{"id":217068,"date":"2021-03-08T10:52:30","date_gmt":"2021-03-08T10:52:30","guid":{"rendered":"https:\/\/www.forexmentorpro.com\/blog\/?p=217068"},"modified":"2021-03-08T10:52:30","modified_gmt":"2021-03-08T10:52:30","slug":"weekly-flip-flop-zoom-out","status":"publish","type":"post","link":"https:\/\/www.forexmentorpro.com\/blog\/weekly-flip-flop-zoom-out\/","title":{"rendered":"Weekly: Flip Flop- Zoom Out"},"content":{"rendered":"

Hi, after Fridays much better US jobs news and then the Saturday $1-9 Trillion rescue package it’s not possible to estimate what is going to happen tomorrow.<\/p>\n

On top of that the EU bond market could herald a big drop in the Euro, but we might not find out how much until Thursday ECB press conference.<\/p>\n

I am going to leave the markets alone tomorrow and wait until Tuesday morning and I recommend that you do the same.<\/p>\n

We are looking for repeatable patterns, but everything “flip flopped” last week and many pairs are as “clear as mud”!<\/p>\n

I have made a video and show a few pairs that I am willing to trade tomorrow but my best advice at the very least is to watch and wait until after New York opens tomorrow. Will the rescue package be seen as a positive or negative (long term it’s not good, but short term it pumps more $$ into peoples pockets & the markets).<\/p>\n

Trade for clients & receive a substantial profit share<\/strong><\/p>\n

If you want to receive a substantial profit share you only need to make 3 to 5% per month. You can find a copy of the brochure here: Trade for Clients<\/a><\/p>\n

The Forex Week Ahead.<\/strong><\/h4>\n

Please watch the video I explain in a lot more detail and my thinking.<\/p>\n

Also do not be greedy at the moment. A lot of trades won last week but for 50\/60 pips and then reversed. These are choppy markets, move stops to entry and or take some profits- see the video.<\/p>\n

There is big Cad news on Wednesday and ECB monetary policy and press conference on Thursday.<\/p>\n

\u20acuro\/$: <\/strong>THis is too messy now for me. Zoom out and wathc on the weekly. 1.1600 is the first place I will consider a long.<\/p>\n

I said in recent weeks that it “couldn’t make its mind up” wow did I get that right!<\/p>\n

Chf: For the first time in ages there are a few possibles here: <\/strong>\u00a0The better area is all the way back up at 0.9590 to short, or watch 0.9235 and especially 0.9150 for a long.<\/p>\n

Euro\/Gbp: <\/strong>Failed to break the trendline again. I only want to short, preferably a pullback to 0.8680 or 0.8740- the other choice is to wait for it to break the trendline, then pullback. see the video<\/p>\n

Gbp\/$: 1.3400 long is a zoomed out entry. <\/strong>Intraday 1.3750 is an area to watch but it’s not an A grade for me. Leaving for now but check out some of the Gbp crosses that have a better risk-reward and stronger place for the stop.<\/p>\n

$\/Yen: <\/strong>108.00 possible long.<\/p>\n

Cad: Be very careful with this one. Fridays NFP could be a game-changer on this pair. Definitely do not trade it around Wednesdays news. I will not counter-trend long it now. <\/strong>Zoom out entry is short at 1.2990. Intraday areas to watch 1.2750 and 1.2850 (not for me).<\/p>\n

Gbp\/Cad: Long at 1..7310 for multiple reasons<\/p>\n

Nzd: Flip flopped: <\/strong>If it just drops then I will be interested to long at 0.7080 but not a forward order- as per above see how the markets react re all $USA pairs<\/p>\n

Aud<\/strong>: Even less clear. Zoom out entry is 0.7360\/7400 area.<\/p>\n

Euro\/Yen <\/strong>128.00 is a possible long for me.<\/p>\n

Cad\/Yen<\/strong> 83.30 looking to long there again. Good risk-reward.<\/p>\n

Euro\/Aud: <\/strong>1.5600 for a short<\/p>\n

Euro\/Nzd:<\/strong> I will short if it pulls back to 1.6970<\/p>\n

Nzd\/Cad:<\/strong> I will long at 0.9100 to 0.9145 (splitting my entry in 2)<\/p>\n

Gbp\/Nzd:<\/strong> Worked again last week but on Friday \ud83d\ude41 …1.9400 is “the sweet spot” to short.<\/p>\n

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

See the\u00a0new course<\/a>\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. 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 analysis and trade plan.<\/p>\n