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Tag Archives: profit

Greek Deal Done. Now We Can Get Back To Making Some Money.

Monday was a bit of a write off. The markets were waiting for the Greek deal all day so we had very little in the way of trading opportunities.

We did close a short on EJ that we put on on Friday at 10672. We closed that at 10640 for 32 pips. That was it really for Monday.

Now the Greek deal is out of the way, the markets returned to some form of normality.

Today we took EJ short again at 10695 and closed at 10650 for 45 pips.

We also took Euro short at 12990 down to 12960 for 30 pips.

We also closed out of a Euro short that we opened on Friday for 20 pips.

Decent day today but the markets are far from back to normal, so trading is very hard work at the moment.

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.

Friday Trading. Dollar Weakness Sees Cable And Euro Rally.

Dollar weakened significantly yesterday which saw Euro and AUD rally, and Cable made a significant and aggressive move to the upside yesterday afternoon.

We took 4 trades yesterday first trade of the day was AUD short at 10415 down to 10395 for 20 pips.
Next trade was Cable long at 15930 up to 15875 for 45 pips. I would like to say that we held Cable all the way up to the highs but unfortunately that was not the case. The Cable move was completely out of the blue and was obviously bulled by stops getting hit. There was pretty low volume yesterday because of the holidays so the move up caught everyone out.

We did add a couple of short positions to Euro and Cable at the highs. We closed out one Euro trade for 9 pips profit, and a Cable trade for 12 pips profit.

We still have 2 trades that are being rolled over as they are slightly out of the money, but we should see them come back into a nice profit early next week. I may add to these positions on Monday if we get another move up, as i think the Euro and Cable are due a retrace next week.

Total trades for the week are 10, total profit 269 pips. Not as good as last week, but still OK. 🙂

I Love Price Action Trading. 90 Pips Profit Today. :-)

Quick update on the trades we have taken since Monday.

Tuesday we did not get a good trading opportunity so we did not trade. Unusual for a Tuesday, but if the trades are not there we do not trade.

Yesterday we took AUD short at 10373 down to 10347 for 26 pips.

Today we took Euro long at 12840 up to 12888 for 47 pips.

We also took EJ short at 10648 down to 10626 for 22 pips.

We also took Euro short at 12888 down to 12868 20 pips.

Decent day today. The price action has been good today. Hoping for more tomorrow, but its thanksgiving holiday in the US so markets may be a little quiet.