Marc Waldon

This Weeks Winning Trades

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This Weeks Winning Trades

This is Friday mornings round up of the week’s markets from Pierre Du Plessis, one of my fellow mentors at Forex Mentor Pro.com Pierre posted earlier in the week what he was looking to trade and why and kept members updated in the forum. Today he shows you what trades he took (only 2) that enabled him to make 3 weeks profit, both from pre planned trades. If you study his methodology you will be able to spot the same set ups next time.

He also explains why its vital that you do not “over trade.” Forex is a lot like waiting for a bus. Nothing happens for ages, then two or more come at once 🙂 Learn to choose the best options and leave the rest alone, here is Pierre’s post:

YOU DON`T HAVE TO TAKE ALL OF THEM!

pierreWhat a week we had!!

It was raining pips all over the place…….and the best part of it, I showed you already on Tuesday morning where to look for trades even before price got to the entry areas.

I personally only took two trades this week that in total gave me almost a month’s worth of pips. My target is to get one home run a week (100 pips) and if I can get that, then I am a happy camper!

The trades I took: One Earth and Sky trade on the Dollar/CHF pair that gave me 80 odd pips and the one stunning counter trade from a pivot level on the GBP/JPY that gave me 260 pips leaving me only with 60 pips to get the rest of the month – and its only the 6th today !

One of my mates `Whats up` me this week on my cell phone. He had a problem with over trading!!

Like this week we had plenty of pairs that gave us an opportunity to trade them.  PROBLEM IS – YOU DONT HAVE TO TAKE ALL OF THEM!!!

When you are new to trading, you just can’t withstand the temptation to take` EVERY `trade that comes your way mates. I know – I have the T shirt. This will lead to over trading big time and you will lose your account in no time.

I only trade the pairs Marc and I look at. No funny pairs please!!!! I mean why on earth do you want to trade a pair that you know nothing about plus have no back up. If I talk back up here – then I mean back up from our analysis we give here at ForexMentorPro.

It takes a hell of allot of time to bring you the analysis for the week and its a huge responsibility for us – we go out of our way to bring you the best spot on analysis we can to limit your risk – and then you go and trade the `funny` pairs – I mean really !!! 😈 Set yourself a goal – see if you can get to 100 pips with as few possible trades a week. This will make you look twice before you just jump in. Now its a different ball game as you will pay more attention to the pairs you trade, the setups, the risk reward ratio just to name a few.

Try it and let me know what is the outcome please !

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Truth saying for the weekend:

` A lot of people are afraid to say what they want – that is why they don`t get what they want ` – Madonna

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1) Euro Index on the 4 hour chart:

Previous weeks Opening/Closing: Plus 16 pips

Earth and Sky trading zone for the week:

Price is above the 200 EMA (The pink line on the chart)
34 EMA (sky) is above the 55 EMA (earth) – (The blue and brown line on the chart)
Direction: Long (Up)

Potential trading zone is between: 110.21 to 109.87

Potential area to look for reaction: The 110.18/10 levels

Potential Profit take areas: The 110.53 and 110.89 levels

MACDEE Divergence: NO
Stochastic: OVERSOLD
Did we open with a GAP after the weekend? NO

Potential Counter Trades: At the 110.89 and 111.00 levels

Potential Profit take areas with a counter trade: At the 110.53 and 110.00 levels.

Notes: I fib the 4 hour chart from 20 November`s low to last week’s high to get this week’s potential trading zone. If price breaks the 200 EMA at 110.18 to the downside all long bias will be of the table for me.

Fridays Notes:

Earth and Sky Method: The 50% fib, the 200 EMA and daily 55 EMA at 110.17 this week gave support this week. Price bounced three times of this level – with yesterday`s move that gave the biggest jump that reached our profit take area at the weekly pivot point at 110.89.This trade gave us almost 70 pips.

