Marcs Weekly Analysis
Hi, last week I wrote about all the great contributions from experienced members in the forum and how you should take part.
It was good to see that more of you did just that AND how many great setups were shared as well as support and advice.
Here is a link to last weeks ideas, discussions & some great winning trades: Forum (non-members will have to sign up to see the forum)
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The Forex Week Ahead.
Marcs Weekly Analysis
Its NFP (US Jobs news) week. We recommend that you do not open new trades on a Friday and especially not NFP as its forex at its silliest.
For those trading the Aud be very careful on Tuesday & Wednesday as its the major news events of the month which could rock the Aud pairs.
I have a lot of potential Aud cross piars, careful with the news and correlations this week
Many of the trades are the same as last week, some with minor adjustments.
€uro/$: THis is too messy now for me but Position traders will still be looking to long at 1.2020 for a possible BIG gain.
On daily & Intraday it can’t make its mind up right now. I want it to make a clear move up or down and daily candle close before getting involved. I will update you on Tuesday in the live training session
Chf: Same with the CHF 0.9000 is a big area, but still nowhere for the stop. If it breaks higher the Euro/$ should drop and vice versa. I prefer 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: Same as last week and it DID bounce off the trendline as I cautioned “Now it’s too near a weekly trendline to short and I don’t want to long it. Leaving for now.”
Gbp/$: 1.3400 is a long way off right now but its the strongest. Intraday 1.3750 is an area to watch but it’s not an A grade for me. Leaving for now but check out some of the Gbp crosses that have a better risk-reward and stronger place for the stop.
$/Yen: 104.40 possible long.
Cad: I want to short this pair. The A grade is all the way back at 1.2990 but intraday 1.2830 & 1.2930 are areas to watch on 4 hour charts for signs of turning back down. I cautioned last week about waiting for a weekly candle to close before shorting at the bottom. I have said in recent weeks that 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.
Nzd: Another to watch at the open. Possible long from current position. If it just drops then I will long at 0.7100
Aud: Be careful with the news this week. At the moment my bias is still to long. Nice swing trade short called by very experienced member Rune in the forum last week at 0.80000. Big drop on Friday. I will watch at the open for a possible long from its current position. If that fails 0.7640
Euro/Yen 128.00 is a long for me.
Cad/Yen 83.20 looking to long there again. Good risk-reward.
Euro/Aud: Messy now but 1.5800 is very tempting to short it.
Euro/Nzd: I will short if it pulls back to 1.6970
Nzd/Cad: I will long at 0.9100 to 0.9145 (splitting my entry in 2)
Gbp/Nzd: 1.9400 is “the sweet spot” to short. If it pulls back look to short there again.
Aud/Cad: Looking to long at the open from its Friday close at 0.9800.
Gbp/Yen: I don’t trade it but student Thinus called a great buy for his biggest trade yet (370+ pips) @ 144.20. Same place this week if it drops.
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.
