{"id":2166,"date":"2017-05-02T14:14:59","date_gmt":"2017-05-02T13:14:59","guid":{"rendered":"https:\/\/www.forexmentorpro.com\/blog\/?p=2166"},"modified":"2024-05-24T22:51:16","modified_gmt":"2024-05-24T21:51:16","slug":"may-day-may-day-now-way","status":"publish","type":"post","link":"https:\/\/www.forexmentorpro.com\/blog\/may-day-may-day-now-way\/","title":{"rendered":"‘May day – May day’ now out of the way !!!"},"content":{"rendered":"

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

I hope you all had a super looooong weekend and that you enjoyed it with your family.<\/p>\n

Well with May day (International Workers Day) out of the way, let’s have a look at the charts this morning and see if we can spot potential trade set ups and Earth and Sky trading zones for the rest of the week.<\/p>\n

RS All Indicator: (Spaghetti Indicator) <\/u><\/strong><\/p>\n

The spaghetti indicator is telling us this morning to keep an eye on the NZD,Aussie and the JPY currencies. The rest look a little flat 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 at some notes: \u00a0<\/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

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

Difference between last week\u2019s open\/close: Plus 33 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

Earth and Sky Trading Zone for the week:<\/u><\/strong><\/em><\/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 only closed min 33 pips lower than the opening of last week so we are very flat…..that is why I fib the daily chart this morning to get the earth and sky long zone for the week ahead.<\/strong><\/p>\n

Price is above the 200 EMA
\n34 EMA (sky) is above the 55 EMA (earth)
\nDirection: Long
\nPotential trading zone: Between the 1.0762 and 1.0667 levels<\/p>\n

Potential area to look for reaction: At the 1.0807\/1.0775 (38.2 fib area) and 1.0748 and 1.0736 levels.<\/p>\n

Potential Profit take areas: At the 1.0847 and 1.0952 and 1.0966 levels.<\/p>\n

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

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

Potential Counter Trades: At the 1.0952 and 1.1049 levels.<\/p>\n

Potential Profit take areas: At the 1.0847 and 1.0807 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

Currently in no man’s land…..wait for price to come to your levels first before you take any trades.<\/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

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

Difference between last week\u2019s open\/close: Plus 181 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><\/strong><\/em><\/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 above the 55 EMA (earth)
\nDirection: Long
\nPotential trading zone: Between the 120.67 and 119.79 levels<\/p>\n

Potential area to look for reaction: At the 120.67 and 120.21\u00a0 and 119.79 levels.<\/p>\n

Potential Profit take areas: At the 122.64 levels.<\/p>\n

MACDEE Divergence: YES !!!!!!!!!!!!!!!!!!!!!!!!!!!!
\nStochastic: Overbought<\/p>\n

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

Potential Counter Trades: At the 122.64 and 123.00 levels.<\/p>\n

Potential Profit take areas: At the 120.67<\/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

If we look at the daily chart then we can see we have a big resistance level waiting at 123.00 level. We also have MACD divergence warning us that a potential correction is on its way.<\/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\/GBP on the\u00a04 hour\u00a0 chart:<\/u><\/strong><\/p>\n

Difference between last week\u2019s open\/close: Min 44 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><\/strong><\/em><\/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 0.8468 and 0.8500 levels<\/p>\n

Potential area to look for reaction: At the 0.8500 and 0.8507 and 0.8531 last week’s high area..<\/p>\n

Potential Profit take areas: At the 0.8405 and 0.8381 levels.<\/p>\n

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

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

Potential Counter Trades: At the 0.8405 and 0.8381 levels.<\/p>\n

Potential Profit take areas: At the 0.8453 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

I will be keeping an eye on the 55 EMA`S and 200 EMA to give resistance first before I will look to short this pair.<\/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)\u00a0GBP\/Dollar on the\u00a04 hour chart:<\/u><\/strong><\/p>\n

Difference between last week\u2019s open\/close: Plus 108 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><\/strong><\/em><\/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 above the 55 EMA (earth)
\nDirection: Long
\nPotential trading zone: Between the 1.2868 and 1.2819 levels<\/p>\n

Potential area to look for reaction: At the 1.2833 and 1.2815 levels<\/p>\n

Potential Profit take areas: At the 1.2365 and 1.2307 levels.<\/p>\n

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

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

Potential Counter Trades: At the 1.2965 and 1.3008 levels.<\/p>\n

Potential Profit take areas: At the 1.2890 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

If we don’t find solid support at the WS1 pivot, be careful as we might go visit the mother in laws at 1.2695 and 1.2634 areas.<\/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\/JPY on the\u00a04 hour chart:<\/u><\/strong><\/p>\n

Difference between last week\u2019s open\/close: Plus 285 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><\/strong><\/em><\/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 above the 55 EMA (earth)
\nDirection: Long
\nPotential trading zone: Between the 142.33 and 141.20 levels<\/p>\n

