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Tag Archives: trading

Weekend Trading Update. Cable Rallies On Bullish Comments From Mervyn King.

Cable Rallies On Bullish Comments From Mervyn KingCable rallied 200 pips on Thursday and Friday on the back of bullish comments from bank of England governor Mervyn King.

King indicated that the recovery in the UK was in sight and that quantitative easing had been a success. He also hinted yesterday that he would recommend more easing which saw a small sell off in Cable late on.

Here are the trades i took this week.

Monday was not a good day the price action was pretty poor, and i did not get a trade on Monday unfortunately.

Tuesday i had 2 trades for 55 pips. I took Cable long at 14885 up to 14910 for 25 pips. I also took Cable short at 14895 down to 14865 for 30 pips.

Wednesday i took 3 trades for 115 pips. I took Euro short at 13012 down to 12968 for 44 pips. I also took Euro long at 12965 up to 12982 for 17 pips. I also took Cable short at 14980 down to 14926 for 54 pips.

Thursday i took 2 trades for 104 pips. I took Euro long at 12933 up to 12977 for 44 pips. I also took Cable long at 14930 up to 14990 for 60 pips.

Friday i took 3 trades for 127 pips. I took Cable short at 15156 down to 15111 for 45 pips. I also took Euro short at 13096 down to 13050 for 46 pips. I also took EJ short at 12570 down to 12534 for 36 pips.

Total trades for the week 10, total pips 401.

If you are struggling to bank pips consistently, and trading is stressing you out, please consider my Forex training course.

I will teach you how to spot high probability trades that consistently make money from the markets. I will help you trade safely, and stress free.

Trading Statement From One Of My Students.

Trading Statement From One Of My StudentsOne of my students has been kind enough to allow me to share their trading account statement from last week. The student has completed my training course and has been live trading for around a month. You can see by the statement that they are trading very conservatively and building their account size gradually as i recommend.

This student had no prior Forex trading knowledge before coming on board with me, so they have had to learn everything from scratch. More experienced traders will obviously be taking higher value trades, but i wanted to show you what can be achieved if you have had no prior Forex trading experience.

The statement shows 23 trades taken with one small loss. The pips banked per trade are not huge, but when you are learning you have trade conservatively. 23 trades in a week is far more than i would take on an average week, but taking more high probability trades and banking less pips while you are learning is fine by me. Some traders like to wait for the bigger pip moves, and take less trades, and some like to take more trades but for less pips. It just depends on your trading style.

If you click on this link you can see the statement. There are 23 trades taken with one loss. That is a 99.6% win rate. 🙂

Trading Statement From One Of My Students

Please note: I did not solicit this trading statement. The student sent it to me of their own accord, to show me how well they were progressing. This statement does not guarantee that you will achieve the same 99.6% win rate after completing my training course, but i will teach you the same trading strategies that i have taught this student. The rest is up to you. As a guide i would expect the majority of students to initially achieve a win rate greater than 80% after completing my course, but after perfecting your skill, you should be well over 90% as i am.

If you wish to learn how to trade Forex using high probability trading strategies please consider my Forex training course.

Weekend Update. Non Farm Payroll Numbers See Dollar Strengthen.

non farm payroll numbersBetter than expected non farm payroll numbers out of the US saw Dollar strengthen today, which saw Cable hit fresh lows and Euro Dollar drop 150 pips in 45 minutes.

This week has been a tough week to be honest, the price action has been pretty poor and big moves on the back of news has made it difficult to trade this week.

Monday was a pretty poor day, the pairs were moving in a pretty tight range, so pips were hard to come by. We did take one trade though. The trade was a long trade on Cable at 15040 up to 15070 for 30 pips.

Tuesday was a much better day. We took 4 trades for a total of 113 pips. All the trades were on Cable. We took it long at 15116 up to 15139 for 23 pips. We took it short at 15194 down to 15154 for 40 pips. We took it short again at 15128 down to 15098 for 30 pips. And then long again 15095 up to 15115 for 20 pips.

