Let’s get started…
- Scan of the Forex market
- Analysis of the Forex trends (VIDEO)
- Economic indicators
- Education -The Global Prime Academy
Scan of the Forex market
The market remains clogged by the Brexit conundrum and that’s clearly manifested through the compression of ranges in the currency market. With the British Pound stealing the ‘show’, the rest of the currencies have been, for the most part, idle and that’s reflected in the absence of trading opportunities in line with the strategies I look to exploit.
Do you remember the movie ‘Karate Kid’? I became fascinated by it in my teenage years. I just loved that strong bone between Professor Miyagi and Daniel. Miyagi would refer to Daniel as San, which happens to be a Japanese title of respect added to a name. When Mr. Miyagi would call Daniel by “Daniel-san” he was showing that he respects Daniel with highest honor.
Why do I mention this seemingly unrelated story you may be asking? In the movie, one of the quotes that went viral was when Mr. Miyagi said, “Patience, Daniel San, Patience!” Daniel wanted to get ahead of himself by taking corners, yet Mr Miyagi’s wisdom was well encapsulated through this quote. He knew patience begets reward. In trading, the same can be said.
That quote, therefore, is very fitting to the current environment we are faced with in the Forex space. There are simply no trades to be found that would qualify as part of the TT setup that I teach in the GP Academy. The chop-fest we are experiencing in most markets is a result of market-makers taking control of the liquidity provisions amid the lack of clear drivers.
In the next 48h, however, we may see some of this vol tightness unravel. Why? Because we may see a resolution (or not) of the Brexit talks, alongside spikes of vol that will come via the BOC, the ECB, the EU Summit or the US stimulus negotiations. As per the BOC (today), the markets are expecting the BoC to stand pat even if volatility around the time of the release must be respected.
With regards to the ECB, the question is how aggressive will the ECB be on additional stimulus measures? Consensus is for TLTROs and an extra EUR600bn (+/-) being added to the PEPP bond buying programme (QE) and to extend from June 21 to at least the end of next year.
Analysis of the Forex trends
In my video analysis below I use concepts such as momentum, market structures or order flow to come up with the daily outlook in the currency market.
Economic indicators & events
If interested in the best ‘free of charge’ News Indicator that displays data on past and future news in the Forex market via MT4, check this YouTube video. The indicator allows you to save time and avoid mistakes.
Announcing The Global Prime Academy. Check out our brand new Academy website launched earlier this week. Let me give you a brief background on why we’ve created the Global Prime Academy. The universal praise I received about my trading and content I produce has been incredible.
However, clients at Global Prime were frustrated to find a structured way to absorb all this knowledge. Part of these golden nuggets are now going to be encapsulated in easy to follow and digestible lessons. By the end of the course, you will be given a set of strategies to take your game to the very next level. The first delivery focuses on the ‘TRAPPED TRADERS PATTERN’.