Thank you very much to all the new followers and for such lovely comments on trading for the month.
Honestly speaking this month we are just in a pre-election zone and this kind of price movement is expected. I see a lot of players in the market in the retail sector calling shorts and long and all over the place. This week I believe we will break ranges and hence no Longer term trades are given on the basis of false break outs.
As most of you know my last trade on the Cable worked a treat along with gave us a beautiful 170 Pips (at £10per pip £1700).
170 Pips made on the GBP/USD
Remember at Platinum, we teach all individuals from different walks of life to become a trader or create a secondary revenue stream.
As most of you know, I always study the fundamentals first for any currency and then move on the technical‘s because I believe this gives me a true edge to trading currencies.
USD/JPY posted marginal gains last week, as the pair closed at 101.18. This week’s key events are the Tankan. In Japan, key indicators didn’t provide any positive news. Consumer spending numbers declined, while inflation indicators remained in negative territory. Over in the US, consumer confidence came out at the highest since 2007, but durable goods orders were mixed. Final GDP was slightly better than expected in the US, but at 1.4%, growth remains very slow.
IMPORTANT JPY EVENTS:
1.Tankan Manufacturing Index: Sunday, 00:50. The index remained steady at +6 points in Q2, beating the forecast of +4 points. The markets are expecting a slight improvement in Q3, with an estimate of +7 points.
2.Tankan Non-Manufacturing Index: Sunday, 00:50. This key services indicator dropped to +19 points in Q2, matching the forecast. It was the weakest since the second quarter of 2015. The downward trend is expected to continue in Q3, with an estimate of +18 points.
3.Final Manufacturing PMI: Monday, 01:30. This minor indicator has recorded six straight readings below the 50-level, indicative of ongoing contraction in the manufacturing sector. The markets are expecting slight improvement in the September report, with an estimate of 50.3 points.
4.Monetary Base: Monday, 00:50. Monetary Base has been steadily losing ground and dipped to 24.2% in August. The markets are expecting the down swing to continue in September, with an estimate of 23.4%.
5.10-year Bond Auction: Tuesday, 04:45. 10-year bonds continue to hover in negative territory, and the September yield remained unchanged at 0.05%. No significant change is expected at the October auction.
6.Consumer Confidence: Tuesday, 6:00. The Japanese consumer remains pessimistic, as the indicator continues to post readings close to the 40-level. The August release came in at 42.0 points and little change is expected in the September report.
7.Average Cash Earnings: Friday, 01:00. This indicator is used to track consumer income, with is linked to consumer spending. In July, the indicator climbed 1.4%, well above the estimate of 0.5%. The August release is expected to show a softer gain, with an estimate of 0.5%.
8.Leading Indicators: Friday, 6:00. This composite index is based on 11 economic indicators, but is a minor event as most of data has already been released. In July, the indicator improved to 100.00%, beating the estimate. The upward swing is expected to continue in August, with an estimate of 101.7%.
Platinum Trading Strategy for the Yen
Many analysts including ourselves widely expected the BOJ to reduce the negative deposit rate further at the BOJ press conference last Wednesday in an attempt to further weaken their currencies. Could the Yen fall over 500 Pips? This might be the end of the Yen and I know you want to take advantage of this opportunity. This could all happen whilst the BOJ stands on the sidelines.
HOW TO TRADE THE USD/ JPY PAIR:
Trade A) Short USD/JPY @ 102.15 or nearest zone with a 40 pip stop and a target of 100.30
Trade B) Long USD/JPY @ 102.15 if we break and close above the trend line with a 40 Pips stop loss and a target of 103.25 and 103.75-This is a BPC Trade Break out pull back and continuation trade
Place alerts on the major and minor support areas and match them with the zones and go for 20/20 trades
When someone first hears the words technical analysis they tend to over think and start believing that trading is too difficult and time consuming. Believe me every single chart that you can see that I have published is very basic just outlining how the trade is produced.
When someone first hears the words technical forex analysis they tend to over think and start believing that trading is too difficult and time consuming. Believe me every single chart that you can see that I have published is very basic just outlining how the trade is produced.
We have a belief here at Platinum that –
Perfect Trade = Perfect Fundamental + Perfect Technical Analysis + Perfect Logic + Perfect Risk Management.
So with the above in mind let’s talk about the pip-tastic opportunities that are coming to the Platinum Trading Floor in the month of October.
Before I move ahead ALWAYS USE STOP LOSSES IN TRADING AND ALSO WE ARE NOT GIVING YOU TRADING ADVICE.
All trades should have a stop loss not more than 40 Pips as stated on the chart. Place alerts at these level and watch the profitability in front of your eyes and we can have over a 200 Pips move in one day, so please learn Sell and hold.
So how can you trade the above fundamental events?
Get in touch with us to book your personal Consultation 🙂
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The information you’ll find in this article is for educational purpose only. We make no promise or guarantee of income or earnings. You have to do some work, use your best judgement and perform due diligence before using the information in this article. Your success is still up to you. Nothing in this article is intended to be professional, legal, financial and/or accounting advice. Always seek competent advice from professionals in these matters. If you break the city or other local laws, we will not be held liable for any damages you incur.