On Sunday I shared some very good trade setups from a couple of younger members who are doing very well. They had spotted some potential setups on some cross pairs that I had not looked at.
Yesterday and today folks have been sharing ideas, help and advice in the forum, get involved. Often folks see a set up that I have not noticed, together we are definitely stronger.
In todays live session I spoke about the need for flexibility when trading. It was apparent on Monday that there was $USA strength all round. If you didn’t spot it on daily charts have a look at the M3 30 minutes which were very obvious.
It is important that you learn to “read the markets.” Be aware of any changes to the pattern or structure. If there are any wild moves suss out why? For example in recent weeks the Gbp has spiked a lot with unexpected comment about Brexit.
Create a check list to tick off before you take every trade.
Keep up to date with the very latest news here: https://zerohedge.talking-forex.com/live.html
I also explained how we can teach anyone to find good setups, entries, stops and targets, however emotions & timezones often screw up winning trades. Most of our members are trying to trade around a job and many are in bed when London opens. Often they go to bed and are in a winning
trade, only for London to open and spoil it. There is a 30 day free trial for a cool piece of software that most of my private students use. It has helped their results improve, often dramatically.
M3 Shorter timeframes
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.
Excuse the spelling in the video. I asked my son to type “The Power of You” 🙂