{"id":219182,"date":"2024-04-09T18:28:45","date_gmt":"2024-04-09T17:28:45","guid":{"rendered":"https:\/\/www.forexmentorpro.com\/blog\/?p=219182"},"modified":"2024-05-23T16:51:05","modified_gmt":"2024-05-23T15:51:05","slug":"whats-the-plan-up-or-down-this-week","status":"publish","type":"post","link":"https:\/\/www.forexmentorpro.com\/blog\/whats-the-plan-up-or-down-this-week\/","title":{"rendered":"What&#8217;s The Plan &#8211; Up Or Down This Week?"},"content":{"rendered":"<h2>What&#8217;s The Plan &#8211; Up Or Down This Week?<\/h2>\n<p>Hi, trading should be easy we just need to get the direction right? In today&#8217;s analysis for the week ahead, I show how I use various markets and indicators to formulate a plan for forex, stocks, crypto and metals for the week ahead. All using my M2 strategy.<\/p>\n<p>With forex I start looking at technicals then filter my decisions with some fundamentals. Is my bias $ strength or weakness for the week ahead and how do I arrive at that decision?<\/p>\n<p>With other markets I look at the fundamentals first, then use M2 for the entries. So far this year my stock portfolio is over 35% in profit for the first 3 months and my crypto +64%. ;metals I took profit at 10% since January.<\/p>\n<p>I show in the video the process I go through every trading day to formulate a plan. If something happens during the week either technically or fundamentally I will revise the plan. For example, if the war in Ukraine or the situation in the Middle East gets worse that will impact gold, oil, stocks and the USD.<\/p>\n<p>Here are links to some of the websites I discuss in the video:<\/p>\n<p>Excellent market &amp; forex fundamental analysis: <a href=\"https:\/\/www.marctomarket.com\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.marctomarket.com\/<\/a><\/p>\n<p><a href=\"https:\/\/finance.yahoo.com\/news\/microstrategy-slumps-14-short-seller-144823850.html\" target=\"_blank\" rel=\"noopener\">The short squeeze on MSTR stock<\/a><\/p>\n<p>Website showing which funds are shorting: <a href=\"https:\/\/fintel.io\/sosh\/us\/mstr\" target=\"_blank\" rel=\"noopener\">https:\/\/fintel.io\/sosh\/us\/mstr<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>I will explain all this in more detail in Tuesday&#8217;s live training session.<\/p>\n<h4>The Forex Week Ahead+++++++++++++++++++++++<\/h4>\n<p>The week ahead is much lighter in terms of news. If trading the NZD, Cad &amp; Euro pay attention to the interest rate news and especially the press conferences. I explain in the video how I trade around them. Sometimes I will leave a forward order, but only with very clear rules that I will explain once more in the live training session.<\/p>\n<p>++++++++++++++++++<\/p>\n<p><strong>MAJORS<\/strong><\/p>\n<p>The $index appears to be in an uptrend. The US 10 note is clearer.<\/p>\n<p>Remember I am looking for \u201cA\u201d grade trades from weekly &amp; daily charts that I can place the orders and then just walk away. A \u201cB\u201d grade is of interest, but not an A yet. I will watch on 4 hour timeframes to see how it reacts if it hits my zone.<\/p>\n<p>EUR\/USD: I will short at 1.0985 just below the psychological area, though the CHF looks more solid this week<\/p>\n<p>USD\/CHF: keep an eye on DXY as it is correlated. I am looking to long at 0.8920 &amp; 0.8875, I split the order in two<\/p>\n<p>Do not take the Euro\/$ &amp; Chf at the same time. They are correlated so it&#8217;s the same &#8220;bet.&#8221;<\/p>\n<p>GBP\/USD: Messy, leaving for now.<\/p>\n<p>AUD\/USD: Iron ore prices (the main export) are considerably down so my bias is short BUT the charts are messy. Nzd looks better.<\/p>\n<p>NZDUSD: Shorting at 0.6070 &amp; 0.6095. Beware interest news &amp; press conference early Wednesday European time.<\/p>\n<p>USD\/CAD: Big support area of the weekly 55ema. I will split the order longs: 1.3525 &amp; 1.3510. Cancel if price is less than 100 pips away when interest rates are announced.<\/p>\n<p>USDYEN: BoJ is fighting the $, leaving alone. Euro\/Yen and Gbp\/Yen more interesting<\/p>\n<p><strong>CROSSES<\/strong><\/p>\n<p>Some are A grades where I will place forward orders, some pairs have \u201careas of interest.