Hi, things seemed to return to some kind of normality last week.
I said in last Sunday’s report that although things had been messy of late, major areas were still key.
The Gbp/Aud I spoke about in last Sundays analysis went over 170 pips ( I took 120) and the $/Yen I showed on Tuesday (and previous weeks) that once price broke and closed above 110.00 on a daily candle close.
It was an almost textbook M2 trade that went over 100 pips and I am looking to take it again
The Chinese situation could give a boost to the $USA (might even be gaps at the open) and the Italian situation could weigh heavily on the Euro so a weak versus strong currency?
Last week, once again the guys showed in the live training session trades that were setting up, that went 100’s of pips, don’t miss out!
The key to successful trading is how MUCH you win, not how many.
The Forex Week Ahead
There is a ton of news and geopolitical action going on around the world, any or all of which can cause currency prices to move. From Trump & a possible $200 billion Chinese deal, The Iranian & Israeli situation & then Italian politicians who want to write off $250 billion of Euro debt and closer ties to Russia!
This week sees a lot of speeches and Gbp news. Monday is another European bank holiday and Wednesday is FOMC, so lots of thing to keep your eyes on.
Cad: The main areas are still1.3000 and 1.2700 for me. I will also continue to watch intraday the 200ema around 1.2760 for possible longs but its been very choppy. Now more than ever watch oil for clues as to the Canadian $ strength or weakness.
Final option if it closes below 1.2700 on a daily, then pulls back an M2 short.
Aud/Cad: 0.9860 to 9890 is a key area here. I am biased to the downside, so a short will be my first step. If that fails I will look for a break and close above 0.9900 for a potential long BUT 1.000 is HUGE on this pair so I will not be too greedy here.
Euro/$ 1.200 on a daily candle interesting for a short. or a break and close below 1.17000 will have me looking for an M2 short.
Watching the Chf more than ever for clues (see the video)
Chf: There are multiple reasons why 0.9760 looks a great area to long. I don’t trade this pair BUT if the Chf bounces there, then look for the Euro to bounce back down from 1.2000
Aud: Leaving alone for now, nasty spikes last few weeks
Aud/Yen: Interested to short at 86.00 if it pulls back.
GBP/$ Gave great range trades again last week, longing at 1.3475 and shorting at 1.3600.
Unless or until it breaks out fo there, stick with it. If it breaks out short below 1.3400 on a daily candle I will be looking to short on an M2 pullback. If it shoots up then I will place a forward order 1.4000 to short, intraday watch 1.3800
Gbp/Nzd: 1.8970 is the main area for me to long. Very good risk/reward ratio. Also watch 1.9740 for a short, half stake.
Gbp/Aud: Took last week at the open, made 120 pips. Back at the same area now. More risky. The more times price hits an area, more likely to break. but I will watch. I will not short as too much in the way below
Intraday watch 1.9340 for a possible long.
Euro/Gbp: Messy but I suspect the Euro will drop on the Italian situation. Of course, the Gbp may weaken with all its news this week, but 0.8800/0.8830 is of interest to short
$/Yen: Last week did the 110.00 M2 break out pullback to perfection, looking to long there again. Intraday/market open watching 110.50
Nzd/Yen: Interested to short at 78.50
Nzd/$ Looking to short at 0.7150 for multiple reasons, if that fails 0.7250
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 in Pierre’s corner.
Watch the video for more detailed explanations of this week’s detailed analysis and trade plan.
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