Hi, If you are new then July & August traditionally see very slow Markets, as most of the big players are away, but as we have shown they can still be profitable.
Look back here in my blog to see how I plan every week, in advance, what I intend to trade and why.
Our goal is to teach you to be able to do this for yourself, so do your analysis before looking at mine.
Last week I focused only on 3 pairs from last Sunday and Tuesdays live session plan.
I had 2 wins and 1 loss for a net gain of over 150 pips which at this time of year is a return that I am more than happy with.
Many members have had their best months ever with us of late BUT don’t get overconfident, 7 winning weeks on the trot makes me a little nervous for many of you.
Here is a short video I made on Friday showing last weeks results:
I usually go on holiday in August for the month as the markets are so slow.
This is a copy of the analysis I share with members every Sunday before the markets open:
The Forex Week Ahead
I look for A grade trades from longer timeframes, trades I am happy to place an order at the market open or daily candle close and walk away.
Most of this weeks selection are a B grade. Those are trades that look interesting but I need to see how they setup as the week progresses. I share the updates with members in the live training session on a Tuesday and in blog posts and forum updates.
This week there is hardly any scheduled red flag news, so it could be even quieter (see the video). News and data releases are often the catalysts that move markets. With so few and many traders away its probably going to be quiet.
I have a few trades on my radar. The rest of my pairs are too far away at the moment, so I will review them as the week progresses.
Most Interested to trade this week:
Gbp/Cad Won last week. I will long again at 1.7220.
Euro/Yen: Those of you who are still in it should now be +250 pips. If you missed it then look for a pullback to 124.00/124.60 (B grade)
There is very little scheduled news but check before taking trades as ever.
There is, of course, the ever-present danger of unscheduled Tweets from the White House, so check news before placing trades.
Because I am looking at the big picture and because there was not much movement last week with the summer holiday season in the west, a lot of the analysis is the same in that I need bigger pullbacks on most pairs.
If they do not, then I will not trade them unless I see a decent M3 setup.
The rest need bigger pullbacks:
€uro/$: Same as last week “Now in no man’s land for M2 followers. I need a pullback to 1.1520 to long. Intraday watch 1.1600 for clues on the Earth & Sky or M3.”
Chf: Drifting lower, nowhere for a stop. My bias is still to short it. 0.9500 is the bigger area or 0.9350 for those using the M3.
Euro/Gbp: Same: 0.9000 is key but this one can’t make its mind up. Watch on smaller timeframes for clues to long or short. I am interested to long there. I am now officially bored with this pair until it gets some energy!
Gbp/$: You can see why I warned about longing near the 200ema and why it is so important in my trading- see the video. If it drops I need it to M2 pullback to long at 1.2665/1.2700. It has the potential to do at least 400 pips back up to the 200ema/weekly trendline..
$/Yen: Leaving- see the video
Cad: 1.3480 is the major area to short. Intraday M3 watch 1.3400. 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: 200ema above it. 0.6500 interesting to long as the 55ema is now in the area, but not multiple reasons. Watch it on Earth & Sky or M3 for clues if it drops to there to long. The A grade long for me is at 0.6400.
Aud: 0.7000 watch there to long if trading shorter timeframes. B grade. An A grade for me is .6800.
Aud/Yen: 75.00 is a B grade to long.
Cad Yen: 82.90 is an A grade short. 78.50 & 80.00 are areas to watch on smaller timeframes
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.
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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