Last week I was banging the drum again about the fact that you do not need to be trading all day & you should be able to achieve the minimum weekly target of 100 pips trading from 4 hour or daily charts & with just a few trades. I have a lot of administration & non forex stuff to wade through at the moment & therefore haven’t been able to trade so much and yet my pip count went up last week.
Those of you who have read my e-book (a literary classic that should be on everybodys library shelf 
will know that I learned to trade from 15 minute charts and I spent nearly 3 years wasting my time (often 12 hours a day) until it finally clicked.
I KNEW that there was money to be made with forex but i was losing as much as winning and wearing myself out into the bargain. I took a few months off and then started to study 4 hour and daily charts and finally things started to fall into place.
This is all explained in the forex strategies page of the site, in the LMT section, especially the video titled “Plan the Trade. Trade the Plan.” Surely we all want to work less & earn more?
Last week I made my trades and then turned the charts off and walked. If you leave them on you will be tempted to “just have a look.” See some action. Dive in. Lose. I did this 100′s of times. I am a reasonably intelligent bloke and yet couldn’t believe how many times I could be so stupid. I would then spend time beating myself up about my stupidity which then made me feel worse. Forex is addictive unless you learn to control those urges.
Every day I receive emails from members who are “starting to get forex/what I am trying to teach.” Many of them struggled for the first few months. Those that do well have a few things in common: They are all persistent. They take the time to go through all the video & materials on the site, sometimes 3 or 4 times. They learn to be disciplined traders & wait for price to come to them. I coach football (soccer to our US cousins) one of my favourite American expressions that I constantly tell my kids is “Winners never quit. Quitters never win.”
Here are a few examples of emails I have received in the last few days. If you are still struggling then take heart from them. If you are losing then STOP. Go back to the lessons and trade only on a demo account. Only on 4 hour charts or higher & following the money management rules. Success is within your grasp. If you walk away now and join the 95% who allegedly fail at forex you will still have this nagging feeling that “Theres gold in that thar forex”!!
A few weeks ago forexmentorpro member, Pierre was in second place out of 1000 competitors in the surefire forex challenge competition using our methods on 4 hour and daily charts. Pierre posted a comment here on the blog at the weekend. He gained 420 pips last week trading only the Euro/$ and from only 5 trades.
Here is what he had to say:
Hi Marc, Not a bad week but it could have been better !! I had 5 live trades on the Euro/Dollar and made 420 pips for the week.
My demo account made 846 pips with only 3 trades (Pierre uses his demo account for more risky trades that he is not sure about or when he has an itchy trigger and “needs” to trade) . So for the new traders out there…as Marc says you dont have to sit in front of your computer day after day.
My friend that introduced me to forex 4 years ago cant believe my weekly results. The secret – I trade 4 hour charts and he still trades 15min charts and sits in front of the computer day after day. Get a balance or living as a 15 minute trader will kill you.
For people that struggle with trends……give more attention to your 34/55 ema on 4 hours. I changed my 55 to brown and 34 to blue. So if the blue (sky) is above brown(earth) then the trend is up and if brown is above blue then the trend is down. Easy as pie……. I only trade if my 4 hour and daily ema`s are in the same direction and last but not the least….listen to Marc…..he is the man.
Regards, Pierre
Similarly Les from Australia had this to say: thought it might be nice for you to hear a positive voice, I have had another good week almost 300 pips other than a small loss EURGBP 30 pips that I mentioned early in the week all wins, 2 @ 100 pips GBP$, Wed & again Thurs 1 EUR$ & 1AUD$ both of which stoppped out on a trail for about 40 pips each. Both nights Wed & Thurs waited for price to reach my targets. Placed my trades & walked away. Now I am done will not even open a chart to-night.
Members who are losing need to be a little more patient. I watched & studied your methods for weeks before I placed a trade, then voila I had one of those AHA moments that we all get now & again & have not looked back since. Off to work now, people at work have no idea why I get to work smiling, if they only knew
Another thing these two guys have in common is that once they have earned enough pips/nothing is happening that meets their plan, they both turn off their charts and walk away.
Trade to LIVE. Not Live to trade.
Forex is addictive, but when used sensibly is a good drug !!
The Week Ahead
Another big news week and still lots more to come on an almost hourly basis about the Euro, so make sure to check those calendars. Last week I showed you a number of different methods that we can use to make profitable trades if our usual methods are not working. Last week I showed you the Plan B on the Tuesday video. This worked for 100 pips on Wednesday on the Euro/$ and kept going for almost 400 pips by market close on Friday. I also showed you lots of potential triangle break outs. A lot fizzled out, but the $/Chf amongst others worked perfectly.
