Good morning everyone.

A bit of a slow week as we had to wait for price to come to our preferred areas where we wanted to do business, so it was – and still is a waiting game at the moment as we only now hitting the levels we called earlier this week.

The Euro/Dollar is way overbought and we well past the weekly range on this one. The WR3 pivot at 1.1162 and the MR1 pivot at 1.1191 will be the areas to keep an eye on for possible trade set ups today and the early part of next week if we dont get the move today.

The Aussie/Dollar also now getting closer to our preferred area where we want to re look for shorts. The daily 200 EMA at 0.7474 and the 55 EMA at 0.7496 will be key resistance areas to keep an eye on.

The Dollar/CAD had a small range of about 70 pips this week as we trapped between the 4 hour 55 EMA and the 38.2 fib and 4 hour 200 EMA at 1.3579……….so anything can happen here……but the main trend is still long on this one so keep an eye on the support levels at 1.3579 and 01.3519 for possible trade set ups.

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Lets have a look how we did with our analysis this week: 

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1) Euro/Dollar on the DAILY chart:

Difference between last week’s open/close: Min 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”

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.

Last week we closed min 38 pips lower than the opening but the main trend is still up, so we couldn’t fib the 4 hour chart to get the Earth and Sky trading zone and had to fib the daily chart.

Price is above the 200 EMA
34 EMA (sky) is above the 55 EMA (earth)
Direction: Long
Potential trading zone: Between the 1.0806 and 1.0688 levels

Potential area to look for reaction: At the 1.0863 (38.2 fib) and the cluster EMA`S between 1.0823 and 1.0793 levels.

Potential Profit take areas: At the 1.0922 and 1.1004 levels.

MACDEE Divergence: No
Stochastic: No man’s land

Counter Trades:

Potential Counter Trades: At the 1.1015 and 1.1049 levels.

Potential Profit take areas: At the 1.0922 and 1.0846 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:

Big resistance roadblock for this pair at the MR1 pivot at 1.1049 area.

Wednesdays notes in the forum:

Keeping an eye on the WR2 pivot at 1.1080 for a possible short set up.

Fridays notes:

After my write up on Tuesday morning, price made new highs so we had to follow it with the fib to get the adjusted Earth and Sky long zone for the week. Price broke the WR1 pivot and WR2 pivot to the upside making this pair highly overbought.

On the 4 hour we can see how price slammed right into the WR3 pivot at 1.1162 ….also very close to the MR2 pivot before it found resistance yesterday.

Price dropped back 84 pips but burned at the WR2 pivot at 1.1080. Remember once resistance broke to the upside…..that resistance becomes support.

My feeling is that we way overbought and the 1.1162 and 1.1175 will be key resistance areas here for us to keep an eye on.

Possible correction can be as deep as 1.1014  where we have the 4 hour 55 EMA waiting if the above resistance levels keep price down.

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2) Euro/JPY on the 4 hour chart:

Difference between last week’s open/close: Plus 25 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 124.22 and 123.59 levels

Potential area to look for reaction: At the 124.51 938.2 fib and WR1 pivot) and 124.22,124.00 and 123.77 and 123.62 levels.

Potential Profit take areas: At the 124.55 and 124.96 levels.

MACDEE Divergence: No
Stochastic: Overbought

Counter Trades:

Potential Counter Trades: At the 125.33  levels.

Potential Profit take areas: At the 124.51 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:

Make sure you have confirmation to short before you just jump in with a counter trade.

Wednesdays notes in the forum:

Keeping an eye on mid pivot point at 125.72 and the WR3 pivot at 126.00/11 for a possible short set up.

Fridays notes:

I called a short from the mid pivot point at 125.72 on Wednesday…..This turned out to be a super counter short.

Price dropped over 300 pips breaking our Earth and Sky long zone to the downside. We had no confirmation to long from out of the zone…..so we were kept out of a bad trade.

Price dropped like a stone but burned big time yesterday at the WS1 pivot at 122.99 and jumped back to the 55 EMA at the weekly main pivot at 123.77 where another short might set up if this hold as a resistance level today.

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3) Euro/GBP on the DAILY chart:

Difference between last week’s open/close: Plus 27 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 under the 55 EMA (earth)
Direction:
Potential trading zone: Between the 0.8448 and 0.8519 levels

Potential area to look for reaction: At the 0.8501 and 0.8519 levels

Potential Profit take areas: At the 0.8451 and 0.8413 levels.

