Pierre DuPlessis on April 12, 2013
Hope you well and that you survived this crazy week. As expected
after last week’s big movements, things were a little bit slow this week
and price on some pairs did the opposite from what the indicators were
telling us.I took a counter trade on the Euro/Dollar this week from the weekly pivot at 1.3105 and made some pips; I will show you how I used the Dollar Index for the confirmation. Yes the Dollar index not the Euro Index!
We also had a couple of M2 trades this week; HOWEVER entries were clearer on the 60 min. charts. MOST OF THESE TRADES WERE ON THE JPY PAIRS.
We still have BIG MACDEE DIVERGENCE on most of the 4 hour charts that haven’t played out this week, so we might be in for some big movement next week.
Trades of the week:
The GBP/Dollar moved down on Monday and found support at the weekly main pivot at 1.5247. This was also very close to the 38.2 fib area. This level was still holding on Tuesday were we had f nice 60 min bear trend line break for confirmation. Price broke the trend line, pulled back to it and jumped 123 pips.
On Tuesday I showed you we were in a triangle on the Aussie/Dollar pair. This was clearer on the 60 min. On Tuesday we broke the bull trend line to the upside. This trend line was also at the 200 EMA on the 60 min….remember the 200 EMA on 60 min = the 55 EMA on the 4hour chart. Price closed on the other side of the trend line AND THE EMA and the weekly WR1 pivot. Price, from here moved up a 134 pips.
In Tuesdays movie clip I was not that keen on the USD/CAD. However, I said we need to see if all the EMA`S on the 4 hour will hold price down. If it does, a short will be on the cards. We also had a weekly pivot point at 1.0169. As Marc has showed you how he did his homework on this pair on Wednesday USING MY PIVOTS HEHEHEH – he took this trade and is currently 70 odd pips up.
Then as I have mentioned, a short on the Euro/Dollar pair – however this was a more tricky one and for the more advanced trader.
Important notice.
I have been with my broker for the last 7 years and they are spot on. I received an email this morning from them with the following notice. I don’t know if you were privileged (hehehhehe) to get something from your broker, but if you didn’t…..take note of the following
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`Dear IBFX Customer,
We are writing to inform you of changes to our MT4 platform that you may soon experience. These changes are the result of actions taken by MetaQuotes, the owner and creator of the MT4 platform.
The website announcement of MetaQuotes states the following:
“We strongly urge anyone using these or similar modifications to return to the conventional unmodified installation files till April 15, 2013. All such modifications are forbidden and will be blocked in the terminals.”
These changes could potentially affect you from market open this Sunday, April 14th. This action by MetaQuotes will affect all MT4 platform enhancements that were not created or licensed by MetaQuotes. We regret these actions by MetaQuotes and are working to minimize their impact on you.
Further information is available in the MetaQuotes support centre, and is publically reproduced at:
http://forexmagnates.com/3rd-party-developer-gets-red-card-as-metaquotes-re-acts/
Given these actions by MetaQuotes, we have no choice, but to recommend that you immediately stop using the features such as OCO Orders, Automated Closes, Trailing Stops and the alarms in the Trade Terminal. Examples are shown in the image below. These features may no longer be available. The only safe option is for you to stop relying on these features as soon as possible and in any event before Sunday, April 14th in order to avoid any potential losses.
As a precautionary measure, IBFX will be providing a new MT4 installer that does not contain any third-party enhancements and other service provider EA’s in order to ensure you have a stable trading platform.
These actions by MetaQuotes are entirely beyond our control and we deeply regret any inconvenience this may cause you.
Best regards,
IBFX MANAGEMENT`
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Ok let’s have a look at some charts this morning
PS…..MY ADMIRAL MARKET PLATFORM WENT UP IN SMOKE ON THURSDAY SO I HAD TO REDO ALL MY CHARTS USING FOREX LTD AS THEY ALSO HAVE THE EURO AND DOLLAR INDEX…….SO MY CHARTS MAY LOOK A BIT DIFFERANT FROM THE PREVIOUS ONES.
Have a super cool weekend
Pierre