Hello folks,
Today Friday I haven’t taken any trade (as you probably know by now I dislike trading on Fridays), but I can finally show you the CADCHF trade I entered two days ago.
I had already taken half of the lot size out at +106 pips and trailed my stoploss to breakeven on the remaining portion of the trade. Well, unfortunately price retraced last night just enough to kick me out of the trade. So all in all +106 and +0 on this trade, which averages at +53 altogether. Not a bad trade.
Here’s the video:
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Hello everyone,
Today I am one happy trader for two reasons:
1) I took a good entry
2) I took an even better exit
I spotted a clear London Open Breakout type of setup this morning on GBPUSD, which triggered within the first two hours of the London session. The key level for today to keep track of was the very obvious 2.0100 - yesterday’s double top. That’s the level I was waiting to give way before zooming into the shorter time frames searching for an opportunity to jump long on Cable. The entry came in the shape of my beloved breakout-pullback-continuation pattern and therefore I clicked on the “BUY” button. It was a good setup, a valid entry, so I took it.
Now it’s the exit what’s being really crucial today: I was sitting at +40 pips in profit ten minutes before the Unemployment Claims announcement coming from US was scheduled and I decided to manually pull out of my position. My final target was 20 pips away so I was basically risking 40 pips (my current profit at that time) in order to bank 20 more… not worth the risk to hold the trade through the news. So I closed it out and few minutes later, as the news bullet hit the wires, the GBP/USD dropped almost 40 pips within minutes!
Trading relies more on money management, in-trade management and common sense than anything else, and I believe this trade is actually a good proof of it. You can watch it all live here below:
By the way, I am still in the trade I took yesterday on CADCHF which is currently sitting at +60 pips as I type these lines. Seems like we’re forming some sort of double bottom at 0.9700. That’s going to be the key level to watch in the following hours, we’ll see how it goes.
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Hello everyone,
As I repeat over and over again through my Forex trading course, I often summarize my whole trading system around a very simple yet time-proven concept: Trade breakouts in the direction of the trend.
As a trader, and in pretty much everything else in life, I am a firm believer in the Ockham’s Razor principle. Ockham was a 14th-century English Franciscan friar (and mathematician in his spare time) who once postulated:
One should not increase, beyond what is necessary, the number of entities required to explain anything.
That statement eventually broke through the realm of mathematics and logics to become a widely-accepted truth in almost every other field: the simplest and most straight forward approach to a dilemma usually makes the best solution too.
Well, I reckon trading is no different: why should we over-stuff our charts with endless lines and flashy indicators if we could just “trade breakouts in the direction of the trend“? I recommend everyone to give it a try - it works in any market and any time frame… plus Ockham would be giving you the nod!
PS: with so much rambling I forgot to actually comment on today’s trade haha! I’ll sum it up real quickly: triangle breakout in the direction of the Moving Averages. First target met for +106 pips and stoploss moved to breakeven. I will upload the live video as soon as I exit out the trade.
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Hello everyone,
Well, finally the markets seem to have gone back into normality after the Easter holiday brake and the recent massive 0.75% Interest Rates cut. Now, once the Forex market frenzy is over, it’s time to comb the charts searching for new trading opportunities.
In today’s videos I analyze the setups I am spotting on my Daily and Weekly charts. To sum it up, I am waiting for pullbacks on a number of currency crosses to the Moving Average whereabouts and hopefully we’ll get some valid entry signals from there. I usually do like trades off the Daily charts because one single good trade can turn a dull trading month into a very profitable one: you know, a big chunk of pips from one single position!
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Hello everyone,
All those who have taken my Forex trading course know that I have a bunch of what I like to call The Golden Rules of Sensible Trading. They are basically a compendium of conservative, common-sense-filled rules to keep a trader away from ugly trades. Well, two of those rules are:
No trading on Interest Rates announcing days
No trading during public holidays
And we’re having two spoonfuls of just that this week: US interest rates on Tuesday (with a massive rate cut expected), Bank of England Meeting Minutes on Wednesday, and Easter holidays today Thursday and tomorrow Friday. So, all in all a nasty cocktail of elements powerful enough to viciously whipsaw our charts like a kite to the wind… And that’s precisely what’s happened! I feel for those traders who’ve been trading through these last few days because I bet a number of them have scored sound losses :(
Please take a look at the following video and you will see why the Golden Rules of Sensible Trading are there for a reason.
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