Hi guys, I explained last week that “we haven’t had much follow through on a lot of pairs.” and it happened again on most of them. One of the exceptions was the Cad which I missed by a few pips which then dropped 200+ pips- welcome to forex 🙁
I talked about the cool piece of software that many members use to great effect to try and manage their trades better. I managed to find a review and video demonstration of it from our old friend Omar, who found this tool back in 2014.
Check out the post here (its one of the few pieces of trading software I recommend and there is a 30 day free trial and it is not expensive if you decide to keep it):
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
The live training session: Here is a link to register for this week’s live training session which takes place on Tuesday 4th May at 11.00am London time (BST/GMT+1).
Then we can have a more detailed, up to the minute look at what’s happening and potential trades for the rest of the week.
The Forex Week Ahead
Its THE big news week of the month so as ever we need to steer around it all. Having said that I thought that it was going to be tricky trading lst week and it turned out to be a very good one, so you never can tell.
There is AUD news on Tuesday, Nzd the same. Thursday is the GBP big event of the month and Friday is US & Cad employment news.
On top of that it’s a Bank Holiday in the UK & Japan on Monday. I do not trade when there are major bank holidays as they are often very slow days, so avoid the GP on Monday and the Yens Monday, Tuesday, and Wednesday this week could be sluggish.
DO not open new trades a few hours before, nor after major releases and I never trade NFP Friday as its forex at its silliest.
The big question now is are we going to see continued $ strength? Only be in one $ trade at a time until we find out.
The Cad continues to be the best performer, though I missed it by a few pips and it went 200+
Make sure to check into the forum there were some great trade setups shared there last week.
€uro/$: Same as last week, BUT USA growth for the 1st quarter is 6.4% as opposed to the Eurozone which is technically in recession and still playing catch up with vaccinations, so this could drop further. I will not place a forward order, one to watch on smaller timeframes but $1.2000 is a huge area. There is not a great place for a stop, but if you are trading smaller timeframes look for clues there.
Chf: Worked last week, same area this week “Not a pair I trade often but it has more reasons for the stop than the €uro so I will consider a short at 0.9175
Euro/Gbp: Same as last week: No idea technically nor fundamentally! leaving for now
Gbp/$: Messy, …1.3430 long is a zoomed out entry. Leaving until Tuesday at the earliest- see the video
$/Yen: It broke higher. I don’t like this pair and the Bank holidays would put me off, but 108.00 is a key area to consider a long.
Cad: We have been shorting this successfully for over a year. 1.2500 is the place for me to try again.
Euro/Cad. Shot up last week THEN dropped as per the plan 🙁 1.4990 is where I will look to short again.
Nzd: My bias is to long. 0.7120 is an area to watch on a 4 hour. 0.7070 is a forward order form me but not around the news.
Aud/Chf: Messy now
Aud: Even smaller range now. Wait for the news to come out. I need price to clearly break out up or down- see the video
Euro/Yen 130.00 is technically the spot to take a long.
Gbp/Yen. Not one of my pairs, 149.50… is the place to consider a long.
Euro/Nzd: “This one has more reasons for the stop so I will short if it pulls back to 1.6960″ – Intraday watch 1.6800 on smaller timeframes.
Euro/Cad: I will short once more at 1.4990 – If it moves higher I will look to short at 1.5220
Gbp/Aud: Ashley in the forum is focusing on this pair and shared a nice win there last week so be sure to check in there
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.