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
Saturday, August 25, 2007
Forex day trading - How do you decide the stop loss?
Forex day trading - How do you decide the stop loss?
The importance of a stop loss when placing a trade, is very evident. One will not want the entire account balance to come to zero which can happen if stop loss is not in place.
But how do you decide a stop loss? Should it be anything?? Are there any factors that decide the stop loss?
There absolutely are the factors -
1. Foremost is how much can you risk? That amount should not only drive your stop loss, but it should also decide the time frame you should forex trade on.
2. The indicators you use. Ideally the stop loss should be the below the indicators you use to decide entry point. For example if you use 5 ema, then your stop loss can be few pips below that ema (exponential moving average)
3. The time frame you place your forex trades at. If you use 15 min chart, the stop loss should be at least 20 pips. If 1 hr chart, then atleast 40-45 pips.
4. Fundamental news or announcements. Always make sure that there are no fundamental announcements such as NFP (Non Farm Payroll) or FOMC etc are coming out. Since they can hit your stop loss in seconds if the news are against your direction of trade.
Thats all in this message...Keep visiting to learn more on online forex trading.
The importance of a stop loss when placing a trade, is very evident. One will not want the entire account balance to come to zero which can happen if stop loss is not in place.
But how do you decide a stop loss? Should it be anything?? Are there any factors that decide the stop loss?
There absolutely are the factors -
1. Foremost is how much can you risk? That amount should not only drive your stop loss, but it should also decide the time frame you should forex trade on.
2. The indicators you use. Ideally the stop loss should be the below the indicators you use to decide entry point. For example if you use 5 ema, then your stop loss can be few pips below that ema (exponential moving average)
3. The time frame you place your forex trades at. If you use 15 min chart, the stop loss should be at least 20 pips. If 1 hr chart, then atleast 40-45 pips.
4. Fundamental news or announcements. Always make sure that there are no fundamental announcements such as NFP (Non Farm Payroll) or FOMC etc are coming out. Since they can hit your stop loss in seconds if the news are against your direction of trade.
Thats all in this message...Keep visiting to learn more on online forex trading.
Labels: entry and exit, forex day trading, forex pips, forex technical indicators, fundamental announcement, nfp, stop loss
Friday, August 03, 2007
NFP today impacted the EUR/USD
NFP today impacted the EUR/USD
Today Non Farm Payroll were announced. As always it caused some ripples in the market and that set the market in motion. EUR/USD especially broke out of the range which it was in for last 2 days.
If you llok at today's NFP announcement, it led to a partial bullish candle on 1 hr chart. After the candle closed at 9 AM EST, the next candle closed outside the highest of the 8 AM candle. That was a huge bullish signal to trade.
Also this forex signal can be considered to be even more stronger considering that the currency pair broker the 200 EMA.
Thats the point when I entered the trade with a very conservative target of 30 pips which is because this is Friday and market will close very soon.
With in next candle my limit order was reached and I ended with 30 pips profit.
Though not very popularly followed, the candlestick analysis is very important and useful.
Thanks all in this session.. Visit again to learn more on forex trading.
Today Non Farm Payroll were announced. As always it caused some ripples in the market and that set the market in motion. EUR/USD especially broke out of the range which it was in for last 2 days.
If you llok at today's NFP announcement, it led to a partial bullish candle on 1 hr chart. After the candle closed at 9 AM EST, the next candle closed outside the highest of the 8 AM candle. That was a huge bullish signal to trade.
Also this forex signal can be considered to be even more stronger considering that the currency pair broker the 200 EMA.
Thats the point when I entered the trade with a very conservative target of 30 pips which is because this is Friday and market will close very soon.
With in next candle my limit order was reached and I ended with 30 pips profit.
Though not very popularly followed, the candlestick analysis is very important and useful.
Thanks all in this session.. Visit again to learn more on forex trading.
Labels: candlestick, EUR/USD, forex Entry, forex pips, nfp, non farm payroll, voltile currency pair
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
Wednesday, June 13, 2007
A key point to fit in your forex trading style
A key point to fit in your forex trading system -
I was reading an ebook on Forex Trading the other day. It was full of trading strategies. Ofcourse not all strategies fit trading style of everyone. Some are for forex day trading and some for swing trading.
However there is one point that caught my attention on money management - "Never let a profitable situation end in a loss" This means that if your open currency trade is running in profit of lets say 25 pips, adjust its stop to breakeven so that if the currency pair turns its trend direction, it doesn't end in a losing proposition.
