{"id":2098,"date":"2017-04-04T16:18:21","date_gmt":"2017-04-04T15:18:21","guid":{"rendered":"https:\/\/www.forexmentorpro.com\/blog\/?p=2098"},"modified":"2024-05-24T18:24:34","modified_gmt":"2024-05-24T17:24:34","slug":"reasons-higher-probability","status":"publish","type":"post","link":"https:\/\/www.forexmentorpro.com\/blog\/reasons-higher-probability\/","title":{"rendered":"The More Reasons The Higher The Probability!!"},"content":{"rendered":"

\"\"Good morning everyone.<\/p>\n

I \u00a0found it a bit difficult this morning to read some of the charts as we broke key EMA`s just to break it again to the other side making it difficult to get the trading zones for this week. Take note of my time frames and the notes I made for each of them.<\/p>\n

Yesterday the spaghetti indicator told us to keep an eye on the GBP currency as it was overbought \u00a0– O boy did the GBP\/JPY tanked from a key level. I \u00a0called shorts from the mother in laws dining room table (The 4 hour 200 EMA and 55 EMA) at 139.63 and this one dropped like a stone – already well over 200 pips !!! But be careful now as we getting closer to possible support at the psychological level at 137.00<\/p>\n

Yesterdays notes:<\/strong><\/p>\n

6) GBP JPY on the 4 hour\u00a0 chart:<\/u><\/strong><\/p>\n

Currently we hitting a key resistance level here at the 200 and 55 EMA at 139.71 and 139.93. MACD is rolling over and stochastic is overbought so a possible short set up might be on its way.<\/p>\n

AND THEN THE MOVE……………..<\/em>(Here we had two strong EMA`s as acting as a roadblock at previous support\/resistance level if you look to the left of the chart giving us a good probability for the short \u00a0set up)<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

Looking at the spaghetti indicator again this morning we can see its telling us to keep an eye on the Aussie and the JPY currencies. Have a look at the charts and see if you can spot opportunities setting up for these currency pairs. Remember to look for multiple reasons like pivot points, EMA`S, previous support\/resistance, psychological levels.<\/p>\n

The More Reasons The Higher The Probability<\/h3>\n

Remember the more reasons the higher the probability that price will react at these levels !! \u00a0<\/strong><\/p>\n

…………………………………………………………………………<\/p>\n

\"\"<\/p>\n

Please register for Forex Mentor Pro Live Training on Thursday Apr 06, 2017 11:00 AM london (BST) time at:<\/p>\n

https:\/\/attendee.gotowebinar.com\/register\/8554391061360629251<\/a><\/p>\n

Live training session with Marc Walton. Pierre du Plessis & Judith Waker. The team will assess fundamentals, M2 Earth & Sky & the trigger system for pote ntial trades. Followed by a Q & A session<\/p>\n

After registering, you will receive a confirmation email containing information about joining the webinar.<\/p>\n

…………………………………………………………………………<\/p>\n

1)\u00a0`Red Flag News`\u00a0<\/em>that can make you lose your pants if you are not careful.\u00a0<\/em>\ud83d\udca1<\/strong><\/p>\n

You can use the following web site for\u00a0`SCHEDULED NEWS`<\/strong>\u00a0for the week @\u00a0http:\/\/www.dailyfx.com\/calendar<\/a><\/p>\n

Don`t take any\u00a0trades\u00a0<\/u>just before\u00a0`Red Flag News`<\/em><\/strong>\u00a0If you are already in a trade, protect your entry. I don\u2019t want to meet up with you at Little Beach, Maui, Hawaii. Did you know this is a nudist beach?<\/p>\n

For reference if you don\u2019t want to believe me, have a look at the 4th of April 2013 at all the JPY pairs what happened with price after\u00a0`Red Flag News`<\/strong>\u00a0came out.\u00a0ALWAYS TRADE\u00a0WITH A STOP!\u00a0<\/strong><\/p>\n

Still don\u2019t believe me? Then you must be new to Forex Trading<\/p>\n

Have a look at what the Swiss did to the market on the 15th of January 2015!!<\/p>\n

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\u2019t have a stop in place!!! \ud83d\udc7f<\/strong><\/p>\n

