{"id":217284,"date":"2021-03-22T10:39:07","date_gmt":"2021-03-22T10:39:07","guid":{"rendered":"https:\/\/www.forexmentorpro.com\/blog\/?p=217284"},"modified":"2024-05-23T17:39:15","modified_gmt":"2024-05-23T16:39:15","slug":"weekly-analysis-how-to-trade-when-things-dont-go-to-plan","status":"publish","type":"post","link":"https:\/\/www.forexmentorpro.com\/blog\/weekly-analysis-how-to-trade-when-things-dont-go-to-plan\/","title":{"rendered":"Weekly Analysis: How to Trade When Things Don’t Go to Plan?"},"content":{"rendered":"

Hi, in recent weeks we have seen a lot of choppy markets and many major pairs do not fit the rules of my strategy nor my plan.<\/p>\n

Solution?<\/h3>\n

\"\"<\/p>\n

I look at lots of different pairs or use an alternate strategy or a mixture.<\/p>\n

Ashley and his fellow traders in the forum shared a lot of winning trades last week that were a mixture of M2 & Earth &Sky. I mention all the time that you need to be flexible to be a successful trader. These guys are doing it and sharing in real time, so get in there.<\/p>\n

Sometimes I might only have one trade in a week, but if the risk-reward is good I don’t need many winning trades to have a successful month. I showed that in January:<\/p>\n

https:\/\/www.forexmentorpro.com\/members-area\/2-trades-one-months-profit\/<\/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:\u00a0Trade for Clients<\/a><\/p>\n

Cryptocurrencies:<\/strong> Members of my crypto advisory site have seen fantastic gains many over 500% since last May, Those who joined in January have seen over 200% and one of my portfolio coins is up 1800% this year alone. $500 bought on the 1st January is now valued at $9000 in 10 weeks!!<\/strong><\/em> I advised them to take some profits yesterday.<\/p>\n

More about Crypto here: Crypto mini course<\/a><\/p>\n

Bitcoin:\u00a0<\/strong>I do not trade it but have been buying since $8130 this time last year. It broke $60,000 last week then pulled back. If it pulls back again around $50.00 I will buy more- I think it’s quite capable of hitting $100,000 by the summer if not sooner- see the video.<\/p>\n

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

I said last week \u201d 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.\u201d<\/p>\n

Last weeks news was mixed and this week there isn’t a right lot of it. However, there are a LOT of speeches by central bankers, which might cause some movement-so whats the plan?<\/p>\n

Most of the majors are still too messy, so I have looked for opportunities elsewhere and have a few A grade setups as ever.<\/p>\n

\u20acuro\/$:\u00a0<\/strong>THis is too messy now for me. Zoom out and watch on the weekly. 1.1600 is the first place I will consider a long.\u00a0I said in recent weeks that it \u201ccouldn\u2019t make its mind up\u201d wow did I get that right!<\/p>\n

Chf: Same: Worked again last week \u201c<\/strong>watch 0.9235 and especially 0.9150 for a long.\u201d I still prefer a short higher up at 0.9550 now<\/p>\n

Euro\/Gbp:\u00a0<\/strong>Failed to break the trendline yet 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\/$: Same as last week\u20261.3400 long is a zoomed out entry.\u00a0<\/strong>Intraday 1.3760 is an area to watch but it\u2019s not an A grade for me. Leaving for now.<\/p>\n

$\/Yen: 108.00 possible long<\/strong>. If you do take it do not be greedy. 110.00 is huge previous support and resistance and there is a weekly trendline not far above- see the video. Swing traders will be looking to short there.<\/p>\n

Cad: <\/strong>MIxed news last week. My bias is still short but on a pullback. 1.2670 is the first area for me.<\/p>\n

Euro\/Cad.<\/strong> I do like the look of this one. I will short at 1.4990 if it pullsback<\/p>\n

Gbp\/Cad:<\/strong> I might consider a long for now only shorts- see the video.1.7600 is a good area to consider.<\/p>\n

Nzd: Flip flopped:\u00a0<\/strong>If it just drops then I will be interested to long at 0.7080\/0.7100<\/p>\n

Nzd\/Chf:<\/strong>\u00a0Not a pair I trade but one of my private students points out that 0.6550 looks good to long.<\/p>\n

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

Aud\/Cad:<\/strong> I will risk half on a swing trade long at 0.9600. More cautious entry is wait for Earth & Sky “signal” see the video and forum for examples last week.<\/p>\n

Euro\/Yen\u00a0<\/strong>128.00 is a good place for a long for me.<\/p>\n

Euro\/Aud:\u00a0<\/strong>1.5630 for a short<\/p>\n

Euro\/Nzd:<\/strong> I will short if it pulls back to 1.6960<\/p>\n

Nzd\/Cad:<\/strong>\u00a0I will short if it moves back up to 0.9090. Good risk reward- see the video.<\/p>\n

Gbp\/Nzd:<\/strong>\u00a0Worked again last week but its looking range bound and might break higher now. I am not as confident but\u00a0 \u20261.9400 is still \u201cthe sweet spot\u201d to short.<\/p>\n

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

See the (non-members will have to sign up to view) new course<\/a> & 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