Good morning everyone
We back from a super holiday and it really suck to be in front of the computer again after you have been in the wide open African Savannah – spotting lions, elephants and buffalo (3 of the big 5) The only 2 we didn’t see were the leopard and rhino ……..
Anyway……we need money to travel so while I wait for trades to set up I will start planning our next trip……………. 🙂
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African proverb for the week:
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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!!! 👿
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2) Where is the `Forum Hang out Spot` that everyone is talking about?
On the top of this main page, go to the `Members Forum` Tab and click on it…….once in there, look for `Pierre`s Corner` and click on it………Once in there look for `Pierre`s Trading week `and click on it……..once in there, look for the Current week`s Thread Tab and click on it………..easy as pips! 😉
Or if you have the need for speed and want to trade Gold. Oil and some other instruments and want to hang out with Omar………… On the top of this main page, go to the `Members Forum` Tab and click on it…….once in there, look for the `Operation Gold Rush` Tab and click on it – there you have it, you have struck gold!! 🙂
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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.
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Ok…..let’s have a look at the Earth and Sky analysis for the week:
My current antelopes I am looking at:
* Euro/JPY
* GBP/JPY
* Aussie/JPY
* USD/JPY
Only look to take one as they are positive correlated. ( moving in the same direction) and the
* NZD/USD not covered in my analysis but here is a chart:
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1) Euro Index on the 4 hour :
Difference between last week’s open/close: Plus 119 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 110.13 and 99.74 levels
Potential area to look for reaction: At the 100.13 and 100.00 levels
Potential Profit take areas: At the 100.51 and 100.90 and 101.28 levels
MACDEE Divergence: No
Stochastic: No mans land
Counter Trades:
Potential Counter Trades: At the 101.28 level
Potential Profit take areas: At the 100.80 and 100.32 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:
Wait for price to come to you.
Correlation: Remember that the following pairs make out the `Euro Index Basket` – The Euro/Dollar, Euro/JPY, EURO/GBP and the EURO/CHF. (They all move in the same direction) Use the `Euro Index` for extra confirmation and information to trade the basket pairs. If you don’t have the index on your platform…..download a demo account with Forex LTD at http://www.forexltd.co.uk/
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2) Euro/Dollar on the 4 hour chart:
Difference between last week’s open/close: Plus 239 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 1.1296 and 1.1225 levels
Potential area to look for reaction: At the 1.1306 and 1.1296 levels.
Potential Profit take areas: At the 1.1368 and 1.1439 and 1.1506 levels
MACDEE Divergence: No
Stochastic: No mans land
Counter Trades:
Potential Counter Trades: At the 1.1506 level
Potential Profit take areas: At the 1.1419 and 1.1330 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 in a triangle on the 4 hour chart.
Correlation: This pair is POSITIVE CORRELATED (moving in the same direction) as the Euro Index, Euro/JPY and the Euro/GBP. Be careful; don’t take the same trades on these four pairs at the same time!
Also remember: This pair is `NEGATIVE CORRELATED` (moving in the opposite direction) as the Dollar/CHF pair. Be careful; DO NOT OVER EXPOSE YOUR ACCOUNT BY PLACING OPPOSITE TRADES ON THESE TWO PAIRS.
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3) Euro/JPY on the 4 hour chart:
Difference between last week’s open/close: Plus 70 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:
Price broke the 200 EMA and WS1 pivot at 126.45 to the downside yesterday followed by a big drop already today…….we getting closer to the WS2 pivot making it then highly oversold and if we look to the left of the chart we can see we had previous support resistance in the same area……so possible support coming up with a potential long back to the WS1 pivot now resistance at the 200 EMA at 126.45
Correlation: This pair is POSITIVE CORRELATED (moving in the same direction) as the Euro Index, Euro/USD and the Euro/GBP. Be careful; don’t take the same trades on these four pairs at the same time!
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4) Euro/GBP on the 4 hour chart:
Difference between last week’s open/close: Plus 113 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 0.7925 and 0.7878 levels
Potential area to look for reaction: At the 0.7925/20 and 0.7900 levels.
Potential Profit take areas: At the 0.7973 and 0.8020 and 0.8077 levels
MACDEE Divergence: No
Stochastic: No mans land
Counter Trades:
Potential Counter Trades: At the 0.8077 levels.
Potential Profit take areas: At the 0.8016 and 0.7954 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:
Wait for price to come to you.
Correlation: This pair is POSITIVE CORRELATED (moving in the same direction) as the Euro Index, Euro/Dollar and the Euro/JPY. Be careful; don’t take the same trades on these four pairs at the same time!
