{"id":218217,"date":"2022-08-08T10:20:09","date_gmt":"2022-08-08T09:20:09","guid":{"rendered":"https:\/\/www.forexmentorpro.com\/blog\/?p=218217"},"modified":"2022-08-08T17:29:35","modified_gmt":"2022-08-08T16:29:35","slug":"400-pips-caught-in-one-week","status":"publish","type":"post","link":"https:\/\/www.forexmentorpro.com\/blog\/400-pips-caught-in-one-week\/","title":{"rendered":"400 pips caught in one week!"},"content":{"rendered":"

Hi, I showed in the live session how I had once again last week I used a study of the stock markets, gold, indices and especially the $index to formulate my plan for the week.<\/p>\n

I did exactly the same thing a few weeks ago. I did it once more on the CHF and it worked well for over a 100 pips. See this page for videos of last weeks trades. How I planned the entries. Managed the trades. Took some profits and then the final result.<\/p>\n

This is a textbook example of, steps, 1 2 & 3 that I follow every week and share with you. Last week was fairly straight forwards and I know lots of you caught at least some of the trades and more of your own.<\/p>\n

Here is the link to the post me sharing my trades gave around 200\u00a0 pips<\/p>\n

Managing winning trades<\/a><\/p>\n

Here is how my student caught 180 pips from 2 trades which he shared in the live session.<\/strong><\/p>\n

180 pips from 2 trades<\/a><\/p>\n

Before you get carried away and think “this is easy”- things just got a whole lot more complicated with Fridays very positive NFP, jobs & earnings data.<\/strong><\/em> Jobs were more than double the expected so many commentators, including on Twitter, say that this proves the US is not in a recession. I don’t buy into that at the moment.<\/p>\n

There is much more negative news coming out on an almost daily basis and this “drip drip” is taking its toll. This week I am focusing initially more on technical analysis than fundamentals for possible forex setups, of which there are many.<\/p>\n

I also spoke on Tuesday in the live session about my uneasiness with the US stocks that I had bought. I showed in the session how I had sold some of my blue chips, including Amazon +37%, Apple +20% & Ford + 30% & some Ethereum that I had traded + 60%<\/strong><\/em> (I am still HODLING a lot of ETH in my buy &hold portfolio).<\/p>\n

These were all bought in the last couple of months.<\/strong><\/em> I shared them with you in previous live sessions.<\/p>\n

Usually, with blue-chips it can years to see those kind of results. By Thursday I have sold the rest<\/strong><\/em>. Some have risen a little since and they could shoot much higher. However, in my opinion, the data doesn’t support increased valuations. I also suspect that this is a short squeeze, so I am happy to take the profit and run!<\/p>\n

I may of course be wrong, but if I miss out I am happy to accept what the market gave me and wait it out.<\/p>\n

Full disclosure, I still hold a substantial, varied crypto portfolio. It may take a year or more to come back and we could see bigger falls first, but they ar ebought and paid for as well as profits banked, so I am happy to sit it out.<\/p>\n

I still have a few Zoom & Paypal shares- though I am thinking to sell these this coming week. Other steps I took earlier in the year was to convert my spare euros & GBP into USD. I then have 25% of my assets in gold, silver and some platinum. 15% in gold, silver and other metals mining stocks. Some in my personal forex account and the balance in cash.<\/p>\n

All of these trades and purchases were pre-planned and shared with you in advance.<\/p>\n

As were last weeks forex trades.<\/p>\n

I said a couple of weeks ago that “I have done this for over 15 years and the in-house joke is that I am “spookily accurate”!\u00a0The good thing is you can do this too. It’s not rocket science. I simply look for repeatable patterns that give clues as to where price will “probably” react again.<\/p>\n

Does it work all the time? Of course not. Forex is supposedly random and impossible to predict. The advantage that we have is having found a big area we then only look to take trades that will give us a bare minimum of 1:2 risk reward ratio and often more. Once again this month I have made my month’s target from a handful of trades. Most were placed on a Sunday and very little work\/screen time during the week.”<\/p>\n

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

You can also follow me on Twitter https:\/\/twitter.com\/marcwalton<\/strong><\/a><\/p>\n

The Forex Week Ahead<\/h4>\n

I explain in the video that even yellow flag news can be important at the moment. Fx pairs rarely turn on a dime. More often than not it’s the aforementioned “drip-drip” of data that is the slower catalyst.<\/p>\n

This week the BIG event is the CPI inflation news from the USA on Wednesday. I would advise you not to open any new trades and close open ones a few hours before at the latest as anything could happen around this time. It is the perfect opportunity for the BIG boys to make their money.<\/p>\n

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

Trade for clients & receive a substantial profit share<\/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

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

MAJORS<\/strong><\/p>\n

\"\"As I mentioned in the title, everything is as clear as mud right now.<\/p>\n

Yet, my fundamental bias is still $ strength versus all majors.<\/p>\n

A lot will depend on how the London traders interpret NFP having had the weekend to dissect it more.<\/p>\n

Also as we are now in summer markets it is quite normal for prices to range.<\/p>\n

Remember I am looking for “A” grade trades from weekly & daily charts that I can place the orders and then just walk away.<\/p>\n

EUR\/USD: Bias is only to short, but it is miles away from my A grade short. Last week there was a 4 hour trade, see the video, not for me.<\/p>\n

USD\/CHF: Worked last week for 100+ pips<\/strong><\/em>\u00a0 I will watch the $index once more for clues. I am looking to Long this pair at 0.95100 & 0.9470 (split the risk in half) as explained in the video.<\/p>\n

GBP\/USD: I only want to short. Not an A grade. Personally wouldn’t touch it, better opportunities elsewhere.<\/p>\n

AUD\/USD: 0.7000 is a big area for a potential short, but not enough reasons for the stop for it to be an A grade for me, but worth watching on the 4 hour.\u00a0 0.7140 is stronger.<\/p>\n

NZDUSD: Only looking to short at 0.6650\/split 0.6690 but its a long way. Intraday you could watch 0.6300 for clues.<\/p>\n

USD\/CAD:\u00a0 I am interested to long at 1.2560. If it drops lower then 1.2760 is the next area. If it does do a massive drop then 1.2560 is also an area to long for me.<\/p>\n

CROSSES<\/strong><\/p>\n

EURCAD: A grade for me is miles away at 1.3740. Intraday I would watch 1.3370<\/p>\n

EURNZD: Interesting on a Daily to short at 1.6470 and 1.6520<\/p>\n

EUR\/AUD: Worked last week for over 130 pips<\/strong> shorting at 1.4780<\/p>\n

NZFCHF: 0.6270 is the major area. 0.6200 is also an area to watch.<\/p>\n

GBPNZD: I have a forward order at 1.90250<\/p>\n

AUDCAD: Short around 0.9090\/split and other half at to 0.9120,<\/p>\n

AUD\/NZD: Worked last week for over 80 pip<\/strong><\/em>s. One of my private students showed me it. I said in the live session that it was text book M2 and the “tip of the day” then I forgot to place the order after the session :<\/p>\n

1.1020 is the area for me to long. If there is a major drop later than 1.0840 and 1.0810 for a long for me.<\/p>\n

AUDCHF: short at 0.6750<\/p>\n

GBP\/CAD: 1.5900 is a B grade for me. 1.6740 is a long way off, A grade<\/p>\n

As always, remember correlation!<\/strong><\/p>\n

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

\"\"<\/a><\/p>\n

Watch the video below for more detailed explanations of this week\u2019s analysis and trade plan (click the 4 arrows bottom right to view full-screen):<\/p>\n

Regards<\/p>\n

Marc<\/p>\n