Hi, last week I cautioned that there were technical & fundamental clues that the $USD would at least pullback.
That turned out to be correct.
Even better my Euro/Nzd trade gave an almost “to the pip entry” not once but twice for more than 300 pips, almost a months target.
I planned it last Sunday when the price was 140 pips away. I updated you about it in the live session on Tuesday. On Wednesday I posted a short video clip showing the outcome of the first trade which you can see here if you missed it:
I then caught it again after the news for another 150+ pips which you can see in the video above as well.
Gold then went on to hit the low I have had on my charts for over a year and silver too.
So what can you do?
All of these trades and purchases were pre-planned and shared with you in advance. I have done this for over 15 years and the in-house joke is that I am “spookily accurate”!
The good thing is you can do this too. It’s not rocket science. I simply look for repeatable patterns that give clues as to where price will “probably” react again.
Does it work all the time? Of course not. Forex is supposedly random and impossible to predict. The advantage that we have is having found a big area we then only look to take trades that will give us a bare minimum of 1:2 risk reward ratio and often more. Once again this month I have made my month’s target from a handful of trades. Most were placed on a Sunday and very little work/screen time during the week.
You can do this too IF you apply yourself. One of my new private clients originally joined us as a lifetime member way back in 2012. Only recently has he got to the point where he has decided to finally treat trading like a business and give it the time and effort required to succeed.
So have you woken up and smelled the coffee yet or are you going to keep playing at this!?
Everything we teach is here in the members & education area. There are successful pro traders sharing tips, help and advice in the forum.
I give you my analysis and share all that I do in all markets. It’s all covered in your monthly /annual fee. For those who joined us as a lifetime member back in 2012 that works out at less than 1p a day! New members are still only paying $47 a month so it’s not lack of funds. Nor lack of education and support it’s down to YOU go get off your butt and decide to finally crack trading. Just do it!
OTHER Economic Updates
The ECB increased their interest for the very first time after more than a decade. It doesn’t mean a lot as they are still in a financial mess and close to recession.
-Elsewhere I have shared some very interesting links on my twitter page. Alfonso who was a bond trader for one of the major international banks, showed in his recent post that the bond market is giving clues that there could be an even bigger drop. The retracement might be over already or at best only last for a few more weeks. Make sure to follow him on twitter https://twitter.com/MacroAlf
You can also follow me on Twitter https://twitter.com/marcwalton
I am also re-purchasing a book which I used to own in the past but can’t find. It tells us how the Federal Reserve was created. It really is mind-blowing and definitely worth a read to understand how the market works and how it is all rigged. I have put the link below.
Not for the first time, JP Morgan are again in court on criminal charges, this time for racketeering in the gold and silver markets. I managed to find an article that you can read for free as most of them are published on Bloomberg
The Forex Week Ahead
The BIG event of the week is the FOMC statement on Wednesday. I would advise you not to open any new trades and close open ones a few hours before at the latest as anything could happen around this time. It is the perfect opportunity for the BIG boys to make their money.
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I showed last week how MACD divergence on weekly charts of the DXY and many other major pairs was a clue that price would probably retrace. That was the case. I also had a fundamental bias and was closely watching stocks, bonds & crypto. Funds moved from $ last week into riskier assets, but is the move over or could we see more regression this week? Also as we are now in summer markets it is quite normal for prices to range.
Remember I am looking for “A” grade trades from weekly & daily charts that I can place the orders and then just walk away.
EUR/USD: Bias is only to short, but it is miles away from my A grade short. I wouldn’t touch it.
USD/CHF: I will look to Long this pair at 0.95100 & 0.9460 (split the risk in half) as explained in the video.
GBP/USD: I only want to short. Not an A grade but watch 1.2200 intra day. Personally wouldn’t touch it, better opportunities elsewhere.
AUD/USD: I would look to short at 0.7000 and 0.7200.
NZDUSD: Only looking to short at 0.6650 but its a long way. Intraday you could watch 0.6200.
USD/CAD: I am interested to long at the open. If it drops lower then 1.2750 is the next area. If it does do a massive drop then 1.2560 is also an area to long for me.
EURCAD: A grade for me is 1.3750. Intraday I would watch 1.3380
EURNZD: Interesting on a Daily to short at 1.6490 and 1.6520
NZFCHF: 0.6270 is the major area. 0.6200 is also an area to watch.
GBPNZD: I have a forward order at 1.90250
GBPJPY: I don’t trade this pair, but a member pointed out that 160.50 is a major area on the weekly.
AUDCAD: Short around 0.9090 to 0.9150, its a long way off right now, so probably won’t get there this week, but anything is possible in forex 🙂
AUD/NZD: 1.0840 and 1.0810 for a long for me.
AUDCHF: short at 0.6750
AUDJPY: the only YEN pair that is interesting for me. 91.80 & 91.50 split entries are a long for me.
EURJPY: 135.50 is an area to watch for a long, but not for me.
As always, remember correlation!
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):