This is the notes and video recording from Pierre du Plessis’ Earth and Sky Fx Trading System from Tuesday the 13th September. Every week Pierre explains in advance what he is looking to trade for the week ahead and why. He shows where he is looking to take trades and updates members during the week via the forum Your chance to get up close and personal with a real life professional trader.:
I hope you are all well and healthy this stunning spring morning ( if you live this side of the world)
Some charts are looking a bit messy this week so I didn’t fib them as we trapped in triangles on some and others are just complex, tangled and grubby !!!
So the best is to stay away from them and look at the pairs that looks `cleaner` for the week.
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Ok mates let’s have a look what is cooking in the Forex Kitchen this morning?
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1) Euro Index on the 4 hour and daily chart :
Difference between last week’s open/close: Plus 38 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 on the 4 hour…..34/55 EMA just crossed but long on the daily
Potential trading zone: Between the 100.12 and 99.87 levels
Potential area to look for reaction: At the 100.05 and 99.93 levels.
Potential Profit take areas: At the 100.45 and 100.63 and 100.78 levels
MACDEE Divergence: No
Stochastic: No man’s land
Counter Trades:
Potential Counter Trades: At the 100.78 levels
Potential Profit take areas: At the 100.20 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:
The 34/55 EMA on 4 hour crossed just now and we short on the direction Indi on 4 hour…..but for me the main trend is still long…….so I will leave this fib on the 4 hour……what I do see however on the daily is that we trapped in a triangle so keep an eye out for a break out and then a M2 set up.
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 83 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 1.1234 and 1.1188 levels
Potential area to look for reaction: At the 1.1224 and 1.1200 levels.
Potential Profit take areas: At the 1.1275 and 1.1328 levels
MACDEE Divergence: No
Stochastic: No man’s land
Counter Trades:
Potential Counter Trades: At the 1.1332 levels
Potential Profit take areas: At the 1.1238 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 !!!
Counter Trades:
Potential Counter Trades: At the 1.1332 levels
Potential Profit take areas: At the 1.1236 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:
While we above the 1.1174 level where we have the daily 200 EMA – my bias will be to look for long set ups.
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: Min 80 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 114.98 and 115.56 levels
Potential area to look for reaction: At the 114.98 levels.
Potential Profit take areas: At the 113.96 levels
MACDEE Divergence: No
Stochastic: No man’s land
Counter Trades:
Potential Counter Trades: At the 113.96 and 113.81 levels
Potential Profit take areas: At the 114.61 and 114.82 and 114.95 level.
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:
Possible head and shoulder on this pair that we need to keep an eye on
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 Daily 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.
Notes:
Yesterday I said we were sitting at a key resistance level at 0.8466 so a short can set up from here as we have the 4 hour 200 EMA here. Price did drop from here and this level is still key resistance for me as we also have a bear trend line on the daily chart in place here too.
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 4 hour chart:
Difference between last week’s open/close: Min 22 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:
Yesterday I said that while the 200 EMA at 1.3233 holds…….my bias will be to look for long set ups – Price did touched this level yesterday and shot up from the mother in laws dining room table……so this will stay a key support level for me to look for longs from……..possible shorts from the WR1 pivot at 1.3400 level back down to 1.3321
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 218 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:
Yesterday I said while the 200 EMA at 135.38 holds…….my bias will be to look for long set ups……..this morning it looks like the 200 gave support…..but we trapped in a triangle here so we can go any way so be careful……My plan will be to look for shorts from 138.04 if we do break to the upside.
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 4 hour chart:
Difference between last week’s open/close: Min 21 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 0.7614 and 0.7674 levels
Potential area to look for reaction: At the 0.7601 levels.
Potential Profit take areas: At the 0.7470 levels
MACDEE Divergence: No
Stochastic: Oversold
Counter Trades:
Potential Counter Trades: At the 0.7470 levels.
Potential Profit take areas: At the 0.7569 and 0.7600 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:
Possible support at the WS1 pivot this week as we also have the daily 200 EMA waiting there. We might be ranging between the two 200 EMA`S this week.
Correlation: This pair is POSITIVE CORRELATED (moving in the same direction) as the AUD/JPY pair. Be careful; don’t take the same trades on both pairs at the same time!
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8) Aussie/JPY on the 4 hour chart:
Difference between last week’s open/close: Min 134 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 77.78 and 78.45 levels
Potential area to look for reaction: At the 77.67 and 77.78 levels.
Potential Profit take areas: At the 76.52 levels
MACDEE Divergence: No
Stochastic: Oversold
Counter Trades:
Potential Counter Trades: At the 76.52/42 levels.
Potential Profit take areas: At the 777.67 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:
I am keeping an eye on the WS1 pivot at 76.52 for solid support this week and then for some counter trade confirmation.
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: 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.
Notes:
Yesterday I said that we were trapped in a triangle on this one. The triangle did break to the downside and price is currently pulling back……….Possible M2 short can set up now from the 102.36 level on this one.
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10) USD/CAD on the 4 hour chart:
Difference between last week’s open/close: Plus 55 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 1.2977 and 1.2902 levels
Potential area to look for reaction: At the 1.2997 and 1.2977 levels.
Potential Profit take areas: At the 1.3065 and 1.3128 levels
MACDEE Divergence: No
Stochastic: Oversold
Counter Trades:
Potential Counter Trades: At the 1.3140 levels.
Potential Profit take areas: At the 1.2997 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 am still keeping an eye on the WR1 pivot for a counter short set up for the early part of the week.
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11) USD Index on the 4 hour chart:
Difference between last week’s open/close: Min 60 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:
Yesterday I said we trapped in a triangle on this one too…..so we need a break out. We still trapped in this triangle with loads of EMA`S to the upside that can form a roadblock so my plan will be to look for longs from 94.50 and short from 95.92 9 Weekly pivot points)
Correlation: Remember that the Dollar Index is negative correlated with the Euro Index (They move in opposite direction) so only take one trade at a time as you will double your risk if you took trades on both index`s.
If you don’t have the index on your platform…..download a demo account with Forex LTD at http://www.forexltd.co.uk/
This pair is also POSITIVE CORRELATED (moving in the same direction) as the Dollar/CAD. Be careful; don’t take the same trades on both pairs at the same time!
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JUST SOME MORE CHARTS TO LOOK OUT FOR THIS WEEK:
12) NZD/Dollar on the 4 hour chart:
I am keeping an eye on the 4 hour 200 EMA at 0.7259 for support before I will re look to long this pair………back to at least the 0.7341 level where we have the 55 EMA waiting !
13) Dollar/SGD on the 4 hour chart:
Keeping an eye on the 200 EMA at 1.3632 and the WR1 pivot at 1.3660 where I will re look to short from……..back down to 1.3547
14) Euro/CAD on the 4 hour chart:
Keeping an eye on the 1.4726 and 1.4772 level to short from back down to 1.4600.
15) Euro/Aussie on the 4 hour chart:
Keeping an eye on 1.5000 and 1.5028 for shorts back down to 1.4807
16) CAD/JPY on the 4 hour chart:
Keeping an eye on the WR1 pivot at 77.79 for good support and then for a counter trend long set up on this one with shorts from 79.04 again
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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