A round-up of this weeks trades by full time forex trader, from South Africa, Pierre du Plessis:

Good morning all

Don’t you just love Fridays……. 🙂

It’s a stunning day here in my hometown and we had a little bit of rain so everything feels clean and fresh this morning.

I just want to apologise to those members that attended the live webinar on Tuesday morning. When we got close to the end of the session one of my alarms triggered  (sounded like a fish eagle in the recording) so I was so excited to take the trade that I left the meeting real quick without a well – mannered exit like Marc taught me to do 🙂

So to those that might feel that Elvis left the building too quickly – I do apologise.

Ok, let’s get stuck into it………….. as I want to make use of this sunny morning.

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Educational charts for the week: 

Euro/JPY on the daily chart: 

The main trend is still short according to the directional indicator but was mixed on the 4-hour chart this week – so we couldn’t fib the 4 hour and had to fib the daily chart for that short zone this week.  Here we can see how price came on Monday/Tuesday and found resistance.

We need multiple reasons remember – so what did we have this week to look out for ?

  • We had the 4 hour 200 EMA and daily 34 EMA and the 50% fib in the same area.
  • Look left we can see previous support/resistance in the same area too
  • Then as option B area we had the daily 55 EMA  and the MR1 pivot in the short zone too for possible resistance areas.
  • Main profit take can be at last months low at 120.78.
  • However, also keep an eye on the weekly pivots that can give support for possible profit take areas

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Aussie/Dollar on the daily chart: 

The main trend is still short according to the directional indicator but we closed last week 74 pips higher than the opening – so we couldn’t fib the 4 hour and had to fib the daily chart for that short zone this week.  Here we can see how price come on Monday already and found resistance.

We need multiple reasons remember – so what did we have this week to look out for in the zone ?

  • We had the 4 hour 200 EMA at the 50% fib
  • We had the 34 and 55 EMA`s in the short zone
  • Look left we can see previous support/resistance in the same area too
  • Main profit take area at last months low area at the 0.6864 and MS1 pivot area at 0.6847 area.
  • However, also keep an eye on the weekly pivots that can give support for possible profit take areas

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Aussie/NZD on the 4 hour chart: 

The main trend was mixed according to the direction indicator on the daily this week BUT the 4 hour was clean and stack for shorts – so we could fib the 4 hour for that short zone this week.

We need multiple reasons remember – so what did we have this week to look out for in the zone ?

  • We had a roadblock at the 38.2 fib area with some EMA`S in the same area.
  • We had the 4 hour 200 EMA in the short zone
  • We had the WR1 pivot in the short zone
  • Look left we can see previous support/resistance in the same area too (WE LOOKED AT THIS ONE DURING THE WEBINAR)
  • Main profit take area at last weeks low area at the 1.0498 area (we got close)

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Let’s have a look at how we did with this weeks analysis:

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1) Euro Dollar on the DAILY chart:

* Last week we closed plus 172 pips higher than the opening….but the main trend is still short….so we have to fib the daily chart  problem is we already broke last month’s high too so we need a plan B *

Notes:

Looking at the daily chart we have the MR2 pivot at 1.1338 and at 1.1373 the mother in law 200 EMA at 1.1373 that can give us the resistance we want for that short to set up.

Fridays notes:

We had 2 resistance areas….the MR2 pivot at 1.1338 and the 200 EMA at 1.1370. I preferred the second one as we also have the daily 200 EMA waiting here to give resistance.

So I missed the $%^&*( bus as price turned from the MR2 pivot this week.

Possible support coming up now at 1.1238 and 1.1253 areas.

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2) Euro JPY on the DAILY chart:

* Last week we closed plus 182 pips higher than the opening….but the main trend is still short so we need to fib the daily chart for the short zone*

Currently, I have an Earth and Sky short zone between 123.00 and 124.11 with areas to keep an eye on the 123.00 and 123.56 and 123.80 resistance areas to short this pair again.

Possible counter longs at 119.49 and 118.00 support areas.

Notes:

Price hitting the 50% fib and 4 hour 200 EMA at 123.00 this morning.

Fridays notes:

Price came on touched the 50% fib and 4 hour 200 EMA at 123.00 where after it turned bearish….slowly working its way down……first roadblock this morning is the weekly main pivot at 122.00 and if that breaks 121.35 and 120.78 as other profit take areas.

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3) Euro GBP on the 4 hour chart :

Currently, I have an Earth and Sky long zone between 0.8878 and 0.8851 with areas to keep an eye on the 38.2 fib at 0.8891 and 0.8878 and 0.8874 and 0.8866 support areas to long this pair again.

Possible counter shorts at 0.8940 and 0.8950 resistance areas.

Notes:

If we make new higher highs without the correction we wanted….follow price with your fib to get the adjusted trading zone for the week.

Fridays notes:

For the first time in many weeks the WR1 pivot gave resistance. The weeks before we kept on making new higher highs breaking the resistance pivots….this week it hold so maybe it the resistance are now at 0.8932 that we waited to form a top….time will tell

We dropped back and found support again at the 55 EMA and the 50 % fib…. where after it went to sleep……NOT COOL.

Why is price not moving ?

Looking at the 4 hour chart we can see we stuck in a triangle !!!

