Hi, we should be in for a very exciting roller coaster ride on lots of pairs this week. Remember back a few weeks ago when we were all praying for movement? Be careful what you wish for 
The secret to being successful at the moment is to take your time. Do not force trades. Wait for price to come to you. In last Sundays update (repeated on Monday) I explained I was waiting for the Cad to pull back to to 1.0200. We had to wait until Wednesday for the trap to close, but that move alone was almost 2 weeks worth of pips.
On Monday I repeated Sundays suggestion that 1.0700 would be a good area for the Chf to pullback to. It did on Tuesday & went 200+ pips overall. Finally on Thursday evening I said;
“There are a few potential moves I can see on bigger timeframes. The Gbp/$ is coming back up towards the weekly support & resistance area of 1.5380 again so I will be looking for clues to short there”. These 3 moves were worth over 500 pips. As member Pierre said In Fridays message,
“As you say Marc, set the trap and wait – even if it takes days but the results will be out of this world.”
There is simply no need to sit at your computer all day. It leads to poor health, stress & tired decisions where you will invariably lose. Many members now tell me that they do their week-ends analysis before I post mine. They then compare theirs & mine So they are starting to see things for themselves.
You need to develop this type of mentality for yourself. I do my analysis 2 or 3 hours before daily candle close & I am trying to predict something that is allegedly impossible to do! Often other opportunities will arise during the day that you have the chance to win decent pips but you will be unable to take advantage of them if you have not put in the effort.
We are here @ forexmentorpro to teach you how to do this for yourself. Many of you have the dream of quitting your day job & trading full-time. If you were going to re-train for any other career that has the potential to earn you a lot of money & give you a great deal of freedom then you would expect to put in a lot of hard work.
I still get people who have only been with us a few days and are desperate to start trading. Guys if you want to give money away just send it to me The brokers just love new traders who don’t know what they are doing. They are like crocodiles at the side of the river just waiting for some idiot non swimmer to take a dip. DONT do it.
This ability to see things for yourself will enable you to take advantage of things when I have spoken of ”areas of interest” in recent weeks. Normally I give out definate areas I am looking to trade, BUT things were so uncertain recently that it was safer not to do so. Some of you are still trying to use us as a “tipping service” I am often very accurate BUT as I have said before if I win the lottery or God forbid get run over by a bus, I am out of here. If you have not learned for yourself you will be back at square one.
There is enough information & knowledge on our forexmentorpro site for you to become successful forex traders but you have to put the effort in as well.
The Week Ahead
There is an unbelievable amount of news, speeches & bank holidays this week. A week that culminates in the dreaded NFP Friday. This week is likely to be humongously volatile but if we are careful, patient & disciplined then we will have the opportunity to do well.
We have Bank holidays in various parts of the world tomorrow including the UK. Japan has 3 days of bank holidays, Monday, Tuesday & Wednesday. I will not trade any pairs with either of these tomorrow nor any Yen related pairs until Thursday. Why? Last week I was in an Aud/Jpy trade for 10 hours (I failed to check the calendar properly). The trade went absolutely nowhere as did the $/Yen. What usually happens if people trade on bank holidays is either there is no movement or price sets off in a strange direction and fails to respect support/resistance, fibs etc. Best advice is don’t do it.
| M1 | Check around London open. We have had a lot of gaps & big moves in recent weeks BUT this method has started to work well again in the last week or so. When it does work this method can be extremely simple and often leads to quick profits. |
| Lmt | I can see no possible daily signals for market open on alpari. Waiting for trends to re-establish themselves on most pairs. |
| Gbp/$ | Possible 1000 pip triangle pattern break out forming as I show in todays video. This is on top of last weeks explanation re flag pattern break out SO lots of things technically suggest that the Gbp is in for a big fall.
If it wasn’t for the bank holiday I would be happy to short at 1.5380 again for all the same reasons that I explained in Thursday/Fridays blog post. However leave alone tomorrow because of the bank holiday. Also Thursday is a general election in Britain & for the 1st time in ages there is the distinct possibility that no single party will win. If that is the case then this could be extra volatile the following week as well. Markets HATE uncertainty so Tuesday/Wednesday could be best bet for all things Gbp. |
| Euro/$ | The Greek tragedy has further to run & is likely to continue to create volatility on this pair & all things Euro. There are meetings in Athens & Brussels today to try finalise an agreement BUT the German local elections are next week & the deal could still be blown out of the water. This will run & run. I think that there will be an announcement tomorrow morning & there is definitely a speech by Trichets likely successor, Axel Weber at 10.00 BST so be careful around London open.I show in the video that on the monthly candle there has always been a pullback on this pair for more than a year so probability says that it will go up for at least a while and positive news re Greece could give it a push, albeit short term. Technically this is still in a down trend and therefore it’s a case of where to short. I will be very wary until the Greek news is settled but 1.3400 & 1.3500 will be definite “areas of interest” in the next few days. |
| Chf/$ | If the Euro does go up then the Chf will go down. 1.0700 will be important again & just below that the weekly 55ema at 1.0665 means that this area will be hugely important. The problem will be that if the Euro races price could plough straight through here. Let the dust settle after the Euro news/speeches. |
| $/Yen | Leaving until Thursday because of the Bank Holidays. |
The above is just a brief example of the detailed daily analysis we provide in our forex mentor program. We have a 5* rating on forex peace army. We have dozens of educational videos. ebooks & daily blog posts as well as email support. If you would like to know more click on the following link:
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