Hi, I made my months profits in just a week once again. Now what’s the plan?
this was my analysis for this week, published on Sunday in the members area
Excuse me in advance, I have a cranky cold which you will realise in the video.
Now, I showed how I made 5% for the month with a couple of trades for the month, We only got 10 days for the month to end. So should I trade more and still participate in the market or should I preserve my profits, sit back just watching the charts?
I made several posts from the live webinar where I called out all my trades to how I managed them at 600 pips.
Focus On the Entries & You Are 60% There
Managing Winning Trades: 550 Pips in Profit
So I have made a month’s profit in a week. Should I stop for the month or shoot for the moon?
It all depends on your personality, for a conservative trader like me I would most likely stop at 5% as that is excellent, and on a $1 million funded account that is $50k profits. The client is happy and I am happy, so why would I go out there looking for more? Of course, the greed factor comes in there and you might think if I made 5% I could make more for the month. But you need to draw the line somewhere and stick to your rules.
If your target is 5% for the month then I would suggest stopping for this month and using the remaining days to analyse what you did right and wrong, how you can improve etc. I would be extra cautious this week while taking trades maybe only take something that is an A+.
The aggressive trader would go out there again and trade more, which could end up in two ways. You might make more or even worse lose some of the profits that you made or all. This would affect your profits and the payment that you receive from the funded challenge. It’s your call! I have given you all the advice I can.
The Forex Week Ahead+++++++++++++++++++++++
You have the Manufacturing data for EUR, GBP and USD on Tuesday. Then on Wednesday the BIG one for NZD as they have their cash rate announcement, this will affect the NZD pairs so make sure to keep an eye on them and adjust your entries. You also have the GBP CPI in the morning which is very important as they are expecting it to drop from 10% last month to 8.2% this month. Its a big clue as to whether they will raise interest rates further. Finally, to end the week you have a bunch of speeches but nothing major that could rock the market. I have made the video on 20th May so keep an eye on the news, because if anything changes then I could revise my plan.
This week’s live training session. If there is anything specific you would like us to cover please submit a ticket via the helpdesk.
The live training session: Here is a link to register for this week’s live training session. It takes place on Tuesday 23rd May at 11.00am London time (BST/GMT+1)
https://us02web.zoom.us/webinar/register/WN_Nzk-fiIAR8ypplF21ob3OQ
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.
MAJORS
Keep watching the $index it is now at a major “make your mind up” area on the weekly charts. It is now stuck at 55 and you have the 200 MA just above it. If it could break above that we could be looking at $ strength.
Remember I am looking for “A” grade trades from weekly & daily charts that I can place the orders and then just walk away. A “B” grade is one that I will watch on smaller timeframes to see how it reacts if it hits my zone.
EUR/USD: Im looking for a long at 1.0700 at the weekly 55 EMA on the daily. 1.10660 is a possible swing trade.
USD/CHF: A grade short at 0.94100, not interested where it is right now.
Do not take the Euro/$ & Chf at the same time. They are correlated so it’s the same “bet.”
GBP/USD: No multiple reasons to take it so leaving it alone. EUR is a better bet.
AUD/USD: Leaving it alone for now. 0.6800 is an area of interest.
NZDUSD: No multiple reasons to take the trade.
USD/CAD: The first area to long at 1.3340 and the A grade for me is 1.30070 which has been a MAJOR area of support and resistance in the past. I will watch it.
USDYEN: I want to get back in but will be extra cautious. An area of interest is 136.60 and 135.20 on 4HR.
CROSSES
Some are A grades where I will place forward orders, most pairs have “areas of interest.” I have a lot of similar crosses so be very careful with the correlation.
EURGBP: leaving it alone for now as its stuck at the 55 EMA. I want it to break higher or lower for an entry.
EURAUD: I would be looking anywhere around 1.57180 and 1.5640.
EURCAD: I have an order at 1.4450.
AUDCAD: Interested to short again if it pulls back at 0.90700. Might look to split it at 0.9050. News out on Wednesday morning.
GBNZD: Interested to long at 1.95700 for multiple reasons.
GBPAUD: Correlated with GBPNZD, Looking to long around 1.81150.
GBPCAD: 1.6310 is the sweet spot for me. watch the news.
GBPCHF: 1.1490 is where I have placed my forward order, need to move it lower as the EMAs have moved. It is a major area of resistance but still far away, been waiting for weeks. I will also watch 1.1380 to short.
NZDJPY: 84.30 would be my first area of interest to buy again.
CADJPY: is interesting at the whole number at 100. I will be watching it.
As always, remember correlation!
M3 -Shorter timeframes.
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.
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):
Regards
Marc
