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Tag Archives: price

The Crazy World Of Forex Trading

What a difference a day makes in the crazy world of Forex trading.

Yesterday I was struggling to get a trade, and today we have had a bucket full of them.

Where do i start? We missed a couple of nice trades shorting Euro yesterday. When i say missed, i mean we did not get filled.

The way i set my trades up is i have a price point that i want to go short or long at, i set my trade at exactly that price point. If it gets hit we are in the trade, if it does not then we miss it. I don’t chase after the train when it has left the station though, as normally there will be another train along very shortly, but yesterday the trains were on strike i think.

We managed to get one trade yesterday on Euro long for 8 pips. And that was it i am afraid.

Now to today. The first trade of the day was a Euro long trade at 13835, exit was at 12876 for 41 pips. We also took EJ long at 10047 and closed at 10090 for 43 pips. These trades executed early this morning in the Asian session. Occasionally i will leave pending orders in overnight if i think i am not going to be at the PC when they hit, this was one such occasion.

The third trade of the day was another Euro long at 12852 exit at 12876 for 24 pips. We also took AUD long at 10224, exit at 10254 for 30 pips which was the 4th trade of the day.

The 5th trade of the day was Euro short at 12907 which we closed about 15 mins ago at 12880 for 27 pips.

the 6th trade of the day was AUD short at 10259 which we closed at 10240 for 19 pips.

We also had a cable short at 16037 which did not get filled, the price went to 33, so missed that by 4 pips, the price has moved 30 pips to the downside as i type, so that would have been another nice trade.

So all in all we have had a great days trading today.

6 trades, 6 winners, 184 pips profit. Best day for a while that. I am very pleased with that, it makes up for the poor day we had yesterday, but if the trades are not there what can you do? You can only trade what you see.

If you want to learn Forex trading using low risk high probability strategies, please consider my Forex training and mentoring course here You will not make a better investment in your future as a Forex trader. I will teach you how to be a winner. 🙂

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.:-)

2 Trades For Yesterday And Today 53 Pips.

We took 1 trade yesterday on the Euro Dollar short. The entry was at 12962 the exit was at 12930 for 32 pips profit.

Today we took a short on EJ for 21 pips. Our entry was at 101.27, and our exit was at 101.06.

We missed a good long set up on Euro today, which would have netted us around 30 pips, but we don’t chase trades. If our orders are not filled at the price we want to pay then we let the trade go.

I am just writing a short article on how to enter a trade. You can read it here.

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.