This is the summary of this weeks trading performance, based on the analysis I share with members here at Forex Mentor Pro every week.
You can see some of the analysis in the live session recording which you can find here:
Hi Guys, on Monday Pierre was showing his smarty pants analysis,
well my “spookily accurate” crown is definitely not his this week and he can “give me dem pants”!
You will find a few short videos below where I show you just a few of the winning trades we had this week.
I showed you in advance In Sundays post & Tuesday’s live session what I was looking to trade. What entries, stops and targets, which as ever, all had multiple reasons.
On the Euro/Gbp I was looking to short it at 0.8830, that worked and went over 100 pips. (remember I place the orders 10 pips below for a short and above for a long).
The Gbp/Nzd twice bounced off 1.8930 for 140 pips each time
The $/Yen went 70 pips from an M2 pullback ( I didn’t take it)
The Gbp/Aud went 160 pips, I caught 149 of them! See the video below
The Euro/Yen dropped over 240 pips- I didn’t take it and kicking myself now 🙁
That is over 800 pips in preplanned trades!!! I caught over 500 of them which is a months target, so now I am off to France for a few weeks rest and relaxation 🙂
These trades were all based on my Sunday analysis. That is why I spend the time on the weekend studying and making my plans. Forex is supposed to be completely random and yet it worked again. All we are doing is looking for repeatable patterns. Then filter the possible setups with some fundamental analysis and finally, only take trades that can give a minimum return of at least twice what you risk.
The Gbp/Aud was a textbook example of the M2 in action. The entry was just 2 pips from the high and the target only went 5 pips more, how spookily accurate is that!
Member Mike asked me the other day if I have made many changes to my M2 over the years? Nope. I have been using this strategy for over 15 years now and it keeps working. At different times of the year, I do place different emphasis on different indicators. For example, most of the time I don’t look at Bollinger bands, but then this week when they are closing steeply, I do pay more attention.
Occasionally, like in April recently, it struggles a bit, then again it may just have been that I was out of synch with the markets. I am currently teaching quite a lot of members on a “one to one” basis and I have been looking at too many pairs and methods, so its quite possible that it was me that was at fault.
This was the first time I can remember in years and it only lasted a few weeks. Then you need to have a plan B, so I traded Pierre’s Earth & Sky for a few weeks.
TWICE this week: 142 pips Win on the Gbp/Nzd “A” grade trade: If you are new I explained this in a previous live session. How I grade trades from my analysis https://www.forexmentorpro.com/members-area/module-1/abc-how-to-do-weekly-analysis/
an A grade is one that I will place in advance at the market open or daily candle clsoe
A B grade is an area that I am going to watch, but I am not going to place a forward order just yet
and a C grade is an area of interest – if something happens during the week then I may or may not trade it.
I first showed you a few months ago when price was up around 1.9400 that if it pulled back to 1.8940 it was a MAJOR area, with MULTIPLE reasons and I would be looking to long, the best part is that the risk-reward potential was great. This has now worked 3 or 4 times in the last few weeks. Risking 40 pips for a 140 pip gain! You only need a few of that type of trade in a month to be very successful as a trader.
This is what I said in Sundays analysis “Gbp/Nzd: Did the bounce off bottom support at 1.8930 last week yet again. Excellent risk-reward potential. Will take again if it drops.” Hopefully, you caught it too.
See the video
The next trade I recorded live was a B grade. On Sunday I said “Gbp/Aud: Big emas not far above between 1.7750/1.7820,.Its the area to watch, but not confident right now so leaving alone”
Yesterday there was a surge upwards that stopped at the weekly 200ema which was my area and there was a Bollinger pointing steeply down and it worked perfectly. My target was the daily 200ema, which was also previous support, with the whole number just below. It was also beyond the daily range, so my thought was if it was going to stop anywhere, that was the place. As that came down the Gbp/AUd bounced back up again. Phew, too much action in a small space of time.
See the short video: Click on the square button bottom right to watch in full-screen mode
New members, please note: If I am looking to take a trade long, for example, 1.5000, I place my order 10 pips above & 10 pips below for a short. This is because price often does not quite reach a major line and you need to allow for spreads. We are NOT a “tipping service” our aim is to teach you how to trade for yourself.
For more up to the minute, updates do not forget to drop by the forum in Pierre’s corner.
PS If you would like to be taught how to trade like a professional & be trained by real pro, working traders and money managers then check out what we have to offer here: https://www.forexmentorpro.com