The weekend is ideal to chill a bit and looking for upcoming trades good analysis is already a 70 % winner! So I take my time to scan multibe time-frames to be sure the patterns I see are an 80 to 90 % winner!
My expectation for next week will be Monday a flat day and from Tuesday we can see some selling again in this market! So my focus this week will be to add some short plays in the books we are dealing with some very overbought markets! Banks want only one thing and that is getting the money from the small investor. We need to think like banks and make sure we are on the right side of the train!
This chart is very overbought and on the weekly chart we got a nice topping tail! My strategy to play this one, I will pick up some shorts on Monday if we open flat and on Tuesday or Wednesday if we are still going higher I will add my second part. The stop on this play will be a close on the weekly chart above €72.64, first target will be a pullback to the 50 moving average.
The daily chart is forming a head and shoulders pattern the right shoulder need to be formed yet. But if we get any close below the €70.55 this trade will be in play! The stop on this play any close above the neckline of €70.55 will be a stop out, First target will be €68.00.
This chart is also got a nice head and shoulders pattern. On Friday we got a retrace to the neckline so I will keep my eye on this chart. If we close on Monday above the neckline this play will be not valid anymore if we close slightly below the neckline I might take a short position in BNP, first target will be €41.90