Sunday, February 25, 2007
Forex day trading System - Catch a trend and ride on it
Forex day trading System - Catch a trend and ride on it
Off late you must have seen that EUR/USD is in tight range bound condition. When that happens and if you are more of a trend trader, then its not an ideal forex trading market for you.
Then should you stop trading? Or should you adapt to a differnt time zone?? You can do both.
You can stop trading till market is ready to explode or you can shift to a narrower time zone such as start day trading on 5 min or 15 min chart since forex market might be trending there..
Its all about adjusting to market if you are following market conditions for trading. Or, the other way is to mechanical trade.
Last week I bought a forex system through clickbank which some people are praising a lot..Its from Avi Frister and is called Forex Trading Machine. The system is more of mechanical trading with day trading as well as swing trading. I have applied the swing trading strategy and am finding it good..The day trading I have not applied yet.
Incase you are interested in that, this is the time to buy it since he is offering another strategy for free for trading Non farm Payrolls (NFP)..
I am planning to apply the NFP strategy in Mar-07's NFP fundament announcement declaration..
As you can expect, I'll share the results with you..:-)..Overall the product is good. I have tried swing trading strategy, but not the ones for day trading yet..
Incase you too are interested, you can visit - Forex Trading Machine
Just to tell you that the above link contains my affiliate id incase you don't mind me earning a commission.
Off late you must have seen that EUR/USD is in tight range bound condition. When that happens and if you are more of a trend trader, then its not an ideal forex trading market for you.
Then should you stop trading? Or should you adapt to a differnt time zone?? You can do both.
You can stop trading till market is ready to explode or you can shift to a narrower time zone such as start day trading on 5 min or 15 min chart since forex market might be trending there..
Its all about adjusting to market if you are following market conditions for trading. Or, the other way is to mechanical trade.
Last week I bought a forex system through clickbank which some people are praising a lot..Its from Avi Frister and is called Forex Trading Machine. The system is more of mechanical trading with day trading as well as swing trading. I have applied the swing trading strategy and am finding it good..The day trading I have not applied yet.
Incase you are interested in that, this is the time to buy it since he is offering another strategy for free for trading Non farm Payrolls (NFP)..
I am planning to apply the NFP strategy in Mar-07's NFP fundament announcement declaration..
As you can expect, I'll share the results with you..:-)..Overall the product is good. I have tried swing trading strategy, but not the ones for day trading yet..
Incase you too are interested, you can visit - Forex Trading Machine
Just to tell you that the above link contains my affiliate id incase you don't mind me earning a commission.
Labels: currency trading, EUR/USD, Forex day trading system, forex technical indicators, forex trading machine, swing trading
Tuesday, February 20, 2007
Forex Day Trading System - Confusion over technical indicators?
Forex Day Trading System - Not sure which indicators to use in the analysis?
Its quite natural..With so many indicators in place, sometimes its overwelhming on which indicators to use..
Remember, your technical indicators are to help you predict how the forex trading market will behave on the basis of how it has worked earlier..Somtimes it will work just as you predicted and sometimes the day trading market may not cooperate..
In genral, don't use the more than 3 indicators..Atleast I don't..The more the indicators, the more complex the analysis will be and moreover you might miss the entry and exit opportunities that may hit your pips..
Also, don't use 2 indicators of the same type..For e.g. using MACD and Stochastics may not be advisable. Instead use MACD with your favourite set of moving averages.
Also, some indicators with different values work better for different time frames. For. e.g a 10 EMA will be more popular as a system for a trade which more of forex day trading..while EME50 is more suitable for currency swing trading.
Thats all in today's session..keep visiting more to learn more on the currency market..
Meanwhile, I came across one blog on technical analysis..and its mostly on the forex market.
Forex day trading.
Its quite natural..With so many indicators in place, sometimes its overwelhming on which indicators to use..
Remember, your technical indicators are to help you predict how the forex trading market will behave on the basis of how it has worked earlier..Somtimes it will work just as you predicted and sometimes the day trading market may not cooperate..
In genral, don't use the more than 3 indicators..Atleast I don't..The more the indicators, the more complex the analysis will be and moreover you might miss the entry and exit opportunities that may hit your pips..
Also, don't use 2 indicators of the same type..For e.g. using MACD and Stochastics may not be advisable. Instead use MACD with your favourite set of moving averages.
Also, some indicators with different values work better for different time frames. For. e.g a 10 EMA will be more popular as a system for a trade which more of forex day trading..while EME50 is more suitable for currency swing trading.
Thats all in today's session..keep visiting more to learn more on the currency market..
Meanwhile, I came across one blog on technical analysis..and its mostly on the forex market.
Forex day trading.