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4) GBP Dollar on the DAILY chart:

* Last week we closed plus 111 pips higher than the opening….but the main trend is still short so we need to fib the daily chart for the short zone*

Currently, I have an Earth and Sky short zone between 1.2867 and 1.3022 with areas to keep an eye on the 38.2 fib at 1.2789 and 1.2867 and 1.2900 resistance areas where after I will re-look to short this pair again.

Possible counter longs at 1.2559 and 1.2402 support areas.

Notes:

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

Bollinger bands closing fast and making tweezers so volume and momentum is dropping here.

Fridays notes:

Price didn’t give the correction we wanted to our preferred areas to look for shorts from….instead we camping out the most of the week at the 4 hour 55 EMA at 1.2696 area.

Will re look next week to short from the 55 or 200 EMA`S if they hold hand with next week’s pivots.

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5) GBP JPY on the DAILY chart:

* Last week we closed plus 113 pips higher than the opening….but the main trend is still short so we need to fib the daily chart for the short zone*

Currently, I have an Earth and Sky short zone between 141.53 and 144.01 with areas to keep an eye on the 38.2 fib at 140.35 and 141.55 and 142.77 resistance areas where after I will re-look to short this pair again.

Possible counter longs at 135.72 and 134.67 support areas.

Notes:

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

Bollinger bands closing fast and making tweezers so volume and momentum is dropping here.

Fridays notes:

Price didn’t give the correction we wanted to our preferred areas to look for shorts from….instead we making new lower lows now so we need to follow price with the fib to get the adjusted short zone.

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6) Aussie Dollar on the DAILY chart:

* Last week we closed plus 74 pips higher than the opening….but the main trend is still short so we need to fib the daily chart for the short zone*

Currently, I have an Earth and Sky short zone between 0.6962 and 0.7012 with areas to keep an eye on the 0.7000 and 0.7012 and 0.7043 resistance areas where after I will re-look to short this pair again.

Possible counter longs at 0.6864 and 0.6847 support areas.

Notes:

Keep an eye on the 55 EMA in the short zone to give resistance.

Fridays notes:

This one triggered on Monday already….Price gave us a short from the 55 EMA in the short zone and by the looks of it we on our way to the main profit take area…last month’s low at 0.6864 area.

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7) Aussie JPY on the DAILY chart:

* Last week we closed plus 74 pips higher than the opening….but the main trend is still short so we need to fib the daily chart for the short zone*

Currently, I have an Earth and Sky short zone between 76.83 and 77.76 with areas to keep an eye on the 38.2 fib at 76.51 and 77.08 and 77.51 resistance areas where after I will re-look to short this pair again.

Possible counter longs at 73.90 and 72.68 support areas.

Notes:

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

Fridays notes:

Price didn’t give the correction we wanted to our preferred areas to look for shorts from….instead we making new lower lows now so we need to follow price with the fib to get the adjusted short zone.

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8) Aussie/NZD on the 4 hour chart:

Currently, I have an Earth and Sky short zone between 1.0560 and 1.0591 with areas to keep an eye on the 38.2 fib at 1.0543 and 1.0554 and 1.0566 resistance areas where after I will re-look to short this pair again.

Possible counter longs at 1.0462 and 1.0420 support areas.

Notes:

We hitting the first road block area this morning at the 2 x 55 EMA`S at 1.0551 and 1.05547 areas – main 200 EMA at 1.0564.

Fridays notes:

Price gave the correction in to the short zone and found resistance at the 62.5 fib at 1.0575 area where after it dropped back ALMOST to the main profit take area at last week’s low at 1.0500 area.

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9) Dollar JPY on the DAILY chart:

* Main trend is short…..red lights on 4 hour and daily BUT we only closed min 9 pips lower than the opening so we need to fib the daily for the short zone*

Currently, I have an Earth and Sky short zone between 109.73 and 110.70 with areas to keep an eye on the 38.2 fib at 109.28 and 109.67 and 110.05 resistance areas where after I will re-look to short this pair again.

Possible counter longs at 107.14 and 106.00 support areas.

Notes:

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

Fridays notes:

Price didn’t get to our preferred area to short from.

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10) Dollar CAD on the 4 hour chart

Currently, I have an Earth and Sky short zone between 1.3383 and 1.3455 with areas to keep an eye on the 38.2 fib at 1.3352 and 1.3375 and 1.3396 and 1.3415 resistance areas where after I will re-look to short this pair again.

Possible counter longs at 1.3177 areas.

Notes:

If we make new lower lows follow price with your fib to get the adjusted short zone

Fridays notes:

We had a nice correction and we HITTING NOW our first roadblock area at 1.3348 where we have the weekly main pivot and 55 EMA and 38.2 fib so keep an eye on that for a short….

If we break to the upside then I will re look to short from the daily 55 EMA and 4 hour 200 EMA in the short zone at 1.3393 and 1.3400 areas.

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11) Dollar CHF on the 4 hour chart:

Currently, I have an Earth and Sky short zone between 0.9934 and 0.9975 with areas to keep an eye on the 0.9934 and 0.9950 and 0.9975 resistance areas where after I will re-look to short this pair again.

Possible counter longs at 0.9814 and 0.9753 support areas.

Notes:

If we make new lower lows follow price with your fib to get the adjusted short zone

Fridays notes:

Price gave the correction back to the earth and sky zone and found resistance at the 62.5 fib at 0.9954 where after it went to sleep……NOT COOL.

Why is price not moving ?

Looking at the 4 hour chart we can see we stuck in a triangle !!!

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Have a super cool weekend everyone…………………..

Regards

Pierre