Hi guys, in recent weeks I hopefully kept you out of a lot of potential losing trades when I explained about direction. That there were clues both technical and fundamental that we might see some $ strength.
Now there are little clues (it may not happen this week) but over the next month that we could see the Aud & Nzd break higher and the Cad (possibly sooner) drop further and keep going. Check out the video for my reasoning.
Last week I showed how just 2 trades made a months profit. The setups were spotted by Ashley & Jonah and they asked me in the live training sessions to give my opinion and they were spot on 🙂
Here are the short videos showing entries, exits, targets, stops and managing the trades. Also how I scaled out of both to make sure they didn’t turn around and take me out (one of them would have)! the Euro(/Nzd trade:
and all my previous posts in my blog history: Marcs Blog
If you want to trade for clients and receive a substantial profit share you only need to make 3 to 5% per month. You can find a copy of the brochure here: Trade for Clients
The Forex Week Ahead.
The big event of the week (scheduled news) is FOMC on Wednesday. Do not take trades a few hours before nor after. This si the first event with the new President. However the data will be historical, but they may give more clues about their plans going forwards under the new administration.
There are a lot of pairs that look technically very tempting, don’t take too many at once. I said last week “If the price doesn’t pull back then look at 4 hour charts and even the M3.” I covered this in detail in last Tuesday’s live session and there were some decent winning setups.
€uro/$: same as last week: 1.2020 multiple reasons for a possible long. Intraday (worked last week) 1.2070m again. Intraday worked last week when I said “watch the current area on a 4 hour chart for a move back up”
Chf: I rarely trade it but 0.9230 is worth watching for a short. The better area is all the way back up at 0.9590- it seems unlikely now, but you never know with forex.
Euro/Gbp: Weekly/Daily was extremely unpredictable last year due to Brexit, now thats out of the way, lets hope it becomes more reliable. It used to be my favourite pairs: M2 break of a trendline is a short for me on a pull-back to 0.8940
Gbp/$: 1.3340 looks good for a possible long. If there is a bigger pullback then 1.3210 is the next. Considering splitting the trade in half, risk 50% at each.
$/Yen: I only want to short 106.80 is the area for me.
Cad: worked last week for 150 pips: I said “Possible swing trade around 1.2600 with monthly 200ema to tuck the stop behind. See the video.
I explain in the video how the Canadian monetary policy statement was very positive, much more so than the other majors. I think we will see the 1.2560/ monthly 200ema BUT it might not be this week AND we would need to wait for a weekly candle to close below it then look for a pullback, so don’t rush in. broke below 1.3000 which was HUGE previous support & resistance. 1.2990 is the A+ spot for me to short it, but 1.2940 is also strong. I will split the order, 50% at each point- see the video.
Nzd: Possible longs at 0.7075. If that fails I would long again if it drops to 0.7000. New Zealand has virtually eradicated COVID- there was one new case this week and it made the international news, compare that with the rest of the world! Fundamentally I am much more biased to the upside and possible much higher.
Aud: I explain in the video why I think the same thing may happen to the Aud BUT technically its not as attractive as the Nzd right now. 0.7350 long is the most conservative/strongest, but it may not get there. Another possibility is a long at 0.7550 and intraday 0.7640 – see the video.
Euro/Yen 124.60/125.00 is a long for me. Possible swing trade 127.70 see the video.
Cad/Yen 80.00/ 80.50 long. Possible swing trade 82.50.
Aud/Yen: Looking to long at 79.00 Possible swing trade 83.30 (intraday watch 80.00 as its a big area.
Euro/Aud: Thanks to Ashley I longed this last week (swing trade) near the bottom. That is an option once more or a short at 1.5790
Euro/Nzd: Thanks to another of my private students, Jonah. He pointed out a great set up on the Euro/Nzd last week and I will short again if it hits 0.7030
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 on to 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.
Watch the video for more detailed explanations of this week’s analysis and trade plan.