Here is a copy of the detailed analysis and trading ideas that forex mentor Pierre Du Plessis supplies to members every week of our 5* rated, low cost Forex Mentor Program.
Good morning everyone
Some of the Euro pairs had big drops last week so we NEED BIG PULLBACKS this week if you want to trade with the trend using the Earth and Sky zones STARTING at the 50% fib areas…….however don’t throw away the 38.2 fib areas this week as they can be key resistance areas. Pullbacks to the 38.2%-50% range would be considered moderate in normal conditions, but last weeks moves were NOT …………..so we need to keep an eye on them for possible entry areas this week.
Let’s have a look what is cooking in the FOREX kitchen this week:
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1) `Red Flag News` that can make you lose your pants if you are not careful. 💡
You can use the following web site for `SCHEDULED NEWS` for the week @ http://www.dailyfx.com/calendar
Don`t take any trades just before `Red Flag News` If you are already in a trade, protect your entry. I don’t want to meet up with you at Little Beach, Maui, Hawaii. Did you know this is a nudist beach?
For reference if you don’t want to believe me, have a look at the 4th of April 2013 at all the JPY pairs what happened with price after `Red Flag News` came out. ALWAYS TRADE WITH A STOP!
Still don’t believe me? Then you must be new to Forex Trading
Have a look at what the Swiss did to the market on the 15th of January 2015!!
You would have lost the shirt on your back, your house, your car, your personality and your virginity for a 2nd time if you didn’t have a stop in place!!! 👿
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2) Where is the `Forum Hang out Spot` that everyone is talking about?
On the top of this main page, go to the `Members Forum` Tab and click on it…….once in there, look for `Pierre`s Corner` and click on it………Once in there look for `Pierre`s Trading week `and click on it……..once in there, look for the Current week`s Thread Tab and click on it………..easy as pips! 😉
Or if you have the need for speed and want to trade Gold. Oil and some other instruments and want to hang out with Omar………… On the top of this main page, go to the `Members Forum` Tab and click on it…….once in there, look for the `Operation Gold Rush` Tab and click on it – there you have it, you have struck gold!! 🙂
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3) This week`s Analysis:
This is my current `Earth and Sky Trading Zones` – Please take note of the time frames I am looking at. ❗
Sometimes I will refer to `The mother in law` in my video`s or in my write up. The mother in law represents the 200 EMA (the pink line) on that specific time frame.
If you new to the `Earth and Sky` method, please make sure you download your free e-book.
Go to the `Forex Education Tab` here in the main blog and look for the `Earth and Sky Trading System` where you will find helpful videos using this system and some Indi`s I use.
Remember to have a look at some of the other methods we teach here at Forex Mentor Pro too.
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1) Euro Index on the DAILY chart:
LAST WEEK WE CLOSED MIN 89 PIPS LOWER THAN THE OPENING so I had to fib the daily chart for this week to get an Earth and Sky zone.
Currently I have an Earth and Sky long zone between 101.31 and 100.46 with areas to keep an eye on at 100.37 and 101.00 and 100.80 for solid support before I will look to long. If the 55 EMA at 100.80 breaks to the downside for some reason…..then the next line in the sand will be 99.76 level where we have a daily mother in law 200 EMA waiting…..this was also last week`s low area.
Possible counter shorts from 102.64 and 102.98.
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2) Euro Dollar on the 4 hour chart:
Currently I have an Earth and Sky short zone between 1.1082 and 1.1142 with areas to keep an eye on at 1.1045 9 (main weekly pivot ) and 38.2 fib at 1.1055/69 and 1.1100 for solid resistance before I will look to sort.
Possible counter longs from 1.0889.
3) Euro CAD on the 4 hour chart:
Currently I have an Earth and Sky short zone between 1.4619 and 1.4732 with areas to keep an eye on at the 38.2 fib at 1.4556/93 and 1.4619 and 1.4627 and 1.4650 for solid resistance before I will look to short.
Possible counter longs from 1.4265
Follow price with the fib if we make new lows to get the adjusted zone for the week.
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4) Euro Aussie on the 4 hour chart:
Currently I have an Earth and Sky short zone between 1.4541 and 1.4647 with areas to keep an eye on the 38.2 fib at 1.4490 and 1.4525 and 1.4562 for solid resistance before I will look to short.
Possible counter longs from 1.4297
Follow price with the fib if we make new lows to get the adjusted zone for the week
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5) Euro JPY on the 4 hour chart:
Currently sitting on my hands a little……looks like we trapped in a descending triangle.
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6) Euro GBP on the DAILY chart:
Currently I have an Earth and Sky LONG zone between 0.8796 and 0.8564 with areas to keep an eye on the 38.2 fib at 0.8905 and 0.8796 and 0.8752 and 0.8694 for solid support before I will look to long.
Possible counter shorts from 0.9188 and 0.9260
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7) GBP Dollar on the 4 hour chart:
Currently I have an Earth and Sky short zone between 1.2269 and 1.2361 with areas to keep an eye on at 1.2269 and 1.2315 and 1.2353 for solid resistance before I will look to sort.
Possible counter longs from 1.2025
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8) GBP JPY on the 4 hour chart:
Currently I have an Earth and Sky short zone between 126.74 and 127.69 with areas to keep an eye on at 127.21 and 127.69/87 for solid resistance before I will look to sort.
Possible counter longs from 124.81
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9) Aussie Dollar on the DAILY chart:
I am sitting on my hands at the moment as it looks like we trapped in a triangle on this one.
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10) Aussie JPY on the 4 hour chart:
Currently I have an Earth and Sky long zone between 78.84 and 78.29 with areas to keep an eye on at 78.84 and 78.71 for solid support before I will look to long.
If we break to the downside for some reason my next line in the sand to long from will be at the 77.96 level where we have the daily 55 EMA and 4 hour 200 EMA and WS1 pivot.
Possible counter shorts from 79.92 where we have the 4 hour 200 EMA and WR1 pivot and 80.00 level.
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11) Dollar JPY on the 4 hour chart:
Currently I have an Earth and Sky long zone between 103.73 and 103.27 with areas to keep an eye on at 103.72 and 103.49 for solid support before I will look to long.
If we break to the downside for some reason my next line in the sand to long from will be at the 102.69/65 level where we have the daily 55 EMA and 4 hour 200 EMA.
Possible counter shorts from 104.63 and 104.84
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12) Dollar CAD on the 4 hour chart:
We broke big support EMA`S yesterday and we getting closer now to the WS1 pivot at 1.3061………..however I will not like to trade longs at the moment even if we do get support here as we have loads of EMA`S to the upside that can give resistance.
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13) Dollar Index on the 4 hour chart:
Currently I have an Earth and Sky long zone between 97.30 and 96.87 with areas to keep an eye on at 97.30 and 97.00 for solid support before I will look to long.
If we break to the downside for some reason my next line in the sand to long from will be at the 96.23/18 level where we have the 4 hour 200 EMA and daily 55 EMA.
Possible counter shorts from 98.16 and 98.67
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Regards
Pierre
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