Forex Analysis Update 17.12.20 - DXY / GBPUSD / USDJPY / XAUUSD (With Live Positions)
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Forex Analysis Update from Saturdays Weekly Forex Forecast.
In this Forex Analysis Update video we cover the following Forex (FX) pairs:
USD Index, GBPUSD, USDJPY, AUDUSD, NZDUSD, USDCHF, GOLD (XauUsd), EURJPY, EURAUD, GBPCAD, AUDCHF, AUDCAD, AUDNZD, NZDCAD.
The Forex analysis outlined in the Forex Analysis Update video should be used together with professional Risk Management principles to create a complete Forex strategy. Any Forex trader who does not currently have a professional Risk Management process can get one for free in GMT's Free Trading Course here: http://bit.ly/34hCPJv
Topics associated with todays Forex Analysis Update video:
Chart Patterns - https://bit.ly/2WbYONm
Trend Anatomy (Explosive Waves) - http://bit.ly/2WoCkci
Santa Claus Rally (FX Street Article) - http://bit.ly/2LM28x1
Asset Performance vs USD Spreadsheet - http://bit.ly/3gVQxqA
Entries & Market Timing Techniques - http://bit.ly/2WoC8d4
Stop Losses - http://bit.ly/34hCPJv
How to use the GMT Weekly Forex Forecast
The Price Action of each Forex (FX) market is combined with key support and resistance levels, in the direction of the prevailing trend, to create a framework where the odds are in the favour of each Forex trader. We cover why this is crucial to long term success in the Forex (FX) markets in detail in the Risk Management section of GMT's Free Trading Course (http://bit.ly/34hCPJv)
The Forex Forecast video presents the highest probability directional move for every market each week as well as a "work space" for each Forex (FX) pair by putting into place the key support and resistance levels.
When assessing the Price Action of each Forex (FX) market in the Forex Forecast video we create the analysis using multiple time frames, however the presentation in the Forex Forecast video is made in the 4h time frame.
A complete Forex Strategy:
The Weekly Forex Forecast and Technical Analysis video can be combined with GMT's Free Trading Course to provide a complete Forex Strategy for every Forex trader to approach the Forex (FX) markets with each week. It uses the following process to put the odds onto the side of the each Forex trader ensuring long term, sustainable success in the Forex (FX) markets:
By assessing the overall trend of each market a directional bias is created in each Forex (FX) pair which helps put the odds on our side for reasons covered extensively in the Risk Management section of GMT's Free Trading Course.
Support and Resistance
By updating key support and resistance levels in each Forex (FX) market each week a "work space" is created allowing each Forex trader to assess potential set ups on a pullback to support and resistance levels or by filtering out trades which might be too close to upcoming support and resistance levels. It is an additional filter which increases the odds further in our favour.
In the Technical Analysis section of GMT's Free Trading Course both Breakout and Swing Trading techniques are covered and both can be used to enter positions into the Forex markets for set ups as highlighted in the Forex Forecast.
Stop Loss placement depends on the individual Forex trader with Stop Losses and Position Sizing being covered in great detail in the Risk Management section GMT's Free Trading Course for any Forex trader who doesn't yet know how to correctly implement these techniques (http://bit.ly/34hCPJv)
Thanks for watching and a big extra thank you to those who comment, like, share and subscribe to the channel!
Have a great week and don't forget to trade safely!
Get Me Trading Team