Marc’s Analysis Direction First
Hi guy,s I explained in last week’s post that there were BIG clues, both technical and fundamental that we would see some $USD strength.
I explained that The practical significance of the technical and fundamental “clues”? …..”When it comes to trading do not be in a rush to buy at the recent highs nor sell at the bottom as per my analysis last week”
Hopefully, you followed my lead, as a result of which you will have avoided losing trades. Half the battle when trading is to try to reduce the number of losing trades, by looking at the clues.
If you missed the post (so you know what to look for next time), check it out now:
In the live session, I also explained why fundamentals are important and how many new traders don’t really understand “what’s going on” in the forex (and other financial markets). Check out that post in my blog if you missed it.
If you want to trade for clients and receive a substantial profit share you only need to make 3 to 5% per month. You can find a copy of the brochure here: Trade for Clients
We are currently revamping the funded accounts so traders will receive a larger profit share as they move up the account sizes (max is $2million). Also some of the restrictions on how many trades are needed to qualify will be reduced too. Details to follow later in the week.
Marc’s Analysis Direction First
The Forex Week Ahead.
It is Martin Luther King Day (public holiday) in the USA therefore the markets may be slow. Incoming President, Biden announced a $1.9 Trillion covid package on Friday (print more fiat money) and the USD didn’t weaken- they are all doing it, and Trump would have had to do something similar, so its not just the USA). My thinking is that there could be a “honeymoon” period (if this week passes peacefully) for the new administration.
There has been very little scheduled news in the last month, but that all changes this coming week.
There are interest rate & monetary policy statements due out for the Cad, Yen & €uro economies and jobs figures for Australia so we revert to normal practise.
Do not take trades a few hours before or after these events.
Price did reject at the tops/bottoms of the majors as expected.
They have mainly drifted nearer to my entries so most of the analysis is the same. I am waiting patiently for price to come to me.
There are a lot of pairs that look technically very tempting, don’t take too many at once. If price doesn’t pullback then look at 4 hour charts and even the M3.
€uro/$: same as last week: 1.2020 multiple reasons for a possible long. Intraday watch the current area on a 4 hour chart for a move back up.
Chf: I rarely trade it but 0.9230 is worth watching for a short. The better area is all the way back up at 0.9590- it seems unlikely now, but you never know with forex.
Euro/Gbp: Weekly/Daily Leaving for now. Need to see clear direction after Brexit. 4 Hour: Price is currently in a range and bouncing off support at 0.8870 so look there for entries. See the video.
Gbp/$: 1.3340 looks good for a possible long. If there is a bigger pullback then 1.3210 is the next. Considering splitting the trade in half, risk 50% at each.
$/Yen: I only want to short 106.80 is the area for me.
Cad: broke below 1.3000 which was HUGE previous support & resistance. 1.2990 is the spot for me to short it. Possible swing trade around 1.2600 with monthly 200ema to tuck the stop behind. See the video.
Nzd: Possible longs at 0.7070. If that fails I would long again if it drops to 0.7000
Aud: 0.7350 long is the most conservative/strongest, but it may not get there. Another possibility is a short if price breaks down sd and closes on a daily candle- see the video.
Euro/Yen 124.60/125.00 is a long for me. Possible swing trade 127.70 see the video.
Cad/Yen 80.00/ 80.50 long. Possible swing trade 82.50.
Aud/Yen: Looking to long at 79.00 Possible swing trade 83.30
Euro/Aud: Thanks to Ashley I longed this last week (swing trade) near the bottom. That is an option once more or a short at 1.5790
Marc’s Analysis Direction First
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 analysis and trade plan.
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