Good morning everyone.
Things look a little slow this morning if we look at the spaghetti indicator. We don’t have any currency that is overbought or oversold so by the looks of it……once again it will be waiting game.
Remember we identify areas where we want to play ball on the football field…….if the ball is not at our areas where we want to play……..sit on your hands and wait – don’t get suckered into playing the game when the ball is in no man’s land………dont become a trader that has a fear of missing out !!
8 Things a FOMO trader says..
“I knew it!”
The Trader who followed a setup but didn’t take it
“One time.”
The trader in a speculative trade, hoping to get lucky
“I just enter with a small position”
The trader justifying breaking his rules
“I have a feeling…”
The trader reasoning himself into a trade without all entry criteria
“It still has room to go”
The trader who jumps in late after being too scared to enter first
“I waited so long for this trade”
The overly anxious trader stalking a setup with a trigger-finger
“Not this time”
The trader who enters too early after a missed trade
“I could of made so much money today”
The trader beating himself up with the benefit of hindsight
FOMO – Fear Of Missing Out
The Spaghetti indicator:
All the currencies are flat this morning so I will wait for the Indi to show me later on what’s overbought and what’s oversold and then sift my focus to the charts to spot potential set ups at key road block areas.
- If you want to add the overbought and oversold areas to this Indi…..right click on the RS all Indi……then go to the RS All properties…….here we go to the levels tab…..then add the 8 and 13 and min 8 and min 13 line and click on OK.
- Remember then to save a new template.
………………………………………………………………….
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!!! 👿
……………………………………………………………………………..
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! 😉
…………………………………………………………………………….…
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.
………………………………………………………………………….…
Let’s have a look what`s cooking in the FOREX kitchen this morning:
………………………………………………………………………………….……
1) Euro/Dollar on the DAILY chart:
Difference between last week’s open/close: Plus 9 pips
GAP TRADING:
Did we open with a gap this week? No
Did the gap close? N/A
If the gap didn’t close, pop over to the education tab – Look under Marc`s name for his “Gap Trading Strategy”
Earth and Sky Trading Zone for the week:
Remember, if price don’t give us the pull back but instead make new lows/highs follow price with your fib to get the “adjusted” Earth and Sky Trading Zones for the week.
Price is above the 200 EMA
34 EMA (sky) is above the 55 EMA (earth)
Direction: Long
Potential trading zone: Between the 1.1069 and 1.0954 levels
Potential area to look for reaction: At the 38.2 fib at 1.1124 and 1.1069 and 1.1012 levels
Potential Profit take areas: At the 1.1202 and 1.1299 and 1.1396 levels.
MACDEE Divergence: No
Stochastic: No man’s land
Counter Trades:
Potential Counter Trades: At the 1.1299 and 1.1396 levels.
Potential Profit take areas: At the 1.1118 levels.
Warning: Counter trades are always more riskier than trading with the main trend so change your lot size accordingly if you want to counter trade !!!
Notes:
If the 55 EMA at 1.1069 break to the downside, be careful as we can then drop to the MS1 pivot at 1.0954 and even as low as 1.0905 where we have the daily chart where I will re look to long.
……………………………………………………………………………….……..
2) Euro/JPY on the 4 hour chart:
Difference between last week’s open/close: Plus 75 pips
GAP TRADING:
Did we open with a gap this week? No
Did the gap close? N/A
If the gap didn’t close, pop over to the education tab – Look under Marc`s name for his “Gap Trading Strategy” and how to trade it.
Earth and Sky Trading Zone for the week:
Remember, if price don’t give us the pull back but instead make new lows/highs follow price with your fib to get the “adjusted” Earth and Sky Trading Zones for the week.
Price is above the 200 EMA
34 EMA (sky) is above the 55 EMA (earth)
Direction: Long
Potential trading zone: Between the 123.78 and 122.96 levels
Potential area to look for reaction: At the 123.77 and 123.42 levels.
Potential Profit take areas: At the 124.62 and 125.03 levels.
MACDEE Divergence: Yes !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Stochastic: Overbought
Counter Trades:
Potential Counter Trades: At the 124.62 and 125.03 levels.
Potential Profit take areas: At the 123.84 levels.
Warning: Counter trades are always more riskier than trading with the main trend so change your lot size accordingly if you want to counter trade !!!
Notes:
If we make new highs, follow price with our fib to get the adjusted Earth and Sky long trading zone for this pair.
…………………………………………………………………………………..…..
3) Euro/GBP on the DAILY chart:
Difference between last week’s open/close: Min 19 pips
GAP TRADING:
Did we open with a gap this week? No
Did the gap close? N/A
If the gap didn’t close, pop over to the education tab – Look under Marc`s name for his “Gap Trading Strategy” and how to trade it.
Earth and Sky Trading Zone for the week:
Remember, if price don’t give us the pull back but instead make new lows/highs follow price with your fib to get the “adjusted” Earth and Sky Trading Zones for the week.
Last week we closed min 19 pips lower than the opening but the main trend is up so that is why I fib the daily chart to get the Earth and Sky long zone.
