Hi, many of you tell me that you can only trade from daily charts but that its not possible and yet in recent weeks and months I have shown members of my Forex Mentor Pro service IN ADVANCE a LOT of opportunities recently that have made well over 2000 pips all from analysis on weekly charts and traded from daily candle closes most of the time.
In my 2nd November analysis I showed why I was looking to short the Aud for a “possible 600 pip break out trade brewing on one of the pairs!”
Its currently + 450 pips. At the start of todays video I show you some more examples including a text book M2 long on the Cad last week.
There are trades out there and you have the ability to catch lots of them IF you have the patience to wait for them but also the discipline to check your charts every day.
Its neither hard nor rocket science BUT if you wont put in the effort then how you can expect to grab the rewards?
In the Pro traders academy I run with Fotis Papatheofanous we had yet another member last week, Jeff (previously a FMP member as well) who mentioned in passing that he had “900 pips locked in on one of his trades! Jeff is not alone. We have folks banking 500+ pips regularly on a single trade so it can be done.
One of the Forexmentorpro members wrote an excellent article a few years ago entitled “Treat trading like a hobby & it will pay you like a hobby”!
Why has Jeff and many of his colleagues made the leap from amateur to pro level? They are putting in a great deal of time and effort. They study the markets every day. They make plans in advance and they then trade that plan. You CAN do this IF you treat your trading like a business and put in the time and effort to make a success of it.
Successful forex traders have the opportunity to make a serious amount of money working from home with tiny overheads & low entry costs. It doesn’t all have to be about paying for expensive education either. Yes it helps and will get you there quicker and give you a better chance of “making it” BUT both Pierre & Omar first started at FMP as ordinary monthly members. They now trade full time and teach others.
The moral of the story is that you have a lot of information and support and guidance BUT only YOU can push through to the next level.
In the New Year Fotis and I will be launching a new program where we will work with small groups of traders who want to become successful and possibly even trade our clients money. Watch this space for details!
Trading Daily Charts:
The Forex Week Ahead
Fridays NFP was VERY positve for the $USA although there was weaker data mixed in with it. Fundamentally then we continue to look for $ strength BUT many pairs are now at extremes so the skill will be in choosing the ones to take and those to avoid.
The $/Yen is almost at the 123.00 level ( I tipped it to go to 120.00 back in my review for this year)! Price was last here in 2007 AND the Bank of Japan whilst wanting to weaken their currency are concerned if it gets beyond 125.00- similarly the RBA say that 0.8000 would be too low for them SO be careful they could intervene at any moment and you never want to bet against central banks as they have rather a lot more money than you and I.
This week the Euro will be tricky as well. Monday and Tuesday see Ecofin and group meeting then on Thursday the defining moment of the year for this pair, the TLTRO announcement (how much more cash they are going to print). This could rock the Euro in either direction and even both at once, my plan is to be out of any Euro trade thats not a bare minimum 100 pips in profit locked in by Wednesday evening. I will not open a new one until after the dust settles.
Euro/$: Broke MAJOR weekly trend line that goes back to 2007 so I only want to short. The tricky part for those not in already is the entry. 1.2400 is the logical first place to watch but be careful and stick to your money management rules
Gbp/$: Similar situation. It looks like its on its way to 1.5300 and probably 1.500 but where to enter? Intra day I will watch around 1.5700, a safer place for a forward order will be 1.5870
Chf: I prefer over the Euro this week. Price broke new highs on a weekly so a pull back is my preferred entry though you could long if the daily candle makes new highs and CLOSES above last weeks.
For me 0.9630 will be best but I will be watching this one on 4 hour charts, time allowing and any hesitation around 0.9700 will see me long. One option to make sure you catch at leats part of it is split the order in half and take both.
Cad: If you missed last weeks text book M2 entry then 1.1320 is preferable OR consider daily candle closes above recent high, followed by a pull back
AUd. Its gone and a big pull back would be safest option, but if you are trading intra day then watch 0.8400 for clues to short.
Aud/Cad may be better option. I show in the video how I caught this last week, if you missed it then 0.9600 has multiple reasons to short which is stronge rthan the aforementioned Aud.
Euro/Aud: Broke and closed above a monthly trend line. 1.4600 is my preferred area to long.
Nzd/Cad: Another one with multiple reasons to take. 0.8960 looks good to short once more
Euro/Gbp. Remember the caveat about Euro trades above but 0.7980 continues to be my preferred short entry
2000 Pip Gains Trading Daily Charts