Hello everyone! Last week was another solid one in the room however, the P&A portion did very poor for the first time in a while. EURUSD hit TP level 1 but none of the others did. If you take a look at the charts, we are currently in a consolidation period and price more than likely will be taking a reversal according to the Poppin’ Picaso setup.
I have been updating the website and adding some new posts and lessons. I will have an updated File Pack for you all soon with some requested updates and bug fixes. We will be releasing more requests on education, EA updates, Indicator updates and other requests within the upcoming months.
Have a wonderful week and see you all Monday in the room!
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UNDERSTANDING THE P&A
Setup is from the Poppin’ Picaso strategy
Short/Sell vs Buy/Long – In the forex market, think of money as a commodity, you are buying a currency hoping that its value will increase, and if you are selling you are betting that it will decrease
TP Levels – A take–profit order (T/P) is an order used by currency traders specifying the exact rate or number of pips from the current price point where to close out their current position for a profit. The rate deemed to be the level where the trader wants to take a profit is sometimes referred to as the “take–profit point”.
What should my SL be? This is something that you will need to decide on. Just as I give you TP levels based on previous Support and Resistance, you will want to examine the screenshot or your charting platform and determine what SL you prefer based on those Support and Resistance levels.
Support & Resistance Levels – These are simply price levels or a range of prices that an asset doesn’t often go over (resistance) or go under (support).
Trail Stop – Click the link to learn what a trailing stop is
Semafor – This indicator appears as a green or red dot or sun symbol
100 hma and 14 hma – The hma is the hull moving average indicator. It is purple and turquoise for the 100 length and purple and green for the 14 length
200 sma – The sma refers to the Simple Moving Average with the length of 200. It appears white in the Poppin’ Picaso setup
Oscillator – The oscillator is the OsMa indicator in the second to lowest quadrant of the Poppin’ Picaso setup
RSI – The RSI appears in the lowest quadrant and refers to the Relative Strength Index
Last results from the P&A were:
GBPUSD did not hit any TP levels
AUDUSD did not hit any TP levels
EURUSD hit TP level 1
USDCHF did not hit any TP levels
Prediction & Analysis for the upcoming week is as follows:
***As always…remember to move your SL as TPs are hit and even if TP3 is hit…continue to trail stop to achieve maximum profit potential***
We use the Poppin Picaso strategy for the weekly P&A. Based on the indicators at week end and general price action, we use the previous support and resistance levels to determine TP levels.
GBPUSD – short/sell
TP1 – 1.382450
TP2 – 1.379544
TP3 – 1.376535
We ended the week with:
Semafor – sell sun
100 hma and 14 hma – price is below 14 and below 100
200 sma – price has a ways to move toward
Oscillator – flipped to the downside
RSI – exited and re-entered the 70 line
AUDUSD – short/sell
TP1 – 0.797398
TP2 – 0.795275
TP3 – 0.793344
We ended the week with:
Semafor – sell sun
100 hma and 14 hma – price is below 100 and below 14
200 sma – price has a ways to move toward
Oscillator – flipped to the downside
RSI – exited and re-entered the 70 line
EURUSD – short/sell
TP1 – 1.219729
TP2 – 1.217851
TP3 – 1.215892
We ended the week with:
Semafor – sell dot
100 hma and 14 hma – price is below 14 and below 100
200 sma – price has a ways to move toward
Oscillator – flipped to the downside
RSI – exited and re-entered 70 line
USDCHF – long/buy
TP1 – 0.964231
TP2 – 0.965880
TP3 – 0.967719
We ended the week with:
Semafor – sell dot
100 hma and 14 hma – price is above 100 and below 14
200 sma – price has a ways to move toward
Oscillator – exhausted to downside
RSI – exited and re-entered the 30 line
See you Monday and cheers my friends 🙂
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