Good morning everyone.
What’s up and what’s down this Tuesday morning?
Well we had a slow day in the market yesterday but that was due to the fact that we had a public holidays in the USA, Canada and Japan.
Looking at my charts this morning then I must say – I haven’t seen it looking so mixed up for a very long time.
Some of the charts I couldn’t even fib on the 4 hour or daily chart to get an Earth and Sky trading zone this morning – but that’s not to say that we have no trading opportunities.
I called some levels so all we now need to do is to practice some patience and wait for price to come to us before we do our business.
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1) `Red Flag News` that can make you lose your pants if you are not careful. 💡
You can use the following web site for `SCHEDULED NEWS` for the week @ http://www.dailyfx.com/calendar
Don`t take any trades just before `Red Flag News` If you are already in a trade, protect your entry. I don’t want to meet up with you at Little Beach, Maui, Hawaii. Did you know this is a nudist beach?
For reference if you don’t want to believe me, have a look at the 4th of April 2013 at all the JPY pairs what happened with price after `Red Flag News` came out. ALWAYS TRADE WITH A STOP!
Still, don’t believe me? Then you must be new to Forex Trading
Have a look at what the Swiss did to the market on the 15th of January 2015!!
You would have lost the shirt on your back, your house, your car, your personality and your virginity for a 2nd time if you didn’t have a stop in place!!! 👿
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2) Where is the `Forum Hang out Spot` that everyone is talking about?
On the top of this main page, go to the FORUM TAB and click on it…….once in there, look for `MAIN FORUM AND CURRENT WEEKS TRADES TAB` and click on it………Once in there look for `Pierre`s Earth and Sky Trading week `and click on it……..once in there, look for the current week`s thread tab and click on it………..easy as pips! 😉
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3) This week`s Analysis:
This is my current `Earth and Sky Trading Zones` – Please take note of the time frames I am looking at. ❗
Sometimes I will refer to `The mother in law` in my video`s or in my write up. The mother in law represents the 200 EMA (the pink line) on that specific time frame.
If you new to the `Earth and Sky` method, please make sure you download your free e-book.
Go to the `Forex Education Tab` here in the main blog and look for the `Earth and Sky Trading System` where you will find helpful videos using this system and some Indi`s I use.
Remember to have a look at some of the other methods we teach here at Forex Mentor Pro too.
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Let’s have a look what`s cooking in the FOREX kitchen this morning:
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1) Euro Dollar on the 4 hour chart:
*Last week we closed min 36 pips lower than the opening of last week….plus the direction Indi shows red on the 4 hour chart BUT green on the daily chart so we have it mixed on the time frames – However, we broke loads of EMA`S to the downside 2 weeks ago and I think the main bias shifted from long to short while the 200 EMA at 1.1812 holds as resistance so that is why I fib the 4 hour this week to get a short zone
Yesterday we had a short zone between 1.1730 and 1.1759 but price broke this short zone to the upside so we passed the zone*
Notes:
I will be looking for resistance at 1.1782 and 1.1796 and 1.1812 this week where after I will look for confirmation to short this pair again.
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2) Euro JPY on the DAILY chart:
*Last week we closed min 77 pips lower than the opening but the trend is still up so we couldn’t fib the 4 hour for the zone – we had to fib the daily chart to get the long zone.*
Currently I have an Earth and Sky long zone between 131.90 and 130.63 with areas to keep an eye on at the 131.90 and 131.57 and 130.96 support areas where after I will re look to long this pair again.
Possible counter shorts at 132.75 and 133.37 and 133.83 and 134.46 resistance levels.
Notes:
Wait for confirmation before you just jump in with a long…..also look what`s the correlated Euro/Dollar doing at the time we hit support areas.
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3) Euro GBP on the 4 hour chart :
Notes:
The 4 hour direction Indi is all mixed up……the daily direction Indi is also all mixed up with the directions.
I will, however, look for possible short set ups from the 4 hour and daily 55 resistance EMA`S at 0.8948 and 0.8956 and possible long set ups from the daily 200 support EMA at 0.8808 level.
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4) GBP Dollar on the DAILY chart:
Notes:
We had a long zone between 1.3283 and 1.3094 but price gave that the middle finger and we broke the zone to the downside.
My plan now is to look for support at the MS1 pivot and daily 200 EMA at 1.2982 and 1.2953 where I will re look to long again…..possible shorts from 1.3200 where we have the 4 hour 200 EMA and at 1.3228 where we have the 4 hour 55 EMA waiting – this will be a possible M2 short set up.
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5) GBP JPY on the DAILY chart:
Currently I have an Earth and Sky long zone between 147.01 and 144.09 with areas to keep an eye on at the 147.00 and 146.21 and 144.09 support areas where after I will re look to long this pair again.
Possible counter shorts 148.95 and 149.80 and 152.36 resistance level.
Notes:
We currently sitting on the 4 hour 200 EMA and 505 fib at 147.00 so I will be looking for support.
If we do get into longs take note of the 4 hour 55 EMA at 148.95 that can form a roadblock for possible profit take.
If we break that to the upside take note of the WR pivots for potential profit take levels.
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6) Aussie Dollar on the DAILY chart:
Notes:
In the last week of September price broke a big support level to the downside and dropped down deep.
My plan is to re look for longs from the support level at the daily 200 EMA at 0.7733 or the MS1 pivot at 0.7713 and possible shorts again from the daily 55 EMA and 4 hour 200 EMA at 0.7891 and 0.7900 levels.
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7) Aussie JPY on the DAILY chart:
Notes:
We had a long zone between 88.44 and 87.50 but price gave that the middle finger and we broke the zone to the downside.
My plan now is to look for support at the MS1 pivot and daily 200 EMA at 86.30 and 85.87 where I will re look to long again…..possible shorts from 87.90 and 88.13 where we have the 4 hour 200 EMA and 4 hour 55 EMA – this will be a possible M2 short set up.
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8) Dollar JPY on the DAILY chart:
*Last week we closed min 24 pips lower than the opening but the trend is still up so we couldn’t fib the 4 hour for the zone – we had to fib the daily chart to get the long zone.*
Currently I have an Earth and Sky long zone between 110.38 and 108.85 with areas to keep an eye on the 38.2 fib at 111.38/15 and 111.00 support areas where after I will look to long this pair.
Possible counter shorts at 113.44 and 113.88 and 114.33 resistance levels.
Notes:
Currently we sitting on the 4 hour 55 EMA at 112.49 – If price breaks to the downside look for a possible counter M2 short back to the 38.2 fib area.
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9) Dollar CAD on the DAILY chart:
*Last week we closed plus 49 pips higher than the opening but the trend is still down so we couldn’t fib the 4 hour for the zone – however we also cant fib the daily chart too as we already back at the high areas of 31 August 2017 .*
Notes:
I will re look to short from the MR1 pivot at 1.2629 and 1.2680 levels and long from the daily 200 EMA at 1.2446……HOWEVER if the 200 EMA breaks to the downside look for a possible M2 short set up.
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10) Dollar Index on the DAILY chart :
*Last week we closed plus 40 pips higher than the opening but the trend is still down so we couldn’t fib the 4 hour for the zone – however we also cant fib the daily chart too as we already back at the high areas of July 2017 .*
Notes:
Last week we slammed into the MR1 pivot at 94.14 and burned there. This will also be the neckline for an inverse head and shoulder pattern to keep an eye on.
For now while it holds possible shorts from the 94.14 level and possible longs from the 93.23 and 93.00 support areas where we have loads of EMA`S too.
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Regards
Pierre
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