How to Win at Forex:
This weeks most successful trader was not one of the mentors, the prize of the week goes to long term member “Crosby” who has banked (so far) 422 pips!
The best part is that just like the mentors here at Forex Mentor pro this result was from pre-planned trades.
We make our plans on a Sunday when the markets are closed. We look at the fundamentals, what is like to drive price the week ahead. Then we do our technical analysis.
Forex Mentor Pierre du Plessis explains in this article how he showed members in Tuesdays live training session what he planned to trade and why. He amassed over 300 pips on a week that originally looked like it was going to be a slow one!
Here is Pierre’s update for the week just ended. Study how he made his plan and then traded it. THAT is how to win at forex.
Good morning everyone.
What a stunning Friday morning here in my hometown of George, South Africa !!
How did you do this week?
Judith, Marc and I had a pre-meeting on Tuesday morning before the webinar and we were all a little bit sceptical about the market but o boy o boy did things heat up this week.
In the webinar, I showed you to look at the NZD/Dollar for possible short set ups from the road block area we had at the 38.2 fib area where we also had loads of EMA`S too.
Did you bring your wheelbarrow with when you cashed out with this one?
We dropped over 200 pips on this one pair alone !!
other trades I took this week:
- A counter short on the Dollar/CHF that gave me 60 odd pips:
2) An M2 short on the GBP/Dollar that gave me 50 pips:
3) A short on the Dollar Index within that right shoulder from a WR1 pivot that gave me 40 pips.
4) and then only 100 pips the Euro/NZD but this one turned out to be a monster trade. For some reason I cant get my template to work on this pair this morning so I had to use Marc`s…..we found nice support at the mother in law dining room table before this monster move !!
5) and then I am currently in a Euro/GBP short from the resistance levels I called at 0.9000 and 0.9030 area hoping for at least 60 pips first target followed by 2nd for 100 pips.
So all in all one super week after we were very sceptical in the beginning of the week.
Just go ` s to show…….PLAN THE TRADE AND TRADE THE PLAN !!
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How to Win at Forex Members 422 Pip Winning Week!
Now if you think it’s only I that had a good week – then think again !!!! ( You can do it too if you stick to what we teach here at FMP )
In the forum you will know him as Crosby.
Currently in his third trade for the week but his tally stands already on 422 pips for the week !!
For being spookily accurate this week you can have the Friday trophy Crosby and hold on to it till next Friday – Well done mate !!
The two trades he took were…..
- Euro/NZD Earth and Sky long from the 62.5 fib area at 1.6372….. out for 330 pips !! What a monster trade. 🙂
- CAD/JPY long after it bounced from the daily 55 EMA…….out for 92 pips.
Crosby`s chart here:
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Ok let’s have a look at our Tuesday analysis and how we did.
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1) Euro Dollar on the DAILY chart:
Notes:
Currently sitting JUST UNDER the cluster of EMA`S at 1.1790.
The Head and Shoulder pattern I showed you on Friday is still in play……also looks like we trapped in a triangle on the daily too.
If we break the triangle to the downside I will look to short to the neckline at 1.1700 or the MS1 pivot at 1.1656 where after I will re-look for support to long again if it holds as support…remember we still have the Head and Shoulder pattern in play so be careful.
The neckline for the head and shoulder pattern is at 1.1700 and 1.1656 so that need to break first if we want to trade the pattern to the upside to at least the daily 200 EMA at 1.1435.
Fridays notes: No Trade set up yet
Friday morning and we still trapped in the triangle and we still playing around the right shoulder of the Head and Shoulder pattern……Looking at the 4 hour we can see how messy it was this week as price doesn’t respect any of the EMA`S we have within the right shoulder this week.
So best to leave this one alone till we have a break out of the triangle or the neckline.
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2) Euro JPY on the DAILY chart:
*Last week we closed only 8 pips higher than the opening but the trend is still up so we couldn’t fib the 4 hour for the zone as it was too flat – we had to fib the daily chart to get the long zone.*
Currently I have an Earth and Sky long zone between 131.85 and 130.64 with areas to keep an eye on at the 131.83 and 131.27 and 130.74 support areas where after I will re look to long this pair again.
