Hi guys, in recent weeks we ignored most of the majors as they did not look attractive. So we went off to find trades on cross pairs.
There were a lot of winners last week from pre-planned trades on the crosses.
On Friday night I recorded a short video showing you what to do on a weekend as the market is closing. How to manage or close open trades and why.
You can check that out here (non-members will have to sign up to view): https://www.forexmentorpro.com/members-area/what-to-do-with-open-trades-at-weekends/
This week I have switched back to some of the majors as they are now starting to line up for my M2 method. I am also looking at cross pairs too.
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The Forex Week Ahead.
Its NFP Friday (USA jobs) which we never trade as its forex at its craziest. There is also BIG Aud news, so you will need to be aware of that too.
Some of the majors coming back into the frame. The Aud has a 350 pip possible head and shoulders move brewing & others we need a bigger pullback:
€uro/$: still messy, 1.1600 is the first place I will consider a long.
Chf: Same: Worked yet again last week longing at 0.9235. If it shoots up I will short higher at 0.9550 now
Euro/Gbp: Failed to break the trendline yet again, but its now in a tradeable range (see the video) I only want to short, preferably a pullback to 0.8680 or 0.8740- the other choice is to wait for it to break the trendline, then pullback.
Gbp/$: Same as last week…1.3400 long is a zoomed out entry. 1.3800 is an area to watch for a short after a trendline break but it’s not an A grade for me.
$/Yen: 108.10 possible long. If you do take it do not be greedy. 110.00 is huge previous support and resistance and there is a weekly trendline not far above- see the video. Swing traders will be looking to short there.
Cad: My bias is still short but on a pullback. 1.2620 is the first area for me. I will watch at the open.
Euro/Cad. I will short at 1.4990 if it pulls back. Swing traders will be looking to long now, but nowhere for the stop, so not for me.
Nzd: too messy, not good risk reward right now, but possible swing trade long at 0.6850
Aud/Chf: Not a pair I trade but one of my private students points out that 0.7040 looks good to long.
Aud: Head & Shoulders pattern suggests a 350 pip drop. I am watching at the open. I was in it last week but had to close it on Friday evening.
Euro/Yen 128.10 is a good place for a long for me.
Gbp/Yen. possible long for those trading 4 hour charts at 148.70
Euro/Aud: Worked last week, currently the balance is + 150 pips (see yesterdays blog post as to ho wI managed it) 1.5590 for a short
Euro/Nzd: I will short if it pulls back to 1.6960
Nzd/Cad: I will short if it moves back up to 0.8840.
Gbp/Nzd: Has broken higher so now the bias is to long, see the video.
M3 Shorter timeframes
See the (non-members will have to sign up to view) 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.
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 analysis and trade plan.