Hi, after Fridays much better US jobs news and then the Saturday $1-9 Trillion rescue package it’s not possible to estimate what is going to happen tomorrow.
On top of that the EU bond market could herald a big drop in the Euro, but we might not find out how much until Thursday ECB press conference.
I am going to leave the markets alone tomorrow and wait until Tuesday morning and I recommend that you do the same.
We are looking for repeatable patterns, but everything “flip flopped” last week and many pairs are as “clear as mud”!
I have made a video and show a few pairs that I am willing to trade tomorrow but my best advice at the very least is to watch and wait until after New York opens tomorrow. Will the rescue package be seen as a positive or negative (long term it’s not good, but short term it pumps more $$ into peoples pockets & the markets).
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The Forex Week Ahead.
Please watch the video I explain in a lot more detail and my thinking.
Also do not be greedy at the moment. A lot of trades won last week but for 50/60 pips and then reversed. These are choppy markets, move stops to entry and or take some profits- see the video.
There is big Cad news on Wednesday and ECB monetary policy and press conference on Thursday.
€uro/$: THis is too messy now for me. Zoom out and wathc on the weekly. 1.1600 is the first place I will consider a long.
I said in recent weeks that it “couldn’t make its mind up” wow did I get that right!
Chf: For the first time in ages there are a few possibles here: The better area is all the way back up at 0.9590 to short, or watch 0.9235 and especially 0.9150 for a long.
Euro/Gbp: Failed to break the trendline again. I only want to short, preferably a pullback to 0.8680 or 0.8740- the other choice is to wait for it to break the trendline, then pullback. see the video
Gbp/$: 1.3400 long is a zoomed out entry. Intraday 1.3750 is an area to watch but it’s not an A grade for me. Leaving for now but check out some of the Gbp crosses that have a better risk-reward and stronger place for the stop.
$/Yen: 108.00 possible long.
Cad: Be very careful with this one. Fridays NFP could be a game-changer on this pair. Definitely do not trade it around Wednesdays news. I will not counter-trend long it now. Zoom out entry is short at 1.2990. Intraday areas to watch 1.2750 and 1.2850 (not for me).
Gbp/Cad: Long at 1..7310 for multiple reasons
Nzd: Flip flopped: If it just drops then I will be interested to long at 0.7080 but not a forward order- as per above see how the markets react re all $USA pairs
Aud: Even less clear. Zoom out entry is 0.7360/7400 area.
Euro/Yen 128.00 is a possible long for me.
Cad/Yen 83.30 looking to long there again. Good risk-reward.
Euro/Aud: 1.5600 for a short
Euro/Nzd: I will short if it pulls back to 1.6970
Nzd/Cad: I will long at 0.9100 to 0.9145 (splitting my entry in 2)
Gbp/Nzd: Worked again last week but on Friday 🙁 …1.9400 is “the sweet spot” to short.
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.
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Watch the video for more detailed explanations of this week’s analysis and trade plan.
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