Price is above the 200 EMA
34 EMA (sky) is above the 55 EMA (earth)
Direction: Long
Potential trading zone: Between the 0.8623 and 0.8502 levels
Potential area to look for reaction: At the 0.8681 (38.2 fib) and 0.8620 and 0.8557 levels.
Potential Profit take areas: At the 0.8759 and 0.8858 levels.
MACDEE Divergence: No
Stochastic: No man`s land
Counter Trades:
Potential Counter Trades: At the 0.8858 levels.
Potential Profit take areas: At the 0.8681 levels.
Warning: Counter trades are always more riskier than trading with the main trend so change your lot size accordingly if you want to counter trade !!!
Notes:
Currently hanging out at the 4 hour 55 EMA at 0.8759…….wait for price to come to you.
……………………………………………………………………………………….
4) GBP/Dollar on the 4 hour chart:
Difference between last week’s open/close: Plus 36 pips
GAP TRADING:
Did we open with a gap this week? No
Did the gap close? N/A
If the gap didn’t close, pop over to the education tab – Look under Marc`s name for his “Gap Trading Strategy” and how to trade it.
Earth and Sky Trading Zone for the week:
Remember, if price don’t give us the pull back but instead make new lows/highs follow price with your fib to get the “adjusted” Earth and Sky Trading Zones for the week.
Price is under the 200 EMA
34 EMA (sky) is under the 55 EMA (earth)
Direction: Short
Potential trading zone: Between the 1.2808 and 1.2894 levels
Potential area to look for reaction: At the 1.2794 and 1.2822 levels.
Potential Profit take areas: At the 1.2674 and 1.2637 levels.
MACDEE Divergence: No
Stochastic: No man’s land
Counter Trades:
Potential Counter Trades: At the 1.2674 and 1.2637 levels.
Potential Profit take areas: At the 01.2750 levels.
Warning: Counter trades are always more riskier than trading with the main trend so change your lot size accordingly if you want to counter trade !!!
Notes:
I don’t like this pair at the moment. While the 200 EMA at 1.2822 holds, my bias will be to look for shorts but be careful.
……………………………………………………………………………………….
5) GBP/JPY on the 4 hour chart:
Difference between last week’s open/close: Plus 117 pips
GAP TRADING:
Did we open with a gap this week? No
Did the gap close? N/A
If the gap didn’t close, pop over to the education tab – Look under Marc`s name for his “Gap Trading Strategy” and how to trade it.
Notes:
Sitting on my hands for now. I totally missed the inverted head and shoulder on this one last week as my bias was to look for shorts. The neckline broke to the upside and when have a possible 225 pip move.
TO LATE FOR ME NOW AS WE ALREADY A 160 ODD PIPS UP !!
WILL RE LOOK FOR POSSIBLE SHORT SET UPS FROM 143.16 WHERE WE HAVE A WR1 PIVOT AND ITS ALSO THE TARGET AREA FOR THE INV. HEAD AND SHOULDER.
……………………………………………………………………………………….
6) Aussie/Dollar on the 4 hour chart:
Difference between last week’s open/close: Plus 89 pips.
GAP TRADING:
Did we open with a gap this week? No
Did the gap close? N/A
If the gap didn’t close, pop over to the education tab – Look under Marc`s name for his “Gap Trading Strategy” and how to trade it.
Earth and Sky Trading Zone for the week:
Remember, if price don’t give us the pull back but instead make new lows/highs follow price with your fib to get the “adjusted” Earth and Sky Trading Zones for the week.
Price is above the 200 EMA
34 EMA (sky) is above the 55 EMA (earth)
Direction: Long
Potential trading zone: Between the 0.7578 and 0.7550 levels
Potential area to look for reaction: At the 38.2 fib at 0.7592 and 0.7566 and 0.7549 levels.
Potential Profit take areas: At the 0.7635 and 0.7662 levels
MACDEE Divergence: No
Stochastic: No man’s land .
Counter Trades:
Potential Counter Trades: At the 0.7635 and 0.7662 levels.
Potential Profit take areas: At the 0.7592 levels
Warning: Counter trades are always more riskier than trading with the main trend so change your lot size accordingly if you want to counter trade !!!
Notes:
Looks like we trapped in a triangle on this one. I will prefer a break to the upside……but if we break to the downside -be careful as we can drop to the 55 EMA at 0.7566 and if that breaks we can go as low as 0.7520 where I will re look to long.
……………………………………………………………………………………….
7) Aussie/JPY on the 4 hour chart:
Difference between last week’s open/close: Plus 149 pips
GAP TRADING:
Did we open with a gap this week? No
Did the gap close? N/A
If the gap didn’t close, pop over to the education tab – Look under Marc`s name for his “Gap Trading Strategy” and how to trade it.
Earth and Sky Trading Zone for the week:
Remember, if price don’t give us the pull back but instead make new lows/highs follow price with your fib to get the “adjusted” Earth and Sky Trading Zones for the week.
Price is above the 200 EMA
34 EMA (sky) is above the 55 EMA (earth)
Direction: Long
Potential trading zone: Between the 83.83 and 83.21 levels
Potential area to look for reaction: At the 83.96 and 83.53 and 83.43 levels.
Potential Profit take areas: At the 85.00 levels
MACDEE Divergence: YES !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Stochastic: Overbought with divergence
Counter Trades:
Potential Counter Trades: At the 85.00 and 85.34 levels.
Potential Profit take areas: At the 83.96 levels
Warning: Counter trades are always more riskier than trading with the main trend so change your lot size accordingly if you want to counter trade !!!
Notes:
If we make new highs, follow price with your fib to get the adjusted trading zone for the week.
………………………………………………………………………………………
8) USD/JPY on the DAILY chart:
Difference between last week’s open/close: Plus 59 pips
GAP TRADING:
Did we open with a gap this week? No
Did the gap close? N/A
If the gap didn’t close, pop over to the education tab – Look under Marc`s name for his “Gap Trading Strategy” and how to trade it.
Earth and Sky Trading Zone for the week:
Remember, if price don’t give us the pull back but instead make new lows/highs follow price with your fib to get the “adjusted” Earth and Sky Trading Zones for the week.
The direction on the daily is mixed but long on the 4 hour chart….however – if we look at the dollar index the direction is down – so my bias on this pair is still to look for shorts.
Price is ABOVE the 200 EMA
34 EMA (sky) is under the 55 EMA (earth)
Direction: MIXED but I will fib for a short zone.
Potential trading zone: Between the 111.61 and 113.01 levels
Potential area to look for reaction: At the 111.83 and 121.31 levels.
Potential Profit take areas: At the 110.00 and 109.27 levels
MACDEE Divergence: No
Stochastic: No man`s land
Counter Trades:
Potential Counter Trades: At the 109.27 and 108.81 levels.
Potential Profit take areas: At the 110.66 levels.
Warning: Counter trades are always more riskier than trading with the main trend so change your lot size accordingly if you want to counter trade !!!
Notes:
We currently above the cluster EMA`S we have at 111.00 so I will prefer if we can break that to the downside first before I will re look to short this one.
……………………………………………………………………………………….
9) USD/CAD on the 4 hour chart:
Difference between last week’s open/close: Min 241 pips
GAP TRADING:
Did we open with a gap this week? No
Did the gap close? N/A
Earth and Sky Trading Zone for the week:
Remember, if price don’t give us the pull back but instead make new lows/highs follow price with your fib to get the “adjusted” Earth and Sky Trading Zones for the week.
Price is under the 200 EMA
34 EMA (sky) is under the 55 EMA (earth)
Direction: Short
Potential trading zone: Between the 1.3316 and 1.3392 levels
Potential area to look for reaction: At the 38.2 fib at 1.3280 and 1.3304 and 1.3558 levels.
Potential Profit take areas: At the 1.3200 and 1.3162 levels
MACDEE Divergence: No
Stochastic: No man`s land
Counter Trades:
Potential Counter Trades: At the 1.3162 and 1.3093 levels.
Potential Profit take areas: At the 1.3280 levels.
Warning: Counter trades are always more riskier than trading with the main trend so change your lot size accordingly if you want to counter trade !!!
Notes:
Currently in no man`s land – wait for price to come to you.
……………………………………………………………………………………..
10) USD Index on the DAILY chart:
Difference between last week’s open/close: Min 13 pips
GAP TRADING:
Did we open with a gap this week? No
Did the gap close? N/A
If the gap didn’t close, pop over to the education tab – Look under Marc`s name for his “Gap Trading Strategy” and how to trade it.
Earth and Sky Trading Zone for the week:
Remember, if price don’t give us the pull back but instead make new lows/highs follow price with your fib to get the “adjusted” Earth and Sky Trading Zones for the week.
Last week we only closed min 13 pips lower than the opening so we very flat on the 4 hour…..that I why I had to fib the daily chart to get an Earth and Sky short zone for this week.
Price is under the 200 EMA
34 EMA (sky) is under the 55 EMA (earth)
Direction: Short
Potential trading zone: Between the 98.08 and 98.87 levels.
Potential area to look for reaction: At the 38.2 fib at 97.67, 98.00 and 98.97 levels.
Potential Profit take areas: At the 97.12 and 96.28 levels.
MACDEE Divergence: No
Stochastic: No man’s land
Counter Trades:
Potential Counter Trades: At the 96.28 and 95.87 levels.
Potential Profit take areas: At the 97.12 and 97.67 levels.
Warning: Counter trades are always more riskier than trading with the main trend so change your lot size accordingly if you want to counter trade !!!
Notes:
Keep an eye on the 38.2 fib at 97.67 as we also have the monthly main pivot and 4 hour 200 EMA waiting here to give resistance.
……………………………………………………………………………………..
That`s that. 🙂
Pop over to the forum if you need any help or have any questions !!!
If you would like to learn how to trade like a professional AND receive detailed daily analysis BEFORE the event then check out our 5* rated forex mentor program, RISK FREE; by clicking on the “Get Started Today” Button below
