Hi, in today’s live forex training session we started by reviewing the live trade that I shared on yesterdays Gbp/$ trade.
I have spoken many times of late of your need to be flexible. Be flexible and be able to “think on your feet”
On Sunday my plan was to leave the pair alone until it had made a significant move. However overnight it only moved in a tiny range of around 20 pips in 8 hours.
On the basis that the Gbp/$ currently moves 130+ pips in a day, there was a huge probability that it was going to move up or down! Below the price were all the emas to act as support.
It only required a 30 pip stop and had the potential to go many 100’s. See the video as to why I took the trade and how I managed it:
I also looked at lots of pairs for those following my strategies and we had a quick look at Pierre’s Earth & Sky. This was incredibly unusual in that Pierre only had 1 pair that fit his criteria. A couple of weeks ago he had 14 to choose from!
This is why its best to not limit yourself to only a few pairs nor 1 strategy. As the market changes then we need to be aware of it and be flexible enough to change plans when needed.
Later today it’s the heavyweight championship of the world Biden vs Trump 🙂
– the biggest showbiz event of the year.
Facts and politics will have little to do with what occurs BUT it has the potential to rock the stock & currency markets.
The best advice is, do not take any new trades a few hours before and wait for the dust to settle afterwards. If things become very silly I will wait for London to reopen tomorrow.
M3 Shorter timeframes
I also showed how I set up my weekly M3 charts. Last week it was the best system. Take note that on Thursday the monthly pivots will move and Friday its NFP Friday (No Forex)
See the new course & recent blog posts as to how I do this: I do my analysis on daily and weekly charts first and make a note of the MAJOR areas of support and resistance. Then copy them on to Pierre’s Earth and sky template. Then I make a note of the weekly & monthly pivots points and add them to the charts. You will see lots of opportunities line up during the week. The important thing then is to select a bias for the next few days and do NOT take trades if the price is too near a trend line or pivot. Ideally, you want to buy when the price is near a major support and or pivot point line and has the potential to make at least 40 pips. Vice versa for a short.
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.
Watch the video for more detailed explanations of this week’s detailed analysis and trade plan.