Can’t Win Them All

Hi, there is a misconception amongst rookie traders that the professionals win every week. There are lots of idiots on Youtube claiming they bought a mansion and that they make $millions every week…that is simply not true.

However, what a pro trader does is to make sure that on a losing week he/she minimises his losses.

In my early days back at the start of the century 🙂 I could lose a month’s profits in a matter of days. I would revenge trade, try to win it back, over-leverage and all the other silly things that rookies do.

Can’t Win Them All

Conversely, I would also lose money if I went on a winning streak by becoming overconfident!

Last week was the first negative one of the year, so far for me. I lost 0.75% of my account. In January I had a net profit over 4% + well over 100% on my crypto portfolio. The most important thing in trading is money management & controlling the drawdown.

It is also week 7 of my diet and I have lost 12lbs so far out of my target of 20lbs. I explained the first week of January that I had joined a group, hired a guy and was determined to change my habits, not just go on yet another New Years crazy diet and quit by the end of the month. I explained you should do the same when it comes to trading. Change your tactics. Start to do things the right way and the results will follow 🙂

Set yourself a target that you will become professional and receive the rewards that your efforts deserve;

Trade for clients & receive a substantial profit share

If you want to 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

Can’t Win Them All

The Forex Week Ahead.

It’s a bank holiday in the USA on Monday which usually results in a slow day with a large group of traders missing from the markets. Its also not mega busy news-wise, but the big event of the week is FOMC on Wednesday. Its also US retail sales which is a big event. As ever do not open new trades Wednesday afternoon (GMT) and wait for the announcement and reaction before diving in. For those trading the AUD, Thursday is the big scheduled Employment news, same steps needed.

Many of the trades are the same as last week, some with minor adjustments.

€uro/$: Can’t make its mind up right now. I want it to make a clear move up or down and daily candle close before getting involved. I will update you on Tuesday in the live training session

Chf: Same with the CHF  I prefer 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: looking to short again on a pull-back to 0.8890

Gbp/$: Last week it was reported that GDP is down almost 10% year on year and yet the Gbp went up! It is too high and nowhere for the stop for me so I need a pullback as ever. 1.3370 is the A grade to long (place the trade and walk away) but it seems unlikely right now. 1.3500 also looks interesting for a possible long.  Intraday watch 1.3640 for possible bounce too.

$/Yen: 104.00 possible long.

Cad: I suspect this may go on a run down over the coming months but for that, I need to either catch it higher up or wait for price to break 1.2600 on a weekly . Explained in the video.

I will short half at 1.2940 and the other half at 1.2990. Also, Possible swing trade around 1.2600 with monthly 200ema to tuck the stop behind.  See the video.

Nzd: Same as last week: Possible longs at 0.7075. Those trading smaller timeframes watch 0.7120. New Zealand has virtually eradicated COVID. Fundamentally I am much more biased to the upside and possible much higher.

Aud: 0.7640 long.

Euro/Yen 126.00 is a long for me.If it tanks I would long again at 125.00 Possible swing trade 127.70 see the video.

Cad/Yen 80.50 long. Possible swing trade 82.50 watch at the open

Aud/Yen: Looking to long at 79.00. Intraday 80.00 is a big area.

Euro/Aud: swing trade possible again at 1.5600 near the bottom, but the more times it hits it, the more likely it is to break lower. I prefer a short at 1.5900. Intraday possible short at 1.5830- see the video

Euro/Nzd: I will short if it pulls back to 1.6970

Nzd/Cad: Not one of my usual pairs but 0.9100 intraday watch for a possible long. The A grade for me is back down at 0.8900 but seems unlikely right now,

Gbp/Nzd: Another one of my private students pointed out that 1.9400 is “the sweet spot” to short, good call 🙂

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.

Can’t Win Them All

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