Forex Education: Weekly wrap-up for week starting 03/02/08

Hey guys,

Based on last weeks weekly analysis we got two great trades worth between 85-150 pips all together. Additionally there was another trade that I could not have foreseen because it was candle pattern based (so I couldn’t mention in the analysis) and it was worth 70+ pips. If you caught that on too you would be up 150-250 pips depending on your entries/exits. All three trades are explained in the video below.

I hope you all had a great trading week!

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8 thoughts on “Forex Education: Weekly wrap-up for week starting 03/02/08
  1. are all these lines still in play for this coming week? I am most ly watching 207 right now, but curios about all the other lines on this video?

  2. Hi Nick,

    Couldn’t play the whole video, kept stopping after your first few sentences, and will not play further.

  3. the problem is on your side….. have the other videos worked for you? What browser are you using? What version of Flash? The best bet is to try another browser.

  4. OK, since Nick’s new analysis for the coming week is not posted yet, I have looked at my lines for the past week and updated my chart, and I will tell my lines and targets to test my understanding of Nick’s method:

    214.00 — This has been the high for the last four weeks, with price nearing it and backing away again once since. Plus it was the line Nick liked best for a long last week. So since we didn’t get anywhere near it last week, it’s a dead giveaway that it should be good for a normal long this week also. I can’t recall whether Nick said target 70 or 100, but I would be watching around 70 and if there is momentum at 70 I would hold the whole postition a little longer. Then either at 70, or a little more if momentum warranted, I’d take half; then move my stop to break-even on the other half, and let it ride for more.

    213.65 — This was the high from week before last, but the 214.00 was the high from only a week before that, and since the 214.00 is a psychological level, I will use that, and ignore 213.65

    212.04 — This was the week high last week. But we had a peak at 211.72 earlier in the week, and several peaks at 212.36 in the last 3-4 weeks. So I am considering the whole 60 pip range from 211.72 – 212.36 a no-trade zone unless I am in a long from another break that pushes thru this zone with momentum. Or unless Nick’s experienced voice says different.

    210.50 and 209.30 — These lines both had a nice bounce 2 weeks and 2½ weeks ago repsectively, but price has ignored them since. So I don’t think they have any strength right now.

    209.86 — We had a long-wick peak here late in the week, but price did not “run” away from it. And the price passed thru this level several times last week before the peak was made, so unless we fall away from it for a while, I don’t think it’s significant. However it did make a line, and so possibly could be good for a long scalp, but if I did it I would launch with a tight trail 15-20 pips, and unless it rocketed thru 25-30 pips, I would probably close the whole position at 25-30.

    208.82 — I have no faith in this line at all now because price has been dancing thru it all week. However, as I write this price is falling from there nicely. But I am still afraid of it and I am not in a trade with it now.

    207.72 — It was a good scalp line last week, but once broken for short, it showed no resistance at all on the way back up. If price stays away from it all week, I might look at it again but other than that my experience thus far doesn’t tell me anything I can trust about this line.

    207.00 — Still in play, but I would use it as a short scalp line for 35-50 unless price falls to it and bounces WAY away once. Then I would use it as a normal line, target 70, take half and let the other half ride for more. On the other hand, if price bounces from it twice or more times, and/or if it bounces only a little and gets stalled around it, I would be afraid of it.

    205.86 — This was the week low last week, and I would think this to be a normal trading line, and depending on price action I would take 70 or hold for more, but whatever I got I’d take half and let the other half ride for more.

    204.59 — This line has been the almost-two-year low, and in the end of 2005 and early of 2006 it showed a lot of support and resistance. So I would think this to be great line, if price reaches there this week. So if it does I’d look for 100 on the first half and let the other half ride for more.

    For anyone reading this, I AM NOT YET A SUCCESSFUL TRADER. I am learning Nick’s methods, an have only been around here for a short time. Please do not anyone take what I have said here as anything but conversational, and if anyone with more experience sees anything I have said that is not correct, please post a comment, and I can take any amount of lambasting if I’ve screwed it up.

    Nick, in addition to your feedback I request, if you think I should have made this a forum post and then linked to it in this comment, let me know and I will do it that way from now on.

    Jeff

  5. And Nick, thank you for the continued blogs.

    I may have it all wrong in the last comment, but you will make a great trader out of me sooner or later if you keep up these blogs.

    Jeff

  6. Hey Nick I have seen this but never traded , waiting for the break of the S-R lines , I will try it and leave a post , thanks

  7. Hi nick,

    thanks very much for your blogs. what trade platform and broker can allow me set alarms for my trade.

    thanks