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I have managed to recruit the services of another experienced forex trader, Simon who has offered to help out with running this free blog. Simon has a lot of forex trading experience, including some success with a few forex robots & signal services. He has previously posted his megadroid settings & results in the forum & is intending to help to add a lot more great content & post updates a lot more regularly in both the forum & blog than I have had time for recently.
If you are completely new to forex then be VERY careful. Take your time, you do not need to rush into trading. I have seen too many people who are new to trading arrive, open a “live” account & who then promptly lose the lot in a very short space of time. If you really wish to learn a profession that has the potential to help you earn a 6 figure income then you need to put in the time & effort.
Rome wasn’t built in a day. Many a “newbies” forex account has been blown in a day!! I blew two accounts before I started to get forex right & it took me years. With our help we aim to cut your learning curve considerably BUT you need to put in the effort & learn patience & more importantly DISCIPLINE (apologies to existing members who may have heard this before).
I mentioned on Thursday how after periods of intense boredom & little rational movement that forex pips can simply seem to be easy to make. Loads of opportunities on Friday at the London open, unfortunately for me I was busy and only caught one of them, but emails from quite a few members who managed over 100 pips in a short period of time. I show you at the beginning of Todays video update some examples and what you need to look for next time.
Thankfully these moves gave us some break outs of limited ranges and hopefully we will now have the chance to make some decent pips in the the week ahead.
News
A fairly light scheduled news week ahead. There is news but most of it is predicted to be fairly low risk. Be careful just after market open when there a few Japanese releases. After that @ 02.30 hours (British Summer Time) there is the Aud home loan release and then it is fairly light until Cad news near the New York open. As a result this could be a very technical week, fibs, support & resistance etc which will play right in to our hands
Gaps
We have had a lot of “gaps” at market open this year. Best advice is wait for the market to open before placing trades.
Lmt
The Lmt has started to wake up in the last few weeks. As you know this is a trend following system & therefore needs a trend! Hopefully we are seeing the start of some new ones. This time last year we were well on our way with trends on numerous pairs that went 1000′s of pips (oh those halcyon days:) Lets hope that after a number of false dawns that they have started now.
To the left is a screen shot of the Euro/yen daily chart and on Alpari at least this should fire a buy signal at market open. There is potential room above the current candle, BUT wait for the market open. a) there could be gaps – if it gaps down then I will be interested b) there will be massive uncertainty re lots of pairs at the open as many are at extremes from Fridays close. I prefer to catch a pullback with LMT signals when the trend is uncertain. 125.30 is a 50% fib of Fridays move & a pullback is what I will look for. The 125.00 area is not beyond the bounds of possibility, so be careful.
| M1 | Incredibly small asian range Friday (the Euro/Gbp only moved 10 pips in over 10 hours). This method has started to work again in the last week or so, fingers crossed that it continues. Pre Christmas this method had an incredible run of success. |
| Lmt
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Possible 4 hour moves starting to emerge. Remember not to take trades that are too near recent highs/lows or news. Probable daily signal at market open for Euro/Yen daily & Chf on daily charts – check your won platforms. There could be more. |
| Gbp/$ | Finally broke out of last weeks sideways range, but then slammed into 1.53800 where I was looking to short last week. I explain in the video my thinking re this pair. There is a general election in The UK on the 6th May so this pair may be all over the palce in the coming weeks.We are in a clear long term down trend but it did start to look bullish last week, with macd divergence on the daily chart and lots of emas rolling back up. 1.53800 was a double top/resistance and daily 55ema, so lots of reasons why it stopped there. Numerous options here: consider a break and close above 1.53800 then look for a pullback to that line. Or I would prefer a pullback to the trend line/previous resistance area around 1.5300. Personally will wait and see what happens at London open. |
| Euro/$ | Still in long term down trend but big pullback on Friday. It has opened and closed in the same place on the monthly candle, so the signs are very mixed. I show in the video how you can consider a OCO order (one cancels the other) – broker permitting. This way you try to catch price at say 1.3525 I price goes up and 1.3470 if it goes down. Overall I am still very interested in shorting this pair at 1.3585 area which is previous strong support & resistance line of the monthly 55ema. |
| Chf/$ | Remember when the Euro is going down the Chf is going up over 90% of the time. This pair is also struggling to break the monthly 55ema which it is sat on now. I will only be interested to long here tomorrow. If price starts to go down there is simply too much in the way in terms of previous support & resistance and emas. 1.0600 & 1.0500 will be of great interest if it does break down, but there are easier options elsewhere. |
| $/Yen | Technically we are still in an uptrend so price could just bounce back up off 93.00 again BUT we have a 5/8 cross and stochastics pointing down on the daily chart I will be more keen to get involved if it gets down to 92.20 area later in the week. There is a mixture of emas, fib & trend lines here ie MULTIPLE reasons |
| Euro/Gbp | I Show in tonights video how I caught this pullback last week from the smaller time frames. 0.8800 would be of great interest for a short again tomorrow. |
| Best of Luck, Marc |
The Above analysis is an excerpt from todays weekly analysis from the low cost mentoring program that I run with Dean Saunders. If you would like to receive a quality forex education (40+ mini eductaional videos, e books etc) & daily updates like these then this is your last opportunity to do so at the introductory price of only $29.95 a month, a price which is fixed for as long as you choose to be a member. The price goes up to $49.95 to those who join after Wednesday of this week.
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