Hi, Erol has kindly sent us his analysis for today. As he points out there is a lot of news today, especially for the Gbp so I would especially avoid any Gbp related pair this morning. Yesterday I told my subscribers to look for short entries on the Euro/$ at 1.4755 & longs on the Chf @ 1.0225. Both entries worked perfectly for 50 + pip gains on both pairs. I also took the Nzd short at 0.7100. This was a very bumpy ride but i eventually scraped a few pips after 8 hours! All were based on fibs of the daily candles as they had broken and closed through major areas of support & resistance on the daily charts.
I have advised my subscribers today to only look for pullbacks to major emas or psych levels and avoid the NZD for any idea of a short- it looks as though it might be going to resume its upwards trends. The markets need to decide if these were just exaggerated pull backs or are actually reversals on the $.
We have had some great LMT daily trades in the last few weeks, but you still need to evaluate each signal and make sure that your target is not too near recent highs/lows, trend lines etc. The 4 hour has been less reliable and yesterdays 4 hour Aud short signal that failed was a perfect example of why NOT to take the trade. Price was coming down to a double bottom and major psychological level of 0.9000. No way should you ever take this type of trade, with or without the LMT.
Similarly this morning there was a Euro/$ sell on some platforms. If you look at the 4 hour chart you will see that price has bounced off 1.4675 4 or 5 times in the last few days. All of this is explained in the video tutorials and the daily blog posts in the ridiculously low cost forex mentoring site that I run, check it out here: Forex Mentor pro
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