Labels: EMA, Forex day trading system, forex technical indicators, forex trading, MACD, stochastics
Sunday, February 18, 2007
Forex Day Trading System - Some reliable technical charting techniques
Forex Day Trading System - Some reliable technical charting techniques
On Friday, I placed a trade on EUR/USD using one of the very reliable techniques - The double top. This technique is dependent on resistance lines..So if the currency price is bouncing of a particular level again and again, it initiates a formation of a charting pattern called Double Top or Triple top if forex price bounced of that level thrice..
Double top and Double bottom for that matter are very popular in all the trading marets and can be used in all the chart times such as a day trading or swing trading or for any trading system. I have watched quite a few courses such as investools or optionetics on stocks/options and I found that all these definitely touch on double tops/bottoms..
As I mentioned you can apply these patterns on any market let it be commodity or stock and definitely forex..
Before placing that trade I confirmed using another indicator 100 EMA which started going downward. Currently I am about 25 pips in profit however for this fotrex trade the exit signal is not in place and since it a swing and not a day trading, I am still into this trade and on the basis if the system I follow, I'll exit only when the technical indicators will line up for exit. Tomorrow no primary fundamental news is coming, so I am expecting to hit about 90 pips as profit (on yhe basis of Fibonacci retracement level)
Thats all in todays post..Keep visiting again to learn more on currency trading.
On Friday, I placed a trade on EUR/USD using one of the very reliable techniques - The double top. This technique is dependent on resistance lines..So if the currency price is bouncing of a particular level again and again, it initiates a formation of a charting pattern called Double Top or Triple top if forex price bounced of that level thrice..
Double top and Double bottom for that matter are very popular in all the trading marets and can be used in all the chart times such as a day trading or swing trading or for any trading system. I have watched quite a few courses such as investools or optionetics on stocks/options and I found that all these definitely touch on double tops/bottoms..
As I mentioned you can apply these patterns on any market let it be commodity or stock and definitely forex..
Before placing that trade I confirmed using another indicator 100 EMA which started going downward. Currently I am about 25 pips in profit however for this fotrex trade the exit signal is not in place and since it a swing and not a day trading, I am still into this trade and on the basis if the system I follow, I'll exit only when the technical indicators will line up for exit. Tomorrow no primary fundamental news is coming, so I am expecting to hit about 90 pips as profit (on yhe basis of Fibonacci retracement level)
Thats all in todays post..Keep visiting again to learn more on currency trading.
Labels: currency trading, double bottom, double top, EMA, EUR/USD, Forex day trading system, forex pips, forex trading
Tuesday, February 13, 2007
Forex Day Trading system - An exciting trading setup
Forex Day Trading system - An exciting trading setup
In my last message I mentioned that the Major currency pairs were about to go $$ bulish on which one of the readers asked as to go long or short. To go long and short depends on the currency pair you are dealing with. If you are dealing on GBP/USD then go short or if you are dealing on USD/CHF, then go long.
The rationale behind this forex trade is to buy USD and sell the corresponding currency. That setup could have been used in day trading or even swing trading. The system I used was of MACD and RSI setup.
Today, when I look at EUR/USD, I am finding that the currency pair is making triple top at 1.3000 levels..So, I would suggest you to sell EUR/USD at 1.2980 and close the trade at 1.2870
and make handsome 100 pips..The parabolic sar is confirming this trade so are the RSI and MACD indicators now.
So, this is another good trade setup for day trading the EUR/USD currency pair.
Thats all in today's session..Visit again to learn more.
In my last message I mentioned that the Major currency pairs were about to go $$ bulish on which one of the readers asked as to go long or short. To go long and short depends on the currency pair you are dealing with. If you are dealing on GBP/USD then go short or if you are dealing on USD/CHF, then go long.
The rationale behind this forex trade is to buy USD and sell the corresponding currency. That setup could have been used in day trading or even swing trading. The system I used was of MACD and RSI setup.
Today, when I look at EUR/USD, I am finding that the currency pair is making triple top at 1.3000 levels..So, I would suggest you to sell EUR/USD at 1.2980 and close the trade at 1.2870
and make handsome 100 pips..The parabolic sar is confirming this trade so are the RSI and MACD indicators now.
So, this is another good trade setup for day trading the EUR/USD currency pair.
Thats all in today's session..Visit again to learn more.
Labels: currency trading, EUR/USD, Forex day trading system, MACD, swing trading
Sunday, February 11, 2007
Forex Day Trading System - USD looks stronger against EUR and GBP
Forex Day Trading System - USD looks stronger against EUR and GBP
I am just glancing at the forex charts to see how the currency market is looking like. I am finding it to be strongly USD bullish on a daily chart.
For E.g. GBP/USD is shwing a strong MACD divergence where currency pair made a double top high, however MACD didn't do so. Also, the MACD is having a bearish crossover. Similarly the RSI is confirming it by being below 50. Also, the pair made a double top and is now retracing.
In all its a great opportunity for swing trading or day trading using a reliable system.
So, what should you do?? Should you enter short immediately?? No!!! You should glance down on the short term chart and try to find a good entry point..The entry point can be breaking of a support on the 1 hr chart or could be bounce from a moving average etc..
