Hi…..

A question from one of our members:

I have tried many systems and spent a lot of money on these systems trading through the years.

Forexmentorpro.com is the best site that I have used in trading forex. This says a lot because I have used them all.

Your system is the first one that makes perfect sense to me. The problem is that I have not profited trading your system.

Can you explain what the profit targets are once you enter.

As well as how do you enter?

Your training video states you use the one hour but then it also states you use the 30 min.

I am confused about entry.

Maybe when you do your weekly analysis you can include some profit targets.

I believe this would be a big help to traders using your system.

Thanks.

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Last week we had a short zone on the USD/SGD and I posted my analysis on Monday….it said…..

12) USD/SGD on the 4 hour chart:

The direction indicator is short the 4 hour AND THE daily chart and we closed min 83 pips lower than last week`s opening so we did meet ALL of the requirements to fib the 4 hour chart for this week’s Earth and Sky trading zone.   

Currently I have a short zone between 1.3293 and 1.3329 with areas to keep an eye on at 1.3282 (38.2 fib) and 1.3293 and 1.3310 areas again for possible shorts.

Counter longs from the WS1 pivot at 1.3198 and WS2 at 1.3151 areas.

Notes:

If we make new lower lows without the correction follow price with your fib to get the adjusted short zone for the week.

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Now let’s have a look how to do this….

  • The 4 hour chart: Price made new lower lows without any correction so we had to follow price with the fib to get the adjusted short zone…..the adjusted zone was now between 1.3287 and 1.3326
  • Price pulled back into the zone – broke the 200 EMA to the upside BUT slammed resistance at the 1.3306 and 61.8 level just under the daily 55 EMA.

  •  Now we need to look at what the 60 min chart is doing….is price slowing down?
  • Remember I look for MACD divergence on the 60 min chart to give me more confidence AS IT IS A WARNING SIGN PRICE CAN BUILD up for a short entry in this case. Do we have divergence ? YES !!!
  • I prefer my entries to be on the 30 min chart.

  •  I drop to the 30 min chart for my entry. Look for the 12/26 EMA cross…..or a cross with a trend line break for more confirmation.
  • Once we have a cross the stop will have to be above the previous high area
  • Profit take areas will be at previous support/resistance areas with the main one at least at last weeks low in this case
  • Look at a line chart to see support/resistance areas more clearly.

  • If we drop back to the 4 hour and place it on a line chart we can spot previous support/resistance areas…as possible profit take areas and we can spot pivot points and last weeks low for possible profit take areas in this example.

Hope it helps.

I will try and mention possible profit take areas with my analysis and see if I can post as above with other set ups during the week once we triggered entries so that everyone can get a better understanding of zones, entries,stops and profit take areas.

Regards

Pierre