Hi, July & August traditionally see very slow Markets, as most of the big players are away, but as we have shown they can still be profitable.
July 2020 was my most successful summer trading month ever and I know lots of you here made many 100’s of pips with our help, including some who made over 500 pips so well done.
I usually go on holiday in August for the month as the markets are so slow.
This year with Covid I am going nowhere and my wife & I, unfortunately, had to cancel our 3 month trip around Asia 🙁
As a result, I have some free time so if anyone is wanting to accelerate their progress and is interested in some private coaching lets have a chat & see if I believe I can help you
If you want to know more then check out this page: fmp-advanced-forex-mentor-program/
You can email me [email protected]
or book me via my diary: https://marc-trading-help.youcanbook.me/
Current Markets
In a normal week I analyse up to a dozen pairs and then share them all with you in the video and notes.
Last week I showed you that I was only focusing on 2 pairs and they both won! Check out the short video I posted on Friday where I showed the result of my plan.
I moved the stop on the second part of both of them and they were both taken out, price is back where I entered so I am looking to take them again. NO guarantees of course, but technically they look the most solid.
Here is Friday’s short video and post:
another-winning-week-from-pre-planned-trades/
Less is definitely more at this time of year.
This week I am looking at the same two pairs, plus the Gbp/Cad looks interesting if it can pull back.
If the Cad/Yen makes a big move up to 82.90 I will take that, but otherwise, all the other Yens are only mildly interesting, see the video.
We need to be careful with all Cad pairs though as Trump has slapped tariffs on aluminium and Canada has reciprocated, so let’s see what effect if any that will have.
The Forex Week Ahead
I recorded the video and analysis on Saturday. If anything major happens before the markets open, then I may need to revise it.
There is a mixture of red flag news as ever. The Nzd has monetary policy early Tuesday (London time) and there is quite a bit of Aud red flag so pay close attention to the calendar.
When there is a shortage of market participants and energy it’s usually news or something unexpected that is the catalyst to cause some movement.
There is, of course, the ever-present danger of unscheduled Tweets from the White House, so check news before placing trades.
Because I am looking at the big picture and because there was not much movement last week with the summer holiday season in the west, a lot of the analysis is the same in that I need bigger pullbacks on most pairs.
If they do not, then I will not trade them unless I see a decent M3 setup.
Nzd/Cad: Took it last week for the 1st time ever and had a win! thanks to one of my private students, Richard for pointing this one out. 0.8810 is a HUGE area to long for multiple reasons. Same again this week, BUT wait and see if the aluminium spat is going to cause an issue with the “Loonie.”
Euro/Yen: Won last week, same area, but Monday is a bank holiday in Japan so could be even slower. Its the only Yen that interests me right now. It broke a weekly trendline and 200ema which is significant, but it is currently stuck on the monthly 55ema. I will look at 1.2400 for an M3 trade. My preferred choice would be a clear break and close above 1.2500 followed by a pullback THAT would be a strong buy for me.
If it does a big drop and closes on a daily below 124.00 later in the week, my bias will change to a short.
€uro/$: Same as last week “Now in no man’s land for M2 followers. I need a pullback to 1.1520 to long. Intraday watch 1.1600 for clues on the Earth & Sky or M3.”
Chf: Same: Miles away now. I warned against trying to swing trade this last week. If you did it lost! I showed in the video that picking tops and bottoms in surging markets is way too risky. My bias is still to short it. 0.9500 is the bigger area or 0.9350 for those using the M3.
Euro/Gbp: Same: 0.9000 is key but this one can’t make its mind up. Watch on smaller timeframes for clues to long or short. I am interested to long there. I am now officially bored with this pair until it gets some energy!
Gbp/$: You can see why I warned about longing near the 200ema and why it is so important in my trading- see the video. If it drops I need it to M2 pullback to long at 1.2665/1.2700. It has the potential to do at least 400 pips back up to the 200ema/weekly trendline..
$/Yen: Same, boring! Faked out on the weekly, which is why I am leaving it until it can close below 104.50 on a weekly candle close.
Cad: Same, but interesting: make sure there is not a surge because of aluminium. If it does leave till Tuesday. 1.3480 is the major area to short, but I will watch it rather than placing a forward order, for now. If it breaks higher I will look to short at 1.3550.
If it drops dramatically I will long half at 1.3070 & the other 50% @ 1.3000. Remember any levels I post here I place long orders 10 pips above and shorts 10 below.
Nzd: 200ema above it. 0.6500 interesting to long as the 55ema is now in the area, but not multiple reasons. Watch it on Earth & Sky or M3 for clues if it drops to there to long.
The A grade long for me is at 0.6400.
Aud: the news this week means I will probably ignore it unless there is a substantial pullback to 0.6800.
0.7000 watch there to long if trading the M3.
M3 Shorter timeframes
See the new course & recent blog posts as to how I do this: I do my analysis on daily and weekly charts first and make a note of the MAJOR areas of support and resistance. Then copy them on to Pierre’s Earth and sky template. Then I make a note of the weekly & monthly pivots points and add them to the charts. You will see lots of opportunities line up during the week. The important thing then is to select a bias for the next few days and do NOT take trades if the price is too near a trend line or pivot. Ideally, you want to buy when the price is near a major support and or pivot point line and has the potential to make at least 40 pips. Vice versa for a short.
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.
Watch the video for more detailed explanations of this week’s detailed analysis and trade plan.
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