(apologies about the indifferent sound quality, I’m still in Portugal at the moment).
We finally had one of our previous trades fired and managed to get 180 pips! We keep reiterating this, but you do not need to ‘hit’ many trades in order to make your monthly target. Remember, we are trying to make money, not trade for trading’s sake.
Hopefully I also kept you out of a losing trade last week. I mentioned in last week’s video that the Aussie dollar strengthening against, especially, the US dollar, just didn’t make sense. This week we saw the fundamentals catch up and the AUD drop against the dollar. I also hope you managed to tip-toe around some of last week’s rate statements.
There is quite a bit of red flag news again this week with the US retail sales, the big one on Thursday -if retail sales are up it presumably means the economy is growing …and the US is still the biggest economy in the world. You do the math on how that could affect the USD.
Remember that if you trade the daily and especially the weekly charts that you need to have the discipline to wait for price to come to you – set the trap! Chasing the price will always get you into trouble. Have your risk management in place and give yourself the best chance to catch the highest probability trade setups.
Let’s have a look at some potential levels;
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The live training session: Here is a link to register for this week’s live training session which takes place on Tuesday 14 September at 11.00am London time (BST/GMT+1).
Then we can have a more detailed, up-to-the-minute look at what’s happening and potential trades for the rest of the week.
The Forex week ahead:
EUR/USD: 1.1670 is still an A- grade long for me. 1.200 is the area for swing traders to consider a short.
USD/CHF: Stuck in a triangle, leaving it alone for now.
GBP/USD: Positive news for the GBP last week, but the stop is a problem for me.
NZD/USD: I’d be looking for a long from around 70.70/ 70.80
AUD/USD: Still looking for a break above 0.75 to start to look for pullbacks. Alternatively, I’m looking for a brake below the 200 to start thinking about a short (see video)
USD/JPY: 108.400 is the A-grade area for me.
USD/CAD: 1.3000 is the area on this pair to watch. If it brakes below 124.40. I’d be looking for pullbacks to short. There are opportunities for those that trade on the smaller timeframes with this pair.
AUD/NZD: Risk reward is getting better with this setup. 1.0680 is a BIG area for a potential M2 pullback, short. I’m looking to split my entry at around 1.0680 & 1.0640
EUR/GBP: Still very patiently waiting for the pullback on this pair as the last time our patience was handsomely rewarded. See video on how I plan to split my entries.
EUR/NZD: Broken a big trendline, but I don’t have anywhere for the stop.
GBP/AUD: Looking at 1.86000 for a potential long. However, the stop is tricky and it might be better to look for entries on the 4hour chart.
GBP/CAD: If you managed to get in before the news, this setup fired and got you 180 pips. Same areas for a long, 1.7320. Swing traders could look at 1.760
EUR/NZD: Broken out of a range, but I don’t have any areas/reasons for the stop yet.
CAD/JPY: Short at 87.50, but a B-grade for me.
AUD/JPY: Too messy for me now.
EUR/JPY: Also too messy for me now.
GBP/NZD: Messy now- on a trendline. I’m looking for a brake above the ema’s and then a pullback to the 1.9610 area. Alternatively I’m looking for a brake below the trendline (see video)
As always, remember correlation!
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. 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.
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: