Tag Archives: EJ
Weekend Trading Update. Great Week Of Training This Week.
Morning all. This week has been a very busy week for me training wise, and i have not had that much time to focus on trading myself. I have taken a few trades, but not as many as i normally would. I did have a loser this week for -37 pips, but i still came out of the week with my 100 pips target intact. 🙂
Although i have not made that much money this week i am very happy with what i have accomplished. My new students are doing very well and are starting to see, and trade the high probability set ups that i am teaching them.
If you are a regular follower of my blog you will know that i have not been teaching for that long, but teaching is going to be a major part of what i do, and i get so much more out of that side of the business than i get out of trading. Trading is great, and i love it, but its a really good feeling when you are teaching traders how to trade profitably. Traders that have been trading Forex for a number of years and losing money, that are now understanding how the market works, and how to profit from it, and they are realizing that they no longer have to give their money to their brokers, and their days of losing money in the market will soon be over. Traders that have always dreamed of becoming profitable are now closer to their dreams and its all because of your training. It don’t get much better than that i can tell you. Can i just say thanks to the guys who have been giving me some great feedback this week, i really appreciate it, and i am looking forward to next week. 🙂
OK here are the trades i took this week.
Monday i had a great set up on Euro Dollar, but i had lost my news feed so i did not take the trade. I don’t trade the news but i like to listen to it to give me an idea of whats going on in the market. After that trade i did not get any other set ups. I think it was bank holiday in Europe so it was pretty quiet.
Tuesday, was not a great day. I entered Cable long at a key reversal level but price took another 4 hours before it reversed. It was one of those slow grinding moves lower that do not give you any opportunity to get out of the trade. Normally you will get some sort of pullback to enable you to get out, but on this move it just kept going. I decided to call the trade in at -37 pips. It went down another 10 pips before it reversed very aggressively, as i expected it to do when i got into the trade. It was an unusual move, and i should have waited for a better entry signal, but when you are trading off reversal levels you have to make the call to either enter at the bottom or wait for the reversal to start. I decided to enter at the bottom, but it was not the bottom unfortunately. 🙁
Wednesday i took Euro long for +30. I also took Dollar Cad short for +20.
Thursday i took one trade late on, on EJ long for 38 pips. I love trading EJ as you can get your pips really quickly.
Friday i took 2 trades very late in the day. I had a few hours off on Friday, and took my wife out for lunch. I was waiting for some key reversal levels to set up, and they came into play at after the UK session had closed. I don’t normally take trades at that time on a Friday, but i had been waiting for these trades since Thursday morning so i decided i was not going to miss the opportunity. I took EJ long for 39 pips and AJ long for 37 pips, which was a great bonus for the week.
Total trades for the week 6. 5 winners 1 loser. 127 pips profit.
I currently have one spot left for one to one training. When that has been taken its going to be 2 months before i can take on any more students. If you wish to take the spot please ring me on 07939 42 7000.
Weekend Forex Trading Update. Cyprus Deal Done, Lets Make Some Money.
Well the Cyprus deal has been done, and the savers have been taxed, so hopefully next week we can make some money.
As i expected would be the case the account holders with deposits exceeding 100,000 euros have been taxed. Why upset the many when you can upset the few. It makes more sense to do it the way it has been done.
So now its out of the way, all as we need to worry about now is the rest of Europe. The Italian elections seem to be weighing on the Euro at the moment, so once that is sorted out we could have a bit of a rally in Euro, before the next sustained move down.
This week has been one of the worst weeks for trading i have seen of late. Monday was OK, Tuesday was pretty much a write off, and Friday was the same. No trading opportunities either Tuesday or Friday. A trade on EJ that i opened on Monday hit target in the Asian session, so that was officially a trade for Tuesday, but apart from that i had nothing.
Here are the trades i took this week.
Monday i took 3 trades for a total of 97 pips. I took EJ long at 12307 up to 12327 for 20 pips. I took it long again at 12033 up to 12090 for 57 pips. I also took Euro Dollar long at 12859 up to 12879 for 20 pips.
Tuesday i closed a trade automatically in the Asian session for 33 pips. It was an EJ trade that i opened long at 12111 up to 12144. Apart from that trade i had nothing.