\u201d I have a lot of similar crosses so be very <a href=\"https:\/\/www.mataf.net\/en\/forex\/tools\/correlation\" target=\"_blank\" rel=\"noopener\">careful with the correlation.<\/a><\/p>\n<p>EURGBP:\u00a0 I am waiting for the pullback. Looking to short at 0.8595 and 0.8625.<\/p>\n<p>GBPCAD: Needs a pullback. Will look to take it at 1.7010, has multiple reasons.<\/p>\n<p>EURCAD: Made 180 pips last week. I am looking to long again on the pullback at 1.4560, might split it.<\/p>\n<p>NZDCAD: Dont take same time as NZD, interested to short at 0.8225<\/p>\n<p>GBPYEN: Not an A grade but 190.00 is a big area to consider a long<\/p>\n<p>EURYEN: A grade I will long at 162.25 for multiple reasons.<\/p>\n<p>I have quite a few other &#8220;possibles&#8221; that I will monitor during the week. See the video. I also show areas I will look to buy metals on pullbacks and crypto and miners.<\/p>\n<p><a href=\"https:\/\/www.mataf.net\/en\/forex\/tools\/correlation\" target=\"_blank\" rel=\"noopener\"><strong>As always, remember correlation!\u00a0<\/strong><\/a><\/p>\n<p>New members, please note: If I am looking to take a trade long, for example, 1.5000, I place my order 10 pips above &amp; 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<p><a href=\"https:\/\/www.forexmentorpro.com\/blog\/free-forex-training-course\/\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"size-full wp-image-4732 aligncenter\" src=\"https:\/\/www.forexmentorpro.com\/blog\/wp-content\/uploads\/2017\/08\/650x60-100-Free-training-course-4.jpg\" alt=\"\" width=\"650\" height=\"60\" title=\"\" srcset=\"https:\/\/www.forexmentorpro.com\/blog\/wp-content\/uploads\/2017\/08\/650x60-100-Free-training-course-4.jpg 650w, https:\/\/www.forexmentorpro.com\/blog\/wp-content\/uploads\/2017\/08\/650x60-100-Free-training-course-4-300x28.jpg 300w\" sizes=\"(max-width: 650px) 100vw, 650px\" \/><\/a><\/p>\n<p>We are NOT a \u201ctipping service\u201d we aim to teach you how to trade for yourself.<\/p>\n<p>Watch the video below for more detailed explanations of this week\u2019s analysis and trade plan.<\/p>\n<p>Kind regards, Marc<\/p>\n<p>To find out more about our crypto journey check out the mini-course and if you want to get involved in what I believe is the next boom, scroll to the bottom of the page to find out more: <a href=\"https:\/\/www.forexmentorpro.com\/members-area\/cryptocurrency-course\/\" target=\"_blank\" rel=\"noopener\">CLICK HERE<\/a><\/p>\n<p>You can watch the full video below, you can read the transcript or view the full screen by clicking the buttons below the video:<\/p>\n<p>&nbsp;<\/p>\n<p><iframe src=\"https:\/\/player.vimeo.com\/video\/931334168?dnt=1&amp;app_id=122963\" width=\"1080\" height=\"608\" frameborder=\"0\" allow=\"autoplay; fullscreen; picture-in-picture; clipboard-write\"><\/iframe><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What&#8217;s The Plan &#8211; Up Or Down This Week? In this weeks post I have shown you how to determine the direction of any given week.<\/p>\n","protected":false},"author":2054,"featured_media":218694,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","rank_math_focus_keyword":"","rank_math_description":"Discover weekly market direction with our M2 strategy. Combine technicals and fundamentals for forex, stocks, crypto, and metals. Find out more.","rank_math_title":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-219182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex-analysis"],"_links":{"self":[{"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/posts\/219182","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/users\/2054"}],"replies":[{"embeddable":true,"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/comments?post=219182"}],"version-history":[{"count":2,"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/posts\/219182\/revisions"}],"predecessor-version":[{"id":219324,"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/posts\/219182\/revisions\/219324"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/media\/218694"}],"wp:attachment":[{"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/media?parent=219182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/categories?post=219182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/tags?post=219182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}