Monday Morning Quick Update

by Marc Walton | Nov 10, 2020 | Forex Articles

Hi guys, things have been remarkably quiet and positive overnight. Asian stocks at all-time highs and Euro stocks up too on Biden presidency.

UK negotiators talking about sensible compromise over fishing rights (one of the biggest final hurdles) in the Brexit talks- my bias is to buy the GBP if it pulls back.

General $US weakness right now.

I will not buy the Cad nor the Chf at the moment as there is a danger they will drop straight through the major support levels and there is nowhere for a stop on either.

I have taken a half stake long in the Euro/gbp this morning.

In general, I am now waiting to see what happens when New York opens.

Either stick with the big picture/big areas as per yesterdays comments or have a look at the M3 for possibilities.

Don’t be in more than one $US trade at a time today, because if it turns against you then one loses, they all lose!

M3: 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 a more detailed explanation.

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

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