Good morning everyone.

Marc dropped me a note this morning to say he is somewhere on a boat over the great barrier reef in Australia getting ready to be shark bait and if I can give you an mid week update as his underwater internet connection is not that great. 🙂

Well he is the boss……..so how can I say no 🙂

Marc`s Mid week updates:

Here is Marc`s notes from Sunday with some updates I made for him:

1) Aud/Dollar :

Same as last week, with slight adjustment: I have been trading from the edges of the range 0.7200 longs and shorts at 0.7740. This is a 600 pip range so the risk reward is excellent. If you missed the original entry then monitor 0.7520 area for a short for multiple reasons. 

Mid week notes:

Analysis stays the same.

……………………………………………………………………..

 2) Euro/GBP : 

I have explained repeatedly how this pair bounces off whole numbers and it did it again last week. Bounced from 0.8400 and stopped to the pip at 0.8500 and bounced back down. This is one of my favourite pairs and can be very easy to trade.

Keep watching the whole numbers. However it’s also in a triangle so IF it breaks and closes above 0.8500 I will wait for the daily candle to close, then look for a pullback to long at 0.8500. What I am trying to avoid is a “fake out.” 

Mid week notes:

This one found the resistance at 0.8500 last week and broke the triangle to the downside on Tuesday. Looks like it might be on its way to the MS1 pivot at 0.8300.

 ……………………………………………………………………..

 3) Euro/Dollar: 

The 1.1000 is huge now. I explained last week why I wasn’t going to long in its then current position as this obstacle was in the way. As explained earlier and in the video this could be a wild ride in either direction whatever the election outcome. If it closes on a daily above 1.1000 though, clearly the bias favours a long. 

Mid week notes:

Well Marc did say that the 1.1000 level will be huge. Price touched this level on Monday with the WR1 pivot slightly higher where after Fotis in Mondays webinar also took a live short  on this one.

This trade is currently 100 pips in the green !!!

……………………………………………………………………..

 4) GBP/Dollar :

Very tricky now as the Brexit volatility has been added to with the shock election announcement by Mrs May. Looks bullish but too much above it right now. More interested to long at 1.2600.

Mid week notes:

Found support at the 4 hour 55 EMA this week giving us 70 odd pips…..but I think Marc will say he is still waiting for that 1.2600/700  support level.

……………………………………………………………………..

5) Dollar/Cad:

I said last week “Oil is at a major area too. A break below current price could see a big move up on this pair. The 1 hour has given some great signals in recent months. If it pulls back to 1.3550/1.3600 then looking to long.

Mid week notes:

This one still camping out around the 4 hour 55 EMA at 1.3666 with no real movement this week. Be careful if this level breaks to the downside….then we can go visit the roadblock at 1.3515 where I will re look to long this pair.

……………………………………………………………………..

Pierre`s Mid week notes:

The Spaghetti indicator:

  • If you want to add the overbought and oversold areas to this Indi…..right click on the RS all Indi……then go to the RS All properties…….here we go to the levels tab…..then add the 8 and 13 and min 8 and min 13 line and click on OK.
  • Remember then to save a new template.

On Tuesday the Indi told us to keep an eye on the NZD and the CAD as they are overbought and the CHF as it is oversold on the spaghetti.

NZD/CHF didn’t make the double top at the WR1 pivot I showed you on Tuesday but instead broke to the upside. Currently we are at key resistance levels as we hitting the 4 hour 200 EMA and the daily 55 EMA a little higher so there is still a possible short set up on the cards for this one if we find good resistance here. We have an Earth and Sky short zone on the daily chart here too.

CAD/CHF also broke the WR1 pivot to the upside I showed you on Tuesday. I will still be keeping an eye on this one as we have a big resistance area at the WR2 pivot and monthly main pivot at 0.7371/80 where we also have the 4 hour 200 EMA waiting…..so possible shorts from there.We have an Earth and Sky short zone on the daily chart here too.

This morning the Indi is showing that most pairs are very flat except for the CHF that is still oversold…….and the USD and the GBP that is very close to the overbought area. So I will be keeping an eye on that too.

……………………………………………………………………..

Lets have a look at my notes for the rest: 

……………………………………………………………………..

1) Euro Dollar on the 4 hour chart:

Price dropped right past the Earth and Sky long zone without any confirmation on the smaller time frames to take a long……so that kept us out of a bad trade.

