Good morning everyone.

I hope you are all well and healthy and ready for the week ahead.

I am kicking myself this morning as I missed a really cool inverse head and shoulder bus yesterday…….did you spot it?

If you didn’t….don’t stress to much about it. It takes time to get your eyes in to spot these patterns.

There is an article in the Education section, Rookies corner, unit 14 that explains head and shoulders patterns in more detail.
You can also find out more at Wikipedia  

After I posted in the blog yesterday morning Judith and I had a look together at the charts again with her market profile…..its then when I spotted the inverse head and shoulder only – I missed it the first time when I looked at the chart.

After the break of the neckline it didn’t give a pullback for the pickup in the European session…..the bus driver had a heavy foot and this bus raced away !!

This bus gave already well over 170 miles and we close now to the projected inverse head and shoulder profit take area.!!!

So as Marc will say…..I am spitting feathers !!!

But don’t fear when Forex Mentor Pro is near….we have more setups coming on some other pairs this week.

 

1) `Red Flag News` that can make you lose your pants if you are not careful. 💡

You can use the following web site for `SCHEDULED NEWS` for the week @ http://www.dailyfx.com/calendar

Don`t take any trades just before `Red Flag News` If you are already in a trade, protect your entry. I don’t want to meet up with you at Little Beach, Maui, Hawaii. Did you know this is a nudist beach?

For reference if you don’t want to believe me, have a look at the 4th of April 2013 at all the JPY pairs what happened with price after `Red Flag News` came out. ALWAYS TRADE WITH A STOP! 

Still don’t believe me? Then you must be new to Forex Trading

Have a look at what the Swiss did to the market on the 15th of January 2015!!

You would have lost the shirt on your back, your house, your car, your personality and your virginity for a 2nd time if you didn’t have a stop in place!!! 👿

Calendar for the week:

  • Tue 12th:  GBP CPI.
  • Wed 13th: GBP Employment data. USD PPI & Crude Oil Inventories.
  • Thurs 14th:  AUD Employment data. CNY Industrial Production. CHF SNB rate update. GBP BoE rate update. USD CPI.
  • Fri 15th: USD Retail Sales.

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2) Where is the `Forum Hang out Spot` that everyone is talking about?

On the top of this main page, go to the `Forum` Tab and click on it…….once in there, look for `Main Forum & Current weekly trades ` and click on it………Once in there look for `Pierre`s Earth and Sky System Trading week` and click on it……..once in there, look for the `Current week`s Thread` Tab and click on it………..easy as pips! 😉

🙁 Or if you lazy 🙁 ……….Just click on it

https://forexmentorpro.com/forum/index.php?threads/trading-week-10-to-15-september-2017.993/

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3) This week`s Analysis:

This is my current `Earth and Sky Trading Zones` – Please take note of the time frames I am looking at. ❗

Sometimes I will refer to `The mother in law` in my video`s or in my write up. The mother in law represents the 200 EMA (the pink line) on that specific time frame.

If you new to the `Earth and Sky` method, please make sure you download your free e-book.

Go to the `Forex Education Tab` here in the main blog and look for the `Earth and Sky Trading System` where you will find helpful videos using this system and some Indi`s I use.

Remember to have a look at some of the other methods we teach here at Forex Mentor Pro too.

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I will be keeping an eye on the following pairs as they look the most promising for the week.

Possible Earth and Sky set ups on : (Look at my notes for more information)

I will be looking at…….  

1) Euro/Dollar  long set ups.

2) Aussie/Dollar long set ups.

3) USD/JPY short set ups ( we past the short zone but key resistance ahead)

4) USD/CAD short set ups.

5) Dollar Index short set ups.

6) Aussie/NZD on the daily chart have a long Earth and Sky zone between 1.0901 and 1.0779 with areas to keep an eye on 1.0931 and 1.0911 and 1.0860 support areas followed by a long set up.

Possible counter trade set ups on: (Look at my notes for more information)

I will be looking at…….  

1) Euro/JPY short set up.

2) GBP/Dollar short set up.

3) GBP/JPY short set up.

4) Aussie/JPY short set up.

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Lets have a look at my analysis:

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1) Euro Dollar on the 4 hour chart:

Currently I have an Earth and Sky long zone between 1.1979 and 1.1923  with areas to keep an eye on 1.1951 and 1.1923 support areas where after I will re look to long this pair again.

Possible counter shorts at 1.2092 and 1.2100 and 1.2116 resistance levels.

Notes:

Huge resistance roadblock at the 1.2100 and 1.2116 level this week as we have the weekly and monthly pivot in same area.

If we break to the downside for some reason and take out 1.1923 be careful as we can then drop to the daily 200 EMA at 1.1821 where I will re look for support and then a long set up.

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2) Euro JPY on the 4 hour chart:

Yesterday`s notes:  

Sitting on my hands for now. We opened with a GAP yesterday and we know 90% of the time GAPS do close……yesterday I also I said that we had a bear trend line coming down and that I will see if this trend line will give the resistance I want followed by a possible short set up to go close the GAP.

