Wednesday, October 10, 2007
Forex Day Trading System - Answers to your questions
Forex Day Trading System - Answers to your trading questions
Quite a few of you ask me some questions on trading the market better. Most of these questions are to find out which forex currency pair to trade and how to identify the entry and exit points. Few of the questions are on money management also.
I'll try to answer few of these -
Q - How should I identify the entry point when trading GBP/USD on a 15 min. chart?
A - Trading any currency pair will require he view at a high level. So in your case you need to see the trend on a 1 hr chart. If it is bullish, your forex trade entry direction should be long. After this, you should use your forex trading strtaegy to identify when should you enter. For. e.g. if you trade using support and resistance, then identify a major resistance on 1hr chart and one the market bounces from that level, open your trade.
Along with your entry, you should place equal emphasis on exit also.
Q. Which currency pair is best to day trading?
A. It depends on the time frame. If you are trading between 8 AM EST to 2 PM EST, you should only trade USD based pairs such as EUR/USD, USD/CHF, GBP/USD etc. But try to pick only those frex pairs in which the spread is low because in daytrading your profit levels are low (In range of 30-40 pips max.)
Q. Which forex trading strategy course should I be using?
A. 5 EMAS forex trading strategy and Forex Trading machine ..Hands down. I won't recommend any other. However use only one of them. Both are different is using.
While forex trading machine from Avi Frister is more automated type of trading system, 5EMAs forex trading by Adam Burgoyne requires to identify entry and exit signals..So on the basis of your trading style, select only one of them.
Thats all in this message..I'll answer your other questions in other messages. If you have any, please feel free to post in the comments.
Keep visiting to learn more in online forex mrket and trading.
Quite a few of you ask me some questions on trading the market better. Most of these questions are to find out which forex currency pair to trade and how to identify the entry and exit points. Few of the questions are on money management also.
I'll try to answer few of these -
Q - How should I identify the entry point when trading GBP/USD on a 15 min. chart?
A - Trading any currency pair will require he view at a high level. So in your case you need to see the trend on a 1 hr chart. If it is bullish, your forex trade entry direction should be long. After this, you should use your forex trading strtaegy to identify when should you enter. For. e.g. if you trade using support and resistance, then identify a major resistance on 1hr chart and one the market bounces from that level, open your trade.
Along with your entry, you should place equal emphasis on exit also.
Q. Which currency pair is best to day trading?
A. It depends on the time frame. If you are trading between 8 AM EST to 2 PM EST, you should only trade USD based pairs such as EUR/USD, USD/CHF, GBP/USD etc. But try to pick only those frex pairs in which the spread is low because in daytrading your profit levels are low (In range of 30-40 pips max.)
Q. Which forex trading strategy course should I be using?
A. 5 EMAS forex trading strategy and Forex Trading machine ..Hands down. I won't recommend any other. However use only one of them. Both are different is using.
While forex trading machine from Avi Frister is more automated type of trading system, 5EMAs forex trading by Adam Burgoyne requires to identify entry and exit signals..So on the basis of your trading style, select only one of them.
Thats all in this message..I'll answer your other questions in other messages. If you have any, please feel free to post in the comments.
Keep visiting to learn more in online forex mrket and trading.
Labels: 5 EMAs Forex Trading System, Adam Burgoyne, avi frister, currency pair, entry and exit, forex day trading, forex trading ebook, forex trading machine, GBP/USD
Wednesday, August 29, 2007
Forex day trading - Range of any currency
Forex day trading - Range of any currency pair.
After a currency pair has been in a trend for while, it stops for a while and starts range trading. This is applicable for all time frames be it daily, weekly, 15 min or 1 hr or even 5min. Once the currency pair has caught the breath, it starts trending again. The trend can be any direction, however the forex pair mostly goes as per the elliott wave.
The kick of a trend generally is caused by fundametal announcement/news such as NFP (Non farm payroll), FOMC, interest rate revisions etc etc.
However, the target of any rally or trend can be decided by the technical indicators such as the fibonacci leels or cros of MACD or can be even EMA.
Its very crucial to identify the entry and exit points when taking advantage of the trade. A good entry point can generate healthy profit of may be 100 pips hile a poorly timed entry can see your stop loss hit.
Thats why its always important to use a sound trading system for tradingin forex maket in any time frame. Thats why its always good to understand a proven trading strategy.
