Opportunities Everywhere Which to Take?

by | Jun 17, 2024 | Forex Analysis

Spotting

Opportunities Everywhere Which to Take?

Hi All,

I have posted my analysis for the week ahead. This week I am focusing more on what we should do when lots of trade set ups at once, how do you decide which pairs to trade and when?

Here are some things to consider

  1.  Which set-up technically has the most (multiple) reasons
  2. Best risk reward
  3. What news is coming out that could screw with the trade, Last week we knew in advance that there was likely to be an upset in the European elections so avoiding the euro until the dust settled should have been VERY obvious to everyone. This week there is Aud news early Tuesday so avoid AUD pairs until that comes out and the dust settles. You have the same situation with the GBP and CHF on Thursday so make sure to have a plan if you want to trade those pairs.
  4. Keep up with fundamentals.
  5. Have a look at correlated charts which could give you a warning whether to enter a specific pair or not. For example, I use the DXY to give me clues while taking trades on USDCHF or EURUSD because they have positive and negative correlations respectively. If the Iron ore price is dropping rapidly I would be more cautious longing the AUDUSD because Iron Ore is the second biggest export of Australia after coal.

I explained in the video why the election situation in France is very important for the EUR. It could cause a lot of volatility on the EUR pairs for the coming weeks or months.

Why elections in France are rattling global markets

I know many folks are not that interested in the news, so listen to us in our analysis!

On Friday I posted a short video update where I showed that Last Sunday saw gaps at the market open. These are very risky times and yet I still had a 200+ pip week from a few trades. I show the trades I took in the video and how I managed them. Where I took partial profits and why.

Here is the short post and video: dangerous-but-profitable-markets-if…..

Great fundamental forex news site: https://www.marctomarket.com/

Keep up to date with what is going on in the forum and my Twitter: https://twitter.com/marcwalton

 

The Forex Week Ahead+++++++++++++++++++++++

We have plenty of important Red flag news due out this week on most of the majors. AUD announce their cash rate early morning on Tuesday, so make sure not to enter any AUD pairs until that is clear. Would be sensible to wait until London opens to see what they do. Wednesday you have the GBP CPI which is very important as that will impact their decision on whether to hold the rates or not in their meeting on Thursday when they announce the bank rate.

You also have the CHF announcing their rate the same day. So make sure to not enter the pairs before the news or wait for the dust to settle and then enter the trade. The other option is to put a forward order only if it is more than the daily range away which I have shown you several times.

++++++++++++++++++

I will be hosting this week’s live training session. I will be sharing my thoughts and ideas for crypto as well as stocks and of course forex. If you want us to cover anything specific, please submit a ticket via the helpdesk.

The live training session: Here is a link to register for this week’s live training session. It takes place on Tuesday, June 18th at 11.00am London time (BST/GMT+1)

https://us02web.zoom.us/webinar/register/WN_FPCJc-2UQAWvmNMN7FbGhw

Then we can have a more detailed, up-to-the-minute look at what’s happening and potential trades for the rest of the week.

MAJORS

Remember I am looking for “A” grade trades from weekly & daily charts that I can place the orders and then just walk away. A “B” grade is of interest, but not an A yet. I will watch on 4 hour timeframes to see how it reacts if it hits my zone.

There is a danger that the $ will rebound, so keep your eye on the Index and only be in one trade versus the dollar at a time.

EUR/USD: Made 100+ pips last week. shown how I managed in the video. Will short again 1.0785

USD/CHF: I don’t like this but 0.8970 is a big  area,

Do not take the Euro/$ & Chf at the same time. They are correlated so it’s the same “bet.”

GBP/USD: It is in a range and very messy, leaving it alone for now.

AUD/USD: very messy, leaving it alone for now.

NZDUSD: Would Long again at 0.6110

USD/CAD: Will move the order slightly higher to 1.3610

USDYEN: Missed my order due to spread and did 300 pips! I would long again if it pulled back at 155.20

CROSSES

Some are A grades where I will place forward orders, some pairs have “areas of interest.” I have a lot of similar crosses so be very careful with the correlation.

EURGBP: A grade area for a short 0.8570. Intra day I would short just below 0.8500. Watch the video.

EURCHF: Looking for a short near 0.9650

EURCAD: I am looking to long again on the pullback at 1.4667.

EURNZD: Looking to short on the pullback to 1.76375

EURAUD: Watch 1.63450 for a short. Same trade as EURNZD so pick one! I prefer the EURNZD

CADJPY: 113.47 has multiple reasons for long. USDJPY still better.

EURJPY: missed this one by a few pips this week. 167.60 is the area to long for me.

AUDCAD: Far away but 0.8955 is the A grade area for me. I have split the trade, watch the video.

I have quite a few other “possibles” that I will monitor during the week. See the video. I also show areas where I will buy metals on pullbacks and crypto and miners.

As always, remember correlation! 

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” we aim to teach you how to trade for yourself.

Watch the video below for more detailed explanations of this week’s analysis and trade plan.

To find out more about our crypto journey check out the mini-course and if you want to get involved in what I believe is the next boom, scroll to the bottom of the page to find out more: CLICK HERE

I am currently on holiday in the Canary Islands. I recorded the video early Saturday morning. If anything extra ordinary happens over the weekend I may need to revise my plans and Ashley or I will update you in the forum.

You can watch the full video below, you can read the transcript or view the full screen by clicking the buttons below the video:

650x60 100 Free training course 4

 

Kind regards,

Marc

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