Hi, last week was a very successful one, all from a few pre-planned trades from my analysis from last Sunday.
Then on Tuesday in the live session someone reminded me about upcoming NZD news. I cancelled the Gbp/Nzd trade, thankfully as the news would have killed it. I then took the Gbp/Aud instead. The balance of which is now +200 pips and could go another 150 🙂
The Euro/Nzd second part is also +200 pips you can see both in todays video.
In Fridays short video I showed how I had managed the trades. I took most of the profit and left the balance to run. Here is the link to the post and video:
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The Forex Week Ahead
Its a bank holiday in the USA & Uk on Monday which probably means it will be a very slow day so the best advice is to leave it alone. Then it is NFP on Friday which we never trade so it’s either a very short week or a holiday 🙂
Make sure to check into the forum and Tuesdays live training session there were some great trade setups shared in both places last week again.
As I trade from weekly charts many of the levels are the same or very similar to last week BUT they gave over 400 pips so no reason to change.
€uro/$: $1.2000 is a huge area. However it may not get there, if so watch 1.2050 intraday but there is not a great place for a stop, but if you are trading smaller timeframes look for clues there.
Chf: No risk reward current position, I need a pullback looking to short at 0.9150
Euro/Gbp: MIssed my short entry by 4 pips last week, then dropped 84 🙁 Looking to short again, this week at 0.8660
Gbp/$: I only want to long 1.4000 is the 1st place.
$/Yen: 108.30 is a key area to consider a long.
Cad: Hopefully I kept you out of a losing short yet againlast week. I explained there was a multi year support area and the price would more likely bounce off it than not. We trade probability! We have been shorting this successfully for over a year. Needs a big pullback to short. First place to consider is 1.2350.
There are a lot of Cad crosses lining up BUT dont forget correlation: Correlation
Euro/Cad 1.4960 is where I will look to short again. Intraday watch 1.4870
Gbp/Cad: Looking to short at 1.7190 (split entry- see the video).
Nzd: My bias is still to long 0.7200
Aud: Too much news & Its been messy for weeks and limited moves. Leaving alone.
Euro/Yen 131.30 is technically the spot to take a long.
Gbp/Yen. Not one of my pairs, 152.50… is the place to consider a long.
Nzd/Yen: 78.00 is 1st place to consider a long.
Euro/Nzd: worked again last week: “This one has more reasons for the stop so I will short if it pulls back to 1.6950″ – Intraday watch 1.6800 on smaller timeframes.
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.
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Watch the video for more detailed explanations of this week’s analysis and trade plan.
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