Some of you have aked me which fore trading system is good. In my previous posts, I have recomended the systems of Avi Frister and and by Adam Burgoyne.
Here is my suggestion -
1. If you are looking for a system that is purely mechanical in nature, which means that you can automate entry and exit, then go for Avi Frister's "Forex trading Machine" ebook. It is fantastic and is very concise and is very easy to understand and apply to the market.
2. If you are looking to understand a technical system by which you can decide on entry and exit points and can also understand how to read market, then use Adam Burgoyne's "5 EMAs forex trading system" ebook. Its very easy to understand and comes with a trading strategy which is simple to use and is excellent. Currently Adam is running some kind of promotion on this forex trading system. Feel free to check it out
Best of all, both of these courses ome with a mony back gaurantee..So, you are at no risk at all.
Please remember that just like entry, the exit points are also very important in the trade. You should not close your trade prematurely and also should keep your trade open under greed just to see that the profit you earned got reduced because the market turned in other direction.
Thats all in this message. Keep visiting to learn more.
Labels: 5 EMAs Forex Trading System, Adam Burgoyne, avi frister, entry and exit, forex pips, forex trading ebook, forex trading machine, nfp
Sunday, July 22, 2007
An amazing Forex Trading system at stunning price
An amazing Forex Trading System at stunning price!!!!!!!
Anyone who trades forex or options or commodities or anything, knows the importance of a trading system. The system not only has to be good and easy to understand, but should also be reliable under any market conditions.
Thats what Adam Burgoyne's 5EMAs forex trading system does.
1. The system goes excellent entry points and exit points
2. It is easy to use on the forex charts.
3. The technical indicators are the most popular ones and easy to understand.
4. It can be back tested very very easily.
5. On top of it, it is extremely reliable.
6. The ebook comes with excellent 8 bonuses.7. There is 56 days money back gaurantee!!!!!!!!!!!!!!!!!!!
And now the big news!!!!
Are you ready to hear it?? Are you sure??
Here it is - The system is available at a stunningly low price for the next few days. Adam is calling this as the "Summer special"
He has reduced the price of the product for next few visitors or the next few days which ever happens 1st.
He offers 2 versions of the system -
A. The professional package is available for a $52 discount and is available only for $77.
B. The 2nd is ultimate package and is truely ultimate in terms of content and in terms of price - It comes for only $122 . This means the product has $191 discount.
Like I mentioned he is offerring this only for next few visitors (To be honest I doubt it..This could be just some marketing tactics), or for the next few days (My guess is this will be true).
So, go ahead and check this system out..This forex system is amiozing and on top of it the deal is phenomenal..Take advantage of this opportunity.
Click here to know more about this system.
P.S. To be honest I am not sure why Adam has to reduce the price since this ebook package was already in so much demand and so many copies were getting sold daily. But who cares..this is your gain since now you can buy this great package at highly cheap price.
Go ahead and buy Adam Burgoyne's famous 5 EMA forex trading package
Labels: 5 EMA forex trading system, 5 EMAs Forex Trading System, Adam Burgoyne, entry and exit, Forex day trading system, forex ema, forex Entry, forex technical indicators
Friday, July 13, 2007
Forex Day Trading system - Major top in the EUR/USD
Forex Day Trading system - Major top in the EUR/USD
I am watching this currency pair for past 2 days..I am finding that a major top is in place..Thats why even if my trading system is saying that go long, I am not. If you notice, the current level of EUR/USD is offerring a major resistance. The pair has been rejected multiple times from that level..
I'll do either of the below two -
1. Go long only when this resistance level has been broken.
2. Go short once my trading system confirms it. According to me retracement is on the cards.
My trading system now a days is the one that Adam Burgoyne has given in his "5 EMAs forex trading system"..What a superb ebook he has written..Definitely Worth buying..!!!!
Click here if you would like to know what is in this ebook!!
The same is true for GBP/USD also..
Thats all in this post..Visit again to learn more..Labels: 5 EMAs Forex Trading System, Adam Burgoyne, EUR/USD, forex trading ebook, support and resistance
Sunday, July 01, 2007
Forex Day Trading System - GBP/USD is all about going long
Forex Day Trading System - GBP/USD is all about going long
The GBP/USD after a 2 month retracement is back to long ways again..It has broken the 2.0000 barrier once again. It briefly retraced on past wednesday and thursday, but on friday it zoomed up just like EUR/USD.