This is a very important & vital point. Never ever let your trade be like that at one point it was in +30 pips and next moment it hits your stop loss of 45 pips. Protect the profits by adjusting the stops.
Meanwhile speaking on strategies, Forex Trading Machine is a PDFT (Price Driven Forex Trading) technique. Many of you have asked if it is suitable for you. My answer is that it depends your trading style. It mentions 3 strategies whic are very innovative and are extremely successful.
Some of these are applicable as day trading and rest is swing trading. Since this ebook mentions system that use price rather than technical indicators, its definitely a must for all those who are not comfortable with the technical indicators.
Avi Frister has really put a lot of thought in coming up with this ebook. He has also cme up with some videos to help you understand the system. Its worth atleast visiting that website and check what all is contained in that forex trading ebook
Thats all in this message...Visit again to learn more on the exciting world of currency trading.
I was reading an ebook on Forex Trading the other day. It was full of trading strategies. Ofcourse not all strategies fit trading style of everyone. Some are for forex day trading and some for swing trading.
However there is one point that caught my attention on money management - "Never let a profitable situation end in a loss" This means that if your open currency trade is running in profit of lets say 25 pips, adjust its stop to breakeven so that if the currency pair turns its trend direction, it doesn't end in a losing proposition.
This is a very important & vital point. Never ever let your trade be like that at one point it was in +30 pips and next moment it hits your stop loss of 45 pips. Protect the profits by adjusting the stops.
Meanwhile speaking on strategies, Forex Trading Machine is a PDFT (Price Driven Forex Trading) technique. Many of you have asked if it is suitable for you. My answer is that it depends your trading style. It mentions 3 strategies whic are very innovative and are extremely successful.
Some of these are applicable as day trading and rest is swing trading. Since this ebook mentions system that use price rather than technical indicators, its definitely a must for all those who are not comfortable with the technical indicators.
Avi Frister has really put a lot of thought in coming up with this ebook. He has also cme up with some videos to help you understand the system. Its worth atleast visiting that website and check what all is contained in that forex trading ebook
Thats all in this message...Visit again to learn more on the exciting world of currency trading.
Labels: 5 EMA forex trading system, avi frister, currency trading, forex pips, forex trading ebook, forex trading machine, stop loss
Saturday, June 09, 2007
A landmark post - USD in massive gains
A landmark post - USD in massive gains
There are 2 points I am trying to cover in this message. The 1st is personnal .. Here it is -
This is the 100 th post on this forex trading blog.. Yes, the overall count has reached triple digits. It started as a small journey with a quick introduction. Now it is a blog where people come regularly to get updates about happenning in Forex market from an angle they can understand very easily. 200+ RSS subscribers are a proof of that.
Out of the last 100 posts, 37 were on common technical indicators such as EMA, MACD, parabolic sar, pivot points. This category seems to be very popular among readers. However the most popular topic has been updates on NFP (Non Farm payroll) fundamental announcement and news.
During the 100 posts I have also mentioned quite a few trading strategy and system. Also, I have recommended the popular ebooks and courses..
The 2nd point I would like to cover in this topic is retaliation of USD against all majors ..USD has been on gaining spree for the last 2 days..It has already moved close to 200 pips against EUR and GBP.. Experts say that it is primarily because of strong rally in stock market or the DOW. However I feel that from technical standpoint also it was due.. The majors had a big run against USD for quite a while. Now the currency pairs will start falling back towards 200 EMA
Thats all in this session..Keep visiting to learn more on Forex day trading.
There are 2 points I am trying to cover in this message. The 1st is personnal .. Here it is -
This is the 100 th post on this forex trading blog.. Yes, the overall count has reached triple digits. It started as a small journey with a quick introduction. Now it is a blog where people come regularly to get updates about happenning in Forex market from an angle they can understand very easily. 200+ RSS subscribers are a proof of that.
Out of the last 100 posts, 37 were on common technical indicators such as EMA, MACD, parabolic sar, pivot points. This category seems to be very popular among readers. However the most popular topic has been updates on NFP (Non Farm payroll) fundamental announcement and news.
During the 100 posts I have also mentioned quite a few trading strategy and system. Also, I have recommended the popular ebooks and courses..