Possible counter shorts at 133.12 and 134.02 and 134.61 resistance levels.( Weekly pivot areas)
Notes:
Wait for confirmation before you just jump in with a long.
Fridays notes: Earth and Sky long setup
Well well well – nice Earth and Sky long we had here from the 50% fib and 4 hour 200 EMA at 131.90/83 area I called on Tuesday.
This long gave currently a 179 pips so far and we getting close to profit take areas at 134.00 and 134.46 this morning.
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3) Euro GBP on the DAILY chart :
Notes:
The 4 hour direction Indi is all mixed up……the daily direction Indi is also all mixed up with the directions.
I will, however, look for possible short set ups from the 4 hour and daily 55 EMA`S at 0.8949 and at 0.9000 where we had previous resistance
and possible long set ups from the daily 200 EMA at 0.8813 level.
Fridays notes: Resistance Level Trading
This one currently hitting possible resistance at 0.9000 and 0.9035 area. If we look to the left of the chart we can see we had previous support/resistance here too……so possible shorts can set up from here.
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4) GBP Dollar on the 4 hour chart:
Currently I have an Earth and Sky long zone between 1.3210 and 1.3144 with areas to keep an eye on at the 38.2 fib at 1.3241 and 1.3213 support areas where after I will re look to long this pair again.
Possible counter shorts at 1.3341 and 1.3396 resistance levels.
Notes:
Currently we sitting on the 1st roadblock area at the 38.2 fib area at 1.3241 so I will be keeping an eye on possible support followed by a long set up – if we break to the downside for some reason I will re look at the 200 EMA at 1.3210 and the 55 EMA at 1.3179 for support followed by a long set up again.
Fridays notes: M2 short set up on 4 hour/ triangle break out.
If we look at the 4 hour this morning we can see we had a nice triangle break out and a M2 short set up that followed there after as price broke to the downside…..pulled back to the trend line and EMA`S where after the short followed.
I called this one in the forum mid week.
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5) GBP JPY on the DAILY chart:
Currently I have an Earth and Sky long zone between 147.02 and 144.18 with areas to keep an eye on at the 38.2 fib at 148.40 and 148.00 and 147.50 and 146.77 support areas where after I will re look to long this pair again.
Possible counter shorts 149.55 and 150..42 and 151.59 resistance levels (weekly pivots)
Notes:
While the daily 200 EMA at 144.18 holds my bias will be to look for long set ups. LOOKS LIKE WE HAVE A TRIANGLE TO – so with the bias to long…..wait for triangle to break to the upside first.
Fridays notes: No trade set up yet
This one sat for 5 days at the 4 hour 55 EMA and monthly pivot going no where !!! Also still trapped in the triangle.
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6) Aussie Dollar on the DAILY chart:
Notes:
The 4 hour direction Indi is all mixed up……the daily direction Indi is also all mixed up with the directions.
My plan is to re look for longs from the support level at the daily 200 EMA at 0.7740 or the MS1 pivot at 0.7713
and possible shorts again from the daily 55 EMA at 0.7873 or 0.7900/19 area where we have the main monthly pivot point.
Fridays notes: Resistance Level Trading
The daily 55 and 4 hour 200 EMA gave resistance to this pair again. We bounced off this level twice this week but there is just no volume/momentum to make it drop.
The daily 55 EMA at 0.7842 is giving support every time so we had a range of 36 pips…..BUT be careful when the 55 EMA at 0.7842 break then we can drop fast and hard to go visit the daily 200 EMA a t0.7743 where I will re look for support to long again.
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7) Aussie JPY on the DAILY and WEEKLY chart:
Notes:
I don’t like this pair at the moment. Price doesn’t respect the EMA`s anymore. and breaks the cluster EMA`S at 87.86 up and down up and down !!
Will re look to short from the MR1 pivot at 90.00 and long from the bull trend line we have on the weekly chart at 87.68.
Fridays notes: Pick a finger
I moaned this one is not respecting the EMA`S……what did it do this week…..finding support at the 4 hour 200 and daily 55 EMA`s and gave a long set up giving almost 100 pips so far.