A few weeks ago I showed you how a potential “flag patter” break out on the Gbp/$ could move 1000 pips (this has gone 900 pips so far, so not a bad “guess:)” There is a flag pattern break out possible on the 4 hour Euro/Gbp as I show in the video.
| M1 | Has not worked the last few Mondays due to gaps & big moves at market open on many pairs. Check in before London open to see if there are any possibilities. |
| Lmt | Few potential trades on Alpari at market open, particularly the Aud & the Aud/Yen. If you are going to trade wait until after market open to make sure there are no gaps. Personally I will not take as they are both sat on their daily 200emas which they failed to close below last week. If you do take either nOT both because if one bounces abck up they probably both will. |
| Gbp/$ | I showed you last week how a break below 1.4775 which was major support going back to May 2009, would be a good M2 trade. It worked perfectly on the 4 hour chart but didn’t pullback enough on the daily. How to play tomorrow?I am only interested to short this pair so we need either a pullback or a break out pullback. A pullback to previous support at 1.4774 would be great but I suspect we may not get that far, if not look for clues at 1.4700 as it was also a previous low and the daily 5ema is there as well.
The second option is to see if price breaks & closes below 1.4475 followed by a pullback. This can be on a 4 hour or daily chart. 1.4475 was a recent low and was support 12 months ago. Remember its only 12 months ago that price was down at 1.3500 so a further 900 pip drop is quite possible. |
| Euro/$ | The $Trillion rescue package helped this pair for less than a day before falling further. News emerged at the week-end that the French President allegedly threatened to withdraw France from the Euro had the rescue package not gone ahead. I have no idea how g¡he could have carried out the threat. How can you suddenly decide to go back to your old currency. It would take more than a few weeks planning me thinks JThere is now talk of this pair hitting 1:1 parity which would have been un-thought of 3 months ago. I have explained in recent weeks that sentiment drives forex and the vultures are now talking & hedging this further down.
I only want to short. Yes there will be days when price bounces back up BUT those I will ignore. This pair has gapped so much in recent weeks that I will ignore until the market has opened and any “gaps” are revealed. Would be good for a plan B move 20 pips below Fridays candle close if we do not gap down or another option is to look for a break & close below 1.2350 followed by a pullback to the same area. Final option is look for clues if price pulls back to 1.2500 and especially 1.2600 |
| Chf/$ | One of many 4 hour triangle pattern break out possibilities that I showed last week. This one worked perfectly. I am not looking to trade this pair. I will only look to check that this is going up before shorting the Euro (correlation). |
| $/Yen | Leaving until it breaks out of its current inertia |
| Aud/$ | Very mixed outlook. On the monthly we are still (just) in an uptrend. However we have now had a 5/8 cross on the weekly chart and it is beginning to look bearish!! Currently sat on and failed to break the daily 200ema which is now crucial. If it breaks here then the next stop on the way down looks likely to be 0.8700 which is the weekly 55ema where it spiked to a couple of weeks ago. If it breaks and closes below there then I will look for a standard M2 break out pullback. Until it breaks here I still have a suspicion that we are going to bounce back up. In summary: very confusing, if in doubt stay out |
| Cad/$ | Mixed signals here too. We are still in a long term down trend so I am only looking to short. Price spiked but failed to close above the weekly trend line and strong previous support/resistance line at 1.0400, BUT last weeks candle was a bullish pin bar – which indicates price reversal.Check at market open. 1.0400 was very strong previously and is also the weekly trend line + the fact it failed to close above on Friday was significant so could fall back down here all the way to parity again, ie 1:1
On the other hand this could have further to go up before falling back down. Areas to consider/look for clues is the 200ema on the daily at 1.0530 and if it keeps going up then the 55ema on the weekly at 1.0650 |
| Euro/Cad | Just keeps falling. Need a significant pullback later in the week for me. On Thursday it stopped at the trend line so could be a bottom, but I am not sure so leaving. |
| Euro/Yen | Only looking to short. Pullback to 116.00 would be good area to consider. |
| Aud/jpy | Was a possible 600 pip triangle pattern break out as I showed in last weeks video. Never really burst out BUT price has fallen a few 100 pips and does look more bearish than bullish. Leaving until later in the week. It needs to close below the daily 200ema to consider a short but then the weekly 55ema is not too much further below. Not sure so leaving. |
| Euro/Gbp | Said I definitely wanted to short on Friday at 0.8600 which worked well for 100 pip gain. Same area tomorrow would be good. Other option is if price breaks and closes below 0.8420 area. Standard M2 break out pullback. |
| Best of Luck, Marc |
The above analysis is an example of that which is emailed every evening before the daily candle close, to members of my forex mentor program. If you are serious about learning how to trade for yourself and are tired of all the bulls*t and the scams then why not give this a try. Lots of videos and educational tools suitable for beginners through to intermediate level forex traders.
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