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5) GBP/Dollar on the DAILY chart:
Difference between last week’s open/close: Plus 96 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:
I don’t like how this pair is not respecting the 200 and 55 EMA`S at the moment. Looks like we trapped in a triangle on the daily chart so I will wait and see if it breaks and only then re look at possible opportunities.
Correlation: This pair is POSITIVE CORRELATED (moving in the same direction) as the GBP/JPY pair. Be careful; don’t take the same trades on both pairs at the same time!
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6) GBP/JPY on the 4 hour chart:
Difference between last week’s open/close: Min 142 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 159.88 and 161.23 levels
Potential area to look for reaction: At the 160.03 and 160.77 levels.
Potential Profit take areas: At the 158.94 and 157.72 and 157.47 levels.
MACDEE Divergence: YES !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Stochastic: Oversold
Counter Trades:
Potential Counter Trades: At the 157.47 levels
Potential Profit take areas: At the 158.77 and 160.04 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 will be keeping an eye on the WS1 pivot at 157.47/16 for solid support and then look for a possible counter long
Correlation: This pair is POSITIVE CORRELATED (moving in the same direction) as the GBP/Dollar pair. Be careful; don’t take the same trades on both pairs at the same time!
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7) Aussie/Dollar on the DAILY chart:
Difference between last week’s open/close: Plus 165 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 0.7415 and 0.7261 levels
Potential area to look for reaction: At the 0.7463 and 0.7415 and 0.7333 levels.
Potential Profit take areas: At the 0.7569 and 0.7723 and 0.7891 levels
MACDEE Divergence: YES !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Stochastic: No man’s land
Counter Trades:
Potential Counter Trades: At the 0.7723 and 0.7891 levels.
Potential Profit take areas: At the 0.7499 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 have MACDEE divergence on the Daily chart with price camping out at the 55 EMA at 0.7606 so it will be super if we can get a correction to at least 0.7499. and even 0.74163 and 0.7415.
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8) Aussie/JPY on the DAILY chart:
Difference between last week’s open/close: Plus 50 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:
Looking at the daily chart it looks like we might be ranging between the daily 200 EMA at 86.02 and 84.30. On the 4 hour chart we can see we broke the 4 hour to the downside…..but I am not convinced that this will be an M2 set up to short. The MACDEE is low and stochastic oversold plus we are at the WS2 pivot at 84.09 so we might get a move back up here.
Correlation: This pair is POSITIVE CORRELATED (moving in the same direction) as the AUD/USD pair. Be careful; don’t take the same trades on both pairs at the same time!
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9) USD/JPY on the 4 hour chart:
Difference between last week’s open/close: Min 176 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 112.09 and 112.93 levels
Potential area to look for reaction: At the 112.18/21 and 112.32 levels.
Potential Profit take areas: At the 111.43 and 110.87 levels
MACDEE Divergence: No
Stochastic: Oversold
Counter Trades:
Potential Counter Trades: At the 110.87 and 110.65 levels.
Potential Profit take areas: At the 111.37 and 112.00 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 a new low here at the 110.42 level…..follow price with your fib to get the adjusted zone for the week.
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10) USD/CAD on the 4 hour chart:
Difference between last week’s open/close: Min 239 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 1.3071 and 1.3178 levels
Potential area to look for reaction: At the 1.3125 and 1.3178 levels.
Potential Profit take areas: At the 1.2964 and 1.2857 levels
MACDEE Divergence: No
Stochastic: Overbought
Counter Trades:
Potential Counter Trades: At the 1.2857 and 1.2835 levels.
Potential Profit take areas: At the 1.2964 and 1.3060 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 we in the trading zone……but price on the Dollar Index is low and we might get a pullback…..so this pair will follow then so be careful as we might have room for this one more to the upside.
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11) USD Index on the 4 hour chart:
Difference between last week’s open/close: Plus 175 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 95.30 and 95.81 levels
Potential area to look for reaction: At the 95.11 and 95.30 levels.
Potential Profit take areas: At the 94.78 and 94.27 and 93.77 levels
MACDEE Divergence: No
Stochastic: No mans land
Counter Trades:
Potential Counter Trades: At the 94.27 and 93.77 levels.
Potential Profit take areas: At the 95.06 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 will prefer a pullback to the main weekly pivot and 55 EMA at 95.11 before I will re look to short.
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Please remember we are NOT a “tipping service.” What we aim to teach you here at fxmentorpro is how to look for trade set ups using different methods, taking you’re trading to the next level.
Have a good one mates
Pierre 😛
`Learn from yesterday, Live for today and hope for tomorrow`
Remember to make the video clip bigger to see the levels more clearly!
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