So Aussie/JPY…..pick a finger !!! 🙂
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8) Dollar JPY on the DAILY chart:
*Last week we closed min 68 pips lower than the opening but the trend is still up so we couldn’t fib the 4 hour for the zone – we had to fib the daily chart to get the long zone.*
Currently, I have an Earth and Sky long zone between 110.38 and 108.85 with areas to keep an eye on the 38.2 fib at 111.61/38/15 and 111.00 support areas where after I will look to long this pair.
Possible counter shorts at 112.57 and 113.27 and 113.44 resistance levels.
Notes:
We have loads of EMA`S at the 38.2 fib area with my last line in the sand at 111.00.
While this level at 111.00 holds my bias will be to look for long set ups !
Fridays notes: No Earth and Sky trade yet – possible counter short coming up.
This one didn’t give me the pullback I wanted. I wanted a correction to at least the 38.2 fib area at 111.20 where I wanted to look for longs. Instead it had a bullish move…..Will re-look for resistance now at this month’s high area at 113.44 and 114.00 for possible short set ups.
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9) Dollar CAD on the DAILY chart:
Notes:
Currently sitting on the cluster of EMA`S at 1.2493
The inverse Head and Shoulder pattern I showed you on Friday is still in play……also looks like we trapped in a triangle on the daily too.
If we break the triangle to the downside I will look to short to the MS1 pivot at 1.2172 where after I will re-look for support to long again.
The neckline for the inverse head and shoulder pattern is at 1.2600 so that need to break first if we want to trade the pattern to the upside.
Fridays notes: No Trade set up yet
Friday morning and we still trapped in the triangle and we still playing around the right shoulder of the inverse Head and Shoulder pattern……Looking at the 4 hour we can see how messy it was this week as price doesn’t respect any of the EMA`S we have within the right shoulder this week.
So best to leave this one alone till we have a break out of the triangle or the neckline.
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10) Dollar Index on the DAILY chart : No trade set up yet
Currently sitting on the cluster of EMA`S at 93.23
The inverse Head and Shoulder pattern I showed you on Friday is still in play……also looks like we trapped in an ascending triangle on the daily too.
The neckline for the inverse head and shoulder pattern is at 94.00 so that need to break first if we want to trade the pattern to the upside.
Fridays notes: WR1 pivot short set up on 4 hour.
Friday morning and we still trapped in the right shoulder of the inverse Head and Shoulder pattern.
I did, however, manage to take a short from the WR1 pivot at 93.70 we had the left shoulder back down to the cluster EMA`S we have at the weekly main pivot at 93.22 that gave me 40 pips.
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11) Euro/Aussie on the 4 hour chart:
Currently, I have an Earth and Sky long zone between 1.5015 and 1.4902 with areas to keep an eye on 1.5000 and 1.4972 and 1.4900 support areas where after I will look to long this pair.
Possible counter shorts at 1.5159 and 1.5241 resistance levels.
Notes:
If the 1.4900 levels don’t hold for some reason if we do get down there…..be careful as we will go visit the daily 200 EMA currently at 1.4767 where I will re-look for support and then to long again.
Fridays notes: Earth and Sky long set up
Price found the support we wanted at the 55 EMA in the long zone at the EMA`S and weekly main pivot at 1.4979 and gave over a 100 pips….however we slamming into the 4 hour 55 EMA at 1.5046 this morning so look out if you are still in a long as this can be a resistance roadblock for today.
Home run trade:
I didn’t take the Euro/Aussie but went for the correlated Euro/NZD in the end as the charts looked very clear.
Remember to look at the correlation pairs for extra confirmation/information !!!
Last week we had the same. I looked at the Euro/Aussie and like this week ended up taking the Euro/NZD as the road ahead was clear where the Euro/Aussie had some roadblocks ahead.
Price found support at the 4 hour 200 EMA roadblock area and after that we had one super bullish move that gave over 500 pips this week !!!!
Pitty I only took a 100 🙁
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Well that is that…….let me go find a tree to go sit under and to go drink my beer.
Have a super cool weekend !!
Regards
Pierre