The technical indicators were perfectly lined up. I used the system specified by Adam Burgoyne in the forex trading system that he mentions in his ebook. I used the strategy and made nice little 65 pips..
Yes, I tried Adam Burgoyne's "5 EMAs forex trading system" for the 1st time on a real account and it worked great.. 65 pips is excellent return for a day and with a stop loss of only 33 pips. The system as the name suggests is using the most popular technical indicator of EMA. You should check out his system. Not only is the system good, Adam also offers some very cool bonuses.
Now how to take profit from the recent break by GBP/USD - Since it is over 2.0000, according to me I would wait for a retracement in the range of 2.0000 through 2.0025. If it comes in that range, I'll go long again and place my limit order at 2.10000.
Again, if EMA system as told by Adam also confirms the same, Its going all long on the GBP/USD currency pair. Click Here to find more about the system told by Adam.
Thats all in this post on foreex day trading..Visit again to learn more on currency trading.
The GBP/USD after a 2 month retracement is back to long ways again..It has broken the 2.0000 barrier once again. It briefly retraced on past wednesday and thursday, but on friday it zoomed up just like EUR/USD.
The technical indicators were perfectly lined up. I used the system specified by Adam Burgoyne in the forex trading system that he mentions in his ebook. I used the strategy and made nice little 65 pips..
Yes, I tried Adam Burgoyne's "5 EMAs forex trading system" for the 1st time on a real account and it worked great.. 65 pips is excellent return for a day and with a stop loss of only 33 pips. The system as the name suggests is using the most popular technical indicator of EMA. You should check out his system. Not only is the system good, Adam also offers some very cool bonuses.
Now how to take profit from the recent break by GBP/USD - Since it is over 2.0000, according to me I would wait for a retracement in the range of 2.0000 through 2.0025. If it comes in that range, I'll go long again and place my limit order at 2.10000.
Again, if EMA system as told by Adam also confirms the same, Its going all long on the GBP/USD currency pair. Click Here to find more about the system told by Adam.
Thats all in this post on foreex day trading..Visit again to learn more on currency trading.
Labels: 5 EMA forex trading system, 5 EMAs Forex Trading System, Adam Burgoyne, forex ema, forex pips, forex technical indicators, GBP/USD
Thursday, April 05, 2007
Forex Day Trading System - Its that time of month again
Forex Day Trading System - Its that time of month again
Yes, its Non farm Payroll time..or popularly known as nfp..The hottest news of monthly forex calender. As like last month, I am going to try few forex strategies that learnt from Avi Frister's popular ebook. Also, I am going to try some more startegies that I am trying to develop on my own.
For the last 2 months, I am finding that NFP is not mooving the market so much. Last 2 months, the average movement of EUR/USD is 80-90 pips, where as month prior to that it was 135 pips..
I am not sure, what is the reason for that. However, still I am going to try these strategies that I are a part of Forex Trading Machine ebook.
Also, for all of you who were asking about my trades using ebook written by Adam Burgoyne called 5 EMA forex trading system, let me tell you that it is a wonderful ebook, however, before you place the trade using it, read it very carefully. Because for the strategy to be effective, please make sure that you have not missed any details.
If you are going to place any trades for NFP tomorrow and you are not proficient in that, please try it on demo account.
Thats all in this session..
Yes, its Non farm Payroll time..or popularly known as nfp..The hottest news of monthly forex calender. As like last month, I am going to try few forex strategies that learnt from Avi Frister's popular ebook. Also, I am going to try some more startegies that I am trying to develop on my own.
For the last 2 months, I am finding that NFP is not mooving the market so much. Last 2 months, the average movement of EUR/USD is 80-90 pips, where as month prior to that it was 135 pips..
I am not sure, what is the reason for that. However, still I am going to try these strategies that I are a part of Forex Trading Machine ebook.
Also, for all of you who were asking about my trades using ebook written by Adam Burgoyne called 5 EMA forex trading system, let me tell you that it is a wonderful ebook, however, before you place the trade using it, read it very carefully. Because for the strategy to be effective, please make sure that you have not missed any details.
If you are going to place any trades for NFP tomorrow and you are not proficient in that, please try it on demo account.
Thats all in this session..
Labels: 5 EMAs Forex Trading System, Adam Burgoyne, avi frister, forex trading machine, fundamental announcement, nfp, non farm payroll
Wednesday, March 21, 2007
Forex Day Trading System : My trade on EUR/USD
Forex Day Trading System : My trade on EUR/USD
In my last post I mentioned that I opened a EUR/USD trade on a buy side at 1.3306 with target of 1.3345. I kept the stop at 1.3268..