Currently we are at last week’s low and WS1 pivot so possible support can be here for this pair……..but do be careful. I have a feeling this bearish move is not done yet and that there is a possibility that we can go visit the cluster EMA`s at the WS2 pivot at 1.0813.

If that happens…..then this will be my area where I will re look to long this pair.

……………………………………………………………….

2) Euro JPY on the 4 hour chart:

This one made a new high after my write up on Tuesday so we had to follow it with our fib to get the adjusted zone for the week.

Currently I have an Earth and Sky long zone between 122.92 and 122.11 with areas to keep an eye on at the 123.00 and 122.64 support areas where after I will re look to long this pair again.

Possible counter shorts at 124.77 and 125.00 and 126.00

If we make new highs without the correction….follow price with your fib to get the adjusted trading zone for the week.

……………………………………………………………….

3) Euro GBP on the DAILY chart :

Currently I have an Earth and Sky short zone between 0.8450 and 0.8520 with areas to keep an eye on at the 0.8450 and 0.8500 and 0.8510 resistance areas where after I will re look to short this pair again.

Possible counter longs at 0.8298

By the looks of it, the buss left the station already last Thursday…..so we will have to wait for a pullback and then a possible re entry.

……………………………………………………………….

 4) GBP Dollar on the 4 hour chart:

On Tuesday I said:

Currently I have an Earth and Sky long zone between 1.2908 and 1.2869 with areas to keep an eye on at the 1.2908 and 1.2888 support areas where after I will re look to long this pair again.

Possible counter shorts at 1.3000 and 1.3026 l

This one touched the 505 fib to the pip where after it was of like a rocket reaching our target at last week’s high in no time.

I will be keeping my eyes on the counter trade levels over the next day or two.

……………………………………………………………….

5) GBP JPY on the 4 hour  chart:

This one made new highs after my write up on Tuesday morning so we had to follow it with our fib to get the adjusted trading zone for the week.

Currently I have an Earth and Sky long zone between 145.84 and 144.83 with areas to keep an eye on at the 145.53 and 145.17 support areas where after I will re look to long this pair again.

Possible counter short at 148.00 and 148.20..

………………………………………………………………

6) Aussie Dollar on the 4 hour chart:

This one made new lows after my write up on Tuesday morning so we had to follow it with our fib to get the adjusted trading zone for the week.

Currently I have an Earth and Sky short zone between 0.7443 and 0.7500 with areas to keep an eye on at the 0.7427 and 0.7443 resistance areas where after I will re look to short this pair again.

Possible counter long at 0.7336 and 0.7300

We have MACD divergence showing up……so possible correction on the cards.

If we make new lows without the correction….follow price with your fib to get the adjusted trading zone for the week.

………………………………………………………………

7) Aussie JPY on the 4 hour and daily chart:

I don’t like this pair at the moment…..don’t like the way how it is not respecting the 200 EMA`S at 83.69/73.

………………………………………………………………

8) Dollar JPY on the 4 hour chart:

This one made new highs after my write up on Tuesday morning so we had to follow it with our fib to get the adjusted trading zone for the week.

Currently I have an Earth and Sky long zone between 112.75 and 111.97 with areas to keep an eye on at the 112.75 and 112.33 support areas where after I will re look to long this pair again.

Possible counter shorts  at 114.11 and 115.00

If we make new highs without the correction….follow price with your fib to get the adjusted trading zone for the week.

………………………………………………………………

9) Dollar CAD on the DAILY chart:

Price camping out at the 4 hour 55 EMA at 1.3666 and last week’s low area so possible longs set ups can be on the cards……however, be careful – if this level breaks to the downside we can drop back to the monthly main pivot and mother in law 200 EMA waiting at 1.3500 where I will re look to long this pair!!!

Possible counter trade at 1.3817 area.

………………………………………………………………

10) Dollar Index on the DAILY chart :

Currently I have an Earth and Sky short zone between 98.88 and 100.58 with areas to keep an eye on at the 99.66 9 38.2 fib and EMA`S) and 99.88  resistance areas where after I will re look to short this index again.

Possible counter longs at 98.33 and 97.90

………………………………………………………………

Well that’s that for my Wednesday`s quick overview.

Regards

Pierre

If you would like to learn how to trade like a professional AND receive detailed daily analysis BEFORE the event then check out our 5* rated forex mentor program, RISK FREE; by clicking on the “Get Started Today” Button below

Trade Plan