What To Trade in November

What To Trade in November

2023-11-08 • Updated

The end of the year is almost here, and with it often comes the rush to wrap things up in a tidy fashion as order books get closed and ledgers balanced. This knowledge is usually a call to caution for retail traders as they may sometimes get caught in the sharp movements that often occur. Here, you will find a few of my best trades for the month of November.

EURCHF - W1 Timeframe

EURCHFWeekly-0811.png

EURCHF has already begun a reaction to the supply zone as marked in the chart above. Considering the additional confirmation from the trendline resistance, and the bearish array of the moving averages, I believe we should see a more pronounced decline as the month goes on.

Analyst’s Expectations: 

Direction: Bearish

Target: 0.94521

Invalidation: 0.96902

EURGBP - D1 Timeframe

EURGBPDaily-0811.png

EURGBP has been etrading around a major pivot for the past couple of weeks. Currently, we see price trading within a supply zone that overlaps with the pivot zone as shown in the charts; which means we can expect EURGBP to slide further lower from this zone, towards the 100-period moving average.

Analyst’s Expectations: 

Direction: Bearish

Target: 0.86317

Invalidation: 0.87355

GBPCAD - W1 Timeframe

GBPCADWeekly-0811.png

GBPCAD seems to be creating a sort of head-and-shoulders pattern, having broken the neckline at the previous low. The current price action, as far as I’m concerned, is simply an attempt to retest the supply zone before dropping to create a new lower low. This sentiment is backed up by other confluences such as the 76% of the Fibonacci level, and the trendline resistance as seen in the chart.

Analyst’s Expectations: 

Direction: Bearish

Target: 1.63371

Invalidation: 1.73082

CONCLUSION

The trading of CFDs comes at a risk. To succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.

TRY TRADING NOW

You can access more of such trade ideas and prompt market updates on the telegram channel.

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