Currently I am 80 pips profit since the EUR bounced higher crossing the double top of 1.3345 resistance. Due to this, I closed on half of the position at 1.3345. This is a gauranteed 39 pips profit for me..The other I am keeping afloat to book more profits.
In between, my trade was in 30 pips loss and as per my trading rules, once the currency pair breaks below a particular EMA level, am supposed to close the trade..However I identified that the 1.3375 was a strong support level with currency pair of EUR/USD consistently bouncing from that, so I stayed in the trade despite it required me to bend my trading rules.
In a nut shell, this trade converted from forex day trading to swing trading.
Different people have different trading styles - Some generally like to have some strategies that are more of trading guidelines and have flexibility of defying them as per forex market conditions like the example mentioned above. Other prefer to have a total mechanical approach. They are the ones that generally don't put too much of focus on technical indicator and their analysis such as mACD, RSI or even EMA (exponential moving average) for that matter.
Many of you have sometimes asked me which ebook is the best for finding the strategies..1st of all, in my blog itself if you continously follow, I reveal strategies from time to time as and when I come across any..However, if you are looking for a specialized ebook that mentions inside out of a forex trading strategy, here are the 2 books which I recommend on the basis of limited trades I placed using the currency trading system mentioned in them -
1. Mechanical trading style - For, this style of traders, the book I recommend is Forex Trading Machine by Avi Frister. I placed 4 swing trades using cash cow system out of which 3 were profitable. Total profit 210 pips.
2. Flexible trading style - These traders should definitley buy 5 EMA forex trading system by Adam Burgoyne. Great system..I placed 3 trades using my demo account on this with total profit of 177 pips.
So, decide what is your trading style and if you are looking for a system, then above mentioned two ebooks should be bought. However, use the strategies mentioned in them in your demo account 1st. Also, if you are totally new to forex trading, I suggest you to learn the important technical indicators 1st.
Thats all in this message..Visit again to learn more on online currency day trading.
In my last post I mentioned that I opened a EUR/USD trade on a buy side at 1.3306 with target of 1.3345. I kept the stop at 1.3268..
Currently I am 80 pips profit since the EUR bounced higher crossing the double top of 1.3345 resistance. Due to this, I closed on half of the position at 1.3345. This is a gauranteed 39 pips profit for me..The other I am keeping afloat to book more profits.
In between, my trade was in 30 pips loss and as per my trading rules, once the currency pair breaks below a particular EMA level, am supposed to close the trade..However I identified that the 1.3375 was a strong support level with currency pair of EUR/USD consistently bouncing from that, so I stayed in the trade despite it required me to bend my trading rules.
In a nut shell, this trade converted from forex day trading to swing trading.
Different people have different trading styles - Some generally like to have some strategies that are more of trading guidelines and have flexibility of defying them as per forex market conditions like the example mentioned above. Other prefer to have a total mechanical approach. They are the ones that generally don't put too much of focus on technical indicator and their analysis such as mACD, RSI or even EMA (exponential moving average) for that matter.
Many of you have sometimes asked me which ebook is the best for finding the strategies..1st of all, in my blog itself if you continously follow, I reveal strategies from time to time as and when I come across any..However, if you are looking for a specialized ebook that mentions inside out of a forex trading strategy, here are the 2 books which I recommend on the basis of limited trades I placed using the currency trading system mentioned in them -
1. Mechanical trading style - For, this style of traders, the book I recommend is Forex Trading Machine by Avi Frister. I placed 4 swing trades using cash cow system out of which 3 were profitable. Total profit 210 pips.
2. Flexible trading style - These traders should definitley buy 5 EMA forex trading system by Adam Burgoyne. Great system..I placed 3 trades using my demo account on this with total profit of 177 pips.
So, decide what is your trading style and if you are looking for a system, then above mentioned two ebooks should be bought. However, use the strategies mentioned in them in your demo account 1st. Also, if you are totally new to forex trading, I suggest you to learn the important technical indicators 1st.
Thats all in this message..Visit again to learn more on online currency day trading.
Labels: 5 EMAs Forex Trading System, Adam Burgoyne, avi frister, EMA, Forex day trading system, forex pips, rsi, technical analysis
