554.88 and missed our take profit by a few pips. Now it’s trading at $2,552 with a support at $2,550. Taking a buy position above these levels seems to be a good idea. The stop should be below $2,545 with a target of the target $2,525.

 

GBPJPY – Guppy has a really strong resistance at $149. I’m placing my buy stop above $149.150 with a target of $149.60.

 

GBPCAD – Just like Guppy, GBPCAD has a solid resistance at $1.6560. Below this, the pair can target $1.6494. While above this, it’s very likely to go for $1.6615. So, keep an eye on $1.6560 to take a position accordingly.

 

Good luck fellas, stay tuned for more updates and exciting forex trading signals.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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