Hi everyone,
Last week might have been quite frustrating for some of you as I saw in the forum. I know some struggled to find set ups, missed some set ups by few pips, and also lost some.
But I explained several times before that my M2 strategy has been very successful in the markets for the past 20 years that I have been trading. It works with forex, stocks, and also crypto as I have shown in the live webinars. However, one of the qualities that also makes a good trader is the patience to walk away and wait if there is no setup. I know it can be very hard if you have been doing all the planning and not catching any trades. But I showed this week in my analysis on Sunday the plan for the week ahead. Then in the live webinar, I showed how I caught the EURNZD which ended up doing nearly 300 pips by the end of the week. I also caught the GBPUSD which is around 200 pips. I have shown step-by-step how I managed these trades in my blog which you can view below.
You only need to catch a couple of big ones like I did this week which could make your month’s profit trading on a large funded account.
I also gave updates in the forum on my trades. Also, Ashley and other experienced traders shared their trades in the forum thread last week. Get in there and make it a habit to share your setups.
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The Forex Week Ahead+++++++++++++++++++++++
Last week the $ gained some strength after Fed member Bullard hinted that they are targeting a 50 bps rate hike in the next meeting. Monday is a Bank holiday in US and Canada so expect the markets to be less volatile in the NY session. On Thursday you have the Manufacturing figures for the Eurozone, UK, and US. CAD CPI is also on the same day. So make a plan to tip around the news when you trade. On Wednesday you have the NZD cash rate. Apart from that it should be a pretty light week.
MAJORS
Keep watching the $index it is now at a major “make your mind up” area on the weekly charts. I said a few weeks ago that even though it was dropping I suspected a move up was more likely than down, so far that has turned out to be the case.
Remember I am looking for “A” grade trades from weekly & daily charts that I can place the orders and then just walk away. A “B” grade is one that I will watch on smaller timeframes to see how it reacts if it hits my zone.
EUR/USD: I show in the video how 1.0610 is the stronger area for me to long, for multiple reasons. But I don’t fancy taking it for now so will be leaving it alone as it’s not very clear. Keep an eye on the DXY.
USD/CHF: A grade short at 0.94500, watch DXY for correlation. It helped last week. A long is also possible at 0.9250, watch the video.
Do not take the Euro/$ & Chf at the same time. They are correlated so it’s the same “bet.”
GBP/USD: Im up 200 pips!, 1.22320 will be of interest to short if it pulls back. Showed in the video how I used my M3 strategy to catch it.
AUD/USD: 0.7120 is an interesting area for a short. Also watch 0.70 area as its a huge level.
NZDUSD: I wouldn’t touch it for now but my bias is to short. Watch the video.
USD/CAD: Recent Cad news has been better than expected. On the 4 HR interesting to long again now at 1.3270. The Absolute A grade for me is around 1.300 which has been massive support and resistance going back 20 years. So if there is a big drop after the news it will “probably”- (remember we trade probability), at least struggle there. No guarantees of course but 20 years suggests it’s in my favour 🙂
USDYEN: leaving alone for now
CROSSES
Some are A grades where I will place forward orders, most pairs have “areas of interest.” I have a lot of similar crosses so be very careful with the correlation.
EURGBP: 0.8650 is the A grade long for me. Intraday 0.88220 is an area to watch as there is a trendline. watch the video.
EURCAD: Its still 400 pips away. 1.4010 is my area for a long.
EURNZD: I took partial profits and am currently up 290 pips! will look to enter again at 1.6850
EURAUD: Overall in a downtrend but stuck in a range that is around 250 pips. Look for shorts around 1.55500. watch the video for more clarity.
AUDCAD: I wouldn’t short it. 0.9110 is interesting for a long.
CADJPY: interesting to long at 92.20
GBPCHF: 1.1490 is where I have placed my forward order. It is a major area of resistance but still far away, been waiting for weeks.
EURJPY: split entry at 142.10 and 141.70 for a long.
AUDJPY: quite messy but 91.70 area stands out for a long. Prefer the EURJPY.
As always, remember correlation!
We are NOT a “tipping service” our aim is to teach you how to trade for yourself.
Watch the video below for more detailed explanations of this week’s analysis and trade plan (click the 4 arrows bottom right to view full-screen):
Regards
Marc
