Hi, here is a copy of the detailed analysis we provide each day for members of my www.forexmentorpro.com group.
We show in advance where we are looking to trade and more importantly, WHY.
The goal is to teach people how to create their own trading plans so they can trade independently.
Frustrating times but there are still winning trades to be had. The focus needs to be getting the risk reward right. There is no point whatsoever of taking a trade that hasn’t at least got the possibility of making at least twice what you risk.
At the moment we are seeing periods of stagnation followed by wild moves usually as a result of the Fed and its collective complete indecision. Four weeks ago Yellen and her crew announced no rate rises due to the precarious worldwide situation and especially China. A few days later she testified that a rise was still on the cards. Last week they sounded a little hawkish, so whats she going to say this week!
This week is potentially even worse in that she testifies and Draghi is making at least 3 scheduled speeches and of course its NFP week with its major news announcements so where does it leave us as traders?
Forex Mentor Professional Analysis:
The Forex Week Ahead
I usually finish trading the first week of the month late Wednesday and this week is the same for me. I also prefer to trade from weekly and daily charts, but due to the short week I am prepared to go down to 4 hour charts, but no lower. All of us need to make a plan now. Plan for what the news release will be and then what you intend to do once the dust has settled. For example, if Draghi is slightly more hawkish where do you want to short the Euro? I only want to short it. If he is even more dovish whats the plan?
Aud: Interest rate news this week. Currently I only want to short and 0.7200/0.7240 is the area for me. The former, intra day on a 4 hour chart, the latter from a daily close.
Cad: I still only want to long now at 1.2850, but intra day will watch 1.2950 – see the video.
$/Sgbp: Longer term only want to long but possible intra day short is an option. 1.3700 best place for me to long. If it breaks above 1.4070 I will look on a daily candle close for a pull back there to M2 long. Intraday I will watch for a possible short at 1.4050- this is purely technical, fundamentally I expect the $ to continue to rise against the Sgp.
Gbp/$: Messy in a tight range on weekly. Only want to short unless or until 1.5560 breaks and closes on a daily candle. 1.5550 is the place for me to place a forward order BUT I will be watching at the market open and 4 hour charts for possible shorts at 1.5470 – see video
Euro/Gbp: major resistance at 0.7250 is the area for me to short. Intra day I will also be watching 0.7150.
$/Yen: Only want to long and a pull back to 119.00 is my preferred area.
Chf: Those trading to look for longs at 0.9700, personally I don’t trade it, I only use it for correlation with the Euro/$. If the Chf bounces up there, then a 90% chance the Euro/$ will bounce back down.
Euro/$ Only interested to short. The ECB can not allow it to gain too much strength whilst they are printing Billions of Euros per month.1st area is 1.1070. If that fails 1.1170, again at 1.1360 and finally 1.1500. I am looking for potential rewards of over 5 times my risk and therefore I can withstand a number of losses and still make money. I explain the rationale in the video.
Nzd: multiple reasons to long once more at 0.6625. If it races up I will look to short at 0.6950.
Gbp/Nzd: Nasty spread and I am wary BUT 2.3270 is very tempting to short for multiple reasons. I will watch intra day and its vital to watch.
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 learn how to trade here is a link to my low cost, 5 star rated forexmentorpro website that you can test drive now for just a $1! CLICK HERE
regards, Marc Walton
All information on this website are for educational purposes only and are not intended to provide financial advice. Any statements about profits or income, expressed or implied, do not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profit or loss, and agree to hold Forex-Fund-Manager.com and any authorized distributors of this information harmless in any and all ways.
If you would like to learn how to trade like a professional check out our 5* rated forex mentor program, RISK FREE; by clicking on the “Get Started Today” Button below