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Trade Setups on Forex and Futures this Morning

Although this is a holiday week and the markets may be slow, there are potential trade setups on forex (EURUSD and USDJPY) and futures (mini Nasdaq and mini Dow).

With the live coaching sessions, which timeframe to trade has been made so much easier. After analyzing the weekly, daily, and 240-minute charts, traders know that the focus today should be on the 60-minute chart. The next step is to determine the profit potential for each market.

The profit potential on the EURUSD and the USDJPY is pretty low (less than 50 pips). Therefore traders have the option to use either a two-hour binary option or a daily. If using a two-hour binary option, timing with either the 5 or 15-minute would be beneficial.

The trade setups on the futures have the greater profit potential today as both the Nasdaq and Dow have larger anticipated moves. Again, the trader should focus on the 60-minute timeframe but could time their entry prior to the market opening with the 15-minute chart or after the market opening with the 5-minute chart.

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