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2) Euro/USD on the 4 hour chart:

Previous weeks Opening/Closing: Plus 32 pips

Earth and Sky trading zone for the week:

Price is above the 200 EMA (The pink line on the chart)
34 EMA (sky) is above the 55 EMA (earth) – (The blue and brown line on the chart)
Direction: Long (Up)

Potential trading zone is between: 1.3511 to 1.3453

Potential area to look for reaction: The 1.3534/21 and 1.3511 areas.

Potential Profit take areas: The 1.3567 – 1.3600 and 1.3644 levels.

MACDEE Divergence: NO
Stochastic: OVERSOLD
Did we open with a GAP after the weekend? NO

Potential Counter Trades: At the 1.3627 and 1.3644 levels.

Potential Profit take areas with a counter trade: At the 1.3567 and 1.3534 levels

Notes: I fib the 4 hour chart from 21st of November`s low to last week`s high to get this week`s potential trading zone. If price breaks the 1.3500 level to the downside all long bias will be of the table for me. There is a possible head and shoulder forming on the daily chart PLUS we can see how price is also trapped in a triangle. All tell tell signs that there is something big movements coming.

Fridays Notes:

Earth and Sky Method: Remember – the Euro Index and Euro/Dollar is correlated. Price here also found support this week at the 200 EMA and daily 55 EMA at 1.3527. We were within 10 pips from the 50% fib but I did mention in Tuesdays write up to keep your eyes on the 1.3534/21 and 1.3511 areas. Price bounced twice from the 1.3527 – with yesterdays move that reached our profit take area at the weekly pivot point at 1.3644.This trade gave us 114 pips.

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3) Euro/JPY on the 4 hour chart:

Previous weeks Opening/Closing: Plus 202 pips

Earth and Sky trading zone for the week:

Price is above the 200 EMA (The pink line on the chart)
34 EMA (sky) is above the 55 EMA (earth) – (The blue and brown line on the chart)
Direction: Long (Up)

Potential trading zone is between: 138.45 to 137.71 (New zone 138.51 to 137.76 after we followed it with the fib)

Potential area to look for reaction: At the 138.64/45 and 138.00 levels

Potential Profit take areas: At the 139.00 and 140.28 levels.

MACDEE Divergence: YES !!!!!!!!!!!!!
Stochastic: No man’s land.
Did we open with a GAP after the weekend? NO

Potential Counter Trades: At the 140.00 and 140.28 levels.

Potential Profit take areas with a counter trade: The 138.64 and 138.00 levels.

Notes: We have big time Negative MACDEE Divergence – this is a tell tell sign that we can run into trouble with long at the moment and that a pullback can be expected. If price make new highs (as I think it will because we are on our way to the weekly pivot at 140.28) follow it with your fib to get the new potential trading zone.

Fridays Notes:

Counter Trade: I told you on Tuesday we had Negative MACDEE Divergence on the 4 hour chart. Price however made a new high and we had to follow it with our fib. Price got within 11 pips from the weekly pivot at 140.28 before it started to move down again. I said to keep your eyes open at 140.00/28 level for a counter trade. Price drop from the 140.00 level all the way to the main weekly pivot at 138.64 where we also had the 50% fib and weekly main pivot where it reached our profit take area. This counter trade gave us 146 pips.

Earth and Sky Method: On Wednesday and Thursday price found support at the 138.51 level. This is where we had the 55 EMA and main weekly pivot point plus the 50% fib waiting. This trade is currently 60 odd pips up and we hoping for it to reached our profit take area at 140.00

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4) Euro/GBP on the 4 hour chart:

Previous weeks Opening/Closing: Min 55 pips

Earth and Sky trading zone for the week:

Price is under the 200 EMA (The pink line on the chart)
34 EMA (sky) is under the 55 EMA (earth) – (The blue and brown line on the chart)
Direction: Short (Down)

Potential trading zone is between: 0.8319 to 0.8353

Potential area to look for reaction: The 0.8319/26 levels

Potential Profit take areas: At the 0.8291 and 0.8258 levels.

