- GBP/USD 15M 8 pm 8/31 PST
the forex trading coach sees…..
- GBP/USD 15M
the forex coach sees
EUR/USD Daily Sunday 8/28/10
ther forex trading coach sees…….
that this week passed produced a bounce right on the 50% fib on the Euro/US Dollar forex pair. That may indicate that the Euro has room to move higher in our coming forex trades this week.
Always take a look at the longer term charts once per day to see where you are in the big picture. Then remember that the money is made on the short term trends. Your probability of profiting increases if the trade is in the direction of the long term trade.
Also the forex coach insists ……. always practice, practice, practice until you feel proficient in your trading. This weekend I have been scrolling forward on the 5 minute charts practicing my trade entries and exits. The more you do this the more proficient and the more confident you will become in your trading. Remember practice makes perfect. At least perfect enough that you end most weeks on a profitable note.
Update: Wendsday. Looks like the 50% fib has held as the Euro has been making slightly higher highs and higher lows this week.
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FRIDAY MORNING forex review: The forex markets were very choppy last night and again this morning. Consequently I did not enter any trades. Keep your money safe for better currency trading opportunities down the line.
This forex trading coach is through trading for this week. Have a nice weekend. Take a little time to review the market and your past trades, but mostly enjoy yourself doing something else for a few days to reset your trading mind.
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EUR/USD 5M 12:30 through support
the forex coach says….
Good morning. I am tardy posting this trade as I like to sleep. You can see this Euro currency trade breaking through the blue support line for 40 to 50 pips easy profit. I unfortunately moved my stop up too soon and only pulled 5 pips out of this trade when I was stopped out.
You can see that this trade was during our prime trading time. It was a breakout trade. Your exit was either the trend line or the reversal when it made a higher high.
If you are like me and you like to sleep, you can use various indicators to give you an alert sound when the forex trade reaches a certain level where you want to set your stop or take profits manually. That is all from your forex trading coach today.
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EUR/JPY 5M
the forex trading coach says….
Give it a little more time.
It is just after midnight and the Euro Yen is in a wedge that is looking to break soon. There is European news in less than an hour so I expect it may hold until then.
The trend has been down, but the Yen has signs of bottoming out. The forex coach is waiting to see if the German Business Climate will be strong enough to through this pair out of the wedge. Looks like we may have a post news trade again.
forex coach update: this currency pair broke out 10 minutes before news and made a small move, to top out less than ten minutes later. My trade did not trigger because the move was over too soon. The forex trading cat was out of the hat early on this one. Some insider made some money.
- EUR/USD 5M after news reversal
Those who played the forex news reversal made some money on this one. As the news breakout was against the trend you should always consider the possibility of a reversal after the news has settled in. In this case there was a clear support line where you could place your short forex trade. See on the chart. I was not awake for this one, but you can see that there was the opportunity to make 50 to 70 pips on the news reversal.
EUR/JPY 5M 7AM US housing news breakout
the forex coach — post news trading
The US housing sales was down considerably in this mornings 7 AM release. The result was that the dollar went down and the Euro went up in the currency markets.
From what I have been told you always trade a currency pair that has the nation of news origination. Such as the EUR/USD. Perhaps this is not always true?
In this case I notice that the EUR/JPY had a much nicer entry response to the news than other forex pairs. You notice from the chart that the secend 5 minute candle past the 7 AM news (purple line) provides a great market entry for 100 pips forex trading profits.
You might want to watch the EUR/JPY currency pair the next time we have breaking news in the US. It may again offer you better entry and profit opportunities than a domestic pair.
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EUR/USD News gap against trend 30M
the forex coach sees….
Today we had existing home sales in the US released at 7 AM. Sales were down considerably and the Dollar lost value. As the Euro gapped up after the news release against the trend we can watch this trade to see if you can pick off a few pips if it looks to drop back to its pre trade comfort zone.
I would not look for many pips here. Just scalp a few and get out as it is not the best time of day to trade. Consult your forex coach.
EUR/USD 5M after news gap fill update
Update: the forex trade gap fill trade has filled with a 50 pip plus drop. This one took some time and patience, but it did pay out and the news gap did fill. Take a look at the after fill forex chart on the left. time 3PM PST. The forex trading coach.
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