NZD moved up nicely after initially testing the breakout traders’ conviction. As price moved up with news out of the way, the initial stop loss is moved up to plus one. As price continues to rise, profits are protected by structure. Price moves through both our targets in one candle. As price pulls back, the trade is closed at Target 2.
Be aware of FOMC tomorrow during the US session.
Good luck with your trading!
Back tomorrow if we find a trade.
A quiet news session early on… followed by an active US news session. After the Preliminary U of M Consumer Sentiment figure was released, the NZD reversed and an entry short is taken. Price penetrated the Asian session highs, but bounced at the session multi-pivot line. As price indicated there were buyers there, we exit as price climbs to the Asian session high – for a modest gain.
Trading is a very difficult profession to master. Those that master it, have worked very hard to get there!
Please do not be fooled by internet marketers that sell video courses, robots or get rich quick forex trading schemes. You will lose your money! I have numerous students that have spent many thousands of dollars, enormous amounts of time, on so-called highly rated courses that don’t work. I went down a similar path in my first few years of trading. It wasn’t until I was taught by one of the largest traders in the world, that I learned how to focus on what really counts in trading and what to avoid.
Professional and institutional traders know that 90%+ of retail traders will lose their trading accounts in their quest to learn how to trade. If you learn what the big guys focus on, how they trade – the institutional tricks and awarenesses, you will be on your way to successful trading. There are not short cuts, it takes knowledge, lots of practice and a certain type of personality. If you are serious about learning how to trade…please contact me. I will try very hard to make you a profitable trader!
Good luck with your trading!
Enjoy your weekend!
Back Tuesday if we find a trade.
The JPY set up nicely after the US Unemployment figure was released. The JPY has been making a series of lower highs and double-topped early in the UK session. It traded in a fairly tight range awaiting the US news. Once the news was out of the way, it set up nicely allowing us a 2:1 Reward to Risk entry to our Target 2. Price re-tested the Asian session lows once before dropping to Target 2 where we exit the trade.
There were other nice trade setups too… so I hope everyone had a profitable and productive session.
Good luck with your trading!
Back tomorrow if we find a trade.
The JPY is a pair that I haven’t traded in a long time. It’s a major pair and traders will find that it moves well in most sessions. A European bank trader has been sharing with me a model used for trading the JPY. It appears to work very well, so I’m back looking for setups in the JPY once again.
After a series of lower highs a short is taken, with a 17 pip stop loss above structure. Price moves down and bounces off the Asian session low and makes a third lower high for the session. Price drops almost to our Target 1 and begins to retrace. After giving up 10 pips on this bounce, we close the trade.
If you’re a student of mine and you want to know how many European banks are trading this pair, contact me and I will give you the details. All our usual rules apply, but there is a trick.
Good luck with your trading!
Back tomorrow if we find a trade.
A very light news session, but we were able to find a trade on the NZD. The NZD and the AUD both reversed upward at the same time. The Kiwi set up nicely for us as it bounced off a technical level allowing us to enter long with an affordable stop loss in place beneath the Asian session low. This met our minimum criterion of a 3:1 Reward to Risk to our Target 2. Once price rose above yesterday’s high, we raised our stop loss thereby removing all risk from the trade. As price continued slowly to rise, we raised our profit stop to protect ourselves and we are ultimately closed by the market.
Last week was a very slow week for us as we do not trade on NFP Fridays and the trade setups were less than desirable most days.
The trading ranges should pick up this month as the volume increases.
On a side note, my new computer died on the weekend and few things are as frustrating to a trader as a malfunctioning computer or a loss of internet connection. I will be on my backup until I get the new one back. Make sure you back up your data regularly, as I will be inconvenienced by thinking I could get away with doing it less frequently due to the fact that I had a new state of the art computer. Technology failures happen and it is best to have a backup plan for when they do. Always have the phone number for the trading desk you deal with – in the event that you lose your internet connection. It is very stressful to be in a trade and unable to see price move. Always trade with a stop loss!!!
Good luck with your trading!
Back tomorrow if we can find a trade.
A long lackluster session with a very late EUR trade setting up. The EUR attempted to get above the Asian session high but was unable to stay there. It finally pushed hard above – well into the US session with all the economic news behind us. A stop loss under structure enabled us to have a better than 2:1 Reward to Risk ratio… which is our minimum once the US session is underway.
As price moved up we locked in profit and eliminated any risk in the trade. With very little time left in our trading day, we progressively moved our profit stop higher. Price missesd our Target 1 by a pip. We tighten our profit stop allowing a bit of wiggle room, hoping for a final push higher before the UK session ends. Price came down and we are closed out for modest gains.
Trading ranges have been quite tight recently, but we anticipate they will increase as September moves on.
Good luck with your trading! Be patient, disciplined, exercise sound money management and keep your stops tight.
Back tomorrow if we find a trade.
