Weekly Analysis: Make a plan

by Ashley DeSousa | Dec 12, 2023 | Forex Analysis

Blueprint: How to Become a Professional Forex Trader

I have shared my analysis for the week ahead below.

The main takeaway from my post is to scale out of trades. This does not mean to scale out soon as possible. You are then limiting your trade potential as you could be making more profit. I did it on 2 trades mainly because of the news. I also moved my stop loss reducing my risk, so I don’t take a full stop loss hit. This is something Marc has been mentioning a lot lately. Scaling out does not just help you make profits but also helps you to grow your account. It helps you psychologically as well, letting your mind know that you are making profits in the market and doing something right to grow your account.

As always keep an eye out on Marc Chandler’s fundamental post for the weekly outlook. As I’m writing this post he hasn’t posted it yet.

The Forex Week Ahead+++++++++++++++++++++++

For the week ahead, we have a lot of news that will result in a lot of volatility in the market. Like I said in the video make a very good plan to get in and out of the trades you take, or at least make them risk-free. Tuesday you have USD CPI which is very volatile and likely to affect all pairs. On Wednesday you have the FOMC statement for the USD, this will also rock the markets specially if Powell says anything in the press conference.

As always wait for the press conference to be out after the rate statement for any of the currencies, as the speakers could say something that could reverse the whole move. Thursday is a big day with CHF, GBP and EUR making their rate statements. Followed by USD core retail sales. It will be very tricky to trade this so I will wait until all of this news is out. As I mentioned in the video, if the trade is more than its daily range away from the entry I will most likely leave it running otherwise cancel the order and re-enter after the news.

MAJORS

The $index is now in a daily downtrend. Like oil it came back and retested before dropping again. I show in the video how on the monthly there are numerous clues of probable more $ weakness. There is also macd divergence on numerous pairs giving clues. Check out the video for a detailed explanation

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 4 hour timeframes to see how it reacts if it hits my zone.

EUR/USD: Last week I longed at 1.07600, Could look for a day trade at the open there and get out before USD CPI.

USD/CHF: Finally a breakthrough. 0.8970 and 0.9020 are the main areas to short on a pullback. I will also watch 0.8900.

Do not take the Euro/$ & Chf at the same time. They are correlated so it’s the same “bet.”

GBP/USD: Looking to long at 1.24250, multiple reasons

AUD/USD: Its messy at the moment trapped between EMAS. I want a breakout of the weekly trendline to long. Watch video.

USD/CAD: Possible H&S pattern. Looking to short at 1.36650 on a pullback.

USDYEN: All the Yens are messy at the minute. Caught the AUDJPY last week which was the only attractive one but leaving them alone again.

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: I have an entry at 0.8625. You could look to also split at 0.8650

GBPAUD: In a range at the moment, need a break above 1.93500 for a long.

GBPCAD: Needs a big pullback, 1.68200 would be interesting for a long.

EURCAD: possible longs at 1.4530 again.

AUDCAD: You could look to long again at 0.89100. A grade short at 0.91250

I have quite a few other “possibles” that I will monitor during the week. See the video. I also show areas I will look to buy metals on pullbacks and crypto and miners.

As always, remember correlation!

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” we aim 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):

Kind regards,
Ashley

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