Good morning everyone.

What’s up and what’s down this morning?

Well loads of pairs are hitting key support or resistance levels this morning so possible trades can set up today.

So let’s pop over to the forex kitchen and see what’s cooking !!

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1) `Red Flag News` that can make you lose your pants if you are not careful. 💡

You can use the following web site for `SCHEDULED NEWS` for the week @ http://www.dailyfx.com/calendar

Don`t take any trades just before `Red Flag News` If you are already in a trade, protect your entry. I don’t want to meet up with you at Little Beach, Maui, Hawaii. Did you know this is a nudist beach?

For reference if you don’t want to believe me, have a look at the 4th of April 2013 at all the JPY pairs what happened with price after `Red Flag News` came out. ALWAYS TRADE WITH A STOP! 

Still don’t believe me? Then you must be new to Forex Trading

Have a look at what the Swiss did to the market on the 15th of January 2015!!

You would have lost the shirt on your back, your house, your car, your personality and your virginity for a 2nd time if you didn’t have a stop in place!!! 👿

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2) Where is the `Forum Hang out Spot` that everyone is talking about?

On the top of this main page, go to the ` Forum` Tab and click on it…….once in there, look for `Main forum and Current weeks trades` and click on it………Once in there look for `Pierre`s Earth and Sky Trading week `and click on it……..once in there, look for the Current week`s Thread Tab and click on it………..easy as pips! 😉

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3) This week`s Analysis:

This is my current `Earth and Sky Trading Zones` – Please take note of the time frames I am looking at.

Sometimes I will refer to `The mother in law` in my video`s or in my write up. The mother in law represents the 200 EMA (the pink line) on that specific time frame.

If you new to the `Earth and Sky` please make sure to read the supporting notes for this system – Look for unit  in the education area under Earth and Sky System.

Go to the `Education Tab` here in the main blog and look for the `Earth and Sky Trading System` where you will find helpful videos using this system.

Remember to have a look at some of the other methods we teach here at Forex Mentor Pro too. 

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What’s the spaghetti indicator (RS All Indi) telling us?

The spaghetti indicators shows that we need to keep an eye on the JPY and NZD pairs this morning…..plus the CAD but we just above that min 8 line !!!

JPY and NZD pairs

Drop to the 4 hour charts and see if you can spot why possible trades can set up on them and let us know in the forum !!!

Here  is the CAD/JPY pair and NZD/CAD pair for you……..SO DO THE SAME WITH THE OTHERS…………..

CAD/JPY pair and NZD/CAD pair

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1) Euro Index on the 4 hour chart :

Difference between last week’s open/close: Plus 43 pips

GAP TRADING:

Did we open with a gap this week? No

Did the gap close? N/A

If the gap didn’t close, pop over to the education tab – Look under Marc`s name for his “Gap Trading Strategy” and how to trade it.

Notes:

Yesterday we broke loads of EMA to the downside……..currently we finding support at the WS1 pivot at 99.63. Two things can happen here….one we find support and we go long…..but take care as price gets back at all those EMA`S starting at 99.84 where we might find resistance again to short…..M2 set up…….or we can break the WS1 pivot to the downside this morning that means we might go visit last week’s low at 99.31 where we might find support again to long from

Correlation: Remember that the following pairs make out the `Euro Index Basket` – The Euro/Dollar, Euro/JPY, EURO/GBP and the EURO/CHF. (They all move in the same direction) Use the `Euro Index` for extra confirmation and information to trade the basket pairs. If you don’t have the index on your platform…..download a demo account with Forex LTD at http://www.forexltd.co.uk/

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2) Euro/Dollar on the 4 hour chart:

Difference between last week’s open/close: Plus 66 pips

GAP TRADING:

Did we open with a gap this week? No

Did the gap close? N/A

If the gap didn’t close, pop over to the education tab – Look under Marc`s name for his “Gap Trading Strategy”

Earth and Sky Trading Zone for the week:

Remember, if price don’t give us the pull back but instead make new lows/highs follow price with your fib to get the “adjusted” Earth and Sky Trading Zones for the week.

Price is above the 200 EMA
34 EMA (sky) is above the 55 EMA (earth)
Direction: Long
Potential trading zone: Between the 1.0727 and 1.0676 levels

Potential area to look for reaction: At the 1.0683/76 levels.

