I did not see any trades I like today or yesterday on Thursday.
Lesson of the day. Remeber to trade with a STOP + TTO order FOR A TRADE GOING FORWARD.
USE A LIMIT + TTO FOR A TRADE YOU WANT TO ENTER GOING IN THE OPPOSITE DIRECTION. If you forget. Besure to close out your trade right away. Your feedback is encouraged as I develope this forex coaching website.
EUR/USD 5M
Continue reading about Oct 29th THROUGH THE WALL in the evening.
GBP/USD 5M
GBP/USD 5M
Same pair that faked me out last night broke out of a nice channel at 6:45 am PST with a free 100 pip ride to previous high, and it is continuing up.
There seems to be no scheduled news to trigger this. The stock market opening up for the second day. This may be the trigger pushing it up. We will see if the stock market and the pair hold up.
US/CAD 5M
GBP/USD
US/JP 5M
This is the USD/JPY 5 Minute chart. The breakout occured about 4:30 AM PST. I did not trade last night because the markets were so volatile. The maximum pips you could have pulled out of this trade was 470. Great to those who stayed up for it.
We may have a election rally in the stock market where many see a chance to put the insane politics of the last 8 years behind us. If the rally continues then the Yen pairs will be rallying and probably the USD will resume its decline to more realistic values.
Lesson : Watch the yen pairs if you expect a big move. 11:15 PST US interest rate comes out of FOMC. 1/2 is good. Less may be bad.
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US/CHF
US/CHF Look at this. Too much extreme movement in the market today. The spreads are as sustainably extreme as I have ever seen.
Stay away and live to trade another day. No trades today or last night.
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EUR/USD
The Eur/USD broke lower for about 200 pips, but I did not trade it because the box was so big and the risk for a big reversal was equally big. Many individuals chose to trade it as it broke previous lows.
This is a chart of the NZD/USD 5 minute chart at 8 AM PST. If it was a different day than Friday and earlier in the day I would place a sell stop order beneath the box. Today I will let it go.
The stock markets around the world are dropping another 3-10% again today. NOT PRETTY.
FRIDAY LESSON = Today I placed a trade with my profit at a previous low, the trade moved to within 2 pips of my profit point and retreated to 1 pip above my stop loss to take me out at a loss. Then the market went on down past my profit target of course. THE LESSON IS = ALWAYS INCLUDE AMPLE ROOM FOR THE PRICE SPREAD IN YOUR PROFIT AND LOSS SETTINGS. In any case there will always be these situations. Sometimes you will earn by the skin of your teeth, sometimes you will loose by the same margin. That is trading.
Summing up this week, Sunday, Monday and Tuesday again were the big trading days of the week with opportunity to earn from 200 to 800 pips depending on your skill luck and money management settings. Another good week with too much market volatility.
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I am not seeing any tradable box channels. Volatility is extreme and I see no direction to the currency pairs. I am waiting on the EUR/USD to break a new low to trade from.
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