August markets are usually very difficult to trade forex but Omar Eltoukhy has been providing great analysis, tips and advice whilst I have been on holiday. We have had almost 100 emails and comments in forex mentor pro saying how much people have enjoyed his articles and videos and how he has helped lots of members find winning trades despite the summer doldrums.

He will continue to post for us and we have some VERY interesting, profitable projects in the weeks and months ahead which will help all members to achieve greater success, not just in the forex field, so keep checking back.

Here is Omars post that was delivered to forex mentor pro members prior to the market open 26th August. Watch how a pro trader plans his trading for the week ahead using many of the indicators that you can find in the free training course here on this site. 

Hello Forex Friends!!

I truly hope everyone has had an enjoyable weekend and is gearing up for another wonderful week ahead!!  Yes, I’m baaaaacck!  Marc decided since we have spent the entire month of August already with my forex analysis, it’s only “right” to let me finish the month with another week of analysis.  So let’s have a strong finish!!  I have really enjoyed doing this with everyone and really appreciate the response you have all been kind enough to give me.

It has been so wonderful that Marc and I are discussing the possibility of alternating this blog either monthly or bi-weekly.  Of course, YOUR FEEDBACK IS VITAL to this process!!  What do you think??  Here at Forex Mentor Pro, YOU are the most important voice, and we truly want to make sure this is the best experience for you.  Marc and I feel since we both trade essentially the same way, having a different viewpoint on the same method would be beneficial to members on an alternating basis.  Feel free to comment or send emails with your thoughts or suggestions, and DON’T WORRY, both of us have thick skin (at least I do :), and honesty is valued above all.

Forex Analysis for Week Beginning August 26, 2013

Last week was a pretty solid week, with some nice trades to be had.  We had our “flow” interrupted by the bear of news known as FOMC.  This announcement did little to help us find trades towards the end of the week, BUT it allowed price to find areas that would help us for THIS upcoming week.  We head into the end of August ready for the Fall trading season and happy to put some of the summer meandering behind us.  Just remember, we are not there yet!!  Holidays are coming to an end, but true Fall trading usually doesn’t get into full swing until Mid-Late September.  That being said, we can expect the upcoming weeks to hold the promise of big, new moves and us there to catch the pips that fall from them.  Let’s see where we are for this week:

Euro/$: Ohhhh Summer.  This pair has dropped down to daily ranges of under 80 pips.  But on the other hand, it has been moving nicely through our S/R areas AND we have now had a weekly breakout of the big triangle that has been in place for a LONG time.  Although the Euro finished the week below 1.3400, I am still interested in longs that come from this exact area from an M2 upside breakout.  Alternatively we wait until 1.3300-1.3316 to grab the long.  Shorts will interest me if we see a solid break below 1.3300.  Check video for much more detail.

Gbp/$:  Longs above 1.5600 sputtered and failed after FOMC causing this pair to retreat under this important area again.  But, like the Euro, this actually is still where I”m looking to long, from an M2 breakout.  The weekly trendline got it’s pullback last week, and I would expect bullish price movement now, especially since we have relatively clear skies above.  It gets sticky looking short on the way down and I would not be interesting in shorting this pair unless 1.5270 broke to the south side first.  If prices continues to pullback, look to 1.5530 area first for price reaction (important weekly 55 EMA) to long, followed by the trendline at 1.5500 area.  Price is well protected with both a 200 & 55 EMA on the daily, as well as a fib and horizontal s/r at 1.5425.  Check Le Video for more details.

Aud: .  After pretty easy trading for week, this pair is starting to confuse with a pullback inside the .9000 to .9040 area.  .9040 seems to be really important, BUT it sits right above the whole number and s/r area of .9000 so I’m going to wait for a clean break below this area before I short.  Alternatively, counter-trend longs are potentially available from .9040 back up .9200.  Pullbacks to .9200 and finally .9300-.9325 will have me VERY interested to short again.  Check the video for all the details.

Euro/Gbp: Ehhh.  This pair is back at .8600 again and looking confused.  Which way will it go??  We WON’T guess, so let’s see how .8600 plays to price before getting in a trade.  I prefer the long trade from this area as explained in video, but we must go with what the market tells us.  Downside moves should be limited by trendline and .8500, while there is more space to the upper trendline longing from .8600.

$/Yen: Has been a confusing pair to trade lately and last week was no exception.  However, price has NOW moved to a much better area, by bouncing off the the trendline.  I prefer a short after a break of 98.50, but I’ll be watching closely how far it gets below 97.50 and 97.00 as we may have bounces back up from there.  If the trendline DOES break to the topside, I will be waiting for a breech of 100.00 before I get interested in longing this pair again..   Check video for details.

Euro/Yen: Yeah130.70… belive it.  This important area became the jumping-off point for a rocket move up after providing great shorts for weeks.  Price soundly rejected from 132.50 area which is a very important s/r and trendline convergence.  Going forward, I would short from 132.50 area, unless it breaks, then I would LOVE a long from an M2 breakout above this area.  Look to lower timeframes for more detail.  If it breaks above and closes 132.50, think long.  If a spike comes through and starts heading back down, think short.  Long again at 130.70 if price does end up falling more.  Check the video for more info.

Aud Yen: Bravo to those who caught the 90.00 short.  yeah!  We are pulling back to this area again, so shorts from there are on the menu, BUT keep in mind, the more times we hit that area, the more likely we are to finally push through it.  I am NOT interested in longs if that happens, until we get more information.  I am however, interested in longs from 86.25 area if price falls from 90.00.  I will see how price reacts to 90.00 and try to short from there.  Check video out for more details.

Cad: We got the move we anticipated (break above 1.0435), and it even stopped right at our projected next difficult s/r area (1.0560).  Expect to take longs from 1.0435 if we get a pullback and shorts from 1.0560 if price heads up first.  Alternatively, wait for a breakout above 1.0560 to take a long.

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. For more up to the minute updates do not forget to drop by the forum

Hope you enjoy the analysis!!  See you Wednesday for an update!!  Best wishes and happy trading to all!!!

Weekly Forex Analysis Video

http://youtu.be/A-iBw2YD67Q

Author: Omar Eltoukhy