For the week ahead I have gone through some important charts and also shared my set ups that Im looking to trade. Its the NFP week which is one of the most volatile news events of the month. It is out every first week of the month. So be careful on Friday, we personally don’t recommend trading around this news as it’s very volatile, and smart money can outdo you in the market.
DXY chart:
Let’s look at some other key charts.
Energy & Metal Prices;
Gold; With all the uncertainty in the world banking industry, money fled to the ultimate safe haven …gold!
Oil;
Bitcoin;
Another beneficiary of the banking sector turmoil.
AUD/USD: Short from the current position at around 0.67500. Would use smaller timeframes though.
NZD/USD: Messy (see video) would like a break above 0.63400
USD/CAD: Long from 1.33800.
USD/JPY: Short if it breaks below 131.700 (132.000 is a key level)
CROSSES
GBP/JPY: Long from 162.400
AUD/NZD: Short from 1.077
NZD/JPY: Short from 83.000
AUD/CAD: Short from 0.9100
*EUR/CHF: Same as my last post -“Not my favourite pair, but at the KEY parity level now. I’d look to long if it breaks above this level”.
GBP/NZD: Long from 1.95400
As always, remember correlation! -Especially when taking more than one JPY trade!
M3 -Shorter timeframes.
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 onto 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.
Watch the video below for more detailed explanations of this week’s analysis and trade plan (click the 4 arrows bottom right to view full-screen):
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