This week we have big potential setups multiple on time frames. The goal is to give everyone a couple more options during any given week. When you are doing your own analysis, and are looking for possible setups on a smaller time frames, my suggestion is the following:
– Develop your main bias on a longer time frame.
– Identify big areas of support and/or resistance on these higher time frames.
– Carry the identified levels over to your smaller time frame charts.
– Use your templates to identify multiple reasons for your stop.
US retail sales figures on Friday were terrible and I believe we are now seeing the effects of rapidly rising inflation. I’m also now expecting tighter monetary moves from the US this year.
Quite a busy week ahead with regards to news and a lot of different currencies could be affected. Not a currency I trade, but keep an eye out for the Chinese GDP news on Monday. Another big one could be U.K. CPI (inflation) news on Wednesday.
Remember that it is a public holiday in the US on Monday and there could very well be limited movements. Traditionally the year kicks off on Tuesday and I would like to again wish everyone the best of luck for the year ahead!
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MAJORS- BIG potential setups
EUR/USD: Still looking to short from 1.1600.
USD/CHF: My longer term bias is still to long and I’d be looking for breaks above 0.9200. If you are trading smaller time frames, you could look to short from this area.
GBP/USD: Big potential move on this pair. Broke (and managed to stay above) a trendline. I’m looking for price to retest the 1.36100 area.
AUD/USD: I was looking to short from the 0.7300 area which price got to on Friday -which we don’t trade! Would short if it gets there again.
NZD/USD: Similar scenario to the AUD pair, looking to short from 0.68500
USD/JPY: Looking to long at 111.700
USD/CAD: Would leave it where it is now, but would look for longs at 1.26700
CROSSES- BIG potential setups
EUR/GBP: I would like to short from 0.85900. Those of you that counter trend trade, 0.8300 looks REALLY interesting.
GBP/CAD: Needs to make its mind up. I’d be looking for breaks above 1.7300
AUD/JPY: Longing from the current position looks interesting, but I just don’t have enough reasons or the stop. Leaving it for now.
EUR/CAD: Areas I’d like to short from are 1.47200 & 1.46500
GBP/AUD: Would be looking for longs from 1.85400
AUD/CAD: 0.92700 is where I’d like to short from.
CAD/JPY: Looking at the monthly chart, 86.300 is where I’d be looking to long from.
NZD/JPY: Looking at the 4H chart, 78.200 looks interesting to short form.
GBP/JPY: Main bias is to long, but looking at the 4H chart, shorting from the current position looks interesting.
AUD/NZD: On the 4H chart again, I’d like to long from 1.05720
As always, remember correlation!
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 onto 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. Ashley and there are other senior members who are happy to help.
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Watch the video below for more detailed explanations of this week’s analysis and trade plan and BIG potential setups: