This week’s analysis is a good example of why at the start of the week you should focus on the structure of the market. Is the price going up, down or sideways? What are the main areas of support and resistance? With September starting and a lot of traders returning from holidays, there could be a LOT of potential big trades setting up.
There is quite a bit of red flag news this week, with the BIG one on Friday- the NFP’s. Remember the NFP results are the major US employment figures and usually result in some crazy movements in the market. We don’t trade Friday’s and especially NOT during ,before or straight after this news! There is an OPEC (Organization of the Petroleum Exporting Countries) meeting on Wednesday, which does sometimes create wilder than normal moves for the CAD. It is also a bank holiday in the UK on Monday, so the markets could be a little slower than usual.
There are rumblings from the US around the state of the economy and especially around the tapering/non tapering strategy going forward. Tapering basically means a strategy that a central bank (i.e. country) uses to boost economic growth. Here is a link to the article mentioned in the video.
Another very useful resource everyone should read up on, is available here: USD FUNDAMENTAL DATA & THE $ INDEX
Let’s have a look at some potential levels;
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The live training session: Here is a link to register for this week’s live training session which takes place on Tuesday 24th August at 11.00am London time (BST/GMT+1).
Then we can have a more detailed, up-to-the-minute look at what’s happening and potential trades for the rest of the week.
The Forex week ahead:
EUR/USD: 1.1660 is an A- grade long for me.
USD/CHF: Too messy right now, leaving it alone.
GBP/USD: We’re now in a down channel, sweet spot for me at 1.3826
NZD/USD: In the middle of ema’s now, the AUD/USD setup is a lot better.
AUD/USD: I will take this again at the 0.73100 area. This could be a 2000 pip move -see video
USD/JPY: 108.500 is the A-grade area to long from. (The rest of the Yens are too messy at the moment for me).
USD/CAD: Too messy for me at the moment for M2. A break above (on a weekly) of 1.3000 is the area on this pair to watch.
AUD/NZD: 1.0680 is a BIG area for a potential M2 pullback, short. If it breaks the ema’s above 1.0740, look for long setups.
EUR/GBP: Recent winner- I’m looking to short at 0.86620 again.
EUR/NZD: In a range at the moment, but with ema’s in the way. See the video on how I plan to play this.
GBP/AUD: The GBP/NZD is a far better looking setup.
GBP/CAD: I’m looking to split my entry between the 1.73100 and 1.72200 areas. See video for more detail.
GBP/NZD: A-grade long at 1.96100 See the video for more detail
As always, remember correlation!
M3 -Shorter timeframes.
See the new course & recent blog posts as to how I do this: I do my analysis on daily and weekly charts first and make a note of the MAJOR areas of support and resistance. Then copy them onto Pierre’s Earth and sky template. Then I make a note of the weekly & monthly pivots points and add them to the charts. You will see lots of opportunities line up during the week. The important thing then is to select a bias for the next few days and do NOT take trades if the price is too near a trend line or pivot. Ideally, you want to buy when the price is near a major support and or pivot point line and has the potential to make at least 40 pips. Vice versa for a short.
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. Ashley is back from his travels and there are other senior members who are happy to help.
Watch the video below for more detailed explanations of this week’s analysis and trade plan: