 How's it going on guys, you're right, it's Mark and I thought I would make a quick video just because of what I'm doing at the moment, just because I feel, or in my opinion, all my favourite stocks to trade are a little bit overextended right now, I'm not really interested in adding to them or doing anything with them there, so the ones I have I'm just letting play out and so on, there's a few that I've picked up, but I've mostly been looking at Forex over the past, I guess it's over the last week or thereabouts, just because it's not something that I've done an awful lot of, it's something that I want to learn more of just to get some exposure to it, just because I have a lot of money, whether it be on eToro or mutual funds and so on in stocks, so yeah, just to kind of as a bit of diversification and also just to kind of develop a new skill set. So what I've been doing is I have been pretty much just using, well I've been trying to transition how I trade stocks over to Forex based on just kind of purely on the technicals and see how it kind of plays out and see how well it transitions, so let's have a look, so if you watch my videos you know how I trade stocks but I'll just quickly kind of go over it, if you don't know how to set any of this up like SMA, EMA, MACD, RSI, if you don't know how to set any up, there'll be a link in the description to a playlist of how I do, how I set all of this up if you want to watch that, so yeah just a quick overview on how I've been trading it. First of all I just look at kind of basic support and resistance right and just use my eyes and my brain and just kind of look at am I getting like a good price, so if it was I don't know if it was something like your favorite t-shirt would you would your t-shirt be on sale right now or would it be I don't know premium price because summer's coming up if that makes sense, if that analogy helps at all and that's how I look at it, so kind of just purely looking at the price here, just for example on the USD Canadian dollar there is this kind of support here at like $1.32.93 and I point out you can see obviously it's extended below that at some point and the SMA is kind of acted as a resistance. With that as well you can also see that there's kind of like this, you could almost call it a resistance previously or it's kind of peaked out and slightly bounced above but pulled back and so the old support is a new resistance, so yeah so that's where we're at, so that's the first thing that I look at in terms of the actual price, the indicators I use are the EMA and the SMA, the EMA kind of gives you an indication of the kind of momentum of the stock so whether it's trending up or the currency right whether it's trending up, trending down and just kind of gives you a good overall feel of the direction, the MACD gives you as I say if it's going down it's a sell and if it's coming up it's a buy and the RSI shows whether it's oversold or over what such just kind of a general overview and then what I do is when all of those or most of those marry up and I feel comfortable, oh invest in the trade right, so you can see here with the USD CAD pair you can see that it's kind of pulled back, I've got a little bit impatient with this right so I could have waited for it to pull back and I've not had any indication from this EMA that it's going to curl up right but it is oversold on the RSI and the MACD has kind of pulled down a little bit so we would expect this to kind of continue to pull down potentially and then and then curl back in again with the RSI, I would expect this to trend and then we'd expect this price to to move up. I'm going to set kind of a take profit on here so what I have actually with the Forex which is a little bit different to the stock is I set kind of tighter stop losses because with a quality stock you can kind of hold on to it if you're aware of kind of the fundamentals and nothing's going to disaster it's disastrously wrong you can hold on to it and play it out for a long time but with Forex until I've had a little bit more experience right there might see be some pairs where the currency just kind of consistently gets stronger I'm not sure but for now I want to kind of keep my stop losses tight and I've also been really cautious with my take profit so just to give you an example if you move away from this I think we've covered everything here right so like the basic supports the resistances where we want to set take profits and so on yeah so I had a in fact I'll show you my history to verify it for you guys I had a trade with GBP USD and as I said I'm still feeling it out so you can see zero we broke even that one 1% 5% 6% 10% which obviously isn't you know gonna make me rich but it's it's you know practicing and it's green so but again you can see this support here at like 1 2 9 8 2 it was actually just before I went to bed and I was gonna set stop losses and play out but I thought why not just close it while it's green right and then it covered massive ground which would have I think it would have worked out to a decent amount of profit but it's always there to be green but can you see this here again right so you got this support I'm in the short term so look how the hourly looks yeah right so you so I might start trading more hourly with Forex as well but that's just a side note so you see you got this support like 1 2 9 8 2 and then this resistance I would say if you want to be cautious it's kind of almost like trending downward so it's kind of hard to say I would probably use the SMA as an indicator let's go back with 4L over the long term it's kind of more like this yeah the SMA so like 1 3 1 6 3 again the MACD still looks good the RSI looks good so that I mean there is a potential for this to continue to move up with the whole Brexit thing and everything else I was quite happy to close out so that was that as I tried there let's have a look what else I've been trading in terms of currency so I actually open so which stocks I'll never open a sell position but I've done a couple of cells so we can just kind of identify some patterns and so right you can see with this look how horizontal that pattern is so that resistance so that support even along that kind of 70 72 it's huge and then the resistance that's 71 32 look how consistent that resistance line is maybe that was a bit more relevant for Forex I think it might be I might have to start trading on the hourly chart for Forex it just seems so much more relevant but look at that right that resistance there so we hit a sell and again I closed it a little too early I'm too I feel like I'm too cautious but as I'm learning it I'm sure I'll grow in confidence and let the runners the winners run a little bit more but you can see you got that that's so horizontal that's such a nice pattern the support and the resistance there in fact I might even set a sell position on this right now hmm should we do it live look at that so it's peaked out it's pulled back the EMAs there the MACDs coming down the RSI is oversold hmm I'm not sure sorry I'm thinking now I like do I actually want to sell open a sell position while this is like this I think I might want to and then set the stop loss it's been bouncing off this SMA the only problem is it's made it's been making higher higher lows let you see that so it's there and then it's a higher low from here and let's continue to push up but that does look peaked out I like it's gonna pull back okay what I'm gonna do I'm gonna buy I'm gonna set a sell and I'm gonna put the stop loss at 71.3 71.3 because that means it would in my opinion it would continue to trend up and we know it's got the potential to trend up and then set the take profit at like 71 be a bit conservative 71.08 yeah that looks good to me 71.08 right okay let's do this let's see how that looks I'm still working out leverage as well with this so 1% of my account and I'll do we want to use 2% of the account so we just use 2% of the account that's 20 let's have a look at what that stop loss is 71.53 it's $14 and then take profit is 71.08 so it doesn't even make sense in terms of margin for profit 71.33 sorry about this guys I'm trying to work it out right so we've so I've opened up right sorry about that guys but people just walked in as well so so the stop loss is 71.33 and the take profit is 71.08 so what that works out to is so $3 stop loss $10 profit if it works out so that seems okay to me so it's 1% loss or 5% gain so risk reward and I think it's already playing out okay so we've already covered some ground on it so from what I can see actually it looks like the hourly chart is a bit better for forex but I'm gonna leave it there and I'll catch up with you guys tomorrow to see how this trade plays out let me check this on the alley as well just to see how that's looking so that looks good as well that still looks good oh we might be on to something here let me check for the alley anyway if you enjoyed the video obviously this is kind of a work in progress so as I go for it I'll be kind of updating this if you enjoyed it give it a thumbs up if you have any kind of constructive criticism or anything like that to do for it's whether it be on fundamentals or technicals I'm all is as I say as I'm kind of starting to learn and develop it yeah and apart from that I will oh yeah say if you want to have a conversation with me where it be stocks for it or anything like that then you can always message me on Instagram mark for you an official mark for me yeah I'm off in official yeah that's everything so thanks for watching and I'll catch you guys later