Hi. Erols colleague David has posted his video for today below. He has been looking at some of the more exotic pairs as he has found little to tempt him on the majors. He made a nice call on the Aud/Jpy earlier this morning, unfortunately I was in bed & missed the entry.
This has been an extremely tricky week on the majors, but there have been profitable trades around as long as you can be patient & disciplined. Do not chase price in the current markets as it will usually reverse and take you out very quickly. My followers and I have been taking counter trend bounces off major support & resistance areas for example long the Cad on Tuesday at 1.0415 as per my Monday advice. This trade went 100 pips before turning back down. Similarly yesterday we had a nice short on the Gbp at 1.6690 area that went 60+ pips & Aud at 0.9300 moved a similar amount in our favour. So there are trades out there but it has not been easy.
When I take counter trend trades like this I only risk half my normal stake. I also warned last night that the more times price bounces off an area the more likely it is to eventually break, so be careful. The Gbp/$ has bounced again this morning and I am currently watching the Euro/$ to see if it hits the 1.5130/50 area. This is a previous double top/recent high, so could bounce down from here again. Beware of this one though around the interest rate news and Trichets speech shortly after.
The LMT gave 3 daily signals yesterday morning. I advised my followers to prioritise the Euro/Gbp as it had the most opportunity to hit its target and it did. I also said to look for a pullback on the Gbp/$ Lmt signal, which gave us an extra 60 pips profit. Finally I said that the Euro/$ looked the weakest as it was too near a recent high.
If you would like to receive regular, daily updates and advice as to trades to look for in the coming days (as well as lots of educational videos) then check out my low cost forex mentoring service
Yesterday saw a lot of sideways movement as we are cruising towards the dramatic finale of the week, nfp friday. There is a lot of news & speeches today from both Trichet & Bernanke. You need to extra careful trading around these, as well as news announcements. When the markets are moving sideways the slightest comment can create big spikes & take out your winning trade in a heart beat. Hopefully we will have a video update tomorrow from Erol. He is a more fundamental trader than me, but offers a different, USA based, perspective.
Hope you have a profitable day, regards, marc
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