What’s The Plan – Up Or Down This Week?

by | Apr 9, 2024 | Forex Analysis

FED

What’s The Plan – Up Or Down This Week?

Hi, trading should be easy we just need to get the direction right? In today’s analysis for the week ahead, I show how I use various markets and indicators to formulate a plan for forex, stocks, crypto and metals for the week ahead. All using my M2 strategy.

With forex I start looking at technicals then filter my decisions with some fundamentals. Is my bias $ strength or weakness for the week ahead and how do I arrive at that decision?

With other markets I look at the fundamentals first, then use M2 for the entries. So far this year my stock portfolio is over 35% in profit for the first 3 months and my crypto +64%. ;metals I took profit at 10% since January.

I show in the video the process I go through every trading day to formulate a plan. If something happens during the week either technically or fundamentally I will revise the plan. For example, if the war in Ukraine or the situation in the Middle East gets worse that will impact gold, oil, stocks and the USD.

Here are links to some of the websites I discuss in the video:

Excellent market & forex fundamental analysis: https://www.marctomarket.com/

The short squeeze on MSTR stock

Website showing which funds are shorting: https://fintel.io/sosh/us/mstr

 

I will explain all this in more detail in Tuesday’s live training session.

The Forex Week Ahead+++++++++++++++++++++++

The week ahead is much lighter in terms of news. If trading the NZD, Cad & Euro pay attention to the interest rate news and especially the press conferences. I explain in the video how I trade around them. Sometimes I will leave a forward order, but only with very clear rules that I will explain once more in the live training session.

++++++++++++++++++

MAJORS

The $index appears to be in an uptrend. The US 10 note is clearer.

Remember I am looking for “A” grade trades from weekly & daily charts that I can place the orders and then just walk away. A “B” grade is of interest, but not an A yet. I will watch on 4 hour timeframes to see how it reacts if it hits my zone.

EUR/USD: I will short at 1.0985 just below the psychological area, though the CHF looks more solid this week

USD/CHF: keep an eye on DXY as it is correlated. I am looking to long at 0.8920 & 0.8875, I split the order in two

Do not take the Euro/$ & Chf at the same time. They are correlated so it’s the same “bet.”

GBP/USD: Messy, leaving for now.

AUD/USD: Iron ore prices (the main export) are considerably down so my bias is short BUT the charts are messy. Nzd looks better.

NZDUSD: Shorting at 0.6070 & 0.6095. Beware interest news & press conference early Wednesday European time.

USD/CAD: Big support area of the weekly 55ema. I will split the order longs: 1.3525 & 1.3510. Cancel if price is less than 100 pips away when interest rates are announced.

USDYEN: BoJ is fighting the $, leaving alone. Euro/Yen and Gbp/Yen more interesting

CROSSES

Some are A grades where I will place forward orders, some pairs have “areas of interest.” I have a lot of similar crosses so be very careful with the correlation.

EURGBP:  I am waiting for the pullback. Looking to short at 0.8595 and 0.8625.

GBPCAD: Needs a pullback. Will look to take it at 1.7010, has multiple reasons.

EURCAD: Made 180 pips last week. I am looking to long again on the pullback at 1.4560, might split it.

NZDCAD: Dont take same time as NZD, interested to short at 0.8225

GBPYEN: Not an A grade but 190.00 is a big area to consider a long

EURYEN: A grade I will long at 162.25 for multiple reasons.

I have quite a few other “possibles” that I will monitor during the week. See the video. I also show areas I will look to buy metals on pullbacks and crypto and miners.

As always, remember correlation! 

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.

650x60 100 Free training course 4

We are NOT a “tipping service” we aim to teach you how to trade for yourself.

Watch the video below for more detailed explanations of this week’s analysis and trade plan.

Kind regards, Marc

To find out more about our crypto journey check out the mini-course and if you want to get involved in what I believe is the next boom, scroll to the bottom of the page to find out more: CLICK HERE

You can watch the full video below, you can read the transcript or view the full screen by clicking the buttons below the video:

 

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