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Tag Archives: traders

Weekend Trading Update. Euro Yen Rallies 230 Pips.

Euro Yen Rally
Euro Yen rallied 230 pips on Friday after after a G7 official said that a statement about excessive weakness in the Yen was miss interpreted. The statement was meant to express concern about excessive movements in the Japanese yen, but was interpreted as concern about Yen weakness, which initially saw the Yen strengthen. When the comments were re run with the correct interpretation stressed, we saw Yen weakness return to the market.

The move was very quick, and i don’t chase trades so we did not get in on the move. We did take Euro Dollar long though at 13310, which was helped along by the Yen news. This is typical of Euro Yen moves of late they do seem to drag Euro Dollar higher. Traders tend to see a rally in Euro Yen as a signal to buy Euro Dollar.

Ozzy Dollar was pretty flat on Thursday, but Friday was another pretty strong move down. We may see a retest of the 10225 area on Tuesday or Wednesday, but this depends on what happens tomorrow. The US are on holiday tomorrow so trading volumes are going to be down from the normal Monday volumes, so anything could happen.

Euro Dollar moved down on Thursday and took out the weekly lows, but popped back up on Friday on the back of the bullish Euro Yen move to end the week pretty much where it started.

Cable was moving sideways for most of Thursday and Friday, it moved enough for us to get a couple of nice little trades though.

Here is an update on all the Forex trades we took this week.

Monday was a bit of a funny day, the price action was not brilliant, and we did not get any particularly good set ups, so we took a few scalping trades. I am not going to list them but we took 4 trades for around 40 pips in total.

Tuesday was a much better day. We took AUD long at 10227 up to 10354 for 127 pips. I had been waiting for this trade for a couple of weeks, and i knew it was going to be a decent move up, so i held it overnight to get the full benefit of the move. We also took Cable long at 15575 up to 15640 for 65 pips.

Wednesday we had a nice price action set up on Euro. We took it short at 13506 down to 13468 for 38 pips. We also took the same trade again off 13485 down to 13440 for another 45 pips.

Thursday we took EJ long at 12382 up to 12407 for 25 pips. We also took Cable long at 15490 up to 15549 for 59 pips.

Friday we took Euro dollar long at 13310 up to 13350 for 40 pips. We also took Cable long at 15481 up to 15507 for 26 pips. We also took EJ short at 12519 down to 12475 for 44 pips.

Total trades 13. Total pips 509.

Weekend Trading Update. Cable And Ozzy Move Lower, Euro Breaks 134.

Cable And Ozzy Move Lower, and Euro Breaks 134 this week. We have seen a pretty sustained move down on Ozzy Dollar this week with Thursday and Friday seeing the biggest falls. We did have a little 25 pip bounce on Ozzy at the 104 level, but the trend is down so we may see another push down on Monday before a bit of profit taking takes place either late Monday or early Tuesday.

My target on Ozzy for next week is 10377. I think we will see a bounce at that level, whether it will continue up or not from that area depends on what the price action is doing at the time. I will be taking a long position in Ozzy at that level as i see that trade as good value at that price.

Ozzy has been rising since the October low at the 10150 level mainly due to traders hedging Euro short positions in my opinion, as the rollover charges you get paid for buying AUD will cover the charges you are paying to keep Euro shorts open. Now the Euro has taken out most of those short positions and the market is net long Euro, the AUD hedge trade is no longer needed, hence the sell off from 10590. Weakness in Euro will see more short positions added which will see AUD rise again.

Cable has been moving down steadily from the 16300 level and currently sits at the 15800 level. That’s a 500 pip move in 3 weeks. Cable weakness is on the back of a flow of poor data out of the UK, plus the speculation of a possible downgrade in the pipeline, and further QE. Cable hit my target at 15750 and we have seen a nice bounce from that level. If the price continues down next week and breaks the 15750 area i think we could see a move down to the 156 level, and then 15550 after that. I know it sounds like i am just picking round numbers, but i am not. I can back up all of these moves with charts and price action, but i am not going to share that here, that info is what i will be teaching you if you decide to take my Forex training course. My price targets are extremely accurate, and that is what my training course is all about. Entering and exiting the market at the correct level.

Euro has finally broken out of its sideways trading range and broken the 134 level currently sitting at 13460. Goldman Sachs have a target of 137 for Euro Dollar so we could see it go there in the next couple of weeks. My immediate target on Euro Dollar is 13502. I will be looking for a shorting opportunity at that level, if price action gives me what i am looking for.

I have had a pretty good week this week, but i have also been busy with other stuff so i have not taken as many trades as normal. Trading Forex is all about a work life balance, and although i would love to sit in front of my trading station all day and bank pips, i do have a life outside of trading and this week i have decided to enjoy it a bit more. As we get into spring and summer i will probably be taking less trades than normal. I like to enjoy the summer months and spend some of the money i have banked over the winter.

Here are my trades for Thursday and Friday.

4 trades on Thursday as follows.

AUD short at 10514 down to 10594 for 20 pips.
Euro short at 13388 down to 13367 for 21 pips.
Cable long at 15770 up to 15807 for 37 pips.
AUD long at 10455 up to 10472 for 17 pips.

2 trades on Friday.

Cable short at 15825 down to 15750 for 75 pips.
Cable long at 15750 up to 15805 for 55 pips.

Total trades for the week 11. Total pips 459.

Have a great weekend, and if you are trading next week have a good one. 🙂

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.

How Professional Forex Traders Make Money

Forex trading is a business and should be treated as a business. When you trade you are putting your money on the line against professional Forex traders.

What makes a professional Forex trader?
Why do some people consistently make money from trading Forex while others consistently lose?
What is the secret to making money from Forex trading?
What do you need to enable you to make money day in day out?

I am going to share this secret with you. I am going to share the secret that myself and other professional traders use every day to make big profits from trading.

The secret is knowledge, yes knowledge. Knowledge is everything in Forex trading. The more knowledge you have the better a trader you will be.

Despite what a lot of people say, a professional Forex trader does not trade with a feeling, or a gut instinct. He trades with knowledge. He knows when price reversals are likely to occur, he knows when to enter a trade, he knows how long to hold the trade for, and he knows when to exit a trade and bank his profits.

A professional trader will execute his trades with calm and precision, while amateur traders will run around like headless chickens, trying to scalp pips from everywhere.

When you have the knowledge, and you can apply it, you will become a laid back chilled out trader, and not a frustrated nervous wreck.

Knowledge is what separates the winners from the losers. So if you are a new trader just starting out, or you are an experienced trader that is struggling to make consistent profits, take my advice. Forget about adding money to your bank account, and concentrate on adding knowledge instead. Knowledge is how professional Forex traders make money.

If you want to add to your knowledge, and learn how to trade Forex like a professional, please consider my Forex training and mentoring program here. It will be the best investment you will ever make in the Forex business, i can guarantee that. 🙂