Hi, in today’s live training session I showed how I had placed a lot of trades this week based on my analysis and trade plan for the week.
In truth, it is too many, but I was showing a new private student how I pick the BIG areas which I have shared with you all every Sunday for the last 10 years.
How to look for multiple reasons for the entries, stops and targets.
Which ones to focus on (upcoming news is always a concern).
How to manage open trades (the balance of last weeks Euro/Gbp trade got closed for an extra 100 pips profit today) and I am looking to short it again.
How to scale into and out of trades.
How to “set traps” before news announcements to try and catch a big move without the risk.
I also showed ways of trying to make some profit from this Thursday’s Gbp interest rate news.
I am not a news trader, but I am trying to position myself to be able to take a risk-free trade.
As explained in my Sunday analysis, this announcement could be a very wild ride as earlier in the month it seemed as though an interest rate cut was on the cards.
Then last weeks data was much better than expected so now its anybody’s guess!
Murphy’s law, this week a LOT of trades arrived at once so what to do then?
I warned on Sunday that most of the Yens had the same pattern and therefore to take them all at full risk would be too risky. If one trade loses they will probably all lose. If you do take more than one correlated pair at a time then reduce the risk per trade, eg if you take 2 then only risk half, if you take 3, only risk a 3rd and so on.
All revealed in todays recording below. If you only want to listen to Pierre’s Earth and sky analysis that starts around the 30-minute mark.
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 in Pierre’s corner.
Watch the video for more detailed explanations of this week’s detailed analysis and trade plan.
Click on the square button bottom right to watch in full-screen mode
regards
Marc
ps every trading day we advise in advance what we intend to trade and why using our strategies, we also host a weekly live training session where members are encouraged to take part and ask as many questions as they wish. This is a recording of this weeks session:
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How to “set traps” before news announcements to try and catch a big move without the risk.
