Hello everyone! Last week was another solid one 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 week’s results from the P&A were:
GBPUSD hit all 3 TP levels
AUDUSD hit all 3 TP levels
EURUSD hit TP levels 1 and 2
USDCHF hit TP levels 1 and 2
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 – 1.319040
TP2 – 1.317369
TP3 – 1.315842
We ended the week with:
Semafor – sell sun
100 hma and 14 hma – price is below 14 and below 100
200 sma – neutral
Oscillator – flipped to the downside
RSI – exited and re-entered 70 line
AUDUSD – long/buy
TP1 – 0.757214
TP2 – 0.758870
TP3 – 0.760425
We ended the week with:
Semafor – buy sun
100 hma and 14 hma – price is below 100 and below 14
200 sma – price has a ways to move toward
Oscillator – exhausted to the downside
RSI – exited and reentered 30 line
EURUSD – short/sell
TP1 – 1.177749
TP2 – 1.176394
TP3 – 1.175091
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 – neutral
USDCHF – long/buy
TP1 – 0.989529
TP2 – 0.990567
TP3 – 0.991639
We ended the week with:
Semafor – buy dot
100 hma and 14 hma – price is above 14 and below 100
200 sma – price has a ways to move toward
Oscillator – exhausted to the downside
RSI – near 30 line
See you Monday and cheers my friends 🙂
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