Hi guys, things have been remarkably quiet and positive overnight. Asian stocks at all-time highs and Euro stocks up too on Biden presidency.<\/p>\n
UK negotiators talking about sensible compromise over fishing rights (one of the biggest final hurdles) in the Brexit talks- my bias is to buy the GBP if it pulls back.<\/p>\n
General $US weakness right now.<\/p>\n
I will not buy the Cad nor the Chf at the moment as there is a danger they will drop straight through the major support levels and there is nowhere for a stop on either.<\/p>\n
I have taken a half stake long in the Euro\/gbp this morning.<\/p>\n
In general, I am now waiting to see what happens when New York opens.<\/p>\n
Either stick with the big picture\/big areas as per yesterdays comments or have a look at the M3 for possibilities.<\/p>\n
Don’t be in more than one $US trade at a time today, because if it turns against you then one loses, they all lose!<\/p>\n
M3: See the new course\u00a0& 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\u2019s Earth and sky template. Then I make a note of the weekly & monthly pivots points and add them to the charts.<\/p>\n
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 a more detailed explanation.<\/p>\n