MACDEE Divergence: No
Stochastic: Oversold
Did we open with a GAP after the weekend? NO

Potential Counter Trades: At the 0.8258 level

Potential Profit take areas with a counter trade: The 0.8300 and 0.8319 levels

Notes: Price had a nice big tumble since last week. Currently we are sitting on the weekly pivot at 0.8258 that can be possible support.

Fridays Notes:

Counter Trade: Price found support at that weekly pivot at 0.8258 levels I mentioned on Tuesday. We jumped from this level all the way back to the 50% fib and weekly main pivot level at 0.8323. This trade gave us 61 pips.

Earth and Sky Method: Once price got back to the 50% fib level and weekly main pivot at 0.8323 we got burned here and price dropped back to 0.8271 reaching our first profit take area at 0.8291 giving us at least almost 40 pips. Unfortunately yesterday’s news made this pair turn once again back up and we shot past the trading zone. Price is currently finding resistance at the mother in law at 0.8374

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5) GBP/USD on the 4 hour chart:

Previous weeks Opening/Closing: Plus 147 pips.

Earth and Sky trading zone for the week:

Price is above the 200 EMA (The pink line on the chart)
34 EMA (sky) is above the 55 EMA (earth) – (The blue and brown line on the chart)
Direction: Long (UP)

Potential trading zone is between: 1.6286 to 1.6209

Potential area to look for reaction: The 1.6300 and 1.6269 levels.

Potential Profit take areas: At the 1.6400 and 1.6462 levels.

MACDEE Divergence: YES !!!!!!!!!!!!
Stochastic: NO MANS LAND.
Did we open with a GAP after the weekend? NO

Potential Counter Trades: At the 1.6442/62 levels.

Potential Profit take areas with a counter trade: The 1.6300 level.

Notes: We have BIG time negative MACDEE Divergence showing up. This is a tell tell sign we might get a bigger pullback this week. If we do break the 1.6269 level this week to the down side – be careful with longs then as we might drop all the way to 1.6133 where we have the 200 EMA waiting.

Fridays Notes:

Counter Trade: I told you on Tuesday we had Negative MACDEE Divergence and that we can expect a pullback. Price however did make a double top at that 1.6442 level I mentioned and gave us the opportunity to take a counter short. This trade dropped and we reached our profit take area at 1.6300 giving us 130 odd pips. Price is currently sitting at the weekly main pivot and 55 EMA at 1.6312 where it looks like a possible support area forming.

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6) GBP/JPY on the 4 hour chart:

Previous weeks Opening/Closing: Plus 348 pips

Earth and Sky trading zone for the week:

Price is above the 200 EMA (The pink line on the chart)
34 EMA (sky) is above the 55 EMA (earth) – (The blue and brown line on the chart)
Direction: Long (UP)

Potential trading zone is between: 166.35 to 165.00

Potential area to look for reaction: The 166.49 and 166.00 and 165.65 levels.

Potential Profit take areas: At the168.00 and 169.00 levels.

MACDEE Divergence: YES !!!!!!!!!!!
Stochastic: OVERBOUGHT
Did we open with a GAP after the weekend? NO

Potential Counter Trades: At the 169.00/39 level.

Potential Profit take areas with a counter trade: The 168.00 – 167.00 and 166.37 levels.

Notes: We have Big time negative MACDEE Divergence showing up – Price is on its way to the weekly pivot at 169.31 – so if we make new highs, follow it with your fib to get the new trading zone for the week. Price will be outside the Bollinger band if we get to the weekly pivot so keep your eyes open for a counter short.

