This post is taken from the mentoring subscription service that I run. It was originally titled “Alternate Strategies for Current Forex Markets 22nd Oct 2009″ and as the title suggests we were looking at different ways to trade in choppy markets;
Today I managed to make pips with a mixture of different methods. I had a good Nzd long from an LMT 4 hour signal last night on Alpari as I suggested in last nights update (it did signal on later platforms but by then it was too late) hence the reason why I run multiple platforms.
I have shorted the Cad today from Deans Power Band method- explained in the forex strategies section. There is a potential triangle break out on the $/yen 4 hour in the next day or so. Therefore the message today is if you want to still trade in the current choppy markets its best to have a number of different strategies. If you are new don’t start diving in to all of this. Practise on a demo account and maybe use the current choppiness as an opportunity to watch some of the videos in the educational section.
As I mentioned I shorted the Cad earlier from the PowerBand method as briefly explained in tonights video. I am also looking for reasons to add to my position both from my normal M2 method and if there is an LMT signal. We are in a long term down trend and we have just had a pullback that could give us 200+ pips to recent lows. Be aware that there is big cad news tomorrow.
Earlier in the week I told you how to set a trap for the Euro/Gbp to pullback to 0.9050 area so that we could long back up to recent highs. We are there NOW, However things have changed and I am now also considering a short. This area is VERY important. Again see the video.
The Gbp/$ has broken through the daily 78.6 and the psychological area of 1.6500. I am looking for an M2 break out pullback to the 50% fib/ 1.6500 area to go long. If it breaks back down I will leave it alone tomorrow. Also biggish Gbp news tomorrow. Watch the calendar.
Euro/Cad. I missed a simple bounce off a 61.8% fib/200ema on the daily for 150 pips today. The worst thing is that I told you all about this last night! Again this is at a crucial area.
Euro/$ same as the Gbp/$ only way I may trade this is a break out pullback on the daily candle fib @ 1.4970 area.
$/Yen currently in no mans land. 4 hour triangle break out is developing but equally on the daily we are still in a down trend. Possible LMT short in next few days with potential 200+ pips target.
As with yesterdays analysis, there are lots of mixed trends on lots of lmt pairs. There is more news, BUT there are trades for those of you with more experience. If you dont feel confident then leave it alone. New trends are likley to form in the next few days or a resumption of previous. Good luck, catch you later, Marc
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