Potential Profit take areas: At the 1.0741 – 55 EMA level and 1.0830 last week`s high

MACDEE Divergence: No
Stochastic: No man’s land

Counter Trades:

Potential Counter Trades: At the 1.0830 and 1.0867 levels

Potential Profit take areas: At the 1.0741 main pivot levels

Warning: Counter trades are always more riskier than trading with the main trend so change your lot size accordingly if you want to counter trade !!!

Notes:

I am keeping an eye on the roadblock at the 200 and 55 EMA area at 1.0683 for solid support.

Correlation: This pair is POSITIVE CORRELATED (moving in the same direction) as the Euro Index, Euro/JPY and the Euro/GBP. Be careful; don’t take the same trades on these four pairs at the same time!

Also remember: This pair is `NEGATIVE CORRELATED` (moving in the opposite direction) as the Dollar/CHF pair. Be careful; DO NOT OVER EXPOSE YOUR ACCOUNT BY PLACING OPPOSITE TRADES ON THESE TWO PAIRS.

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3) Euro/JPY on the 4 hour chart:

Difference between last week’s open/close: Min 143 pips

GAP TRADING:

Did we open with a gap this week? No

Did the gap close? No

If the gap didn’t close, pop over to the education tab – Look under Marc`s name for his “Gap Trading Strategy” and how to trade it.

Earth and Sky Trading Zone for the week:

Remember, if price don’t give us the pull back but instead make new lows/highs follow price with your fib to get the “adjusted” Earth and Sky Trading Zones for the week.

Price is under the 200 EMA
34 EMA (sky) is under the 55 EMA (earth)
Direction: Short
Potential trading zone: Between the 121.37 and 122.25 levels

Potential area to look for reaction: At the 121.16 and 121.50 and 121.63 levels.

Potential Profit take areas: At the 120.64 and 119.81 levels

MACDEE Divergence: No
Stochastic: Oversold

Counter Trades:

Potential Counter Trades: At the 119.67 pivot point and 200 EMA levels

Potential Profit take areas: At the 120.64 and 121.16 pivot levels

Warning: Counter trades are always more riskier than trading with the main trend so change your lot size accordingly if you want to counter trade !!!

Notes:

Currently we are at a key support level here at 119.67. We have a mother in law 200 EMA and WS2 pivot here with an overbought stochastic so we need good solid support with confirmation for a counter long to at least the WS1 pivot at 120.64 and then 121.16

Correlation: This pair is POSITIVE CORRELATED (moving in the same direction) as the Euro Index, Euro/USD and the Euro/GBP. Be careful; don’t take the same trades on these four pairs at the same time!

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4) Euro/GBP on the 4 hour chart:

Difference between last week’s open/close: Plus 130 pips

GAP TRADING:

Did we open with a gap this week? No

Did the gap close? N/A

If the gap didn’t close, pop over to the education tab – Look under Marc`s name for his “Gap Trading Strategy” and how to trade it.

Earth and Sky Trading Zone for the week:

Remember, if price don’t give us the pull back but instead make new lows/highs follow price with your fib to get the “adjusted” Earth and Sky Trading Zones for the week.

Price is above the 200 EMA
34 EMA (sky) is above the 55 EMA (earth)
Direction: long
Potential trading zone: Between the 0.8567 and 0.8528 levels

Potential area to look for reaction: At the 0.8587 ( 38.2 fib) and the WS1 pivot at 0.8538 levels.

Potential Profit take areas: At the 0.8644 and 0.8693 levels

MACDEE Divergence: No
Stochastic: No man’s land

Counter Trades:

Potential Counter Trades: At the 0.8644 and 0.8693 levels

Potential Profit take areas: At the 0.0.8587 levels

Warning: Counter trades are always more riskier than trading with the main trend so change your lot size accordingly if you want to counter trade !!!

Notes:

If this 38.2 fib and weekly main pivot and EAM`S break as support for some reason……be careful as we can drop to the WS1 pivot at 0.8538.

Correlation: This pair is POSITIVE CORRELATED (moving in the same direction) as the Euro Index, Euro/Dollar and the Euro/JPY. Be careful; don’t take the same trades on these four pairs at the same time

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5) GBP/Dollar on the 4 hour chart:

Difference between last week’s open/close: Min 114 pips

GAP TRADING:

Did we open with a gap this week? No

Did the gap close? No

If the gap didn’t close, pop over to the education tab – Look under Marc`s name for his “Gap Trading Strategy” and how to trade it.