…………………………………………………………………………<\/p>\n

2) Where is the\u00a0`Forum Hang out Spot`\u00a0that everyone is talking about?<\/strong><\/p>\n

On the top of this main page, go to the\u00a0` Forum`\u00a0Tab and click on it…….once in there, look for\u00a0`Main forum and Current weeks trades`\u00a0and click on it………Once in there look for\u00a0`Pierre`s Earth and Sky Trading\u00a0week `and click on it……..once in there, look for the\u00a0Current week`s Thread Tab\u00a0and click on it……easy as pips! \ud83d\ude09<\/p>\n

\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026<\/p>\n

3) This week`s Analysis:<\/strong><\/p>\n

This is my current `Earth and Sky\u00a0Trading\u00a0Zones` \u2013\u00a0Please take note of the time frames I am looking at.<\/p>\n

Sometimes I will refer to\u00a0`The mother in law`\u00a0in my video`s or in my write up. The mother in law represents the 200 EMA (the pink line) on that specific time frame.<\/p>\n

If you new to the `Earth and Sky` please make sure to read the supporting notes for this system – Look for unit \u00a0in the education area under Earth and Sky System.<\/p>\n

Go to the\u00a0`Education Tab`\u00a0here in the main blog and look for the\u00a0`Earth and Sky\u00a0Trading\u00a0System`<\/u>\u00a0where you will\u00a0find helpful videos using this system.<\/p>\n

Remember to have a look at some of the other methods we teach here at\u00a0Forex\u00a0Mentor Pro too.<\/p>\n

………………………………………………………………………….<\/p>\n

What’s the spaghetti indicator (RS All Indi) telling us<\/u><\/strong>?<\/strong><\/p>\n

The spaghetti indicator shows us that we need to keep our eyes on the Aussies and JPY currencies for now.<\/p>\n

\"\"<\/p>\n

\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026.\u2026…<\/p>\n

Let’s have a look what’s cooking in the Forex Kitchen !! \u00a0<\/strong><\/p>\n

The More Reasons The Higher The Probability<\/h3>\n

1)<\/u><\/strong>\u00a0Euro\/Dollar on the 4 hour chart:<\/strong><\/u><\/p>\n

Difference between last week\u2019s open\/close: Min 177 pips<\/p>\n

GAP TRADING:<\/u><\/strong><\/p>\n

Did we open with a gap this week? No<\/p>\n

Did the gap close? N\/A<\/p>\n

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

Notes:<\/u><\/strong><\/p>\n

We broke the 4 hour 200 EMA and the daily 55 EMA and new monthly main pivot to the downside. Three ways to play it this week<\/p>\n

* Possible M2 short from the 1.0687\/99 levels.<\/p>\n

* If that breaks to the upside possible M2 long set ups from 1.0697 to the 55 EMA at 1.0731 and if that breaks to the upside to 1.0795 levels.<\/p>\n

* Possible shorts from the daily 200 EMA at 1.0795.<\/p>\n

Correlation:<\/strong>\u00a0This pair is\u00a0POSITIVE CORRELATED (moving in the same direction)<\/strong>\u00a0as the Euro Index, Euro\/JPY and the Euro\/GBP. Be careful; don\u2019t take the same trades on these four pairs at the same time!<\/p>\n

Also remember:<\/strong>\u00a0This pair is `NEGATIVE CORRELATED` (moving in the opposite direction)<\/strong>\u00a0as the Dollar\/CHF pair. Be careful;\u00a0DO NOT OVER EXPOSE YOUR ACCOUNT BY PLACING OPPOSITE TRADES ON THESE TWO PAIRS.<\/strong><\/p>\n

\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026.\u2026\u2026..<\/p>\n

3)\u00a0Euro\/JPY on the\u00a04 hour chart:<\/u><\/strong><\/p>\n

Difference between last week\u2019s open\/close: Min 117 pips<\/p>\n

GAP TRADING:<\/u><\/strong><\/p>\n

Did we open with a gap this week? No<\/p>\n

Did the gap close? N\/A<\/p>\n

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.<\/p>\n

Earth and Sky Trading Zone for the week:<\/u><\/em><\/strong><\/p>\n

Remember, if price don\u2019t give us the pull back but instead make new lows\/highs follow price with your fib to get the “adjusted” Earth and Sky\u00a0Trading\u00a0Zones for the week.<\/strong><\/p>\n

