{"id":216344,"date":"2020-09-11T11:28:01","date_gmt":"2020-09-11T10:28:01","guid":{"rendered":"https:\/\/www.forexmentorpro.com\/blog\/?p=216344"},"modified":"2024-05-23T17:51:16","modified_gmt":"2024-05-23T16:51:16","slug":"live-make-a-plan-surprise-news-change-it-bitcoin-lots-more","status":"publish","type":"post","link":"https:\/\/www.forexmentorpro.com\/blog\/live-make-a-plan-surprise-news-change-it-bitcoin-lots-more\/","title":{"rendered":"Live: Make a Plan, Surprise News, Change it + Bitcoin & Lots More"},"content":{"rendered":"

HI, this was the recording from last weeks live training session that I host for members.<\/p>\n

I show trades that are setting up for those using our strategies, answer questions and teach a subject.<\/p>\n

This week I had made a plan on the weekend, as usual, BUT big unscheduled UK news meant I needed to revise it.<\/p>\n

As you saw, the Gbp DID drop, so it helped us avoid losing trades.<\/p>\n

Its very important that you check out news before the markets open and then before you take a trade (to make sure that nothing happened that could affect your decision).<\/p>\n

Here are the notes from the session and the recording is at the bottom of the page.<\/p>\n

+++++++++++++++++++++++++<\/p>\n

Update to Mondays email, I talked about leaving all Gbp pairs alone. Wait and see if the price pulls back to the MAIN areas.<\/p>\n

in todays session I started by explaining that trading does not need to be overcomplicated.<\/p>\n

I start on a weekend by reviewing Forex Factory’s Calendar from the previous week and more importantly the upcoming one.<\/p>\n

I also read background news from better quality news sites. I am trying to see if there has been a shift in sentiment.<\/p>\n

I then do my technical analysis on weekly charts looking for “the sweet spot” where the price will probably<\/strong><\/em> react (trading is all about support & resistance and where price will probably bounce or break).<\/p>\n

Then go to daily charts looking for multiple reasons for an entry, stop and the potential reward versus the risk, thats basically\u00a0 it!<\/p>\n

Once you have found a few, is there any scheduled news that could screw it up, like the Cad this week.<\/p>\n

Which one (s) look to have the best reward, place the trade, walk away.<\/p>\n

Having done all that then unexpected news arrives so what to do?<\/strong><\/p>\n

\"\"You always need to pay attention to news -or me \ud83d\ude42 then to be able to think on your feet.<\/p>\n

Yesterday I sent out a cautionary email advising that due to unexpected news from the UK, be very careful with the Gbp.<\/p>\n

This is an update on the UK news from Reuters today: Brexit Poker Games Begin<\/a><\/p>\n

Also, there were attempted break downs in the S&P500 whose strength defies logic, and the Nasdaq a little less so.<\/p>\n

Oil is dropping too and Bitcoin pulled back.<\/p>\n

I have a feeling (based on almost 30 years of trading financial markets) that there’s trouble brewing! It didn’t happen yesterday, but don’t be surprised when it does.<\/p>\n

How to Value a Currency & sentiment<\/strong><\/p>\n

As you know currency prices are valued based, in simple terms, on the growth, interest rates and inflation.<\/p>\n

I explain in the video how you should think of this in the same way as if you were considering buying stocks and you are deciding between 2 companies, in the same sector.<\/p>\n

Is the company upbeat about future sales growth, acquisitions, handouts to shareholders? Is the financial press supportive?<\/p>\n

Is it paying a dividend (in the case of currency, think interest rates)?<\/p>\n

I showed how to compare the $USA & the Euro.<\/p>\n

However, the most difficult thing to try and work out is what is the current sentiment.<\/p>\n

With the COVID crisis, all economies are in a mess and its very much a case of “which is least worse,” rather than better. Currently, the USD has been perceived to be weaker.<\/p>\n

Near the end of the video, I also explained why I have been buying Crypto this year and why I have recommended all my family and friends should at the very least own some Bitcoin. I am NOT a licensed financial adviser, so this is not a “tip.” I am simply explaining my point of view and belief.<\/p>\n

I will be hosting a live webinar on the subject later in the month.<\/p>\n

M3 Shorter timeframes<\/strong><\/p>\n

See the new course & recent blog posts in the member’s area 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\u2019s 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.<\/p>\n

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.<\/p>\n

We are NOT a \u201ctipping service\u201d our aim is to teach you how to trade for yourself.<\/p>\n

For more up to the minute, updates do not forget to drop by the forum.<\/p>\n

Watch the video for more detailed explanations of this week\u2019s detailed analysis and trade plan.<\/p>\n