Archives for January 2013

It was all New York today.  I didn’t take any trades for 2 reasons.  Firstly, I had computer issues at the beginning of the session and secondly, with the delayed economic major news releases, price was already too close to my targets.

Years ago, it would have frustrated me to have missed a large move… not anymore.  The market isn’t going anywhere and it will be there long after I have left this world.  There is always going to be another trade.  Secondly, it was the North American session when the currencies really moved the most and that was after the US News and the EUR was well beyond my targets.

Good luck with your trading!

 Back tomorrow…

Questions  Michael@privateforexcoaching.com

Both the EUR and GBP looked good overnight.  I preferred the GBP as the setup was clearer to my eyes.  The UK traders pushed price above the Asian session high, luring in breakout longs.  Price pulled down, went up one more candle, followed by a very wicky candle and a lower high… which forecast the set up of the reversal short.

The Reward to Risk was better than 4:1 to our Target 2 level.  Although we never made it to Target 1, we are happy locking in 35 pips of profit with any trade.

Be very aware of last year’s levels as the pairs are testing them and will continue to do so.  These are easily seen on a Daily chart. Keep your stops tight and lock in profit as your trade progresses.  Reversal are fast and furious at times, so always lock in some profits and keep moving your “take profit” level in the direction of your trade as it progresses. Remove the risk by moving your stop loss as soon as is prudent to do so and keep protecting your profits while you are in the move.

Good luck with your trading!

Send any questions to Michael@privateforexcoaching.com

Happy New Year!

The EUR looked like a nice trade setup over night.  The Asian session high was a very significant test. (Hint)
The UK traders did not retest the Asian session high and once news was out of the way the EUR set up nicely for a move to the downside.

Our entry allowed us an affordable stop just above the wicky candles earlier in the session.  This met our minimum criteria of 3:1 Reward to Risk to our Target 2 level.  Price moved promptly downward not retesting the Asian session low.  When price started to retrace, with over 30 pips of profit, we closed the trade to protect our profits.

Be very aware of significant levels from last year and watch how price reacts to them.

I hope everyone has a very profitable year!

Good luck with your trading.

Questions???  Michael@privateforexcoaching.com