Price is under\u00a0 the 200 EMA
\n34 EMA (sky) is under the 55 EMA (earth)
\nDirection: Short
\nPotential trading zone: Between the 119.01 and 119.73 levels<\/p>\n

Potential area to look for reaction: At the 119.26 and 119.49 and 119.90 levels.<\/p>\n

Potential Profit take areas: At the 118.00 and 117.43 levels.<\/p>\n

MACDEE Divergence: No
\nStochastic: Oversold.<\/p>\n

Counter Trades:<\/u><\/em><\/strong><\/p>\n

Potential Counter Trades: At the 117.43 levels.<\/p>\n

Potential Profit take areas: At the 118.07 and 118.67 and 119.26 levels<\/p>\n

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 !!!<\/strong><\/p>\n

Notes:<\/u><\/strong><\/p>\n

We are highly oversold on this one so I am expecting a correction.<\/p>\n

Correlation:<\/strong>\u00a0This pair is\u00a0POSITIVE CORRELATED (moving in the same direction)<\/strong>\u00a0as the Euro Index, Euro\/USD and the Euro\/GBP. Be careful; don\u2019t take the same trades on these four pairs at the same time!<\/p>\n

\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026..\u2026..<\/p>\n

4)\u00a0Euro\/GBP on the\u00a04 hour\u00a0 chart:<\/u><\/strong><\/p>\n

Difference between last week\u2019s open\/close: Min 159 pips<\/p>\n

GAP TRADING:<\/u><\/p>\n

Did we open with a gap this week? No<\/p>\n

Did the gap close? N\/A<\/p>\n

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.<\/p>\n

Earth and Sky Trading Zone for the week:<\/u><\/em><\/strong><\/p>\n

Remember, if price don\u2019t give us the pull back but instead make new lows\/highs follow price with your fib to get the “adjusted” Earth and Sky\u00a0Trading\u00a0Zones for the week.<\/strong><\/p>\n

LAST WEEK WE CLOSED MIN 8 PIPS LOWER THAN THE OPENING. The direction is mixed on the 4 hour but still long on the daily…..that is why I had to fib the daily chart.<\/strong><\/p>\n

Price is under the 200 EMA
\n34 EMA (sky) is under the 55 EMA (earth)
\nDirection: Short
\nPotential trading zone: Between the 0.8610 and 0.8673 levels<\/p>\n

Potential area to look for reaction: At the 0.8600 and0.8608 and 0.8618 levels.<\/p>\n

Potential Profit take areas: At the0.8517 levels<\/p>\n

MACDEE Divergence: No
\nStochastic: No man’s land<\/p>\n

Counter Trades:<\/u><\/em><\/strong><\/p>\n

Potential Counter Trades: At the 0.8484 and 0.8417 levels.<\/p>\n

Potential Profit take areas: At the 0.8576 levels<\/p>\n

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 !!!<\/strong><\/p>\n

Notes:<\/u><\/strong><\/p>\n

The direction Indi is mixed between the 4 hour and daily chart. I will fib this week the 4 hour however for a short zone while the EMA`S at 0.8618 holds as resistance.<\/p>\n

We had the bounce I called yesterday from the 200 EMA at 0.8517.<\/p>\n

Correlation<\/strong>: This pair is\u00a0POSITIVE CORRELATED (moving in the same direction)<\/strong>\u00a0as the Euro Index, Euro\/Dollar and the Euro\/JPY. Be careful; don\u2019t take the same trades on these four pairs at the same time<\/p>\n

\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026….<\/p>\n

5)\u00a0GBP\/Dollar on the\u00a04 hour chart:<\/u><\/strong><\/p>\n

Difference between last week\u2019s open\/close: Plus 28 pips<\/p>\n

GAP TRADING:<\/u><\/strong><\/p>\n

Did we open with a gap this week? No<\/p>\n

Did the gap close? N\/A<\/p>\n

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.<\/p>\n

Notes:<\/u><\/strong><\/p>\n

Currently we dropping. I will re look for a possible long from the 200 and 55 EMA`S and WS1 pivot at 1.2406.<\/p>\n