Notes:

Currently we sitting at a key support level as we have a 55 and 200 EMA plus last week’s low at 1.2441. I need solid support and then at least MACDEE divergence on the 60 min followed by a trend line break and confirmation 13/27 EMA cross on the 30 min chart before I will look to long…..roadblock at the 1.2515 area as we have some EMA`S here plus weekly main pivot so take note of it.

Correlation: This pair is POSITIVE CORRELATED (moving in the same direction) as the GBP/JPY pair. Be careful; don’t take the same trades on both pairs at the same time!

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6) GBP/JPY on the 4 hour chart:

Difference between last week’s open/close: Min 380 pips

GAP TRADING:

Did we open with a gap this week? No

Did the gap close? N/A

If the gap didn’t close, pop over to the education tab – Look under Marc`s name for his “Gap Trading Strategy” and how to trade it.

Earth and Sky Trading Zone for the week:

Remember, if price don’t give us the pull back but instead make new lows/highs follow price with your fib to get the “adjusted” Earth and Sky Trading Zones for the week.

Price is under the 200 EMA
34 EMA (sky) is under the 55 EMA (earth)
Direction: Short
Potential trading zone: Between the 141.83 and 143.22 levels

Potential area to look for reaction: At the 141.13/51/85 levels.

Potential Profit take areas: At the 139.12 pivot point level.

MACDEE Divergence: No
Stochastic: Oversold

Counter Trades:

Potential Counter Trades: At the 139.12 levels

Potential Profit take areas: At the 141.13  – 55 EMA level.

Warning: Counter trades are always more riskier than trading with the main trend so change your lot size accordingly if you want to counter trade !!!

Notes:

We currently sitting at a key support level here at the WS1 1 pivot at 139.12. I need solid support, followed by confirmation to go counter long on this one.

Correlation: This pair is POSITIVE CORRELATED (moving in the same direction) as the GBP/Dollar pair. Be careful; don’t take the same trades on both pairs at the same time!

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7) Aussie/Dollar on the 4 hour chart:

Difference between last week’s open/close: Plus 121pips.

GAP TRADING:

Did we open with a gap this week? No

Did the gap close? N/A

If the gap didn’t close, pop over to the education tab – Look under Marc`s name for his “Gap Trading Strategy” and how to trade it.

Earth and Sky Trading Zone for the week:

Remember, if price don’t give us the pull back but instead make new lows/highs follow price with your fib to get the “adjusted” Earth and Sky Trading Zones for the week.

Price is above the 200 EMA
34 EMA (sky) is above the 55 EMA (earth)
Direction: Long
Potential trading zone: Between the 0.7612 and 0.7570 levels

Potential area to look for reaction: At the 0.7609 and 0.7591 levels.

Potential Profit take areas: At the 0.7696 and 0.7738 levels

MACDEE Divergence: No
Stochastic: No man’s land

Counter Trades:

Potential Counter Trades: At the 0.7738 levels

Potential Profit take areas: At the 0.7609 pivot levels

Warning: Counter trades are always more riskier than trading with the main trend so change your lot size accordingly if you want to counter trade !!!

Notes:

Currently in no man’s land…..If the WS1 pivot at 0.7570 don’t hold as a support level this week….be careful as we can drop then to go visit the mother in laws at 0.7513 area.

Correlation: This pair is POSITIVE CORRELATED (moving in the same direction) as the AUD/JPY pair. Be careful; don’t take the same trades on both pairs at the same time!

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8) Aussie/JPY on the DAILY chart:

Difference between last week’s open/close: Min 11 pips

GAP TRADING:

Did we open with a gap this week? No

Did the gap close? No

If the gap didn’t close, pop over to the education tab – Look under Marc`s name for his “Gap Trading Strategy” and how to trade it.

Notes:

This one still trapped in a triangle…….I just don’t get a feel for this one at the moment.

Correlation: This pair is POSITIVE CORRELATED (moving in the same direction) as the AUD/USD pair. Be careful; don’t take the same trades on both pairs at the same time!

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9) USD/JPY on the 4 hour chart:

Difference between last week’s open/close: Min 203 pips

GAP TRADING:

Did we open with a gap this week? No

Did the gap close? N/A

If the gap didn’t close, pop over to the education tab – Look under Marc`s name for his “Gap Trading Strategy” and how to trade it.