Fridays Notes:

Counter Trade: This turned out to be a stunning counter trade and I took some good pips on this pair this week. I told you we had Negative MACDEE Divergence showing up early this week. Price got within 12 pips from the weekly pivot at 169.31. We had a doji 4 hour candle at the psychological level of 169.00 with MACDEE divergence and overbought stochastic. I placed a direct order at 169.00 with stop on the other side of the weekly pivot. Price dropped from here reaching my profit take area at the weekly main pivot and 50% fib at 166.49 giving me 255 pips.

gbp jpy

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7) AUD/Dollar on the 4 hour chart:

Previous weeks Opening/Closing: Min 45 pips

Earth and Sky trading zone for the week:

Price is under the 200 EMA (The pink line on the chart)
34 EMA (sky) is under the 55 EMA (earth) – (The blue and brown line on the chart)
Direction: Short (Down)

Potential trading zone is between: 0.9129 to 0.9166

Potential area to look for reaction: At the 0.9129 and 0.9166 levels.

Potential Profit take areas: At the 0.9049 level.

MACDEE Divergence: NO
Stochastic: NO MANS LAND.
Did we open with a GAP after the weekend? NO

Potential Counter Trades: At the 0.9049 level.

Potential Profit take areas with a counter trade: The 0.9126 and 0.9165 levels.

Notes: We are way out from the mother in law 200 EMA so I would prefer bigger pullbacks this week. If we break the 0.9200 level to the upside for some reason – all bias for shorts will be of the table as we can move easily back up to the 0.9300 level. We already had a stunning earth and sky trade on this pair on Monday after price was in the zone, giving a nice clear trend line break on the 30 min chart – giving us 80 odd pips profit.

Fridays Notes:

Earth and Sky Method: This pair gave us an opportunity already to short on Monday as I mentioned above. Later the week price pulled back to the zone and gave once again an entry from the 50% fib and weekly pivot at 0.9129 dropping to our profit take area at 0.9049 where we had the weekly support pivot point waiting. These two trades gave us 180 odd pips for the week.

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8) AUD/JPY on the 4 hour chart:

Previous weeks Opening/Closing: Min 65 pips

Earth and Sky trading zone for the week:

Price is above the 200 EMA (The pink line on the chart)
34 EMA (sky) is above the 55 EMA (earth) – (The blue and brown line on the chart)
Direction: Down (Up)

Potential trading zone is between: 93.13 to 92.68

Potential area to look for reaction: At the 93.30 – 93.18 and 93.00 levels.

Potential Profit take areas: At the 93.57 and 93.95 levels

MACDEE Divergence: NO
Stochastic: OVERBOUGHT.
Did we open with a GAP after the weekend? NO

Potential Counter Trades: At the 93.94 – 94.00 levels.

Potential Profit take areas with a counter trade: The 93.09 level.

Notes: Yesterday I said in the forum we can look at counter shorts at the 93.94 level. Price got burned there yesterday and gave us 40 odd pips so far. If price do break the 200 EMA at 93.18 for some reason this week – all long bias will be of the table as we can drop from there to the daily 200 EMA at 92.60.

Fridays Notes:

Counter Trade: This turned out to be one awesome counter trade! I mentioned to you on Tuesday to keep your eye on the 93.94 level for a possible counter trade. Price gave us on Tuesday another opportunity to get into this short. Price from here dropped like a stone reaching our profit take at the 200 mother in law and weekly main pivot at 93.00 giving us almost 100 pips. From here on we even broke the 200 EMA as I warned you on Tuesday this might happen. Price gave an M2 entry and dropped another 120 odd pips breaking on its way the WS1 pivot and daily 200 EMA !!!

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9) USD/CHF on the 4 hour chart:

Previous weeks Opening/Closing: Min 7 pips.

Earth and Sky trading zone for the week:

Price is under the 200 EMA (The pink line on the chart)
34 EMA (sky) is under the 55 EMA (earth) – (The blue and brown line on the chart)
Direction: Short (Down)

Potential trading zone is between: 0.9078 to 0.9105

Potential area to look for reaction: The 0.9086 and 0.9102 levels

Potential Profit take areas: At the .9064 and 0.9025 levels

MACDEE Divergence: NO
Stochastic: NO MANS LAND.
Did we open with a GAP after the weekend? NO

Potential Counter Trades: At the 0.9015 level.

