Hi, I started today’s session by looking at Bollinger bands, In answer to a question from new member Emmanuel, I showed the patterns I pay attention to and how I use them to add confirmation to take or not to take a trade.
I also looked at MACD divergence and explained that no one indicator should be followed in isolation, but they all add up to the overall puzzle.
In simple terms, the more things happening in the same area give me confidence that price will probably react there. if so I then make sure that a trade has the potential to make a bare minimum of twice my stake, if not I walk away.
Finally, if all the technicals line up I check the news and filter my decisions with my overall fundamental bias. Generally, that means do I see $ strength or weakness?
Izhak posted yesterday some simple formulas for you to check out when it comes to fundamentals and you can find that post in his blog:
(Non-members will have to sign up to view)
Then I showed lots of potential trade setups using a mixture of Pierre’s Earth & Sky, my M2 and a few that are “in between” 🙂
Check out the recording below.
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. Ashley is back from his travels and there are other senior members who are happy to help.
Watch the video for more detailed explanations of this week’s analysis and trade plan.
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