Correlation:<\/strong>\u00a0This pair is\u00a0POSITIVE CORRELATED (moving in the same direction)<\/strong>\u00a0as the GBP\/JPY pair. Be careful; don\u2019t take the same trades on both pairs at the same time!<\/p>\n

\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026….<\/p>\n

6)\u00a0GBP\/JPY on the\u00a04 hour chart:<\/u><\/strong><\/p>\n

Difference between last week\u2019s open\/close: Plus 120 pips<\/p>\n

GAP TRADING:<\/u><\/strong><\/p>\n

Did we open with a gap this week? No<\/p>\n

Did the gap close? N\/A<\/p>\n

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.<\/p>\n

Earth and Sky Trading Zone for the week:<\/u><\/em><\/strong><\/p>\n

Remember, if price don\u2019t give us the pull back but instead make new lows\/highs follow price with your fib to get the “adjusted” Earth and Sky\u00a0Trading\u00a0Zones for the week.<\/strong><\/p>\n

Price is under the 200 EMA
\n34 EMA (sky) is under the 55 EMA (earth)
\nDirection: Short
\nPotential trading zone: Between the 138.65 and 139.37 levels<\/p>\n

Potential area to look for reaction: At the 138.90 and 139.00 and 139.63\/79 levels.<\/p>\n

Potential Profit take areas: At the 138.00 and 137.21 levels<\/p>\n

MACDEE Divergence: No
\nStochastic: Oversold<\/p>\n

Counter Trades:<\/u><\/em><\/strong><\/p>\n

Potential Counter Trades: At the 137.00 and 136.48 levels.<\/p>\n

Potential Profit take areas: At the 138.00 and 138.90 levels<\/p>\n

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 !!!<\/strong><\/p>\n

Notes:<\/u><\/strong><\/p>\n

This one triggered very nicely from my levels I called yesterday at the mother in law`s 200 EMA and 55 EMA at 139.63 and dropped already over 240 pips so a correction must surely be on the cards. But don’t call a bottom as we still can go to 137.00 and 136.48<\/p>\n

Correlation:<\/strong>\u00a0This pair is\u00a0POSITIVE CORRELATED (moving in the same direction)<\/strong>\u00a0as the GBP\/Dollar pair. Be careful; don\u2019t take the same trades on both pairs at the same time!<\/p>\n

\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026….<\/p>\n

7)\u00a0Aussie\/Dollar on the\u00a04 hour chart:<\/u><\/strong><\/p>\n

Difference between last week\u2019s open\/close: Min 2 pips.<\/p>\n

GAP TRADING:<\/u><\/strong><\/p>\n

Did we open with a gap this week? No<\/p>\n

Did the gap close? N\/A<\/p>\n

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.<\/p>\n

Earth and Sky Trading Zone for the week:<\/u><\/em><\/strong><\/p>\n

Remember, if price don\u2019t give us the pull back but instead make new lows\/highs follow price with your fib to get the “adjusted” Earth and Sky\u00a0Trading\u00a0Zones for the week.<\/strong><\/p>\n

Price is under the 200 EMA
\n34 EMA (sky) is under the 55 EMA (earth)
\nDirection: Short
\nPotential trading zone: Between the 0.7621 and 0.7650 levels<\/p>\n

Potential area to look for reaction: At the 0.7612 and 0.7626 and 0.7534 levels.<\/p>\n

Potential Profit take areas: At the 0.7585 and 0.7565 and 0.7540 levels<\/p>\n

MACDEE Divergence: No
\nStochastic: Oversold<\/p>\n

Counter Trades:<\/u><\/em><\/strong><\/p>\n

Potential Counter Trades: At the 0.7547 and 0.7540 levels.<\/p>\n

Potential Profit take areas: At the 0.7585 and 0.7612 levels<\/p>\n

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 !!!<\/strong><\/p>\n

Notes:<\/u><\/strong><\/p>\n

The direction on the 4 hour is short….and long on the daily chart. We have two opportunities this week. One to look for shorts from the levels I called OR once we hit the daily 200 EMA and WS2 pivot point areas for support followed by confirmation to long this pair again.<\/p>\n