MACDEE Divergence: No
Stochastic: No man’s land

Counter Trades:

Potential Counter Trades: At the 0.8558 and 0.8589 levels.

Potential Profit take areas: At the 0.8520 and 0.8451 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 direction Indi is currently mixed on the daily but my bias as still to look for shorts on this one.

However….keep an eye on the negative correlated GBP/Dollar…..if that one start to tumble this one can jump !!!

Wednesdays notes in the forum:

Keeping an eye on the MR1 pivot at 0.8579 and 0.8600 for a possible short set up

Fridays notes:

Just after my write up on Tuesday morning, price jumped to the upside breaking the cluster of EMA`S in the Earth and Sky short zone.

Price however slammed right in to last month’s high and the MR1 pivot and the psychological level at 0.8600 where I said to keep an eye on for a possible short set up. This was last month’s high area plus a MR1 pivot plus a psychological level.

Price burned here and dropped back to the cluster EMA`S at 0.8521 before it jumped back again.

Currently we once again at the 0.8600 level so this can be resistance again today for possible shorts….if it holds !!!.

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4) GBP/Dollar on the DAILY chart:

Difference between last week’s open/close: Min 78 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.

Last week we closed min 78 pips lower than the opening but the main trend is still up, so we couldn’t fib the 4 hour chart to get the Earth and Sky trading zone and had to fib the daily chart.

Price is above the 200 EMA
34 EMA (sky) is above the 55 EMA (earth)
Direction: Long
Potential trading zone: Between the 1.2676 and 1.2519 levels

Potential area to look for reaction: At the 1.2767/54/21 and 1.2676 levels

Potential Profit take areas: At the 1.2909 and 1.2991 levels.

MACDEE Divergence: YES !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Stochastic: No man’s land.

Counter Trades:

Potential Counter Trades: At the 1.2991 levels.

Potential Profit take areas: At the 1.2909 and 1.2767 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:

We have MACD divergence showing here so I am expecting a correction on this one.

Fridays notes:

Price didn’t give us the pullback we wanted but instead made new highs so we had to follow price with the fib to get the adjusted Earth and Sky long zone.

We camping out at the 4 hour 55 EMA at 1.2930 but I will prefer a pullback to at least 1.2789 before I will re look to long this pair again.

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5) GBP/JPY on the DAILY chart:

Difference between last week’s open/close: Min 18 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.

Last week we closed min 16 pips lower than the opening but the main trend is still up, so we couldn’t fib the 4 hour chart to get the Earth and Sky trading zone and had to fib the daily chart.

Price is above the 200 EMA
34 EMA (sky) is above the 55 EMA (earth)
Direction: Long
Potential trading zone: Between the 141.83 and 138.69 levels

Potential area to look for reaction: At the 38.2 fib at 143.31 and 142.00 and 142.35 and then at 141.46 in the zone..

Potential Profit take areas: At the 147.47 and 148.11 levels

MACDEE Divergence:  No
Stochastic: Oversold

Counter Trades:

Potential Counter Trades: At the 147.47 and 148.11 levels.

Potential Profit take areas: At the 146.57 and 146.00 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:

In my book we way overbought and I want a big correction. Currently the 4 hour 55 EMA is keeping price up…..but if that breaks we can be in for a fast move to the downside.

Fridays notes:

Price broke that 55 EMA support level this week and tumbled all the way to our first roadblock at the 38.2 fib at 143.31.

I will be keeping an eye on the 143.31 and 142.51 areas for good solid support before looking to long this pair again.

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6) Aussie/Dollar on the DAILY 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.

We can’t fib the 4 hour here this morning as price already broke to the upside and is currently at last week’s high area so I had to fib the daily chart for an Earth and Sky short trading zone.

Price is under the 200 EMA
34 EMA (sky) is under the 55 EMA (earth)
Direction: Short
Potential trading zone: Between the 0.7485 and 0.7562 levels

Potential area to look for reaction: At the 0.7448 938.2 fib) and 0.7483 and 0.7500 and 0.7527 levels.

Potential Profit take areas: At the 0.7340 and 0.7320 levels

MACDEE Divergence: No
Stochastic: Oversold

Counter Trades:

Potential Counter Trades: At the 0.7340 and 0.7329 levels.

Potential Profit take areas: At the 0.7402 and 0.7448 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:

We have a roadblock at the 38.2 fib ….however I will prefer if we can get to the 200 EMA at the 50% fib at 0.7483 area.

Fridays notes:

For most of the week we were camping out at the 4 hour 55 EMA at 0.7417. I still prefer a pullback to the 200 EMA at 0.7474 and the 55 EMA at 0.7496 where I will re look to short this pair.

