Hi, I have posted more competition entries over the weekend. There is a humorous offering from Julian J that I will post in the forum & a major study of correlation between forex & the Dow, S&P & other bourses that could help a great deal in keeping you out of losing trades. This detailed study & results was written by Miles B & you can find it here: Is the $US correlated to world bourses (stock exchanges) & if so, how? This should be a good topic for future forum discussions as I know some of the other members follow this correlation. I have created a separate forum for the subject & the link is above.
On a personal note I would like to thank forum contributors. The forum is now ” buzzing,” their willingness to help others is great to see & certainly makes for a better “club” experience. We have members who are experienced traders who are willing to offer help & advice, including our resident expert, full time trader, Pierre. So do not miss out on this excellent educational tool or just drop by for a chat! Analyse trades, past & present & share & learn with like minded people.
Forum links: Forex Forum
Forexmentor pro Members Discount Forex Products
I mentioned the other week that we were going to try & obtain discounts for members on 99% of forex products that are available. Dean has kindly started the ball rolling with a members only 30% off all his products. We are also just starting a “rebate system” for other forex products. We only have a few in there at the moment, including two that members asked us to get, one is “Black dog forex” & the other is “Fapturbo”.
We do not endorse nor recommend these (personally I wouldn’t have fapturbo given 
but that’s just my biased, anti robot opinion. Having said that there is also “forex megadroid” which I know that quite a few members, including Vassilis & Peter use & they tell me it is profitable if you know what you are doing, what are the best settings etc. There is a detailed discussion about its strengths & weaknesses in the forum.
Let us know any forex product that you are interested in & we will try to obtain the discount. You can find all of this in the “Products Section” at the top of the home page. Initially all rebates will be sent via paypal.
The Week Ahead
I showed in last weeks update how to trade summer trending markets & that it can be relatively easy IF you plan the trade & then trade the plan, in other words, decide where price is likely to react, WAIT & then take the trade. The secret to all this of course is learning where to look for this reaction area, which is where I come in to the equation . Lots of last weeks trades bounced almost to the pip on lots of pairs, in areas I suggested, hopefully I can be as accurate again this week!
Its BIG News Week
The 1st week of the month is always the busiest for scheduled news, culminating in crazy NFP Friday. The secret is to make your pips/$’s as early in the week as possible & then walk away. I had finished trading last week by Tuesday lunch. Money in the bank, job done, WALK AWAY. You MUST check your calendars BEFORE every session & especially before entering any trade. There is far too much for me to itemise but the BIG stuff tomorrow is 1) Canadian Bank Holiday so Cad could be quiet 2) Lot of Gbp news & $US & Ben Bernanke is speaking a couple of hours after New York opens & Timothy Geitner (FOMC member). I hate speeches! The slightest slip of the tongue & markets can spike 100′s of pips in seconds.
Trading Ranges
If you are new or need a refresher, then look back at last Sundays video where I showed you how to make profitable trades in current markets. Also take note that when we have less liquidity how price seems to stop/react more than usual at whole numbers. A good example of this is the Euro/$ at the moment. Price in previous weeks was bouncing off 1.2800/1.2900/1.3000 and then stopped on Friday at 1.3100
Please remember we are NOT a tipping service. What we do here at forexmentorpro is teach you how to analyse the markets, strategies to use & then suggestions of how I use these strategies to make profitable trades in the coming days & weeks. Our aim is to teach you how to do this for yourself, not blindly follow!
| M1 | Now more than ever you need to use the emas on different time frames to keep you out of potential losing trades, see the section at the bottom of this page http://forexmentorpro.com/members/edu-m1m2.php Look around London open. |
| Lmt | Gave a winning signal on $/Yen on Thursday, I didn’t take as it was too near a recent low, I would leave the daily for now BUT the 4 hour is more sensitive and could start to give us some trades again. |
| Gbp/$ | Last weeks range broke. Now we potentially have a new one. I will be interested to long at 1.5550 as this is the weekly 55ema, previous resistance & support as well as there being a 4 hour trend line not far away around 1.5580, so Anywhere in that area. Further down if it breaks then 1.5400 would be a good place to consider a long. If you are looking to short then the areas of interest for me are Fridays high around 1.5700/20 thereafter 1.5800 & definitely 1.600 which is a HUGE psychological area.
Be careful with the Gbp, there has been a fair amount of positive UK news in the last few weeks and there is a lot of news this week including interest rate announcements. |
| Euro/$ | Also broke it s previous range, now bouncing between 1.3000 (last weeks resistance which is now support) & 1.3100 which is resistance. These will be the key areas tomorrow for me to look for bounces off. If price breaks up through 1.3100 then wait for the candle (4 hour or above) to close, then look for a pullback to 1.3100 with a view to a long. If price breaks below 1.3000 I need a close below 1.2950 before I consider a short. It is recent support & the daily 55ema is in the same place.
My main area of interest as I show in the video is a potential short @ 1.3300. this is the upper daily trend line, whole number, daily 200ema & 78.6 fib, in other words MULTIPLE reasons where price will react if it gets up there. |
| Chf/$ | Currently sat on a quadruple bottom/strong support line. If it breaks this area then standard M2 break out pullback to 1.0400. Alternative is could bounce back up here again. 1.0550 has been strong upper resistance in recent weeks, so again considering a short if it gets up there. Retail sales news just after London open, wait until that news is out & the dust settles.
In the forum Pierre shows how easy this pair was last week. |
| $/Yen | Possible 200 pip triangle break out started on Friday. Watch at market open. I will be extra interested if price pulls back to 87.00 Last week I was looking for shorts at 88.00, this still looks interesting. |
| Aud/$ | Quite a few news releases not long after market open, nothing expected to be important BUT you never know. Wait until news releases have been & gone.Tried every day last week, but failed, to break the 78.6 fib line at 0.9027. I am leaving until/unless it does. If breaks & CLOSES above interested to long after a pullback to the same area as would be a major reversal. If it breaks down then 0.8850 will be a good area to look for clues re a bounce back up again. |
| Cad | Potential 700+ pip triangle break out on the daily. Canadian Bank Holiday so be careful. One of the members, Gally was shorting this at 1.0400 & longing at 1.3000 all last week. It worked approximately 8 times out of 10! Price broke & closed below 1.300 on Friday for the 1st time in 5 weeks, BUT then bounced off a trend line on the daily. Personally I will wait to see if price breaks & closes below this trend line around 1.0270 tomorrow. If it does then need a pullback |
| Euro/Cad | Not a pair I trade much BUT 1.3220 is a big area, either for a pullback with a view to longing or if it breaks & closes below, an M2 short |
| Euro/Yen | Possible 5000+ pip triangle break out! Still watching, & waiting & waiting zzzzzzzzzz) : Very messy at Friday close. I will consider a long if price breaks & closes above 113.40. Same area worked well for the previous 2 months for shorts, but need to decied on the day.
Other option is wait for price to close below 112.00 and wait for pullback short |
| Aud/jpy | Very messy BUT 78.00 is the key. Either break & close below for a short which I would prefer or a 4 hour or even 1 hour move back up & pullback to long. |
| Euro/Gbp
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Only looking to short. Watch daily bollinger band at market open. If it opens then will give more confidence to short. If it stays closed then may just bounce off the band. Broke & closed below 0.8320 which is also a new low BUT didn’t close below 0.8300. If it does then I will look for a M2 break out pullback for a short. If goes back up then I will look, once gain to short 0.8380/8400/ which are still major areas for me
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Euro/AUD Potential 700 pip triangle break out. Not a Pair I trade very much BUT very clear & clean looking potential trade here, see the video; Best of Luck, Marc
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