Trade levels for the week

by Marc Walton | Oct 5, 2022 | Forex Analysis

Hi,

Here is an update on potential trades I discussed in our live webinar Yesterday. For non-members, this will be posted tomorrow on our blog.

I mentioned in the video that I am leaving the GBP and the GBP cross pairs alone for now. This is because there is nowhere for a stop and further Bank of England intervention could drive the price of the pound higher.

Remember they have £65 billion to pump the market for another two weeks so there could be price manipulation.

The same is happening with the YEN as BOJ have given clues that they are watching the price of the YEN and will intervene when necessary, however we haven’t really seen much of that, and the YEN has made all-time lows against the USD.

The $ is pulling back today, therefore stocks are rising ( I mentioned this was probable on Sunday as they were at key levels). It’s tempting to buy now but I am leaving well alone. There are plenty of clues as to a potential major recession in the USA and often this kind of spike catches out the retail traders who have been programmed to “buy the dips.” I think this is not the time for that thinking. I could of course be wrong, but I am expecting a bigger drop over the coming months.

Since recording the live session, the pullbacks have been bigger. I am going to be a bit warier with the majors and will focus on the cross-pairs for now. There are some good Chf & a Yen cross that look good, check out the video here:

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):

Kind regards,

Marc

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