Hi, this is a copy of my mid-week update to members of my Forex Mentor Pro group.

I explained why I had cancelled my Euro/$ short and why I was going to be ultra careful for the rest of this week.

I had explained in Sundays detailed analysis “Weekly Forex Technical Analysis” why I was very wary with current markets and that whilst many currency pairs looked very attractive from a technical perspective I wasn’t in a rush to trade, and if I was I would only take one at a time and be mega careful.

This is what i said on Sunday:

“General $USA weakness, choppy markets and no real follow through is not my style of trading. I prefer to trade from weekly and daily charts and if you are currently struggling I suggest you zoom out too. Look for major areas on these charts to avoid the general intraday “noise” and pick areas with multiple reasons to take trades.

I show in todays video a lot of these type of set ups, BUT a word of caution, only be in one trade at a time and set yourself a maximum % of your account that you are prepared to lose in a week. If you hit that area then walk away. The 1st priority as ever is to not lose your account. Forex goes through periods when it is SO easy, the trick is walk away or be ultra conservative when it is not.”

In Wednesdays short video update I explained why I cancelled what had looked like a perfect short entry on the Euro/$ at 1.1000 & why I was going to be very conservative until a) after the Fed news and b) for the rest of the week.

Here is Wednesday mornings update:

Yet more negative US news the last few days. This constant drip drip could soon turn into a flood and see the $USA reverse. The 2 major events that have the ability to change all that? Todays FOMC & Fed statement and next weeks NFP. The latter was poorer than expected last month, but analysts have hypothesised that it was due to the bad weather. Another set of worse than expected data and I suspect that the $ will reverse.

So what to do in the meantime? Fed chair Yellen said a few months ago that there would be no more forward guidance and decisions will be data driven. So watch the data!

Today I am doing nothing until after the Fed news. I have cancelled the Euro/$ short at 1.100. It may still win but I don’t care, everything is as clear as mud AND a LOT of pairs are all racing to major areas right now. As per Sundays analysis, best advice is zoom out to longer time frames. Look for areas with multiple reasons. WAIT until after the news and then decide whether to get involved or not.

If I do then decide to take a trade I will only be in one at a time and strongly recommend that you follow my lead. All explained in todays short video, New members please note: If I am looking to take a trade long, at 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.

We are NOT a “tipping service” our aim is to teach you how to trade for yourself. If you would like to test drive our 5* rated forex mentor pro service you can do so now for just a $1 and have 14 days access, all areas. CLICK HERE to find out more.

Becoming a successful trader is not just having a winning system its also knowing when to walk away and live to trade another day!

regards

Marc Walton

Why I Cancelled My Forex Orders