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Tag Archives: trade

Fridays Trades. Non Farm Payroll. 3 Trades 71 Pips Profit.

Yesterday was a typical non farm payroll day. All the pairs went sideways for around 15 hours, trading in a 20 to 25 pip trading range, until 1.30 UK time when the jobs numbers came out.

The numbers were a lot better than expected which saw the dollar weaken initially, and then strengthen significantly towards the end of the session.

As i said on Thursday i would be looking for short positions yesterday so when my pairs went up after the announcement i was very happy. The push up was a great opportunity to get some shorts on at a discounted price.

The short trade I put on on Thursday was rolled over until yesterday morning when i closed it for 6 pips profit. The reason i closed it is i did not want to be holding the trade when the news came out, as i expected the price to move significantly, and i did not want to get caught on the wrong side of the move. This turned out to be a good decision as Cable went up around 40 pips before it started to come down.

There was a great price action short set up on Cable which i took at 16210 which netted us 36 pips. I got out of the trade at 16174, which was a little early with hindsight as the next 3 hours saw another 50 pip move down. If it was a week day i would have probably held the trade for a little longer, but i did not want to carry the trade over the weekend so i banked a nice profit.

My other trade of the day was a Euro short at 13046. The trade went against me initially but came back to net me 29 pips profit.

I also had another 2 short entries on Euro and Cable that did not get filled unfortunately which would have netted some nice pips.

Total pips for the week 260.:-)

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.

3 Trades Today 124 Pips Profit.

Pretty crazy day today. The Euro news sent the price down and then up. I was very fortunate to be holding short trades at the time of the news, and 2 of my shorts hit target on the spike down. My short on Euro that i put on last night at 12866 hit my target of 12824 for 42 pips. I also entered Euro short again this morning before the news at 12879 which also hit 12824 for 55 pips. On the spike back up i entered Euro again at 12907, this trade went against me initially but came back and hit my target of 12880 netting me 27 pips.

The short trades on Cable and AUD that i put on yesterday were stopped out for 30 pips and 15 pips.

Total profit for the day was 79 pips. 🙂

More market moving news out tomorrow, when Ben Bernanke decides if the US is going to do QE. I think QE is already in the price so if he does not decide on QE watch out for the fireworks.

Very Thin Trading Today

No trades today. Very little happening as the US are on holiday, so i decided not to trade. I don’t force trades, so if the set ups are not there we do not trade. I am sure we will have some opportunities tomorrow. I will keep you updated on any trades we take. If you are trading this week have a good one, and i hope you get lots of pips. 🙂