Wednesday i took 4 trades for a total for 160 pips. I took EJ long again at 12055 up to 12575 for 20 pips. I also took Euro short at 12845 down to 12785 for 60 pips. I also took Euro long at 12756 up to 12776 for 20 pips. I also took EJ long at 12010 up to 12070 for 60 pips.
Thursday i managed 3 trades for 103 pips. I took EJ long at 11985 up to 12038 for 53 pips. I also took Euro long at 12757 up to 12777 for 20 pips. I also took Euro short at 12844 down to 12814 for 30 pips.
Friday i did not get a trade, this was mainly down to the fact that it was good Friday, and most traders were on holiday so the price action was non existent.
Total trades for the week 12. Total pips 393.
Trading Update – Euro Dollar Breaks 137. BNP Paribas Target 140.
Euro Dollar yesterday broke through the 137 level printing a high at 13710 and closing the session at down 70 pips at 13640. Yesterday BNP Paribas put a price target of 140 on Euro Dollar.
The Euro currency is very strong at the moment so we could see a test of that level in the coming weeks but i think in the longer term the Euro will weaken against the Dollar as the fed scale back on QE. Europe may also step in with a rate cut if Euro continues its upward trend as a strong Euro will hurt the recovery in Europe.
There was a rumor circulating yesterday that Goldman Sachs had closed its long position on Euro Dollar. If you read my post from the 12th Jan you will remember that they put a price target of 137 on Euro Dollar. Well according to rumors yesterday that position has been closed. A 70 pip drop from the highs could also back that up. I closed my Euro long at 96 so i missed the top by 14 pips but i went short at 13700 which more than made up for the 14 pips. 🙂
Cable made a decent rally this week, but more talk of a downgrade saw the price crash 180 pips yesterday. I had a price target on Cable to go short that unfortunately did not get hit, but we had a couple of decent trades on Cable this week so that’s OK.
Euro Yen continues to push higher which i think is contributing to the Euro Dollar rise, they seem to be feeding off each other at the moment. There was a crazy move on Euro Yen yesterday, the price pushed down 100 pips and then went back up 200 pips an hour later. You don’t see moves like that very often and it was clearly market manipulation, which caught a lot of short sellers out.
AUD USD pushed down this week but we did see a little recovery on Friday that we managed to get in on. My longer term view on AUD is bearish as the currency is still pretty high compared to where it usually trades, so it could go down quite a bit over the next few weeks. I have a longer term price target of 10225 on AUD, so a bit further to go down yet.
Please note: that my views on these pairs are purely my opinion based on the price action i can read on the charts. My views are not a recommendation to trade. What i do is far more complicated than just picking targets. You need to be fully conversant with my methods before you can trade these targets.
Trades for this week.
Sorry i did not give a midweek update this week but i have been really busy so did not have the time. I did not take as many trades this week as normal but i still had a good week.
Monday. Cable long at 15713 up to 15742 for 29 pips. AUD long at 10386 up to 10406 for 20 pips. EJ short at 12203 down to 12177 for 26 pips. EJ short at 12173 closed at 12184 for 11 pips loss.
Tuesday. Euro long at 13423 up to 13473 for 50 pips.
Wednesday. AUD long at 10404 up to 10428 for 24 pips.
Thursday. Cable short at 15833 down to 15813 for 20 pips.
Friday. Euro long at 13608 up to 13665 for 57 pips. Cable long at 15810 up to 15840 for 30 pips. AUD long at 10363 up to 10423 for 60 pips. Euro long at 13667 up to 13696 29 pips. Euro short at 13700 down to 13660 for 40 pips.
Total trades for the week 12. Total pips for the week 378. Not a great week for me pips wise but still good. One loser this week which does happen from time to time.
Lovely Price Action Trading Today. 3 Trades 119 Pips Profit.
We had some nice price action trading set ups today.
First trade of the day was EJ long at 11933 up to 11963 for 30 pips.
Next trade was Euro short at 13389 down to 11343 for 46 pips.
Last trade EJ long at 11889 up to 11932 for 43 pips.
Markets have gone a bit quiet now, so i will be calling it a day. I have a nice target on Cable for tomorrow that will hopefully get filled. I will keep you posted.
Have a great trading day.