Lots of Potential Trades
Hi guys, I explained during the week why you need to be careful about not getting sucked into “pumps & dumps.”
There is a lot of craziness going on in the financial world right now where the little guy is trying to fight back against the status quo. Then there are “big guys” like Elon Musk who only needs to Tweet a single world for a stock, or crypto to surge (then drop just as quickly).
I explained this in Tuesdays live training session and showed how this is happening across stocks & crypto and possibly other markets in the near future:
You can find all my previous posts in my blog history: Marcs Blog
I also caution every week about not trading around news. If you ever needed to know why here is the Gbp/$ from last Thursday. I said last Sunday “Do not trade any Gbp pair on Thursday morning.” and I still get questions from newbies “why”? Traders were obviously calculating/guessing/gambling that the news was going to be bad. It came out as expected BUT comments from the Governor of the Bank of England saw it rebound quickly.
Lots of Potential Trades
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It’s a very light scheduled week for news.
Many of the trades are the same as last week, some with minor adjustments.
Lots of Potential Trades
€uro/$: didn’t work last week, but technically it was a very good setup that I would not hesitate to take again. Now it’s a little bit tricky but I show in the video how there is a daily head & shoulders pattern that suggests this could be a 400 pip drop! I will watch at the open to short from its current position. If it breaks back higher I will wait until Tuesday before getting involved.
There is also an inverse one on the Chf which adds to the theory. The only issue is that the Chf looked to have broken higher last week, then dropped .
Chf: I prefer the Euro so only watching this for correlation. If it moves higher T I will be looking for a short. The better area is all the way back up at 0.9590- it seems unlikely now, but you never know with forex.
Euro/Gbp: Perfect M2 break of a trendline a couple of weeks ago and hit my 170 pip target BUT I missed the entry 🙁 looking to short again on a pull-back to 0.8900
Gbp/$: 1.3370 looks good for a possible long. Intraday 1.3500 for possible bounce too.
$/Yen: 104.00 possible long.
Cad: I suspect this may go on a run down over the coming months but for that, I need to either catch it higher up or wait for price to break 1.2600 on a weekly . Explained in the video.
I will short half at 1.2940 and the other half at 1.2990. Also, Possible swing trade around 1.2600 with monthly 200ema to tuck the stop behind. See the video.
Nzd: Possible longs at 0.7075. If that fails I would long again if it drops to 0.7000. New Zealand has virtually eradicated COVID. Fundamentally I am much more biased to the upside and possible much higher.
Aud: worked last week but Murphy’s law on Friday 🙁 0.7350 long is the most conservative/strongest, but it may not get there. Another possibility is a long at 0.7600- see the video.
Euro/Yen 125.00 is a long for me. Intraday watch 126.00 Possible swing trade 127.70 see the video.
Cad/Yen 80.50 long. Possible swing trade 82.50 watch at the open
Aud/Yen: Looking to long at 79.00 Possible swing trade 83.30 (intraday watch 80.00 as its a big area.
Euro/Aud: We have had a good run on this pair in recent weeks. (swing trade at 1.5600) near the bottom. That is an option once more or a short at 1.5900. Intraday possible short at 1.5830- see the video
Euro/Nzd: 3 levels this week. Intraday watch 1.6860. 1.6990 & 0.7030 (I split the order in two last week) see last Fridays video)
Aud/Nzd: not my favourite pair but good call by one of my private students who shorted at 1.0650 last week. There again now.
Nzd/Cad: Not one of my usual pairs but 0.9050 is an M2 long.
Gbp/Nzd: Another one of my private students pointed out that 1.9400 is “the sweet spot” to short, good call 🙂
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 analysis and trade plan.
