Hi, this is a copy of my midweek update delivered to members on Wednesday the 12th April 2017.
On Sunday the 9th April I told members, in advance, what I was going to trade and why (same as my fellow mentors and I do every day of the trading week).
Here is the copy of the post & in the short video below I showed what I had done.
How I took some profit off the table (scaled out) before the Cad news) and how I entered the Aud/Yen for a quick 100 pips profit.
Here is the post:
As you know I don’t like to brag – but I am going to anyway ?
I said on Sunday “..lots of talk of how difficult the markets are to trade this year BUT we have had over 500 pips in movement from just 2 pairs that I showed you in advance.
In truth a lot of how traders approach the market is their state of mind.
That’s 2 trades, 1 months profit. Woo Hoo, this is so easy!”
Now whilst I said it a little “tongue in cheek”, the point I was making was a valid one. There ARE trades out there and I showed you again, in advance what I was looking to trade and why and I have banked over a 100 pips and have 70 pips in profit on another. (Update 13th April I took 150 pips from the Cad trade alone as explained in the live training session).
As per Sundays analysis I shorted the Aud/Yen at a break of 83.00. It was also a text book M2 break out pull back and there was a signal on the 1 hour. Anyone mention multiple reasons!
I shorted the Cad for MULTIPLE reasons & multiple set ups: weekly resistance, psychological level of 1.3400, oil moving higher. I will scale out (take part profit) part of the trade later today as there is major Canadian news, but I show in the video how to do that on my demo account.
I also shorted the Aud though not so confident right now and the Euro/Gbp did its 0.8500/200ema bounce again.
I show how I avoided a losing short on the Euro/$ (avoiding losing trades is as important as finding winners)
In general price is still respecting major trend lines on many pairs. One of which is the Nzd. If that line breaks then we could be on for a very big move next week
Trump is speaking this morning and as his foreign policy (which is different to his position last week) is one of the subjects for discussion then anything he says could have a major impact on currencies (oil is particularly sensitive in these cases).
This afternoon (Uk time) there is major Cad news & tomorrow the Aud so tip toe around these announcements. Do not open new trades a few hours before. Consider closing, scaling out and or moving stops if you are already in a trade (as I show in todays video)
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 in Pierre’s corner inside the members area.
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