Slow Markets, Buying Gold & Crypto.
Hi, many of the forex pairs have gone to sleep in the last few days, the Chf for example only moved 30 pips yesterday. Clearly, that makes it difficult for those of us looking for bigger moves.
1)Do nothing (its a valid strategy)! and wait for the price to come to you.
2) Swing trade- I show some examples in today’s short video.
3) Move to smaller timeframes and don’t be greedy, move stops to entry as soon as possible.
Why I Buy NOT trade gold & crypto
Bitcoin was up over 35% in the last 3 weeks since I hosted the webinar where I showed why I buy it, but definitely do not trade it. Yesterday there was a $1000 drop-in minutes before it rebounded, then a little later there was another significant drop. If you bought it, you still own it. If you traded it you were taken out, lost and need to start again. It was the same with gold it dropped $1000 in a heartbeat because of the vaccine news.
Check out the 2-minute video to see what I mean about Slow Markets, Buying Gold & Crypto
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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