update 3 hours later. I made a mistake on the notes (not the video) for a few pairs, please double-check them.
Firstly, we have shared a few times that August is traditionally a really really slow month. The ‘big-boys’ are on holiday and there is not a lot of volume in the markets….however in this week’s analysis video I remind you how your patience and discipline would have been rewarded if you had waited for the right setups.
1 months target in less then 5 trades ….all shared in advance.
In Tuesday’s live session I again showed you that what we teach at FMP can be used to trade ANYTHING. (That session is available here). As of Tuesday last week, those folks that had joined our Crypto portfolio in May 2020 would be up over 700%. You will not see these types of returns anywhere else!
Fundamentally and technically, but mainly fundamentally, Crypto still makes A LOT of sense to me. Jonah, one of my private students, posted an article on the 16th July around one of the crypto currencies called Cardano and what we were looking at….as of the posting of that article, Cardano is up 96%
In our embers area we now have a mini course that will introduce you on how to invest and trade in crypto.
The world seems to have gone crazy again and we saw Covid play havoc with New Zealand and Australia. New Zealand especially are now in full lockdown again because of ONE case. Crazy & bizarre. The week ahead is pretty light with news, but there is general red flag news on Thursday, so be very careful.
Let’s have a look at some potential levels;
The Forex week ahead:
EUR/USD: Same as Thinus’ analysis for last week “1.1650 is an ‘A grade’ long for me”. 1.8000 is a big area for me as well and I show in the video what I’m thinking.
USD/CHF: Its messy right now, 0.9470 is where I’d be looking to short.
GBP/USD: Same as last week: Too messy for my liking.
NZD/USD: Messy right now, we need it to break free from the 200 ema
AUD/USD: Major break, we now need a pullback. 0.7280/7300 for a short. I will probably split the entry in two. This could be a 1700 pip move
USD/JPY: Still hasn’t broken the upper area and might not until after the holiday period. 108.450 is a key area to consider a long.
USD/CAD: Too messy for me at the moment for M2, A break above on a weekly of 1.3000 is the area on this pair to watch.
AUD/NZD: Not one of my favourite pairs but 1.0680 is a BIG area for a potential M2 pullback, short. If it breaks the emas above 1.0740 look for long setups.
EUR/GBP: Interesting area for a short is 0.8660.
EUR/AUD: I said 3 weeks ago “possible 3000 pip move brewing!” I caught 700 pips from this since then, balance is currently + 500, see the video. Need a pullback, watch 1.6150 on the 4 hour. If it does a big drop back to 1.5940/1.600 I will definitely take it again.
EUR/CAD: 1.4800 is a B grade long for me.
EUR/NZD: I said last week ” If it can break and close above 1.7100 then pullback then it’s a potential big trade long.” It did. I will watch at the open for a possible long, best if it can pullback to retest 1.7030/7050 See video
GBP/AUD: 1.8560 to 1.8600 is area to watch for a long,
GBP/CAD: Only looking to long if it gets back to 1.73000. Options to scale in at 1.72800
AUD/YEN: Look for pullbacks to 79.30 for shorts. Option to stagger your entry. See video
GBP/NZD: I would take the long at 1.96000
M3 -Shorter timeframes.
See the new course & recent blog posts as to how I do this: 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. Firstly, 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.
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 forum. Ashley is back from his travels and there are other senior members who are happy to help.
Watch the video below for more detailed explanations of this week’s analysis and trade plan: