Hello everyone,
Today I was following two currencies, the EUR and the NZD, in order to search an entry on either of those two currencies. My main bet was the recent kiwi-strength we’ve seen across the board as of lately and eventually I saw my opportunity on the EURNZD based on a 4H time frame setup upon a range breakout.
The trade moved in momentum for about +150 pips in my favor where I decided to trail my stoploss to breakeven. Unfortunately, the Forex gods figured that I had been too aggressive with my targets and price retraced back to entry levels knocking me out of the position at +0 pips. It always suck to see 150 pips slip through your fingers, doesn’t it?
Other than that, the trade I had open on NZDCAD since last Tuesday hit its final target for +165 pips, having previously exited the first half of the lot size for +62 pips. So +113 pips on average on this trade. Not too shabby.
Here below you may watch those two trades: the first video being the NZDCAD trade and the second one being the EURNZD trade.
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13 December, 9:24 pm
Hello Hector,
I have been reading your blog for awhile, and I can tell I really like your trading style. It seems you do it so effortlessly and profitably. Anyway, I was wondering if you could tell me how you prepare for a trading day. How much time do you need for spot a trade opportunity? What do you look for? When do you start your day? I ask these silly questions to see whether I can do the same and whether I can fit trading into my day routine. If it does fit in, I will sign up for your course.
Thanks,
fxpanther
13 December, 9:50 pm
Hello FxPanther (I love the nickname!).
Well, I wouldn’t say my trading is effortless - but I do like to keep things simple. I don’t see the point in overcomplicating it all with many indicators and whatnot. But anyway, let me try to address your questions:
- I trade the London session mostly. About one hour prior the open I scan through all the crosses I track (28 pair) in order to find trending scenarios. In order to speed up the process I use my Trend-Finding custom indicator (you can download it within the course). The whole process takes about 40 minutes.
- What do I look for? well, first of all I look for trending pairs in one particular time frame, and then I try to find any of the price patterns I like to base an entry off. I only trade a very limited type of price formations to be honest: I’d rather specialize in only three or four patterns than getting confused by seeking for a bunch of them at the same time.
Let me know if you have any more question :)
-HECTOR-
14 December, 1:42 am
Hector - Nice job of bailing out of eur/usd. Just after you bailed, the big boys drove the price down 160 pips lol. You called that perfectly and if anybody was listening, you saved them a bunch of money. Good call
Norm
14 December, 6:43 am
Hi Hector,
The first video hosted by YouTube doesn’t seem to be working.
Thanks
14 December, 11:10 am
I can see the first video just fine, I don’t know why you cannot access it?
HECTOR