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 TP level 1
EURUSD hit all 3 TP levels
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 – long/buy
TP1 – 1.313738
TP2 – 1.315789
TP3 – 1.317630
We ended the week with:
Semafor – buy sun
100 hma and 14 hma – price is below 14 and above 100
200 sma – price has a ways to move toward
Oscillator – exhausted to the downside
RSI – exited and re-entered 30 line
AUDUSD – long/buy
TP1 – 0.768054
TP2 – 0.769477
TP3 – 0.770994
We ended the week with:
Semafor – buy sun
100 hma and 14 hma – price is above 100 and above 14
200 sma – price has a ways to move toward
Oscillator – flipped to the upside
RSI – exited and re-entered the 30 line
EURUSD – long/buy
TP1 – 1.161266
TP2 – 1.163183
TP3 – 1.165100
We ended the week with:
Semafor – buy sun
100 hma and 14 hma – price is above 14 and below 100
200 sma – price has a ways to move toward
Oscillator – exhausted to downside
RSI – exited and re-entered 30 line
USDCHF – short/sell
TP1 – 0.995922
TP2 – 0.994042
TP3 – 0.992220
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
See you Monday and cheers my friends 🙂
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