Wednesday we took 2 trades. Cable short at 15097 down to 15067 for 30 pips. We also took Euro long at 12966 up to 12980 for 14 pips.

Thursday we took 1 trade. Cable long at 15000 up to 15066 for 66 pips.

Today we took 3 trades for a total of 121 pips. Euro long at 13196 up to 13224 for 28 pips. This was before the non farm payroll numbers. We also took it long again after the NFP at 12966 up to 13004 for 38 pips. The price came back down again to test the low, so we took it long again at 12959 up to 13014 for 55 pips.

Total trades for the week 11. Total pips 374.

Not a great week compared to recent weeks, but 100 pips per week is my target, so we have far exceeded that target again. 🙂

Weekend Update. Weak Manufacturing Data From The UK. Cable Tests 150 Level.

Weak Manufacturing Data From The UKCable took another leg lower yesterday after weak UK manufacturing data and mortgage approvals saw it test the 15000 level. The last time Cable had been at that level was in July 2010.

Analysts at BNP Paribas expect the BoE to announce GBP 25bln in QE next week, citing the weak Manufacturing PMI data. So new lows could be seen next week.

I am not a news trader so its irrelevant to me what market moving news comes out, as long as i am not in a trade when the news comes out that is. I have a really good news feed though, so i am usually well aware of what market moving news is coming out.

Euro Dollar made a test of the 130 level yesterday which as a bit of a surprise as better than expected LTRO repayments came out that should have seen it go higher, but i think the Italy election problem is weighing heavy on the Euro at the moment. So we could see further downside until that is resolved. I don’t think Euro will go much lower initially though, as the new trading range is supposed to be 130 to 140. I personally think the range is more like 125 to 135, and as the US scale back on QE we could see 125 on Euro Dollar easily.

I took a hit on a Euro long trade yesterday which was a bit of a surprise. I saw a nice little set up to the long side which i took. We also had the better than expected LTRO repayments out which should have added a bit more weight to my position, but it did not work out and i got stopped out. I knew exactly why the trade failed though, and there was nothing i could have done about it, but i have had another good week overall.

Ozzy Dollar made another test on Wednesdays low yesterday after a massive spike on Thursday in the Asian session. I managed to get 20 pips out of AUD yesterday which was pretty good considering its trading range. We are coming up on a key level on AUD at 10150 so we should see it test that level sometime next week.

Euro Yen was trading sideways for most of the week, so not a lot to say about that one really. We did take it short on Monday for 110 pips, but apart from that we have not had a trade on EJ this week.

Here is the weekly update.

Monday was a great day. Mondays can be pretty quiet but not this week, we took 215 pips off 3 trades on Monday. We took Euro short at 13310 down to 13235 for 75 pips. We also took Euro long at 13192 up to 13222 for 30 pips. We also took EJ short at 12500 down to 12390 for 110 pips. EJ moved over 500 pips down on Monday so if we had held the trade we could have taken 500, but hindsight is a wonderful thing. 🙂

Tuesday we took 3 trades for 120 pips. We took Cable long at 15154 up to 15214 for 60 pips. We also took Euro long at 10339 up to 10379 for 40 pips. We also took AUD long at 10201 up to 10221 for 20 pips.

Wednesday we took 2 trades for 135 pips. We took Cable long at 15090 up to 15160 for 70 pips. We also took Euro long at 13075 up to 13140 for 65 pips.

Thursday we took 2 trades for 102 pips. We took Cable short at 15202 down to 15155 for 47 pips. We also took Cable long at 15155 up to 15210 for 55 pips.

Friday we took 3 trades. We took Euro long at 13025 which we got stopped out of for 22 pips. We also took Cable long at 14999 up to 15040 for 41 pips. We also took AUD long at 10187 up to 10207 for 20 pips.

Total trades 13. 12 winners and 1 loser. Total pips 611.