Once entered, don't forget to put a stop and a target price.
The same setup can be seen n EUR/USD and USD/CHF as well.
Thats all in today's session..Keep visiting to learn more on day trading the exciting world of forex.
I am just glancing at the forex charts to see how the currency market is looking like. I am finding it to be strongly USD bullish on a daily chart.
For E.g. GBP/USD is shwing a strong MACD divergence where currency pair made a double top high, however MACD didn't do so. Also, the MACD is having a bearish crossover. Similarly the RSI is confirming it by being below 50. Also, the pair made a double top and is now retracing.
In all its a great opportunity for swing trading or day trading using a reliable system.
So, what should you do?? Should you enter short immediately?? No!!! You should glance down on the short term chart and try to find a good entry point..The entry point can be breaking of a support on the 1 hr chart or could be bounce from a moving average etc..
Once entered, don't forget to put a stop and a target price.
The same setup can be seen n EUR/USD and USD/CHF as well.
Thats all in today's session..Keep visiting to learn more on day trading the exciting world of forex.
Saturday, February 03, 2007
Forex Day trading System - Yesterday's Non Farm Payroll (NFP) declaration
Forex Day trading System - Yesterday's Non Farm Payroll (NFP) declaration
Yesterday one of the biggest fundamental news in a calendar month, the non farm payroll or as people call it NFP came out..Like I mentioned in my earlier posts, its one of the biggest since the average pips movement in 1st few min. of this news come out is between 100-150 pips..
But, yesterday when I was watching the market reaction, I found yesterday it didn't create that big a storm..I was tracking GBP/USD and EUR/USD.. The pip movement was just 60-70 pips..
It seems the market was confused which direction to go to..It was just a whipshaw above and below for 15 min..Any one who would have placed a trade would have seen their stops taken out..
Did you place the trade?? How did you fair in this day trading ? Was it a forex system that you followed?
Thats all in this message..Keep visiting to learn more and keep leaving your comments.
Yesterday one of the biggest fundamental news in a calendar month, the non farm payroll or as people call it NFP came out..Like I mentioned in my earlier posts, its one of the biggest since the average pips movement in 1st few min. of this news come out is between 100-150 pips..
But, yesterday when I was watching the market reaction, I found yesterday it didn't create that big a storm..I was tracking GBP/USD and EUR/USD.. The pip movement was just 60-70 pips..
It seems the market was confused which direction to go to..It was just a whipshaw above and below for 15 min..Any one who would have placed a trade would have seen their stops taken out..
Did you place the trade?? How did you fair in this day trading ? Was it a forex system that you followed?
Thats all in this message..Keep visiting to learn more and keep leaving your comments.
Thursday, February 01, 2007
Forex Day Trading System - Importance of correct stops
Forex Day Trading System - Importance of correct stops
Out of very limited % of traders who apply stop-loss when placing trade, majority don't knw how to apply stop losses..Majority place stop loss just for the sake of putting it..
Stop losses are important to assure you against running steeply in your account balance incase the trade you made is running against you..For any trader its a very important concept.. Especially when you cannot watch your trade the entire day, like me.
However placing an incorrect stop is something like giving away your money to the market... How many times do you see that after you have placed a day trade using any system, forex market runs against your trade, hits your stop lossand then turns in your favour.. But by then its of no use for you since you are already out of the market..
Here are some suggestions on placing stops -
1. Place stop on the basis of system for trading you are using.. For e.g., you can put it few pips below a particular technical indicator you are using such as an EMA or a candlestick or support / resistance levels.
2. Place the stop loss such that currency pair has some free hand to move.. E.G if you place the stop loss of 15 pips when placing a day trade on 1 hr chart, its not going to work most of the times.
3. Keep adjusting your stops to block your profits..
Thats all in today's session on learning currency trading.. Please visit again to learn more.
Out of very limited % of traders who apply stop-loss when placing trade, majority don't knw how to apply stop losses..Majority place stop loss just for the sake of putting it..
Stop losses are important to assure you against running steeply in your account balance incase the trade you made is running against you..For any trader its a very important concept.. Especially when you cannot watch your trade the entire day, like me.
However placing an incorrect stop is something like giving away your money to the market... How many times do you see that after you have placed a day trade using any system, forex market runs against your trade, hits your stop lossand then turns in your favour.. But by then its of no use for you since you are already out of the market..
Here are some suggestions on placing stops -
1. Place stop on the basis of system for trading you are using.. For e.g., you can put it few pips below a particular technical indicator you are using such as an EMA or a candlestick or support / resistance levels.
2. Place the stop loss such that currency pair has some free hand to move.. E.G if you place the stop loss of 15 pips when placing a day trade on 1 hr chart, its not going to work most of the times.
3. Keep adjusting your stops to block your profits..
Thats all in today's session on learning currency trading.. Please visit again to learn more.
