Monthly Archives: September 2012
Latest Trades. 3 Trades 87 Pips.
We took 2 trades yesterday. Euro short at 12964 exit at 12943 for 21 pips. We also took AUD short at 10454 exit at 10410 for 44 pips.
Markets were a bit quiet again today and we only managed to get one trade on AUD long at 10330 exit at 10352 for 22 pips.
Forex markets have been moving sideways for most of the day. This sideways movement is what some people call consolidation, or congestion. They often say its the bulls and bears fighting it out. What is really happening is the big players are liquidating and or accumulating positions.
The big money moves the market and they are taking their positions ready for a major move. The longer the market moves sideways like this the bigger the move will be.
My advice would be to stand on the sidelines when the market is like this, wait to see which way the move is going before you get back into a trade.
Day Trading Verses Trading Daily And Weekly Charts
Day trading verses trading daily and weekly charts.
Some traders have different ideas on what day trading Forex is. I qualify day trading as trading anything less than a daily chart.
If you are trading 4 hour charts, 1 hour charts, 15 min charts or less, then you are day trading.
I am a day trader most of the time, but i can, and do trade longer time frames. The set ups that i use are better suited to day trading, but do work very well on the longer time frames.
The main benefit of trading longer time frames, daily and weekly charts is time. You can spend an hour or so every day analyzing the charts and set up your trades in advance. This style of trading is very good if you are in full time employment, or have other business commitments, or you just want more time to enjoy your life.
Day trading requires you to be at the PC for most of the day, looking for trading opportunities and set ups. Day trading is more exiting, but can also be more stressful. How you decide to trade is entirely up to you and each style can be equally rewarding.
This may come as a shock to some people, but the charts work the same way in every time frame from the 1 min chart right up to the monthly chart. Some trading strategies only work on certain time frames, but a good trading strategy should work equally well on any time frame. The smaller time frames are more volatile and set ups can be less reliable. You are also more likely to be stopped out of a trade if some price sensitive news comes out, but your stops are tighter on the smaller time frames, so you are protected to a certain extent.
I personally don’t trade anything less than the 15 min chart. I occasionally use the 5 min chart to manage a trade, or to get a better entry on a trade, but as far as set ups go its more likely that i will be trading 15 min, up to 4 hour time frames.
I like to trade everyday and if you are trading the longer time frames you sometimes have to wait for a few days sometimes a week or so before you get a good set up. I enjoy trading very much, and if i had to wait for a week for a trade it would drive me crazy, but each to their own. 🙂
If you are new to trading you have to decide what type of trader you want to be. Do you have the time required to sit in front of the PC and day trade, or do you prefer to take a couple of trades per week and have more free time? You can do both of course.
I teach people to trade any time frame so it makes no difference to me what type of trader you want to be, i can teach you either or.
For more information on my Forex training and mentoring program please click on the link.
2 Trades Today 94 Pips.
Nice to see a bit of movement on a Monday for a change. Mondays of late have been very quiet. We took 2 trades today, both on Euro Dollar. The first trade was a short, and the second trade was a long. Our entry short was at 12967, and our exit was at 12911 for 66 pips profit. Our second trade was Euro long at 12902 up to 12930 for 28 pips.
We also had a possible AUD long trade but the price missed us by a few pips, and i don’t chase trades so we had to let that one go. It would have netted us around 40 pips if our buy order would have been filled.
I am very happy with 94 pips for a Monday though. Its nice to get a couple of decent trades on a Monday, and have a nice start to the week.
I am going to try and add some more content to the site this week if i get time. Some more articles for the new traders to help them along.
If you are trading tomorrow have a good day. 🙂
3 Trades Yesterday 51 Pips Profit.
We took 3 trades yesterday two were winners one was a loser.
The first trade was AUD short at 10488. We got stopped out of that trade for 22 pips loss. It was unfortunate that we got stopped out of that trade, as it only went 2 pips higher before going down 60 pips. Normally we would have been ok stop wise, as our initial stop was above the high, but i tightened up the stop as there was a lot of upward momentum, and i thought the high would be taken out. We had a lot of Dollar weakness at the time and i was expecting it to go higher. Its a shame, but its just one of those things, you have to take a loser once in a while.
On a positive note we did take Cable short at 16303 and exited at 16277 for 26 pips. We also took Cable short again at 16289 and closed at 16242 for 47 pips.
Total pips profit for the day 51.
Total pips profit for the week 271. 🙂