Hi, in the last 10 days I showed lots of potential big moves that were setting up and how to trade them.
I explained that I felt the $ would weaken.
I showed members what I intended to trade, where and why plus the targets.
If you check out that and following posts you will see how our pre-planned trades made over 800 pips in July!
This was the first post where I flagged that the moves were developing. It was published for members on the 12th July and here a couple of days later.
You can see them in this post:
I showed again in last Sunday’s analysis that there were lots of potential triangle break outs.
On Tuesday in the live session, we saw that there was general $ weakness and price was breaking.
Tuesday’s daily candle closed through those areas, so then the M2 goal is to look for a pullback. I showed on Wednesday how to play it.
I know that lots of you caught some of them, including new member Henry. After 8 years of trying elsewhere, he had his best week ever, so well done to him for his 250+ pips winning week 🙂
*update 31st July, Henry banked 651 pips 🙂
On Thursday I started getting emails from folks who were well in profit but were starting to get nervous.
I showed you the different ways to manage big moves in this post and you can check out the other posts in my blog:
The Forex Week Ahead
This week’s big scheduled event is the FOMC, statement, rate & press conference. No one is expecting anything earth-shattering BUT if there is then it could be a wild ride. As ever don’t open new $ trades after 15.00 London time and then wait for the dust to settle afterwards.
Finally, we saw some big break outs last week. If you caught them well done. If you are still in them then check out the video above as to how to manage them.
Standard M2 practise now is to look for pullbacks to the main areas. If they only pull back partway then look at the M3 chats for potential entries.
This week has a small amount of red flag news. There is of course, the ever-present danger of unscheduled Tweets from the White House, so check news before placing trades.
I explained earlier that I made today’s video and analysis on Saturday. At the moment all seems to be quiet on the White House front. If there is any surprise news or extraordinary event before the market opens I will update you on Monday or in Tuesdays live training session.
€uro/$: Worked last week. At last broke out of the weekly triangle. 1.1500 is the key area if it pulls back to long. If it drops further I will take it again at 1.1380/1.1400.
Chf: Broke out and dropped 160 pips, now at a double bottom. I don’t like to swing trade, especially with this current market and there is nowhere to place a stop. My bias is still to short it. 0.9500 is the bigger area or 0.9350 for those using the M3.
Euro/Gbp: Respected 0.9000 after weeks of slicing through. I am interested to long there.
Be careful re correlation re the majors and these following Gbp pairs.
Gbp/$: Worked, I am still in with the balance of 140+ pips. If it drops I need it to M2 pullback to long at 1.2665. It has the potential to do at least 500 pips to the next major resistance.
Gbp/Aud: Same as last week: Has a big daily range and the spread can widen alarmingly AND its a wild ride often but apart from all that 🙂 1.8250 is a big area for a short if it shoots up, lots of resistance to hide the stop behind.
Gbp/Nzd: 1.9490 is an A grade short for me, if it shoots up. It is currently in a range between 1.9250 and 1.9140 so watch there for clues if using the M3
€uro/Aud: 1.6480 is a big area to short.
Murphys law the swing trade worked for 270 pips last week, but I didn’t take it: I said “Previously it bounced to the pip off a weekly trend line after the drop. The trend line is at 1.6140 now so watch there for a possible long …………..”
$/Yen: Still too messy for me on longer timeframes. If it breaks and closes below 106.00 on at least a daily candle then I will be interested to short.
€uro/Yen: Worked last week shorting at 124.00 so watch there again. If it plummets then 120.30 is a huge area to long.
Cad: Worked last week. I took half profit at 100 pips and have left the balance to run (see the video)
Finally broke and closed below 1.3500. If it pulls back there I will take it again half at 1.3470 and the other half at 1.3490
If it drops dramatically I will long half at 1.3070 & the other 50% @ 1.3000. Remember any levels I post here I place long orders 10 pips above and shorts 10 below.
Nzd: Broke the trend line, but risk reward is better on other pairs and nowhere for stops on longer timeframes. One to watch on M3 around 0.6500.
The A grade long for me is at 0.6400.
Aud: Correlated with the Nzd. Finally broke and closed above 0.7000 which is key but no area fo a stop on a longer timeframe and the risk-reward is not good. Watch there if trading the M3.
M3 Shorter timeframes
See the new course & recent blog posts in the education area 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 detailed analysis and trade plan.
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