Hi, last week saw positive Gbp & Canadian news so I am looking for their trends to continue. There is not too much scheduled news for the week ahead but it’s a bank holiday in much of Europe on Monday so the € could be slow. There is NZD news not long after the open and BIG news Wednesday- see the video on how to trade any NZD pairs.
There are still many pairs that are not moving much, so do not be greedy and don’t be too ambitious with targets.
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Then we can have a more detailed, up to the minute look at what’s happening and potential trades for the rest of the week.
The Forex Week Ahead
Make sure to check into the forum there were some great trade setups shared there last week.
€uro/$: $1.2000 is a huge area. However it may not get there, if so watch 1.2050 intraday but there is not a great place for a stop, but if you are trading smaller timeframes look for clues there.
Chf: No risk reward current position, I need a pullback looking to short at 0.9150
Euro/Gbp: Fundamentally I think it should be dropping, I will watch at the open and if not London open for reasons to short- see the video.
Gbp/$: More Good news for GBP last week. I only want to long 1.4000 is the 1st place.
$/Yen: 108.30 is a key area to consider a long.
Cad: Hopefully I kept you out of a losing short last week. I explained there was a multi year support area and the price would more elikely bounce off it than not. We trade probability! We have been shorting this successfully for over a year. Needs a big pullback to short. First place to consider is 1.2350.
Euro/Cad 1.4970 is where I will look to short again. Intraday watch 1.4900
Gbp/Cad: Looking to short at 1.7200 (split entry- see the video).
Gbp/Nzd: Bias now is to long. Too high now. 1.9050 looks best spot for me.
Nzd: My bias is still to long but news after the open and BIG news Wednesday so be careful- see the video. 0.7160 is now the area for me to watch after 1st news. If it drops then 0.7050 looks stronger.
Aud: Its been messy for weeks and limited moves. I I will watch at the open for possible long from current position.
Euro/Yen 130.80 is technically the spot to take a long.
Gbp/Yen. Not one of my pairs, 152.50… is the place to consider a long.
Aud/Yen: 83.50 to 83.80 watch for possible long.
Nzd/Yen: 77.50 is key.
Aud/Cad: possible short at 0.9470
Euro/Nzd: same as last week “This one has more reasons for the stop so I will short if it pulls back to 1.6950″ – Intraday watch 1.6800 on smaller timeframes.
Euro/Cad: I will short once more, now at 1.4960 – If it moves higher I will look to short at 1.5200
Euro/Nzd: Looking to short at the open once spreads calm down and AFTER NZD news. If that is worse than expected I will leave alone until London opens
I do my analysis on daily and weekly charts first and make a note of the MAJOR areas of support and resistance. Then copy them on to Pierre’s Earth and sky template. Then I make a note of the weekly & monthly pivots points and add them to the charts. You will see lots of opportunities line up during the week. The important thing then is to select a bias for the next few days and do NOT take trades if the price is too near a trend line or pivot. Ideally, you want to buy when the price is near a major support and or pivot point line and has the potential to make at least 40 pips. Vice versa for a short.
New members, please note: If I am looking to take a trade long, 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.
Watch the video for more detailed explanations of this week’s analysis and trade plan.