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7) Aussie/JPY on the DAILY chart:

Difference between last week’s open/close: Plus 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.

Notes:

I am sitting on my hands with this one. I don’t like the way how it doesn’t respect the EMA`S at 83.80.

I will re look to short from the MR 1 pivot at 85.08 and long from the MS1 pivot at 81.49 with a profit take at 83.80 on both set ups.

Fridays notes:

Price broke once again the cluster EMA`S at 83.67 to the downside……Price dropped and I am looking for support at the MS1 pivot at 81.49 again for good solid support before I will re look to long this pair again.

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8) USD/JPY on the 4 hour chart:

Difference between last week’s open/close: Plus 66 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 113.39 and 112.89 levels

Potential area to look for reaction: At the 113.37 and 113.20 levels.

Potential Profit take areas: At the 114.00 and 114.36 levels

MACDEE Divergence: No
Stochastic: No man’s land

Counter Trades:

Potential Counter Trades: At the 114.36/40 levels.

Potential Profit take areas: At the 113.37 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 the 55 EMA at 113.20 holds, I will be looking for long set ups…….if it breaks to the downside for some reason -then I will sit on my hands as we can drop to the WS1 pivot at 112.35 and even as low as 112.00 where we also have a 55 and 200 EMA waiting.

If this will be the case…..I will re look to long from here.

Fridays notes:

Well well….naughty pair for the week. Price broke that 55 EMA to the downside and dropped like a stone, even taking out the 4 hour 200 EMA and the daily 55 EMA and later on the WS2 pivot and daily 200 EMA !!!

Will be sitting on my hands with his one till it settles down again.

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9) USD/CAD on the DAILY chart:

Difference between last week’s open/close: Plus 48 pips

GAP TRADING:

Did we open with a gap this week? No

Did the gap close? N/A

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.

We can’t fib the 4 hour here this morning as price already broke to the downside and already took last week’s low out – so I had to fib the daily chart for an Earth and Sky long trading zone.

Price is above the 200 EMA
34 EMA (sky) is above the 55 EMA (earth)
Direction: Long
Potential trading zone: Between the 1.3507 and 1.3364 levels.

Potential area to look for reaction: At the 1.3575 ( 38.2 fib) and 1.3558 and 1.3507 levels.

Potential Profit take areas: At the 1.3675 and 1.3700 and 1.3793 levels.

MACDEE Divergence: No
Stochastic: No man’s land

Counter Trades:

Potential Counter Trades: At the 1.3793 and 1.3817 levels.

Potential Profit take areas: At the 1.3675 and 1.3575 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:

First roadblock at the 38.2 fib this week so keep an eye on 1.3575.

Fridays notes:

This one is in a range of about 60 odd pips. We just bouncing between the 38.2 fib AT 1.3575  and the 4 hour 55 EMA AT 1.3650.

While the 55 EMA at the monthly main pivot at 1.3520 holds, my bias will be to look for long set ups on this pair.

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10) USD Index on the DAILY chart:

Difference between last week’s open/close: Plus 43 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.

Last week price closed plus 43 pips higher than the opening but the main trend is down, so we can’t fib the 4 hour chart for the Earth and Sky zone – we have to fib the daily chart.

Price is under the 200 EMA
34 EMA (sky) is under the 55 EMA (earth)
Direction: Short
Potential trading zone: Between the 99.91 and 100.63 levels.

Potential area to look for reaction: At the 99.55/59 ( 38.2 fib) and 99.91 levels.

Potential Profit take areas: At the 98.46 and 97.97 levels.

MACDEE Divergence: No
Stochastic: No man’s land

Counter Trades:

Potential Counter Trades: At the 98.46 and 97.97 levels.

Potential Profit take areas: At the 99.20 and 99.55 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:

Wait for price to come to you.

Fridays notes:

This one is just keep on making new lows after my write up on Tuesday and Wednesday so we had to follow price with the fib to get the adjusted Earth and Sky short  trading zones for the week.

We broke past the MS1 pivot at 97.97 yesterday but if we look at the weekly pivot points  then we can see how the WR3 pivot kept price up at 97.26 and at the MS2 pivot at 96.99.

This will be a key support level for now to keep an eye on.

I will prefer a big correction and will re look to short from the 4 hour 55 EMA at 98.51 gain.

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That`s that. 🙂

Pop over to the forum if you need any help or have any questions !!!

Regards

Pierre