Potential Profit take areas with a counter trade: The 0.9073 level.

Notes: Currently the mother in law 200 EMA is holding price – If this 200 EMA at 0.9102 breaks to the upside all bias for shorts will be of the table. I got in with a short yesterday on this pair on one of my other platforms. Price is also trapped in a triangle if we look at the daily chart.

Fridays Notes:

Earth and Sky Method: This turned out to be a stunning Earth and Sky trade this week. Price found resistance in the zone at the mother in law 200 EMA at the psychological level at 0.9100. Price dropped from here reaching our profit take area at 0.9025/15 giving us 80 odd pips…….from here on price even dropped another 50 odd pips reaching now the WS2 pivot.

usd chf

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10) USD/JPY on the 4 hour chart:

Previous weeks Opening/Closing: Plus 122 pips.

Earth and Sky trading zone for the week:

Price is above the 200 EMA (The pink line on the chart)
34 EMA (sky) is above the 55 EMA (earth) – (The blue and brown line on the chart)
Direction: Long (UP)

Potential trading zone is between: 102.25 to 101.69

Potential area to look for reaction: The 102.25 and 102.00 and 101.81 levels.

Potential Profit take areas: The103.00 and 103.37/56 levels.

MACDEE Divergence: NO
Stochastic: OVERBOUGHT
Did we open with a GAP after the weekend? NO

Potential Counter Trades: At the 103.00 to 103.56 levels.

Potential Profit take areas with a counter trade: The 102.60 and 102.00 level.

Notes: This pair is way overbought and we need some kind of a pullback to at least 101.81.

Fridays Notes:

Counter Trade: As mentioned on Tuesday I said we way overbought and need some kind of a pullback this week. I mentioned the 103.00/56 levels. Price gave us an opportunity just after my analysis came out Tuesday morning from the 103.00 level. This trade dropped all the way to our profit take area at 102.00 giving us 100 pips for our effort.

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11) USD/CAD on the 4 hour chart:

Previous weeks Opening/Closing: Plus 76 pips.

Earth and Sky trading zone for the week:

Price is above the 200 EMA (The pink line on the chart)
34 EMA (sky) is above the 55 EMA (earth) – (The blue and brown line on the chart)
Direction: Long (UP)

Potential trading zone is between: 1.0586 to 1.0552

Potential area to look for reaction: At the 1.0589 l and 1.0568 levels.

Potential Profit take areas: At the 1.0615 and 1.0653 levels.

MACDEE Divergence: DOUBLE TOP
Stochastic: OVERBOUGHT
Did we open with a GAP after the weekend? NO

Potential Counter Trades: At the 1.0653 and 1.0659 levels.

Potential Profit take areas with a counter trade: The 1.0615 and 1.0600 levels.

Notes: Be careful with this pair. Possible to at 1.0659.

Fridays Notes:

Counter Trade: The dear old loonie gave my first area for a possible counter trade at 1.0659 the middle finger and jump all the way to the 1.0700 level. But wait a min……this was also the WR2 pivot area and price was outside the Bollinger band…..This counter trade gave 40 odd pips as the WR1 pivot would have been the profit take area. Remember once resistance break it turns into support!

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12) USD Index on the 4 hour and Daily chart:

Notes: Price broke the 4 hour 200 EMA to the downside but did not have the volume and momentum to move it down – instead price bounced back yesterday and is once again trapped between the daily and 4 hour 200 EMA – If we look at the daily chart you can see it more clearly!!

Fridays Notes:

Yesterday was now the first day really where we broke away from the 4 hour mother in law!! Price is currently sitting on the WS2 pivot – with today’s NFP we can easily jump back up again….so be careful!!
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Please remember we are NOT a “tipping service.” What we aim to teach you here at fxmentorpro is how to look for trades for yourself using different methods, taking your trading to the next level.

Have a good one mates

Pierre

`Every new day begins with possibilities`

 

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