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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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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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.
- November is place no trades before 11 PM month. (Except on Sunday and if the market is really moving.)
- In November trade only with the trend of the day
- Cover trade to break even as soon as you are up 10 pips.
- Go to the minute or tic charts for entry after drawbacks for entry.
- Expect consolidations or reversals after big moves.
- Do not trade reversals unless other markets or 5:30 and midnight birds are signaling.
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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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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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
- EUR/USD 5M
This morning, 5:50 AM in California, is the reverse of yesterday. Today the Euro is in an uptrend, so we wish to trade to the upside given a good opportunity. The last opportunity was around 4:30 in the morning. The next opportunity to go long will be if the currency hits the lower trend line again.
- EUR/USD 1M 6:15 AM
The market is looking a little dicey now as the 1M chart shows that it could go either way depending on the US stock market open in 15 minutes. This could go dramatically either way.
Udate: 7 AM. This trade topped out on above the top trend line. Good for around 30 pips if you took it long.
GBP/USD 15 monday 6:30 AM
The Pound has been in a free fall since opening on Sunday along with most other currencies against the dollar. It seems strange, as the stock markets are almost neutral right now.
At the last trend line hit I shorted this pair with an exit at the lower trend line for about 30 pips.
We may get the opportunity to short the Pound again soon as it is nearing the upper trend line again and the Stock market opens shortly.
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