Last week our spookily accurate team did it again catching 100’s of pips with pre-planned trades. All of these were shared in advance with you. Firstly you had Ashley catching the EURCAD which was an A-grade set up, hitting take profit but he made sure to scale out along the way. He then closed it for 160 pips in total sharing it in the forum. You can watch his video below.
Phil also caught the EURCAD making him 150 pips, Another trade he caught was the AUDJPY which was more than 250 pips away before the YEN news was due out. You can check his post below. He ended up making 170 pips from it. So 300 + pips from just 2 trades!
I also managed to catch the AUDJPY making 200 +pips on it. Here is a short video of how I managed it.
Like I have said before you only need to catch a couple of these every month to be profitable. Just look for quality setups and patiently wait for them to come to your entry. Don’t go chasing price. So let’s see if we can do it again this month 🙂
Check out my previous post on Bitcoin
The Forex Week Ahead+++++++++++++++++++++++
You have AUD cash rate on Tuesday, the forecast predicts a rate hike. Just make sure to trade it after the news is due out. You also have the JOLTS Job Openings which is a good indicator of job vacancies in the U.S. Then ADP on Wednesday, this did rock the market last week as it was a lot higher than expected. You have the GBP rate statement on Thursday where they are also expected to raise rates. If you are looking to trade the GBP try to be out before the news. Finally, on Friday, you have the NFP which is forex at its craziest and we recommend not trading that as always. We showed you plenty of examples this week on how to manage good trades while the news is due out. Not every week is the same so make a plan in advance and trade the plan.
Keep watching the $index it is now at a major “make your mind up” area once again on the weekly charts. It is now stuck at the 55EMA and you have the 200 EMA 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 4 hour timeframes to see how it reacts if it hits my zone.
EUR/USD: I need a pullback to 1.0810 for a long.
USD/CHF: Interested to short at 0.8835 for multiple reasons. Watch the DXY for clues when price is closer.
Do not take the Euro/$ & Chf at the same time. They are correlated so it’s the same “bet.”
GBP/USD: It doesn’t make sense considering the fundamentals. Leaving it alone as its trapped between EMAs.
AUD/USD: 0.70 is the only area interesting for a short at the moment.
NZDUSD: One to watch, currently make up its mind area.
USD/CAD: Interesting to short at 1.3290, multiple reasons there. But make sure not to trade it around the news.
USDYEN: Bounced off my support but nowhere for stop so left alone.
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: I would split this trade if it shoots up again. Interested in Shorting around 0.8630, 0.8650 and 0.8650. Again it all depends on what happens when the news is out. watch the video.
AUDCAD: Missed it by a few pips, the entry was at 0.8990
GBPAUD: Caught this one last time to the pip. Correlated with GBPNZD, Looking to long around 1.8950.
GBPNZD: anywhere around 2.03 looks interesting for a long.
Ashley will look at some of the other cross pairs in Tuesday’s live session
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):