This is an example of the analysis I provide to members of my forex mentor pro group before the markets open.

I show how, why & which forex pairs I am planning to trade & those to ignore.

The goal is that you can learn to do this for yourself.

My most successful students do their own analysis first and THEN check mine. That way you learn to spot trade set ups for yourself and see things I may have missed.

The blog post: 

Those of you who have been with us for a while will know that I am a lazy trader.

My goal is wherever possible to place trades at the market open and simply walk away.

I show in todays detailed analysis why & where you could have made many 100’s of pips profit in recent weeks and months simply from weekly analysis.

In my early days I “traded” up to 10 hours a day! In truth I was gambling as I really didn’t know what I was doing half the time. I also fell in to the emotional trap of over trading. Revenge trading. Trading due to boredom. You name it I have done it and often over and over again.

The great thing about trading from longer time frames is that you do your analsyis on a week end when the markets are closed. Thus there is no emotion, nor sudden price movements to get your heart racing, just pure and simple analysis- the art of looking for repeatable patterns.

Having found the areas I wish to trade I then check the news calendar to make sure a) nothing scheduled will disrupt my plans and b) whether there is any big news due out that will require me to re-assess the situation.

In todays video I show you examples of previous trades as well as those I am looking to set up this week. Nothing is set in stone and it can and will form time to time go horribly wrong BUT probability says it will probably happen again. That’s all you can do as a trader.

In todays video I have changed the order of the pairs I usually study. The Euro and some Yen pairs are very unclear to me BUT The Cad has continued its 18 months winning streak- it used to be one of the least predictable. In my first 10 years trading forex it was the exact opposite!

Price on many pairs is at a crucial area. Is price going to rebound or could we see breaks that could give 1000’s of pips in the run up to Christmas?

The Forex Week Ahead

It’s a fairly light scheduled news program and Thursday sees the start of the Thanksgiving week-end in the states so Thursday and Friday will probably be slow, so the goal is to try and be finished by Wednesday evening if at all possible.

Watch those calendars carefully for news -I use Forex Factorys and you can find it here: CLICK HERE, especially “red flag” and don’t get too attached to a trade. Always check up to date news before taking trades).

Cad: 2012 & 2013 have been my best years with this pair and I show in todays video how many of the trades I planned months ago continue to win from simple bounces from MONTHLY charts!

I said a few weeks ago that “We had a lot of winning trades on this pair in September and October. Now new support at 1.0400 seems a good place to long” and its worked 6 or 7 times on daily charts and last Fridays move back down was predictable. Its all about support and resistance, nothing complicated! Same areas again this week for me. If it does finally break and close above 1.0550 on a daily chart then I will look for an M2 break out, pull back entry to long

$/Yen: Broke out of the weekly triangle and bullish weekly candle a few weeks ago, but didn’t quite pull back to my entry at 98.75, now price has broken and closed above 100.00 THAT is the logical area for me to try catch a long if it hopefully pulls back. If it keeps going (watch the weekly Bollinger for clues) then I show in the video how to follow price and set new areas of support & resistance.

Euro/Gbp: Similar to the Cad in that’s been simply bouncing between emas/support & resistance. I will look for shorts again at 0.8420 and longs at 0.8315. If price breaks down I need it to close below 0.8300 on a daily chart before looking for a pullback there to short. If it breaks it could go 5 or 600 pips as there is not a great deal below current price and last years low was at 0.7750

Euro/$: I said weeks ago “Illogical to me that its still going up and making new highs”…….. and I still don’t “get it” as fundamentally there is still a ton of things that are still to come in terms of bad news. However as technical traders, we trade what we see.

If price clearly breaks and closes above 1.3570 I will look for a pull back to long. However we are in a mini channel on the daily (see the video) so it could turn back down from current position. The more aggressive amongst you could short there. The more conservative entry would be a pullback to the bottom trend line around 1.3400

Chf: Similarly messy. Most conservative entry for me is to short at 0.9250 and possibly a counter trend long at 0.8900 (latter would be counter trend so half stake and watch on 4 hour charts for candlestick clues etc – also watch 0.9000 but the more times price hits it the more likely it is to break

Gbp/$: Fundamentally stronger than the Euro. Lot of options on this par. Conservative one will be pull back to long at 1.6080 once more (worked perfectly from weekly charts last week). If it keeps going up we could be on for a triangle break. I need a break and close above 1.6300 to get involved.

Intraday possible long at 1.6150

Aud: Another messy one. The Australian National Bank are talking it down and gold has fallen again so main interest is to short. Best area for me is at 0.9400. Much riskier option is watch 0.9000 and 0.8900 for counter trend bounces back up (half stake)

I prefer the $/Yen this week

Euro/Yen: AT an upper channel line and resistance area going back to 2008 so not an area I will look to long. Sing traders look for clues to short back down. More conservative entry is a pull back to the bottom trend line around 132.00 which is also major previous support, but it’s a long way to fall in a week so possible but unlikely.

Other area to look for clues are 134.00 and 135.00 but I doubt I will do so.

 Aud Yen: Looks bearish & broke the trend line but problem is it stopped at the daily 555ema on Friday & the 200 ema is not too far below and therefore it’s a poor risk reward, so not for me. A break and close below the 200ema and 92.20 later in the week will be of interest to short

New members please note: If I am looking to take a trade long, at 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” 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 full screen, click on the square shape, bottom right hand corner.

Author: Marc Walton