Potential area to look for reaction: At the 142.84 ( 38.2 fib) and 142.23 and 141.18 levels.<\/p>\n

Potential Profit take areas: At the 144.61 and 145.62 levels<\/p>\n

MACDEE Divergence: \u00a0YES !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
\nStochastic: Overbought<\/p>\n

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

Potential Counter Trades: At the 144.61 and 145.62 levels.<\/p>\n

Potential Profit take areas: At the 142.84 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 have MACD divergence giving us a warning sign that there might be a correction on its way so take note.<\/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)\u00a0Aussie\/Dollar on the\u00a04 hour chart:<\/u><\/strong><\/p>\n

Difference between last week\u2019s open\/close: Min 74 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><\/strong><\/em><\/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 0.7511 and 0.7547 levels<\/p>\n

Potential area to look for reaction: At the 0.7543 and 0.7554 levels.<\/p>\n

Potential Profit take areas: At the 0.7514 and 0.7502 and 0.7439 levels<\/p>\n

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

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

Potential Counter Trades: At the 0.7420 levels.<\/p>\n

Potential Profit take areas: At the 0.7500 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

Currently that 200 EMA`S at 0.7543\/54 will be key resistance for this pair this week.<\/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\/JPY on the 4 hour chart:<\/u><\/strong><\/p>\n

Difference between last week\u2019s open\/close: Plus 17 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><\/strong><\/em><\/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 above the 55 EMA (earth)
\nDirection: Long
\nPotential trading zone: Between the 83.64 and 83.18 levels<\/p>\n

Potential area to look for reaction: At the 83.85 (38.2 fib) and 83.79 and 83.69 levels.<\/p>\n

Potential Profit take areas: At the 84.15 and 84.64 levels<\/p>\n

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

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

Potential Counter Trades: At the 84.64 levels.<\/p>\n

Potential Profit take areas: At the 83.96 and 83.79 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

I will be keeping an eye on the WR2 pivot for a counter short today.<\/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

8)\u00a0USD\/JPY on the\u00a04 hour chart:<\/u><\/strong><\/p>\n

Difference between last week\u2019s open\/close: Plus 125 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><\/strong><\/em><\/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 above the 55 EMA (earth)
\nDirection: Long
\nPotential trading zone: Between the 110.84 and 110.22 levels<\/p>\n

Potential area to look for reaction: At the 111.14 (38.2 fib) and 110.97 and 110.81 levels.<\/p>\n

Potential Profit take areas: At the 111.75 and 112.15 levels<\/p>\n

MACDEE Divergence: YES !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
\nStochastic: Overbought<\/p>\n

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

Potential Counter Trades: At the 112.15 levels.<\/p>\n

Potential Profit take areas: At the 111.28 and 110.97 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 have MACD showing divergence so take note as it is a early warning sign that possible correction can be on the cards.<\/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

9)\u00a0USD\/CAD on the\u00a04 hour chart:<\/u><\/strong><\/p>\n

Difference between last week\u2019s open\/close: Plus 158 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

Earth and Sky Trading Zone for the week:<\/u><\/strong><\/em><\/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 above the 55 EMA (earth)
\nDirection: Long
\nPotential trading zone: Between the 1.3554 and 1.3482 levels<\/p>\n

Potential area to look for reaction: At the 1.3588 (38.2 fib) levels.<\/p>\n

Potential Profit take areas: At the 1.3697 and 1.3755 levels<\/p>\n

MACDEE Divergence: YES !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
\nStochastic: Overbought<\/p>\n

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

Potential Counter Trades: At the 1.3700 and 1.3755 levels.<\/p>\n

Potential Profit take areas: At the 1.3583 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 have MACD showing divergence so take note as it is a early warning sign that possible correction can be on the cards.<\/p>\n

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

10)\u00a0USD Index on the DAILY 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><\/strong><\/em><\/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 only closed min 2 pips lower than last week’s opening, that is why I had to fib the daily chart this morning to get the earth and sky short zone.<\/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 100.02 and 100.69 levels.<\/p>\n

Potential area to look for reaction: At the 99.70 and 99.95 and 100.09 levels.<\/p>\n

Potential Profit take areas: At the 98.68 and 97.97 levels.<\/p>\n

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

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

Potential Counter Trades: At the 98.68 and 97.97 levels.<\/p>\n

Potential Profit take areas: At the 99.61 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

Currently in no man’s land for me. I will prefer a correction to at least 99.70 first before I will re look to short this Index.<\/p>\n

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

That`s that. \ud83d\ude42<\/p>\n

Pop over to the forum if you need any help or have any questions !!!<\/strong><\/em><\/p>\n

Regards<\/p>\n

Pierre<\/p>\n

Make the video clip bigger to see the levels to see the levels more clearly !!!<\/p>\n