This morning’s notes:

Well that was not the case. This morning we can see we had a triangle on this one that broke to the upside. I missed this bus but will re look to short at the WR1 pivot at 130.99 and 131.50 and 131.90 back down to the 4 hour 55 EMA currently at 130.26.

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3) Euro GBP on the DAILY chart :

Main trend is still long – however last week we closed min 59 pips lower than the opening so I need to fib the daily chart to get my Earth and Sky long zone.

Currently I have an Earth and Sky long zone between 0.9114 and 0.9018 with areas to keep an eye on at the 0.9100 and 0.9054 support areas where after I will re look to long this pair again.

Possible counter shorts at 0.9267 and 0.9306 and 0.9366 resistance levels.

Notes:

While the 55 EMA at 0.9055 holds my bias will be to look for longs  – main trend. If that do break for some reason to the downside be careful as we can go visit the MS1 pivot at 0.8982 and last week’s low at 0.8922…………and if that breaks then we will go visit the daily 200 EMA at .8922 where I will re look for support and then for a long set up.

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 4) GBP Dollar on the 4 hour chart:

Currently I have an Earth and Sky long zone between 1.3092 and 1.3000 with areas to keep an eye on at the 38.2 fib at 1.3135 and 1.3072 and 1.3035 and 1.2996 support areas where after I will re look to long this pair again.

Possible counter shorts 1.3215 and 1.3270 resistance level.

Notes:

Huge resistance roadblock at the 1.3215 and 1.3270 level this week as we have the monthly pivot and last week’s high in the same area.

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5) GBP JPY on the 4 hour chart:

Yesterday notes:  Sitting on my hands for now. We opened with a GAP this morning and we know 90% of the time GAPS to close……we have a roadblock at 143.25 and 143.53 if we look to the left of the chart so possible resistance coming up followed by a possible short set up to go close that GAP.

This morning’s notes : Kicking myself……yesterday after my blog post Judith and I had a Skype chat working the charts again and I spotted an inverted head and shoulder on this one ( for some reason I didn’t spot it earlier) I missed the set up as I had to go out…..This one broke the neckline  to the upside and raced to moon…..currently over a 170 odd pips.

I will be keeping eyes on the WR2 pivot at 144.21 and 144.80 and 145.38 for possible resistance followed by a possible counter short.

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6) Aussie Dollar on the 4 hour chart:

Currently I have an Earth and Sky long zone between  0.8032 and 0.7986 with areas to keep an eye on the 0.8032 and 0.8009 and 0.7996 support areas where after I will look to long this pair.

Possible counter shorts at 0.8136 resistance levels.

Notes:

Wait for price to finds solid support followed by confirmation before you just jump in. If the 55 EMA at 0.8002 breaks to the downside……be careful as we might then go visit the WS1 pivot and 4 hour 200 EMA at 0.7928  where I will re look for support followed by a long set up again.

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7) Aussie JPY on the DAILY chart:

Yesterdays notes: Sitting on my hands as we trapped n a triangle on the daily chart so we need to wait for a break out.

This morning’s notes: Yesterday the daily candle broke the bear trend line of this triangle so possible M2 long can set up…….otherwise I will re look to short once we get back to 88.95 and 89.30

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8) Dollar JPY on the 4 hour chart:

Yesterdays notes: Currently I have an Earth and Sky short zone between  108.61 and 109.25 with areas to keep an eye on the 108.61 and 108.93 and 109.25 resistance areas where after I will look to short this pair.

Possible counter longs at 107.07 support levels.

We opened with a GAP this morning and we know 90% of the time GAPS to close……we have a roadblock at 108.61 and 108.93 so possible resistance coming up followed by a possible short set up to go close that GAP.

This morning’s notes:

This one opened with a GAP this week and the GAP dint close….instead we raced up right past my Earth and Sky short zone taking the 55 EMA at 108.99 out too…..However, we have a roadblock at 109.66 and 109.77 and 109.90 where I will re look for resistance followed by a short set up again back to at least the 55 EMA at 108.99

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9) Dollar CAD on the 4 hour chart:

Currently I have an Earth and Sky short zone between  1.2245 and 1.2336 with areas to keep an eye on at the 38.2 fib at 1.2202 and 1.2245 and 1.2276 resistance areas where after I will look to short this pair.

Possible counter longs at 1.2000 and 1.1850 support levels.

Notes:

Keep your eyes on the weekly main pivot and 38.2 fib at 1.2202 too as this can be the first roadblock of the week. If we make new lows without the correction……follow price with your fib to get the adjusted Earth and Sky short zone.

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10) Dollar Index on the 4 hour chart :

Currently I have an Earth and Sky short zone between 91.92 and 92.38 with areas to keep an eye on 91.92 and 92.00 and 92.07 resistance areas where after I will re look to short this index again.

Possible counter longs at 90.73 support levels

Notes:

Keep your eyes on the Bollinger band and the 55 EMA at 92.07 for resistance.

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Regards

Pierre

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