Tag Archives: price
Ozzy Dollar Hits My Target. Cable Weakens. Euro Moves Higher.
Ozzy Dollar hit my price target yesterday so i took it long. Well it actually hit 10226 and my target was 10225 so i was out by 1 pip. 🙂
If you have been reading my posts over the last few updates you will see that I had been targeting this area as a possible long trade for a few weeks now, and it finally hit on Tuesday. I actually entered the trade a little early at 10227 just to be safe, as i knew this was a strong demand area and it may not hit my 25, and that turned out to be the case. The price quickly moved away from that area so i knew it was a good trade, so i let it run rather that taking a logical exit.
Ozzy had been moving down towards that area for a while now, so a big move up was on the cards. As i had waited for the trade for a while i let it run overnight to get the full benefit of the move. I don’t mind holding Ozzy longs overnight as i get paid a good chunk on the rollover. I would not hold a short position overnight though unless it was unavoidable.
I closed the trade earlier today as the move seemed to have stalled a little, but i managed to get out at 10354 for 127 pips. I don’t mind waiting for a week or so for a move like that. I think it could have a bit more left in it, but i am very happy with my pips.
Cable has been moving down since Monday, and was punished further today by Mervyn King who gave a Draghi like press conference on the state of the UK economy. I have a price target on Cable of 15270 so its got a bit further to go yet. I think we will see a bit of a rally first though, before a move down to that level.
Euro has been recovering some of its losses since the Mario Draghi press conference, and peaked today at 13518. I took it short at 13506 so i missed the top by 12 pips, which is a pretty big miss by my standards. The move down was helped by some Euro negative news by the ECB saying Euro strength will hurt the recovery of the smaller countries in Europe. I took it down to 13468 for 38 pips. I re entered the same trade at 13485 down to 13440 for another 45 pips.
Euro Yen has been up and down this week trading in a nice range. We have had a couple of nice trades on that this week. First trade was on Tuesday at 12680 down to 12560 for 120 pips. We took it short again today at 12620 down to 12570 for 50 pips. The good thing about EJ at the moment is it does yield a lot of pips when you manage to trade it. You need to have a larger stop though on that one at the moment, as its very volatile, so you can get stopped out if you are too tight.
I will give a full update on the weeks trading activities at the end of the week. If you are trading this week have a good one. 🙂
Don’t forget, if you want to learn how to trade Forex the right way, please consider my Forex training course here. It will be the best investment in the Forex business you will ever make, i can guarantee that. My training is not cheap, but you get what you pay for and its worth every penny. What i can teach you will totally transform your trading and change your life. I will teach you something that 95% of all other courses do not teach you and that is how to make money from Forex trading.
Understanding Forex Trading – Learn Price Action
Forex trading is a big mystery to a lot of people, even Forex traders that have been trading for years struggle to understand price action, and how to profit from it.
So what do you need to know to be successful in Forex and consistently make money? The answer is very simple. You need to be able to read price action on a chart. All the information you will ever need, to enable you to be successful in Forex trading, is contained within the chart. Let me just say that again in case you missed it. All the information you will ever need, to enable you to be successful in Forex trading, is contained within the chart.
I cannot stress this enough. Forget about fundamentals, and news, and market sentiment, and what they are saying on CNBC, its all irrelevant. The only thing you need to be able to do, to be successful in Forex, is to be able to read price action on a chart. The chart will tell you where to enter, the chart will tell you where to put your stop loss, and the chart will tell you where to exit, and that is all you need to know.
Despite what a lot of traders say a Forex chart is not a random pattern generator. Forex trading has a very structured format.
Have you ever looked at one of those magic eye pictures like the one on the left. Somewhere in that picture there is a duck, some people can see it some people cant. A Forex chart is very much like that. There is a picture in there somewhere, you just have to know where to look.
Now you can spend weeks, months, years, staring at a chart, or a magic eye picture and trying to see through all the confusion, or you can take the quick route and get someone to show you how to do it. Now if you think back to the moment when you first saw the empire state building, or the statue of liberty, or whatever it was in the magic eye picture, how easy was it to look at any other magic eye picture and see the image within. A Forex chart is just the same. When you know what you are looking for, you can apply the same skill to any chart, and see what is really hiding within it.
When you are skilled at reading a chart you will be able to see the structure of it, and profit from the fact that you know what is going to happen next. Well that’s not 100% true, you cant know exactly what is going to happen next, but you can predict with the highest probability what is going to happen next, and trading Forex successfully is all about high probability trading.
This is what i do, and this is what i teach. I look for, and enter, high probability trades, and i teach my students to look for, and enter the same high probability trades. I don’t trade for fun, or because i am bored, i trade to make money, and the way i make money is by knowing what is going to happen to the price with the highest probability possible, and then by waiting for the optimum time to enter the trade. I then manage the trade, and take my profit when the chart tells me to take it. Its a pretty simple formula, but it takes chart knowledge to make it work successfully.
If you want to be a successful Forex trader, and learn my high probability Forex trading strategies, please consider my Forex training and mentoring program here.
Thursday And Friday Trading.
We have had a couple of good days trading. As i mentioned yesterday we had a nice trade on EJ that triggered in the Asian session.
We went short at 10382, and closed at 10339 for 43 pips. I don’t generally like setting trades up while i am not at the PC, as i like to manage them rather than set entries and take profits, as the market is constantly changing, and i like to take full advantage of the situation. But this trade was too good an opportunity to miss so i set a pending short order with my broker, which i then managed Thursday morning.
We also had an AUD short yesterday. Another great entry at 10404 and which we shorted down to 10368 for 36 pips profit.
Today we took another EJ short at 10349 down to 10327 for 22 pips. It was a bit of a quiet day today. I expected a bit more volatility than we had, but we managed to get another trade in on Euro, short at 10363 down to 10318 for 45 pips.
Another good week of trading for us. We took a total of 16 trades for 301 pips. Which averages out at just over 18 pips per trade.
We set ourselves a target of 100 pips profit per week, but we always exceed that. We have made some good money this week, long may it continue. 🙂