Marc Walton on April 28, 2013
Hi,
I recently offered members the opportunity to have a “one to one”
session with me at a greatly reduced rate of $100. One of the most
repeated questions that has come up in those discussions is how I do my
analysis and prepare for the trading week ahead?In this first, additional video I explain in detail how I can spend 3 or 4 hours on a Sunday, analysing multiple charts on different time frames.
How I then comb the news for potential hazards and finally check my news calendar to see which days or announcements I need to be careful with or even avoid.
This week is a very good example of having to tip toe around the news and bank holidays, all of which can and do affect currency pairs and their movements. There is a ton of news, bank holidays all building to THE big news event of the month, NFP.
Last week for example I had a plan to short the Gbp/$ BUT I posted a warning in the forum that an impeding news announcement could send the Gbp the other way. The news came out better than expected and sure enough the Gbp rapidly raced in the opposite direction. Result? Losing trade avoided.
My best advice to all of you is do your OWN research BEFORE looking at mine. Learn to spot things for yourself. Often members see things that I miss.
Here is the video where I explain my process and how I choose “A” list trades that I can place at the market open (Like last weeks Chf short at 0.9500). I then have a list of weaker possibilities that I will look to trade from 4 hour or daily charts:
http://youtu.be/A-l-rd15RaI
If you would like to take arrange a “one to one” session with me you, where we can discuss any problems or issues you may have and set in motion a strategy for you to become a successful trader, email me: contact@forexmentorpro.com
Forex Week Ahead
VERY tricky week due to the aforementioned news & bank holidays. I explain in the videos how to trade around the bank holidays, BIG news and how I intend to take trades and be out of the markets by late Wednesday this week.
Over the week-end the Italians have elected a new Prime Minister which may give a temporary boost to the Euro. As ever I will be watching and waiting to see if there are any trade-able gaps at the market open. If you are new, here is how I trade gaps: Marc’s Gap Trading Strategy
Euro/$: Very messy. Not interested in smaller time frames this week. Longer term charts I am interested to short if price gets up to 1.3300. Will not trade after Wednesday due to news and NFP.
Gbp/$: Watch the monthly candle close on this pair as it will determine next months bias. 1.5790 is my preferred entry on this pair, for multiple reasons as explained in the video. Intra day then I will look for clues to long at 1.5330 or short at 1.5770.
Also in the video I show how uncannily accurate daily candles have been on this pair on recent months. get in the habit of checking them each candle close.
Euro/Gbp: Last week price crashed through major support at 0.8500 after positive UK news and negative Spanish. Standard M2 plan is to short there if price pulls back.
Chf: Worked almost to the pip last week, shorting at 0.9500. Less clear this week. If price pulls back there I will look for clues on 4 hour charts but not place a forward order. Anothe rpossibility is a bounce back up at 0.9400. If it breaks and closes below there I will not short as there is too much in the way below.
Aud:Pulled back almost to the pip to my suggested entry last week at 1.0340. That is still a major area for me to want to short. There are numerous potential trades here as explained in the video. My preferred “A” trade is yet another short at 1.05770 but that seems a long way off now. Further options are bounces back up at 1.0200 or shorts of a break and close below 1.0180
Yens: All stalled and pulled back last week. Those trading “tops” would have won and there were plenty of clues to support that plan. I didn’t as historically I lose more than I win, BUT The risk reward can be excellent so it may be worth taking a half stake trade if price races up once more.
Aud/Yen: Nasty spike last few weeks, watch 100.00 for a bounce from 4 hour charts but my preferred “A” trade is a long at 97.40
Euro/Yen: Same as Above. 127.00 is the zone, but not the strongest support – I am leaving alone.
$/Yen: I am only interested to long, with the trend but still prefer a pullback. Lots of clues of further pull backs. My main area to long is 96.50. If that trade loses and breaks lower, I will take again at 94.50. The Japanese have made no secret of their intentions to weaken the yen we could be on for 1000′s of pips of upwards movement in the coming months.
Final option: if price breaks and closes above 100.00 I will long if we get a pull back. Further options are a half stake, counter trend short at 100.00.
Cad: Still messy but 1.000 is my preferred entry once more. Its the psych level/parity. Strong previous support & resistance. 61.8% fib and the weekly 55ema – did someone mention multiple reasons! The problem is it may only get as low as the weekly 55ema around 1.0050 so I will split the trade in half.
Intra day I will leave alone its simply too silly at the moment
New members please note: If I am looking to take a trade long, at for example 1.6000 , I place my order 10 pips above & 10 pips below for a short. This is because price often does not quite reach a major line and you need to allow for spreads.
We are NOT a “tipping service” our aim is to teach you how to trade for yourself. For more up to the minute updates do not forget to drop by the forum
Pierre, Vassilis (Capsmart), Raa, Omar, Mary, and other experienced members will be available in the forum to give you a more up to the minute assessment & whether they see any potential trades lining up in the next few days. Many members tell me this is the best forex forum there is (no back biting & bitchiness, nor spam, that spoils most forums) and all members are happy to help new visitors. Its a great resource, USE IT: Forex Forum
To view the video click on link http://youtu.be/6CDSeOww5a4