Hi, I explained a week ago that I felt that we would see $ weakness. This was in my weekly trade plan and analysis that I share with members before the markets open.
Then yesterday (Tuesday) in the live session I showed how to wait for daily candles to close:
Then take the trades. Many members emailed to say that they had their most profitable week ever!
Finally, on Thursday I had quite a few members saying it was their best trade, but now they didn’t know what to do after the big moves.
I explain in the short video below the various options.
I also cautioned on numerous occasions to wait until price broke AND closed before taking trades on most of the majors.
On Tuesday all of the majors finally broke out. It was very tempting to just dive in and this time it would have worked BUT, the Cad for example in the last 6 weeks would have given you 6 losses in a row.
It is clearly a move against the $,
They are all correlated to some degree so how to trade them?
Do not take more than one at the same time unless you reduce the risk. If one loses they probably all will,
Do any have big news due out that could spoil its move?
Look for the pair (s) with the best possible reward versus the risk. Wait for price to pullback to the areas you have chosen and be disciplined.
All explained in the short video which I recorded at midnight, last night.
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.
For more up to the minute, updates do not forget to drop by the members only forum.
Watch the video for more detailed explanations of this week’s detailed analysis and trade plan.