Correlation:<\/strong>\u00a0This pair is\u00a0POSITIVE CORRELATED<\/strong>\u00a0(moving in the same direction)<\/strong>\u00a0as the AUD\/JPY pair. Be careful; don\u2019t take the same trades on both pairs at the same time!<\/p>\n

\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026….<\/p>\n

8)\u00a0Aussie\/JPY on the 4 hour chart:<\/u><\/strong><\/p>\n

Difference between last week\u2019s open\/close: Min 52 pips<\/p>\n

GAP TRADING:<\/u><\/strong><\/p>\n

Did we open with a gap this week? No<\/p>\n

Did the gap close? N\/A<\/p>\n

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.<\/p>\n

Earth and Sky Trading Zone for the week:<\/u><\/em><\/strong><\/p>\n

Remember, if price don\u2019t give us the pull back but instead make new lows\/highs follow price with your fib to get the “adjusted” Earth and Sky\u00a0Trading\u00a0Zones for the week.<\/strong><\/p>\n

Price is under the 200 EMA
\n34 EMA (sky) is under the 55 EMA (earth)
\nDirection: Short
\nPotential trading zone: Between the 84.62 and 85.20 levels<\/p>\n

Potential area to look for reaction: At the 84.83 and 85.00 levels.<\/p>\n

Potential Profit take areas: At the 83.88 levels<\/p>\n

MACDEE Divergence: No
\nStochastic: Oversold<\/p>\n

Counter Trades:<\/u><\/em><\/strong><\/p>\n

Potential Counter Trades: At the 83.38 and 82.88 levels.<\/p>\n

Potential Profit take areas: At the 83.88 and 84.34 and 84.83 levels.<\/p>\n

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 !!!<\/strong><\/p>\n

Notes:<\/u><\/strong><\/p>\n

We broke this morning the daily 200 EMA and WS1 pivot \u00a0and last week’s low at 83.88 to the downside. So we might say that we have a possible M2 short set up on the cards from this level – However I will prefer a bigger pullback on this one.<\/p>\n

Correlation:<\/strong>\u00a0This pair is\u00a0POSITIVE CORRELATED<\/strong>\u00a0(moving in the same direction)<\/strong>\u00a0as the AUD\/USD pair. Be careful; don\u2019t take the same trades on both pairs at the same time!<\/p>\n

\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026…………<\/p>\n

9)\u00a0USD\/JPY on the\u00a0DAILY chart:<\/u><\/strong><\/p>\n

Difference between last week\u2019s open\/close: Plus 70 pips<\/p>\n

GAP TRADING:<\/u><\/strong><\/p>\n

Did we open with a gap this week? No<\/p>\n

Did the gap close? N\/A<\/p>\n

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.<\/p>\n

Earth and Sky Trading Zone for the week:<\/u><\/em><\/strong><\/p>\n

Remember, if price don\u2019t give us the pull back but instead make new lows\/highs follow price with your fib to get the “adjusted” Earth and Sky\u00a0Trading\u00a0Zones for the week.<\/strong><\/p>\n

Price is under the 200 EMA
\n34 EMA (sky) is under the 55 EMA (earth)
\nDirection: Short
\nPotential trading zone: Between the 112.83 and 114.17 levels<\/p>\n

Potential area to look for reaction: At the 112.53 and 112.65 and 112.83 levels.<\/p>\n

Potential Profit take areas: At the 111..38 and 111.18 and 110.14 levels<\/p>\n

MACDEE Divergence: No
\nStochastic: Oversold<\/p>\n

Counter Trades:<\/u><\/em><\/strong><\/p>\n

Potential Counter Trades: At the 109.17 levels.<\/p>\n

Potential Profit take areas: At the 111.18\/38 levels.<\/p>\n

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 !!!<\/strong><\/p>\n

Notes:<\/u><\/strong><\/p>\n

The direction Indi is showing to look for shorts on the 4 hour and daily chart. Last week we closed plus 70 pips higher than the opening so we can’t fib the 4 hour chart to get an Earth and Sky short zone. If we do fib the daily chart then we have a zone starting at 112.83.<\/p>\n

