Every trading week we show our members, in advance, what we intend to trade for the week ahead and why using our strategies,

Here Pierre du Plessis shows the results for those following his Earth & Sky trading system:

Good morning all

How was your trading for the week……….?

Lets have a look……….how we did with our analysis…..

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Strongest vs. Weakest on the 4 hour chart this morning……

Strongest: GBP/Aussie, Euro/Aussie, GBP/NZD, GBP/CHF, USD/CHF and the Euro/NZD

 

Weakest: Aussie/USD, Aussie/CAD, Aussie/JPY, NZD/USD and the NZD/CAD

Keep an eye on it for possible trading opportunities here at support and resistance levels.

Look at this post where I showed you how I use the info to trade the strong/weak pairs at https://www.forexmentorpro.com/members-area/quick-friday-catch-up-2/

Remember…….

Look to the left of the chart to spot support/resistance. If you struggle – put it on a line chart…..also look for some EMA`s or pivots.

Remember to wait…..price needs to slow down first at support/resistance.

Wait for that confirmation on the smaller time frames (30 or 60 min) before you jump in.

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Educational charts for this morning:

  • GBP Dollar on the 4 hour chart – Monday/Tuesday morning we said…..

Currently, I have an Earth and Sky long zone between 1.2885 to 1.2835 with areas to keep an eye on the 38.2 fib at 1.2909 and 1.2881 and 1.2869 support areas where after I will re-look to long this pair again.

Possible counter shorts at 1.2952 to 1.2985 and 1.3000 resistance areas.

Notes:

If we make new higher highs follow price with your fib to get the adjusted long zone for the week.

Here we have the…..

  • 38.2 fib at 1.2909
  • psychological at 1.2900
  • the 34 EMA in same area.
  • the 55 EMA slightly lower just above 50% fib.
  • the 50% fib at 1.2885
  • Look left on 4 hour chart…previous support/resistance in same areas that holds hands with 38.2 fib area and earth and sky short zone.
  • If we get the turn the stop will be under the previous lows on the smaller time frames……60/30 min charts.
  • Targets at the WR1 pivot at 1.2952 and the high at 1.2985 areas.

How did it pan out ?

Well we had 2 trades on this pair…..early part of the week a counter short (against the main trend) from the WR1 pivot at 1.2952 area……and a long (with the main trend) from the 38.2 fib area at 1.2909.

See video clip.

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  • 2. GBP Aussie on the 4 hour chart – Monday/Tuesday morning we said…. 

Currently, I have an Earth and Sky long zone between 1.8857 to 1.8745 with areas to keep an eye on the 38.2 fib at 1.8910 and 1.8856 and 1.8835 support areas where after I will re-look to long this pair again.

Possible counter shorts at 1.9078 to 1.9000 resistance areas.

Notes:

If we make new higher highs follow price with your fib to get the adjusted long zone for the week.

Here we have the…..

  • 38.2 fib at 1.8910
  • psychological at 1.8900
  • the 34 EMA in same area.
  • the 55 EMA slightly lower just above 50% fib.
  • the 50% fib at 1.8856
  • Look left on 4 hour chart…previous support/resistance in same areas that holds hands with 38.2 fib area and earth and sky short zone.
  • If we get the turn the stop will be under the previous lows on the smaller time frames……60/30 min charts.
  • Targets at the WR1 pivot at 1.9078 areas.

How did it pan out ?

Well we had 2 trades on this pair…..early part of the week a counter short (against the main trend) from the WR1 pivot at 1.9078 area……and a long (with the main trend) from the 38.2 fib area at 1.8910

See video clip.

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How did we do with our analysis this week ?

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1) Euro Dollar on the DAILY chart:

*Main trend is still short…..however last week we closed 30 pips higher than the opening so we can’t fib the 4 hour for a short zone and have to fib the daily chart *

Currently, I have an Earth and Sky short zone between 1.1028 to 1.1103 with areas to keep an eye on the 1.1070 and 1.1100 resistance areas where after I will re-look to short this pair again.

Possible counter longs at 1.0900 support areas.

Notes:

The main monthly pivot is key this week at 1.1070……if it holds a short can set up….if we pop the 75% fib at 1.1103 then I will re look at the 200 EMA at last month’s high at 1.1180 area for resistance again for a short to set up again.

Fridays notes:

This pair currently going nowhere…..we have a range of 40 pips and although we in the short zone we going nowhere as price camps out at the monthly main pivot at 1.1070.

My bias is still short and the direction Indi confirms it…….looks like we might be in a triangle too.

Will leave it till next week.

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2) Euro JPY on the DAILY chart:

* The direction indicator is mixed up …..However, main trend is still short in my book while we stay under the 200 EMA at 121.63…and the MR1 pivot at 122.27 *

Notes:

Plan B: We have a resistance area between the 200 EMA at 121.63 and the MR1 pivot at 122.27 that can give resistance for possible shorts to set up from so keep an eye on that.

We might also have support at the cluster EMA`s forming at 119.67 so keep an eye on that for possible longs to set up from again.

If we break the 119.67 level….be careful as we might then have a M2 short that can set up.

Fridays notes:

This one going nowhere…..price found support at the 120.00 level where we also have some EMA`s that can give support….but we had a range of only 50 pips

Will leave it till next week.

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3) Euro GBP on the DAILY chart :

* THE DIRECTION IS SHORT ON BOTH TIME FRAMES….however last week we closed only min 39 pips lower than the opening ( min requirement is min 50)  so we can’t fib the 4 hour and have to fib the daily for the short zone *

Currently, I have an Earth and Sky short zone between 0.8771 and 0.8896 with areas to keep an eye on the 38.2 fib at 0.8672 to 0.8728 and 0.8800 and 0.8822 resistance areas where after I will re-look to short this pair again.

