RUSS on October 23rd, 2011

EUR/USD

Hello I have been away for quite some time.  I hope that many of you have had success trading breakouts.  This is the trading setup I am currently using.  If you are wondering you can learn how to use this set up and download the indicator package from George Smith.  I do not receive any funds from George, I just consider his methods ingenious and his product is extremely inexpensive,  even for those of you starting out with a few hundred dollars in your account.

Please double click on the chart to get an enlarged version.  You can see that the indicators give you everything you need to trade with (except common sense and experience).  You can see that entries, stops, and take profits are all calculated for you.  All you really need to do is determine if you think the next trade will follow the same pattern as the previous trades.  Then you just prepare to take a piece of the move.

I will only be posting these chart indicators after my trades as it would not be fair to George to post this information during or before a trade entry.

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RUSS on January 1st, 2011

EUR/USD DAILY 1/1/11

We ended the trading year, with the Euro right on strong resistance.  Generally the odds would be on shorting this pair as the new year begins.

We will have to see what happens on the Sunday open on the 3rd.

Happy New Years to all who have followed this blog as I periodicly work on it.

The Main lessions I have learned from trading this year is

  1. Stick with the trading style that works for you as long as it works for you.
  2. Study and test other trading systems, but do not loose track of what is working for you, ie #1.
  3. Don’t get to full of yourself when you are consistently profiting.

What works for me is the midnight and 5:30 trades.

What I am studying is George Smith’s trading style, especially his Oscar indicator when it can be used with P12&3.

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RUSS on November 10th, 2010

EUR/USD 1M CHOPPY MARKET TRADE

The forex coach has had no trouble profiting in a trending market, but I will be the first to admit I have had trouble trading in choppy sideways markets.

The intention is to identify small movement parameters on the 5 and 15 minute charts, then trade when the indicator signals line up on the 1, 5 minute charts.

I have found a mentor whose name is George Smith who trades the markets in the choppy times somewhat like my midnight pass trade. I do not get paid to refer George, but I highly recommend you check out his trading style.

You can find out more about George’s trading methods by visiting his site at http://forex-trading-made-ez.com/  He uses different indicators than I usually use.  You can see this trade that I made this afternoon around 2:30 that was worth more than 20 pips out of the middle of the move.  Usually you will not see such a move this time of day, so this was exceptional.  I will also note that I was stopped out in several trades for small losses before booking this trade.

The intention is to identify small movement paramaters, then trade when the indicator signals line up.

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RUSS on October 30th, 2010

EUR/USD 4HR 10/29/10

to the forex coach…  it looks like the Euro has peaked even though all the news is saying the the US government is doing more to devalue the dollar than any other country is doing to there currency.

No matter what….. Don’t blindly follow the news.  Get in front of the trade in the direction it is moving even if it against the news or against reason.

So,  I will be looking to trade this currency pair short after the Sunday open if it gaps up to the upper trend line.

Have a good weekend.

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RUSS on October 29th, 2010

EUR/USD DAILY 10/29/10

The forex coach sees that most of September we had a trend, and most of October we were bouncing back and forth. Click on the chart for a larger view of this currency price action.

If you had some trouble holding your own in October the lack of a trend had a significant affect.

In November we will be hoping for a trend to develop, but we will be taking various actions to insure continued profits should the market vacillate back and forth as in October.

  1. November is place no trades before 11 PM month. (Except on Sunday and if the market is really moving.)
  2. In November trade only with the trend of the day
  3. Cover trade to break even as soon as you are up 10 pips.
  4. Go to the minute or tic charts for entry after drawbacks for entry.
  5. Expect consolidations or reversals after big moves.
  6. Do not trade reversals unless other markets or 5:30 and midnight birds are signaling.
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RUSS on October 25th, 2010

USD/CHF 30 TRENCH TRADE 8:30

 I should not be trading this early, but this trade has such a small risk that I am in it.  My entry and exit is the edges of the blue box.

Update: this trade did not make it.  Fortunately I was able to make up the loss in more active trading period later.  The moral of this trade is …..  Wait to trade until the proper trading time…. especially if the market is not moving.

You will miss a lot of trades if you trade only trade between 11PM and 9AM.  But you will miss a lot of LOSING TRADES.

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RUSS on October 24th, 2010

AUS/USD Sunday Open Gap fill

The Aussie moves to fill its gap. This is the first trade of the week, which I closed for 16 Pips profit as the market tried to fill this gap.  We will probably see an opportunity to trade this south again today and see the market completely close the gap. Update: gap filled.

Too bad we don’t have an open gap every day!

I was able to trade this pair long later in the afternoon to make 27 pips for the day, more than making my daily target.

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EUR/USD BIRD/TREND BREAKOUT 15M SUNDAY

There was another great trade opportunity on the Euro at 5 PM California time as the Euro broke its trendline (after filling its opening gap) for 60 pips.

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RUSS on October 23rd, 2010

USD/CHF DAILY CHART 10/23/10

This weekend we can see that we have a clear signal of a change in direction for the Swissy.  We have higher highs and lower lows.  We are just above support, so an opening gap back to support may be a good position to consider a long trade.

Except for the Pound the other US pairs are not in congruence with this trade so we will have to see if it is just a retracement.  A gap higer may be a short opportunity.

So we end this week with mixed signals about the direction of the dollar.

EUR/USD DAILY 10/23/10

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