Forex Analysis for 30th April 2010 Hi, hopefully you caught some of the decent trades that I pointed out this week. The Chf & Euro/$ worked well for 100’s of pips the other day as did the Cad. It has not been easy to trade this week, but there were a few gems amongst all the rubble. What you need to learn is how to make the most of opportunities when they present themselves and walk away when they do not.

I used to spend up to 10/12 hours a day trading off 15 minute charts & usually managing to lose as much as I won and make dozens of trades in a week. So did one of your fellow members, Pierre from South Africa. Pierre sent me the following email yesterday. Pierre joined us a few months ago and had experienced all of the difficulties that all forex traders go through.

When he joined the site one of his big goals was to get away from smaller time-frames, learn to trade 4 hour & daily charts & have a life again He now is doing very well because he applied himself & has learned to become a more cautious & disciplined trader.

I asked Pierre if it was O.k to post his email. It is not to show how clever he or mentorpro are, but it is to give hope to those of you who may be struggling and finding everything a bit over whelming. Its not so many months ago that Pierre had his own struggles, hopefully this will give you confidence to keep trying. When you see how many pips he made in what has been very tricky weeks it gives hope to us all that there are still pips to be made.

He has had a better April than me, so it gives me hope too

“Afternoon Marc

What a week for me!!! As you know I entered the Surefire Trading Challenge and had a relatively good run. I was hovering in the top 20 out of over a 1000 entries for the last week. Big was my surprise this morning when I woke up and found myself in 2nd position with only one trade responsible for this big rise in the rankings - only to get an email later from them telling me that I am disqualified from the competition for using the wrong leverage (200:1) should have been (100:1). After 2 weeks!!!! Lots of the top 20 members used 200:1 margin - so I am not alone with a lot of angry people!!!! After all – we all started with a $1000-00.

So I sent them a nice email and told them to…………..sorry my kids are around!

But all was not lost. As a participant in the competition – you have access to the other traders trading records. Some of the top 20 members made lots and lots of trades to be up there. That means sitting trading 24/7. Not for me thank you!!!!

I had 17 entries and made 1396 pips. All entries coming from 4 hour charts.

ENTRIES DATED FROM 20 APRIL TO 26 APRIL 2010
1) Euro/Jpy – 5 lots = 578 pips.
2) CHF/USD - 5 lots = 44 pips.
3) Euro/USD - 2 = 48 pips.
4) GBP/YEN – 5 = 726 pips.
17 WINNERS – NO LOSERS.

It was also nice to measure yourself against other traders and see where you are standing in the learning curve of forex. Out of over a 1000 entries – to be under the top 10 means that I am not doing too badly overall.

Why did I do so well ?………..all because of you, being a mentor to us – for the old and new hands in the forex world. Thanks Marc for all the help, oh yes one more person – some dude called Fibonacci. You are the man !!!

So all and all – it definitely pays to trade the longer time frames in forex if you want to make money and have a life.

As you say Marc, set the trap and wait – even if it takes days but the results will be out of this world.

Happy Trading”

Pierre du Plessis

So there is hope for us all. I have done a brief video for tonight. There were a few decent M1 trades this morning and those are the ones I will be interested in tomorrow. I don’t trade Friday afternoons and am very tired this week, so if I see nothing around the London open I am outta here! Also I NEVER trade New York on a Friday & insist none of you take trades after the London close.

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.

The following again are all “areas of interest” for pre New York session. We are never a “tipping service” but these are only areas that I will look for clues. Do NOT place forward orders based on this. I will get back to my more detailed analysis in Sundays update.

$/Chf 1.0700 interested to long
Euro/Gbp 0.8700 short
$/yen 93.00 long
Aud 0.9200 long

Have a great week-end, best of luck, Marc