Problem is we have loads of roadblocks before we get to this zone. We have a 200 EMA at 111.18 and a 55 EMA at 111.38 that can form a roadblock this week. Keep an eye on this – but if we break to the upside for some reason then I will re look at the 112.20\/53\/65\/83 levels for reaction to short again.<\/p>\n

\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026….<\/p>\n

10)\u00a0USD\/CAD on the\u00a0DAILY chart:<\/u><\/strong><\/p>\n

Difference between last week\u2019s open\/close: Min 2 \u00a0pips<\/p>\n

GAP TRADING:<\/u><\/strong><\/p>\n

Did we open with a gap this week? No<\/p>\n

Did the gap close? N\/A<\/p>\n

Notes:<\/u><\/strong><\/p>\n

Looks like the triangle I showed you is breaking to the upside this morning. Possible M2 long set ups can be on the cards…..HOWEVER I am not so sure of that as we hitting now last weeks and the week be fore’s high area so we might run into resistance on this one.<\/p>\n

If that for some reason breaks to the upside then I will re look for shorts at 1.3480 and 1.3500 where we have resistance waiting again.<\/p>\n

Correlation:<\/strong>\u00a0This pair is\u00a0POSITIVE CORRELATED<\/strong>\u00a0(moving in the same direction)<\/strong>\u00a0as the Dollar Index. Be careful; don\u2019t take the same trades on both pairs at the same time!<\/p>\n

……………………………………………………………………………………..<\/p>\n

11)\u00a0USD Index on the DAILY chart:<\/u><\/strong><\/p>\n

Difference between last week\u2019s open\/close: Plus 114 pips<\/p>\n

GAP TRADING:<\/u><\/strong><\/p>\n

Did we open with a gap this week? No<\/p>\n

Did the gap close? N\/A<\/p>\n

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.<\/p>\n

Earth and Sky Trading Zone for the week:<\/u><\/em><\/strong><\/p>\n

Remember, if price don\u2019t give us the pull back but instead make new lows\/highs follow price with your fib to get the “adjusted” Earth and Sky\u00a0Trading\u00a0Zones for the week.<\/strong><\/p>\n

Price is above the 200 EMA
\n34 EMA (sky) is UNDER the 55 EMA (earth)
\nDirection: Mixed
\nPotential trading zone: Between the 100.53 and 101.38 levels.<\/p>\n

Potential area to look for reaction: At the 100.55 and 100.63 levels.<\/p>\n

Potential Profit take areas: At the 100.17 and 99.54 and 98.83 levels.<\/p>\n

MACDEE Divergence: No
\nStochastic: No man’s land<\/p>\n

Counter Trades:<\/u><\/em><\/strong><\/p>\n

Potential Counter Trades: At the 99.54 and 98.83 levels.<\/p>\n

Potential Profit take areas: At the 100.53 levels.<\/p>\n

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 !!!<\/strong><\/p>\n

Notes:<\/u><\/strong><\/p>\n

The direction indicator is all mixed up on the daily and 4 hour chart. However….If we fib the daily chart, then we have a zone this morning with price now hitting the 50% fib and key resistance levels as we have 2 EMA`S waiting here too. If we look to the left we can also see this is previous support\/resistance level at100.55\/63.<\/p>\n

Correlation:<\/strong>\u00a0Remember that the Dollar Index is negative correlated with the Euro Index (They move in opposite direction)<\/strong>\u00a0so only take one trade at a time as you will double your risk if you took trades on both index`s.<\/p>\n

This pair is\u00a0also\u00a0POSITIVE CORRELATED<\/strong>\u00a0(moving in the same direction)<\/strong>\u00a0as the Dollar\/CAD. Be careful; don\u2019t take the same trades on both pairs at the same time!<\/p>\n

……………………………………………………………………………………..<\/p>\n

Please remember we are NOT a \u201ctipping service.\u201d What we aim to teach you here at fxmentorpro is how to look for trade set ups using different methods, taking you\u2019re trading to the next level.<\/em><\/p>\n

Have a good one mates<\/p>\n

Pierre \ud83d\ude1b<\/p>\n

`Learn from yesterday, Live for today and hope for tomorrow`<\/p>\n

Remember to make the video clip bigger to see the levels more clearly!<\/u><\/strong><\/p>\n

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