Tricky Big News week, Whats the Plan?

by | Jul 2, 2019 | Forex Analysis

flag pattern

Hi, this is my analysis and trading plan for the week ahead;

I posted this on Sunday before the markets opened.

I said in last Sunday’s post “there are lots of technical clues of possible pending price reversals at the moment.

There is macd divergence on a lot of pairs on both daily and even weekly charts.”

This was the first clue as to possible pullbacks or even reversals.

Then on Monday in the forum, Pierre posted his “Quick Quack” update showing pairs his software had highlighted.

It was mainly the same pairs but for different reasons.

Get in the habit of checking out BOTH of our analysis and the updates.

Late Thursday I scratched my Aud short as it was going nowhere and I advised via the forum, if you were still in it not to leave it over the weekend because of the Trump/China talks.

So the strategy is as ever, start broad, looking at lots of pairs on weekly charts. Narrow it down to 5 or 6 tops.

FInd multiple reasons for my entries, exits and targets.

If Pierre flags some with his software, even better šŸ™‚

 

The key to successful trading is how MUCH you win, not how many.

The forex week ahead

Forex Trading Red FlagTrump and Chinas President Xi announced that trade talks will resume.

We have no idea how the markets will react so wait to see what happens at the open and even consider waiting until after London opens.

The week ahead sees a LOT of big Aud news that means it’s tricky to trade any Aussie pairs, see the video.

On Thursday the long 4th July holiday weekend starts in the USA and Friday is NFP day so I will stop trading by Wednesday evening.

A lot of traders will be missing and NFP at the same time is too unpredictable, the safest option is to take a break & enjoy a 3 day week šŸ™‚

GBP/$: 1.3000 is the best place for me for a short, for multiple reasons: Previous major support and resistance, whole number, 78.6 fib most recent daily move, and weekly 55ema (see the video)

Intraday 1.2770 was strong resistance last week, but nowhere for me to place a stop. Also, watch 1.2900. Best advice keep your eye on UK news here: https://www.newsnow.co.uk/h/

Euro/Gbp: Too messy, no risk-reward in either direction. If it drops I am interested to long around 0.8750

Euro/$: Broke 1.1300 last week. It’s overbought and Macd suggests a short around 1.1400. see the video

Aud: 0.7000 is STILL the big area BUT there is a LOT of AUD news this week, plus the 4th July USA holiday and NFP Friday, probably best leave all Aud pairs alone. Swing traders will be interested to long again from 0.6850 if it drops.

Nzd/$Ā  My bias is still to short, but it closed above 0.6700 and is currently held down by the 200ema. I need it to break and close below 0.6700 preferably on a daily, (at the very least on a 4-hour chart)Ā  then pullback to M2 short. If it moves higher I will short at 0.6800

$/Yen: I am interested to short at 109.30 IF it slows down there. If not and it shoots higher I will place a forward order to short again at 110.00 once more, for multiple reasons.

Cad: Not the easiest pair to trade but it has broken a monthly trend line that goes back over 2 years, so now my bias is to short on a pullback. 1.3260 is my first choice ( I will start watching from 1.3220).

Same advice as last week: Watch oil closely. Any hint of further attacks or military engagement in the middle east will have a big effect on oil supplies. 1.3520/3550 is the place to watch for a short if it shoots up.

Nzd/Cad: looking to short between 0.8870/8900

$/Sgp: Thanks to one of my private students, Neita for pointing this one out: 1.3600 is a good area to consider a short (see the video)

If it drops below 1.3480 (ideally below 1.3440) THEN pulls back I will also look for an M2 short.

Euro/Nzd: One to watch for a swing trade long around 1.6900

Nzd/Cad: Possible short at 0.8900

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 ā€œtipping serviceā€ 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 forum in Pierreā€™s corner.

Watch the video for more detailed explanations of this weekā€™s detailed analysis and trade plan.

Click on the square button bottom right to watch in full-screen mode

Related posts:

Marc’s Forex Trade Plan for the Week Ahead Marc’s Forex Trading Plan for the Week Ahead Round Up: Tradeable but Tricky Fx Week Whats the Fx Trading Plan Maestro :)

None of the Forex Mentor Pro team nor its owners (expressly including but not limited to Marc Walton), officers, directors, employees, subsidiaries, affiliates, licensors, service providers, content providers and agents (all collectively hereinafter referred to as ā€œForex Mentor Pro ā€) are financial advisers and nothing contained herein is intended to be or to be construed as financial advice

Forex Mentor Pro is not an investment advisory service, is not an investment adviser, and does not provide personalized financial advice or act as a financial advisor.

Forex Mentor Pro exists for educational purposes only, and the materials and information contained herein are for general informational purposes only. None of the information provided in the website is intended as investment, tax, accounting or legal advice, as an offer or solicitation of an offer to buy or sell, or as an endorsement, recommendation or sponsorship of any company, security, or fund. The information on the website should not be relied upon for purposes of transacting securities or other investments.

You hereby understand and agree that Forex Mentor Pro, does not offer or provide tax, legal or investment advice and that you are responsible for consulting tax, legal, or financial professionals before acting on any information provided herein. ā€œThis report is not intended as a promotion of any particular products or investments and neither Forex Mentor Pro group nor any of its officers, directors, employees or representatives, in any way recommends or endorses any company, product, investment or opportunity which may be discussed herein.

The education and information presented herein is intended for a general audience and does not purport to be, nor should it be construed as, specific advice tailored to any individual. You are encouraged to discuss any opportunities with your attorney, accountant, financial professional or other advisor.

Your use of the information contained herein is at your own risk. The content is provided ā€˜as isā€™ and without warranties of any kind, either expressed or implied. Forex Mentor Pro disclaims all warranties, including, but not limited to, any implied warranties of merchantability, fitness for a particular purpose, title, or non-infringement. Forex Mentor Pro does not promise or guarantee any income or particular result from your use of the information contained herein. Forex Mentor Pro.com assumes no liability or responsibility for errors or omissions in the information contained herein.

Under no circumstances will Forex Mentor Pro be liable for any loss or damage caused by your reliance on the information contained herein. It is your responsibility to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content contained herein. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.

Marc Walton, owner of Forex Mentor Pro, communicates content and editorials on this site. Statements regarding his, or other contributorsā€™ ā€œcommitmentā€ to share their personal investing strategies should not be construed or interpreted to require the disclosure of investments and strategies that are personal in nature, part of their estate or tax planning or immaterial to the scope and nature of the Forex Mentor Pro philosophy.

All reasonable care has been taken that information published on Forex Mentor Pro website is correct at the time of publishing. However, Forex Mentor Pro does not guarantee the accuracy of the information published on its website nor can it be held responsible for any errors or omissions.