Earth and Sky Trading Zone for the week:

Remember, if price don’t give us the pull back but instead make new lows/highs follow price with your fib to get the “adjusted” Earth and Sky Trading Zones for the week.

Price is under the 200 EMA
34 EMA (sky) is under the 55 EMA (earth)
Direction: Short
Potential trading zone: Between the 113.20 and 114.11 levels

Potential area to look for reaction: At the 113.21/33/54 and 113.97 levels.

Potential Profit take areas: At the 111.49 levels

MACDEE Divergence: No
Stochastic: Oversold

Counter Trades:

Potential Counter Trades: At the 111.49 levels

Potential Profit take areas: At the 113.00 levels

Warning: Counter trades are always more riskier than trading with the main trend so change your lot size accordingly if you want to counter trade !!!

Notes:

Currently we are very close to the WS1 pivot at 111.49 where we might find support. I will look for MACDEE divergence and 13/27 EMA cross for confirmation to take a counter long.

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10) USD/CAD on the 4 hour chart:

Difference between last week’s open/close: Min 112 pips

GAP TRADING:

Did we open with a gap this week? No

Did the gap close? N/A

Earth and Sky Trading Zone for the week:

Remember, if price don’t give us the pull back but instead make new lows/highs follow price with your fib to get the “adjusted” Earth and Sky Trading Zones for the week.

Price is under the 200 EMA
34 EMA (sky) is under the 55 EMA (earth)
Direction: Short
Potential trading zone: Between the 1.3069 and 1.3119 levels

Potential area to look for reaction: At the 1.3119 and 1.3135 levels.

Potential Profit take areas: At the 1.3052 main pivot and 1.3000 and 1.2969 levels

MACDEE Divergence: No
Stochastic: No man’s land

Counter Trades:

Potential Counter Trades: At the 1.2935 pivot point levels.

Potential Profit take areas: At the 1.3052 main pivot level.

Warning: Counter trades are always more riskier than trading with the main trend so change your lot size accordingly if you want to counter trade !!!

Notes:

If the WR1 pivot at 1.3135 level do break to the upside……for some reason take care as we might then go visit the mother in law at 1.3189 area where I then will re look to short this pair.

Correlation: This pair is POSITIVE CORRELATED (moving in the same direction) as the Dollar Index. Be careful; don’t take the same trades on both pairs at the same time!

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11) USD Index on the 4 hour chart:

Difference between last week’s open/close: Min 61 pips

GAP TRADING:

Did we open with a gap this week? No

Did the gap close? N/A

If the gap didn’t close, pop over to the education tab – Look under Marc`s name for his “Gap Trading Strategy” and how to trade it.

Earth and Sky Trading Zone for the week:

Remember, if price don’t give us the pull back but instead make new lows/highs follow price with your fib to get the “adjusted” Earth and Sky Trading Zones for the week.

Price is under the 200 EMA
34 EMA (sky) is under the 55 EMA (earth)
Direction: Short
Potential trading zone: Between the 100.10 and 100.54 levels

Potential area to look for reaction: At the 100.32 and 100.54 and 100.74 levels.

Potential Profit take areas: At the 99.77 and 99.22 and 98.97 levels

MACDEE Divergence: No
Stochastic: No man’s land

Counter Trades:

Potential Counter Trades: At the 98.97 and 98.79 levels

Potential Profit take areas: At the 99.98 main pivot levels

Warning: Counter trades are always more riskier than trading with the main trend so change your lot size accordingly if you want to counter trade !!!

Notes:

We currently in the short zone…..but be careful as we might go visit the WR1 pivot where we also have loads of EMA`S waiting at 100.75 that can give us the road block we need to short from.

Correlation: Remember that the Dollar Index is negative correlated with the Euro Index (They move in opposite direction) so only take one trade at a time as you will double your risk if you took trades on both index`s.

If you don’t have the index on your platform…..download a demo account with Forex LTD at http://www.forexltd.co.uk/

This pair is also POSITIVE CORRELATED (moving in the same direction) as the Dollar/CAD. Be careful; don’t take the same trades on both pairs at the same time!

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Please remember we are NOT a “tipping service.” What we aim to teach you here at fxmentorpro is how to look for trade set ups using different methods, taking you’re trading to the next level.

Have a good one mates

Pierre 😛

`Learn from yesterday, Live for today and hope for tomorrow`

Remember to make the video clip bigger to see the levels more clearly!

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