Live: time to be cautious

by Ashley DeSousa | Feb 8, 2023 | Forex Analysis

cautious

HI Everyone,

In today’s live webinar, Thinus went through the usual charts and the M2 setups. We saw a gap at the market open as the banks were doing some trading activity on the weekend and processing the NFP figures. We can clearly see some $ strength again back in the picture.

But, for how long? remember we are still in a downtrend on the DXY and have the 200 MA in the way. So we need some extra confirmation before pulling the trigger on most majors.

I then went through the E& S setups which Pierre had on his list. I also shared how You can combine the M2 and E&S to make trading decisions. A perfect example was the EURAUD short which was the right idea but I still missed it by 13 pips and it went on to do 210 pips.

We have a light week ahead as the AUD statement is already out. Be careful of the GBP GDP on Friday if you are in a trade, as its red flag news and can cause some volatility.

As Thinus mentioned, correlation is very important and you must understand the pairs you trade. Sometimes without realizing you could be having double risk on the table taking two trades that are the same. Its different when you know this and you have half the risk. So make sure to use a correlation chart and know your pairs. For example, the JPY pairs are positively correlated with each other.

As always, remember correlation! -Especially when taking more than one JPY trade!

We are NOT a “tipping service” our aim is to teach you how to trade for yourself.

Watch the video below for more detailed explanations of this week’s analysis and trade plan (click the 4 arrows bottom right to view full-screen):

Kind regards,

Ashley and Thinus

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