Hi, lots of emails this weekend and positive comments on the mentoring blog from people who have had their best weeks forex results ever, some have made 100’s of pips for the 1st time, some have made many 100’s. If you can make pips at this time of year, then just think what the new year will bring!
Those of you who are struggling please take heart from these stories. A lot of these people were in exactly the same situation as yourself a few months ago. We all learn at a different pace, but along with patience & discipline that I constantly preach, you also need perseverance to succeed and push through the difficulties and many hurdles that forex throws your way (If you don’t persevere you will struggle to succed in any business venture).
Most of the experts will tell you that you can’t make money at forex at this time of year. You know my thoughts on “experts” in forex 
, however we are now coming to that time of year where things are starting to wind down for the big holiday, so this week is likely to be a lot trickier.
The biggest problem some of you will face this week is over-confidence. The minute that you think that you have “cracked forex” is usually when you let the disicipline & the money management rules slip, then you take the big losses. Then you go in even harder to try win the losses back. I have been there and done it. Stay disciplined. Stay focused. More than 2 losses in a day walk away & return with a reduced stake tomorrow.
If you do trade this week, look for trades set ups that only require small stops, = good potential risk/reward ratios. Take small profits on the 1st half of your trade and stops to entry asap on the 2nd. Consider reducing your stakes especially if you are taking bounces that are counter-trend – reduce by 50%. As ever check your daily news calendars before taking trades.
We have had loads of success in recent weeks simply fibbing daily candles and looking for pullbacks. I show you in todays video why I don’t think this will be the best strategy on many pairs this week. I suspect that we may be in for a lot of sideways “ranging markets” as we experienced in the summer. Those of you who were with me then know that we had a great deal of success simply trading bounces off these area of support and resistance.
Lmt: I can see no daily signals tonights market open. I forgot to mention a few possibles on Friday. As I have explained before, I start to make the daily videos a few hours before the daily candles close and therefore circumstances may change by the time they do. It is important that you look on your own charts before the new candle fires so that you can make a plan. The Gbp/$ fired on at least one platform. Hopefully you followed my advice in the blog where I told you to look for pullbacks on this pair- worked perfectly on Friday.
M1: We have had a great few months with this method, but it started to struggle last week & I advised you to leave it alone or tread very carefully & only take one trade at a time. There were huge over night ranges on most pairs on Friday & the 200 ema should have kept you out of the rest. Same advice. Either leave alone or be very careful. Break out methods work for large parts of the forex year, but not when markets are ranging. Leave it in the cupboard and wait for the markets to come back to you.
M2: Lots of pairs have had major moves over the last few weeks and are currently sitting at extremes. Previouse targets, 200emas, strong previous support and resistance. Still look for break outs and pullbacks, BUT we may have more success with bounce trades. See the video for more details.
Gbp/$: Lots of success with daily fibs last week. Suspect that weekly may be better at least for tomorrow. I always check weekly charts first on a week-end, amongst other things to determine trends. The weekly chart shows a break of a trend line & various emas (the higher the time frame the stronger the significance for me). The daily 200ema, weekly 50% fib & broken daily trend line are all around 1.6230. As you know I look for multiple reasons for price to react in an area. We have plenty here. So I am looking for shorts here or break outs and pullbacks. Alternatively long bounces back up at 1.0650/ 1.6000. I suspect that price may bounce between 1.6230 & 1.6000 this week.
Euro/$: I am very wary with this pair for the next few days at least. I said the other day that I do think it has more to fall, but this week may see some consolidation……
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Hope you have a great week. As usual I have left my Christmas present buying to the last minute, so busy next few days as well. Regards, marc
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