Possible counter longs at 0.8500 and 0.8455 support areas.

Notes:

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

Fridays notes:

Another one going nowhere….. we just camping out at the 4 hour 55 EMA at 0.8572 within a range of 50 pips or so….

My bias will still stay to look for shorts from the 0.8657 and 0.8700 areas.

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4) GBP Dollar on the 4 hour chart:

Currently, I have an Earth and Sky long zone between 1.2885 to 1.2835 with areas to keep an eye on the 38.2 fib at 1.2909 and 1.2881 and 1.2869 support areas where after I will re-look to long this pair again.

Possible counter shorts at 1.2952 to 1.2985 and 1.3000 resistance areas.

Notes:

If we make new higher highs follow price with your fib to get the adjusted long zone for the week.

Fridays notes:

See notes above…..educational chart for the week.

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5) GBP JPY on the 4 hour chart:

* The main trend is long….however looking at the chart I spot that we going sideways *

Notes:

Plan B…..Looks like we have a top at 140.83 to 141.00 and a bottom at 139.61 to 139.40 for possible trades to set up from while the levels holds.

Yesterday price broke the WR1 pivot at 140.83……but burned at the WR2 pivot at 141.32 and dropped back under the WR1 pivot again…….so there is sell pressure between 140.84 to 141.32 to keep an eye on.

Fridays notes:

As mentioned on Tuesday….price broke the resistance on Monday to the upside but burned fingers at the WR2 pivot at 141.32 where after it dropped back….yesterday it tested the WR1 pivot again….at 140.83 and dropped back again.

Will leave it alone for now and will re look on Monday.

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6) Aussie Dollar on the DAILY chart:

* The main trend in my book is still short while we stay under the 200 EMA at 0.6935 *

Notes:

Plan B: We HAD a resistance area between the 200 EMA at 0.6935 and the MR1 pivot at 0.6991 for possible shorts to set up from ( STILL IN PLACE) and possible support at the cluster EMA`s at 0.6831 for possible longs to set up from if it holds.

This support broke last week so now we need to look out for a possible M2 short to set up……so the 0.6831 will be key resistance for us to set up from again….so keep an eye on it.

Fridays notes:

Price gave the correction on Monday/Tuesday morning for that M2 short….price found resistance at the 55 EMA at 0.6831 and turned bearish from this M2 short level.

Currently 40 odd pips from entry area and on its way to the WS1 pivot at 0.6772

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7) Aussie JPY on the DAILY chart:

* The main trend in my book is still short while we stay under the 200 EMA at 75.44 and the MR1 pivot at 75.92 *

However we can’t fib the chart to get a short zone and we need a plan B.

Notes:

Plan B: We HAD resistance area between the 200 EMA at 75.44 and the  MR1 pivot at 75.92 resistance area (STILL IN PLACE) that can give resistance for possible shorts to set up from so keep an eye on that.

Possible support at the cluster EMA`s at 73.83 where we can have a bullish reaction – however the main trend is still short so take care.

This support broke last week so now we need to look out for a possible M2 short to set up……so the 74.11 and 74.40 will be key resistance for us to set up from again….so keep an eye on it.

Fridays notes:

Price gave the correction on Monday for that M2 short….price found resistance at the 55 EMA at 74.10 and turned bearish from this M2 short level.

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8) Dollar JPY on the 4 hour chart:

Notes:

Looks like we ranging between the top area at 109.38/50 and a bottom area at 107.93 – so possible trades can set up from these levels here while they hold.

Fridays notes:

Price going nowhere….still trapped between the top and bottom areas I mentioned above….but this week we didn’t even get close to these areas….we just went sideways at 108.74 area.

Plan will still be to look for trades from the top and bottom areas.

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9) Dollar CAD on the DAILY chart

* The main trend is SHORT….however last week we closed plus 5 pips higher than the opening so we can’t fib the 4 hour for a short zone and have to fib a daily chart for the short zone *

Currently, I have an Earth and Sky short zone between 1.3194 to 1.3271 with areas to keep an eye on the 1.3227 resistance areas where after I will re-look to short this pair again.

Possible counter longs at 1.3020 support areas.

Notes:

Currently in the short zone….I will prefer that price breaks the 1.3200 level first as we have a couple EMA`s that can give support.

Fridays notes:

As mentioned…..I warned that price needs to clear the support we had at 1.3200 first before a short was on the cards.

Price couldn’t break this support…..and had a big bullish run breaking the Earth and Sky short zone to the upside.

It did however slammed into the WR3 pivot at 1.3316 where it slowed down and turned bearish again – I am currently in this short trade,

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10) Dollar CHF on the 4 hour chart:

Notes:

I don’t like the way this one doesn’t respect the EMA`s at 0.9910 area……will look for a top area at the MR1 pivot at 1.0000/42 to short from and possible support at the 0.9839 support levels again if the hold to long.

Fridays notes:

Still doing its thing….not respecting the cluster of EMA`s at the monthly main pivot at 0.9910  Also not getting to the top or bottom areas to trade from.

Not cool !!

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11) GBP Aussie on the 4 hour chart:

Currently, I have an Earth and Sky long zone between 1.8857 to 1.8745 with areas to keep an eye on the 38.2 fib at 1.8910 and 1.8856 and 1.8835 support areas where after I will re-look to long this pair again.

Possible counter shorts at 1.9078 to 1.9000 resistance areas.

Notes:

If we make new higher highs follow price with your fib to get the adjusted long zone for the week.

Fridays notes:

See notes above…..educational chart for the week.

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Have a super weekend !!

Regards

Pierre.