Forex Tips

With all the news this week, we have been hoping for a more active market and so far have been rewarded.  It’s nice to see life back in the majors this week.

The GBP and JPY (not shown) had very tradeable setups today later on in the session.  The GBP set up giving us a greater than 3:1 Reward to Risk ratio.  Price was clearly moving away from the Asian session lows as buyers continued to enter.  Price eventually moved to our Target 2 and we are taken out at our profit stop protecting this level – missing the last wave to the upside.

Good luck with your trading!

Back tomorrow if we find a trade.

The CHF tested both sides of its Asian range before beginning to climb higher.  After ranging for a couple of hours, it began to look bullish and a long is taken with a 6 pip stop loss giving us a better than 5:1 Reward to Risk ratio setup.

As the US traders began their trading day, buyers entered and we reached our Target 2 well in advance of the pending US news.

Lots of important news releases this week – hopefully we will get back to more normal trading ranges soon. As always, I encourage focusing on tight stops and and protecting profits while in a move.

Good luck with your trading!

Back tomorrow if we find a trade.

Beautiful setups in the CHF and JPY after the US economic new releases this morning.  After the Easter long weekend the beginning of the week was a little slow and tricky to trade.  I have often found the latter half of the week produces the most pips.

The JPY stair-stepped higher during the first half of the session.  Sellers entered above the Asian session highs – where it had difficulty climbing higher several times during the early Asian trading.

The confluence with the CHF and a better than 3:1 Reward to Risk ratio made both trades very attractive and both pairs moved down quickly.  The JPY is shown below.

Good luck with your trading!

Back tomorrow if we find a trade.

After making a series of lower highs the NZD set up giving us an entry with a near 4:1 Reward to Risk to our Target 2.  This setup was confirmed further with the AUD and GBP moving down at the same time.  To my eyes the Kiwi looked best.  It stalled temporarily at the Asian session low.  We move our stop loss down to plus 1 pip and wait to see what will happen when the US traders begin.  Price pushes down in advance of the news to our Target 1.  We always protect this level and the US news reaction takes us out immediately.

This is frequently occurring pattern in the markets and it completed nicely.

Good luck with your trading!  Enjoy your long weekend…if you’re taking one!

It’s Easter weekend and we are finished for this shortened week.

Back Tuesday if we find a trade.

The EUR ran up early on in the UK session then began to retrace.  The first part of the retracement didn’t look too convincing to me.  A short entry is subsequently found after the lower high with a better than 4:1 Reward to Risk to our Target 2.  If price stalls at the Asian session lows, we still have a 3:1 R/R.

It wasn’t until after the US news that price began to drop.  When it did, we moved our modest stop loss to plus one.  Having waited so longfor price to move down and seeing an inside pattern completed, we exit the trade on the first bullish candle close.  Price subsequently made it down to the Asian low without us.

Trading has been tricky so far this shortened trading week.  The hourly charts are telling us why…price needs to make a decision.

Good luck with your trading!  Be very selective with your setups and keep stops very tight.  Geopolitical risk is high right now adding another layer of potential volatility.

Back tomorrow if we find a trade.

A number of trades set up very nicely during this session.  I liked the JPY best and missed out on it yesterday while focused on the AUD.  One of my pro students got both, so I had my eyes on it this session. The majors were very attractive for trading in the early hours of the session and after the US news for the reversal.

The JPY after making lower highs set up for a short with a 4:1 Reward to Risk to our Target 2 – requiring a conservative 15 pip stop loss.  We enter short detecting both the setup and a favourite pattern.  If price had gone to the Asian session low or further…it would have be picture perfect.  We are closed by our profit stop in advance of the US session.

Overall a very easy session to pick and choose from to end the week.

Good luck with your trading!  Enjoy your weekend!

Back Tuesday if we find a trade.