Forex Tips and Tricks – Keeping It
Simple To Be Successful
Shorting the USDCAD again as the market indicated “risk on” sentiment today
The USDCAD continues to be a rewarding pair to trade, along with its crosses and the GBPUSD. A short was taken today immediately after the Canadian Ivey PMI release risking 18 pips for a potential 75 pips to our daily target at 1.2498 (not shown). The idea was to...
EUR and CHF combo
The EUR offered up a very nice trade and this could also be confirmed by looking at the CHF. I prefer to trade the EUR as it typically moves more than the CHF. When lookiing at the EUR, it’s always a good idea to see if the CHF is moving inversely. Please...
Get the risk out of the trade.
AUD trade looked good overnight as did the CAD. The AUD moved up as the UK session got underway and abruptly reversed. An entry is found on the second bearish candle – meeting our reward to risk ratio of 3:1. This is an extremely important first element to any...
Caution at end of month and end of quarter trading.
Be careful trading at the end of the month or end of a quarter. The GBP had a nice move down overnight before reversing sharply to the upside. After hitting Target 1 there was a long lower wick, followed by a bullish candle with another longish lower wick. This...
If it isn’t there don’t force it.
After a wonderful Thursday, there were no clear setups for me in the majors overnight. It’s never a good idea to give back your money after a great day of trading, by taking a poor setup. Stick to the rules and be rewarded. As I don’t like Sunday/Monday trading,...
Parabolic move
It is always nice to have one of these parabolic moves. After the intial breakout move the GBP pulls back then gives us a safe long entry and hits both our targets. Today the market is very generous. Great trading everyone! Let’s see what tomorrow brings...
