Hi, for the last 12 years I have posted my analysis on a Sunday of my plan for the week ahead.
This week I considered publishing a blank page!
I have made a video and I have shown a few areas that you might want to consider if we see big moves, but personally, I do not plan on taking any trades until later in the week, if at all.
If there was a zombie in your bedroom would you go in and try reason with him!
There is a ton of red flag news scheduled which makes things tricky enough, throw in lockdowns and the US election and things could be ridiculously volatile.
We know that the probability of this being a crazy week is much greater than not so the safest option is to walk away.
Protect your account and wait for the US election result to be announced, hopefully with a clear winner.
The worst-case scenario for the markets will be if there is no clear winner. A Trump win would likely see a surge (temporarily at least in the stock markets) and the opposite if Biden gets in. If the result is contested it could be very messy.
On top of that, the UK is going into full lockdown. The news was announced yesterday when the markets were closed, so its reasonable to expect it to drop and possibly gap lower at the open. SO be mega careful if trading the GBP and I certainly will not buy it.
I will update you in Tuesday’s live training session: It will be more important this week because of the aforementioned events.
The live training session: Here is a link to register for this weeks live training session which takes place on Tuesday 3rd November at 11.00am London time (BST/GMT+1).
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.
I had a 100+ pip win last week from a trade that I shared in advance during last weeks live training session. I showed how I was scaling in and out of the trade. I then showed in a live video what I did to manage it and take profits, check it out here:
This weeks Trading Ideas
Thanks to one of my private students, Jonah, for this one: The Aud/Cad has multiple reasons to consider a short at 0.9390- see the video
The GBP is more likely to drop significantly than go up. If I can catch a short then I would take it at the open, BUT if it gaps and just plunges I will leave it. I will not look to buy the GBP any pair until later in the week, once the dust settles.
€uro/$: I warned last week in the forum about not taking this. Its “catch a falling knife” situation now. If it continues to drop 1.1520 is still the big area, but it may well simply cut straight through it. I will review this on Tuesday.
If it surprises by shooting up (maybe US election result) then swing traders will be interested to short at 1.2000
Chf: Same: Leaving until after US election. If it does spike higher after then 00.9680 is where I might be tempted.
Euro/Gbp: As per my comments above the safest option is to leave it alone this week.
Gbp/$: The BIG area is still 1.2840 now but I will leave it alone on Monday. If it does break (and close on a daily candle) below 1.2670 then I will look for a short.
$/Yen: Leaving until after US election.105.60 is an area to consider a short. 106.90 is stronger.
Cad: Leaving until after US election. 1.3000 is huge previous support and resistance I will consider a long if it drops. If it goes up 1.3400 to consider a short.
Nzd: 0.6520 with a stop below 0.6465. Target 0.6690. Swing traders will be looking to short near the 200ema but the stop concerns me.
Aud: Leaving until after US election. 0.7000 is interesting to long again. 0.7200 will interest swing traders.
Aud/Yen: I issued a warning in the forum last week to move stops on this one as it looked as though it was breaking lower, which it did. Hopefully you avoided a loss. My bias now is to short 73.90 is the first area to watch. 74.90 is stronger.
Euro/Yen 123.90 interesting to short.
Cad/Yen interested to short at 79.50. Don’t be in more than one Yen at a time.
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 detailed analysis and trade plan.
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