Red Flag – Earth and Sky Trading Zone for the week:

Remember, if price don’t give us the pull back but instead make new lows/highs follow price with your fib to get the “adjusted” Earth and Sky Trading Zones for the week.

Price is under the 200 EMA
34 EMA (sky) is under the 55 EMA (earth)
Direction: Short
Potential trading zone: Between the 1.3194 and 1.3264 levels

Potential area to look for reaction: At the 1.3219 and 1.3241 and 1.3254 levels.

Potential Profit take areas: At the 1.3053 and 1.3011 levels

MACDEE Divergence: No
Stochastic: No man’s land

Counter Trades:

Potential Counter Trades: At the 1.3011 levels.

Potential Profit take areas: At the 1.3156 level.

Warning: Counter trades are always more riskier than trading with the main trend so change your lot size accordingly if you want to counter trade !!!

Notes:

Currently we are in no man’s land….so wait for price to come to you.

Correlation: This pair is POSITIVE CORRELATED (moving in the same direction) as the Dollar Index. Be careful; don’t take the same trades on both pairs at the same time!

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11) USD Index on the DAILY chart:

Difference between last week’s open/close: Min 27 pips

GAP TRADING:

Did we open with a gap this week? No

Did the gap close? N/A

If the gap didn’t close, pop over to the education tab – Look under Marc`s name for his “Gap Trading Strategy” and how to trade it.

Notes:

Looking at the daily chart we can see that we under 2x 55 EMA`S and a 200 EMA…..however the MS1 pivot at 99.94 gave some support…..so we trapped between 99.94 and those EMA`S above……so price needs to break either of these 2 levels……..only then I will re look for a M2 trades set up on this Index.

If you don’t know what is a M2 set up, go to the education tab and look under Marc`s name for it.

Correlation: Remember that the Dollar Index is negative correlated with the Euro Index (They move in opposite direction) so only take one trade at a time as you will double your risk if you took trades on both index`s.

If you don’t have the index on your platform…..download a demo account with Forex LTD at http://www.forexltd.co.uk/

This pair is also POSITIVE CORRELATED (moving in the same direction) as the Dollar/CAD. Be careful; don’t take the same trades on both pairs at the same time!

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Please remember we are NOT a “tipping service.” What we aim to teach you here at fxmentorpro is how to look for trade set ups using different methods, taking you’re trading to the next level.

Have a good one mates

Pierre!

`Learn from yesterday, Live for today and hope for tomorrow`

Remember to make the video clip bigger to see the levels more clearly!

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