Weekly Analysis: Wild Days Not Over Yet? – Forex Mentor Pro
I am writing this on Saturday afternoon. As yet, Trump hasn’t decided to attack Iran, but it’s a possibility. Most of the time, his announcements and actions seem to happen on weekends when markets are closed. If only folks knew what he was going to say or do they could make a fortune!
As we saw on Friday, there was a major sell-off in the metals and stocks. I bought more. After the massive gains in January, it was only logical that there would be pullbacks. I said last week that nothing goes up in a straight line.
I added to my gold holdings at $5000 and silver, initially at $92 and later in the day, from a bar, on my phone at $77.20. That’s technology for you. I also added to my platinum and palladium stocks and an ETF. I am still looking for opportunities in copper.
Hopefully, my thesis holds that supply and demand are the real drivers of commodities. Gold has the added benefit of being the ultimate safe haven.
Here is a great article by David Jensen (you should follow him, a lot of his content is free) on how Comex & the London Bullion Market are manipulating/breaking long-established rules, to try and stop gold and silver’s rise:
Problems With Friday’s Price Smash
Crypto
I explain in the video why I believe the big boys, Blackrock etc are trying to force BTC below $76,000. It has already dropped further and is currently at $79,000 as I write. I am not selling.
I recommend you to read Marc Chandler’s article, as he summarises the fundamentals around the world in his articles and also tells you what to expect from a fundamental perspective..
The Forex Week Ahead+++++++++++++++++++++++
The week is the busiest, for the scheduled news of the month. As ever we need to tiptoe around most of it and avoid others. All explained in the video.
I am looking at the BIG areas and have some decent setups on some of the majors. I recorded the video on Saturday, so if anything happens in the Middle East or anything Trump-related, then I will need to revise my plans.
I will only take one trade at a time. if one loses, they probably all will. I show in the video the levels I have identified; however, if the markets go into meltdown on Monday, I may just sit on my hands.
Because of the news, it may be that Pierre and Ashley’s shorter timeframe strategies will be more successful, so make sure to keep checking into the forum
++++++++++++++++++
As always, remember correlation!
BE Careful. Despite the $USA drop, the $index failed to break its range on the monthly and weekly charts and even look like reversing back up for a while. KEEP watching the index during the week
Notice how many pairs in recent weeks have bounced to the pip off the 200 & 55 EMAS. Use them to help you avoid losers and for targets when in a trade.
MAJORS
EURUSD: Leaving it alone for now, 1.1825 is interesting, but I don’t have 5 reasons. Ashley said look at the 4HR. The GBP/$ has more reasons.
USDCHF: 0.7860 is a big area to watch but I am struggling to find a 5th reason. Watch the video.
GBPUSD: Pin bar reversal at the top last week and the monthly 200 EMA was a big clue for a rejection. I am looking to long at 1.3470 but not on Thursday unless it stays where it is. See the video
USDJPY:
USDCAD: Dropped like a stone and then pulled back and failed to break the weekly 200EMA so leaving alone.
AUDUSD: Finally broke out. Probably the best setup but there is big news early Tuesday GMT so how do I aim to trade it? The area is 0.6735 and half 0.6760See the video
NZDUSD: Rejected at the monthly 200EMA. I am looking to long at 0.5860. It’s correlated with the AUD, so do not take both at once.
MINORS
I don’t like the look of the Yen pairs nor most of the minor/cross pairs. Ashley will post updates on these based on his shorter time-frame strategy. SOmetimes here, but mainly in the forum so check in there every day!
GBPAUD:
EURAUD: First area to look for clues on 4 hour is 1.7230 short. The bigger area is 1.7420
EURGBP:
AUDJPY:
GBPJPY:
NZDCHF:
New members, please note: If I am looking to take a trade long, for example, 1.5000, 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”; we aim to teach you how to trade for yourself.
Watch the video below for more detailed explanations of this week’s analysis and trade plan.
To find out more about our crypto journey, check out the mini-course, and if you want to get involved in what I believe is the next boom, scroll to the bottom of this page to find out more: CLICK HERE
You can watch the full video below, you can read the transcript or view the full screen by clicking the buttons below the video:
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