Hi, this is an example of the detailed forex trading plan and analysis I make every Sunday.
This is for my own forex trading plan for clients. I also share this and the video with members here at Forex Mentor Pro
I know that nobody likes a “smartypants” 🙂 but in last weeks post I cautioned not to trade the Gbp because of Brexit.
I explained that you would be gambling not trading.
If you saw the wild swings: 300 pips up, 300 down, 350 pips up…
you will understand why my best advice was to leave it alone.
Some of you will have traded it anyway and some of you might have won BUT you are playing with fire and there is more of it to come this week as Mrs May tries yet again to get the deal through Parliament.
We are looking for repeatable patterns and probability.
That is what gives us our “edge.” if you don’t have one you are highly likely to fail, at the very least you are making things much harder for yourself.
We say every week “Try to get to the live sessions”. Had you done so last week we again showed what we were looking to trade ourselves and why and we showed you set ups on the Nzd/Cad, Nzd Chf to name a few. The latter gave us 1% account gain in around 24 hours.
We show in real time what we are looking to trade and are happy to analyse any setups you may have found.
The key to successful trading is how MUCH you win, not how many.
Trading Week Ahead
Brexit, brexit, brexit again……….BORING…. You have been warned.
There is a lot of Aussie news again this week, FOMC & Brexit again. We need to tiptoe around the news and do not open any new trades a few hours before or after FOMC and consider closing open ones or at least move stops to reduce th risk.
As ever check the calendar before taking any trades: https://www.forexfactory.com/calendar.php
This site is good if you are wanting to check Brexit updates before trading the Gbp https://www.newsnow.co.uk/h/
Euro/$: Didn’t take last week as there was nowhere to put a stop. Interested to short higher up around 1.1480 to 1.1500 but Brexit is an issue. Leaving for now
Any positive news re Brexit or more talk of a new referendum and it could just shoot up (same for the Gbp)
Aud: Same as last week: I will be looking to short at 0.7200 Intraday watch 0.7150 but I need multiple reasons for the stop and don’t have them now.
Aud/Yen: Same again: Keep your eye on the $/Yen and Nikkei for clues- see the video. It broke the lower channel line. 80.00 is the “area” I am looking to short
Aud/Cad: I feel more confident to short at 0.9570. Watch 0.9540 intraday.
Nzd/$ Still the same. Currently stuck in a 200 pip range. Can’t seem to get away from 0.6800. My bias is to short, so if 0.6800 clearly breaks lower I will look for a pullback short but prefer a higher up. Intraday look for shorts at 0.6900. Longs at 0.6700
$/Yen: Pulled back again to 111.00 so look for longs there. I prefer If it pulls back to 110.20 I will definitely long. If it gets back up to 112.00/112.30 I am interested to short.
Euro/Yen: 127.60 to 127.80 is the area for me to short.
$/Sgp: We have shorted this a few times in recent weeks, looking again at 1.3600 for multiple reasons. If it breaks and closes higher on a daily then we start to think of a long. This is THE area on this pair. If it breaks and closes above there on a daily it’s a possible inverse head and shoulders pattern (thank you, senior member, Nieta 🙂 – so then we think of an M2 pullback to long!
Cad: Keep your eye on oil prices for clues. My chosen trade is to long on a pullback to 1.3170 and I also will watch 1.3260 intraday which is another strong area.
Cad/Yen Areas to watch: Possible short at 84.50 and long at 83.00
Chf/Yen worked perfectly last week but with the terrorist incident in New Zealand, FOMC & the SNB Chf news this week, on reflection, best left alone.
Nzd/Yen: Flag pattern set up. I want to short at 77.00 / 7740
Don’t take more than one Yen trade at once OR split the risk. If one loses, they all lose!
Nzd/Cad: Lot of potential set ups here. Long at 0.9000 or An M2 break and close below 0.8900 or if it moves back up is a short at 0.9200 again which is a “position trade” short.
Euro/Aud: Position trade short again at 1.6340, long at 1.5200. intraday watch for price to slow down/long at 1.5750
Euro/Nzd: Looking to short at 1.6850
Euro/Gbp: Its messy with Brexit but 8830 is a major area from last year and multiple reasons now for a possible short
GBP/$: Leave it alone and all gbp pairs for the next few days.
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 in Pierre’s corner.
Watch the video for more detailed explanations of this week’s detailed analysis and trade plan.
Click on the square button bottom right to watch in full-screen mode