Winner Winner Chicken Dinner. As the old saying goes..."Don't be a dick for a tick"! And dicks we are not. We got within a few ticks of our second target Friday after the NFP number so we covered and will wait for another setup. Review the posted charts on how this trade setup and played out. There is a lot to learn about holding onto a trade. Post...
Daily Currency Strength pre-Asian Opening: AUD -6, CAD +4, CHF +1, EUR -1, GBP +4, NZD -3, USD +7, JPY -6. GBP/AUD: If market gaps down at market opening, we are going to buy in to the gap, since GPB is strong (+4) and AUD is weak (-6). If market gaps up, we want to leave this pair alone. ***The last this we want to be doing is selling a strong currency against a...
Weekend-gap Strategy A great way to kick start the week of trading is to trade the weekend-gaps. When the market opens, look for price gaps which have currencies that are in opposite strength to each other. Example: AUD is -4 and USD is +6, If the market gaps up on AUD/USD, then this is a great opportunity to sell into the gap. There are 2 facts that you have to...
Hi all, Above you find the best pairs to trade whether you are expecting a strong USD or a weak USD. This is based on the overall currency strength. NOTE: The direction of the NFP is most often the remaining directing of the day on the weakest respective strongest pairs depending on whether USD comes strong or weak. Example: If we expect a strong NFP, pairs like...
One of the biggest reasons 98 % of traders lose money in forex is because they don’t know what currencies are strong respective weak. Knowing the strength of a currency will dramaticly help you on the way to become a world class trader, you will never look at the market the same once you have fully understood the importance of currency strength.
This is a example on how to trade price action with currency strength, find out more here:
One way to determine the strength of a currency is to add 2 moving averages to the charts, one set to 5 and one set to 12. If both the 5 MA and the 12 MA is pointing upwards, that means +1 and vice versa if both of the MA:s are pointing downwards. If they are pointing against each other, different direction or are flat lined, thats equals 0 as we are most likely...
Sorry this was uploaded by mistake, ignore it :P You can find the "How to determine the strength of a currency" post here:
Mr. Draghi keeps helping us sneak closer to our 2nd target. He must be reading our posts ;) Nonetheless, we have pulled stops down to where our first target was hit. We are so close to the 2nd target that we need to tighten things up. It would be foolish to get this close and let a huge swing take us out. This has been a great trade and has paid us nicely. ...
After hitting target #1 we are bouncing which is to be expected. Stops are in and we will look for a break of the low and final target. This coming week could be choppy to up before a retest happens. For more watch: youtu.be
Of the many years of trading we can say, with confidence, that other than the psychology game of trading, studying has been the biggest attribute to successful trading. Reviewing charts...looking at how our setups forms and play out. In trading you are not trying to be right...you have 2-3 solid setups, control emotions and follow your rules. Then study you...
BOJ is exporting deflation to the rest of the world and has also lifted all global stocks as BOJ has said it will be buying global stocks and bonds. It looks like the 33 plus year bear market in the NIkkei may be coming to an end.
This is a text book pattern from our last post. We are short and looking for targets below. We are now in a risk free trade. REMEMBER...trading is about controlling risk and following bigger targets. DON'T over complicate things. If you are short...congrats!
It was hard to catch this pattern, the B point is not clear to the eye. Last bat pattern was a looser. Hope this one works out :)