The 2nd point I would like to cover in this topic is retaliation of USD against all majors ..USD has been on gaining spree for the last 2 days..It has already moved close to 200 pips against EUR and GBP.. Experts say that it is primarily because of strong rally in stock market or the DOW. However I feel that from technical standpoint also it was due.. The majors had a big run against USD for quite a while. Now the currency pairs will start falling back towards 200 EMA
Thats all in this session..Keep visiting to learn more on Forex day trading.
Labels: EUR/USD, forex day trading, forex ema, forex macd, forex pips, forex technical indicators, GBP/USD, nfp
Saturday, June 02, 2007
Famous and reliable resources to learn Forex Trading
Famous and reliable resources to learn Forex Trading -
Thanks for visiting my site again. As I was mentioning in my last post, this post is about relaible resources for learning currency trading. Without learning from the great resources if you start trading, let me tell you that it is as good as seeing money go down the drain.
So, choice of a good resource ( an ebook, or a video course, a paid mentore etc. or even a free website like mine..:-)) is the key to learn forex trading.
Here are my recommended resources -
1. Peter Bain's forex mentor - By far the best video based course. Contains a lots of DVDs and detailed explaination with example and conatins 6 month membership to his daily recommendations. Costs about $450 which I consider is equivalent of 45 pips on EUR/USD only..:-)
2. Avi Frister's Forex Trading Machine - As you know I recommend this ebook heavily. Excellent and very simple to understand. Great examples in the ebook. Besides, here is another thing I was told by him in one of his emails in last few days since I bought his Forex Trading Machine ebook - "He has created video lessons of what he teaches in the ebook". Also, Avi Frister is telling all the buyers about the strategy on high to make money during NFP announcement. The price is just $97 (equivalent to 10 pips..:-))
3. 5 EMA forex trading system - Another excellent ebook. Simple and yet very very effective. As you know that EMA are the straight forward technical indicators to use. This ebook explores its use in this system very effectively. Adam Burgoyne has truly created a fantastic product. Price for this ebook is again very low - $97 (10 pips..:-))
I won't recommend you to subscribe to any forex trading signal services..Whats the fun if you don't know what you are doing.
Mind you, you should buy the courses/ebooks explaining a strategy only when you have solid understanding of technical indicators..After that if you buy any of the recommended resources, they will make great sense to you.
Thats all in this post. Visit again to learn more on the world of forex trading.
Labels: 5 EMA forex trading system, Adam Burgoyne, avi frister, EMA, forex pips, forex trading ebook, forex trading machine, learn forex trading, nfp, peter bain
Monday, April 23, 2007
You asked on Peter Bain Pivot points forex course and I am answering it
You asked on Peter Bain Pivot points forex course and I am answering it -
Since the time I recommended Peter Bain's forex mentor trading course, few of you have come back to me with a common question - "Is it worth an investement?"
My answer will be "Yes!!! If and only if you like doing day trading." This essentially means that if you keep your trades open from few minutes to few hours and not overnight, then your style of placing trades is day trading and this course is for you.
Think about it - This course is I guess from $300 to $450. $300 is online version and $450 is DVD version. If you convert it into pips - Its 300 to 450 pips you are talking about if you have a mini forex account. Earning 20 pips a day will mean that you paid for the entire course in just one month.
Now consider this that you don't have a course or a system in place and you try making trades using hit and trial and end up spending months without making a dime and end up under loss.
Also, the advantage of the pivot point course that Peter is offerring is that he has included 6 month membership ..Wow!!!! Visit his site about forex mentor to find what you can do with the membership!!
So you ask me tomorrow or 1 week down the line or 10 days down the line with same question, I'll say that yes the Peter bain's course is worth an investment!!
Thats all in this session..Visit again to learn more on Forex day Trading.
Since the time I recommended Peter Bain's forex mentor trading course, few of you have come back to me with a common question - "Is it worth an investement?"
My answer will be "Yes!!! If and only if you like doing day trading." This essentially means that if you keep your trades open from few minutes to few hours and not overnight, then your style of placing trades is day trading and this course is for you.
Think about it - This course is I guess from $300 to $450. $300 is online version and $450 is DVD version. If you convert it into pips - Its 300 to 450 pips you are talking about if you have a mini forex account. Earning 20 pips a day will mean that you paid for the entire course in just one month.
Now consider this that you don't have a course or a system in place and you try making trades using hit and trial and end up spending months without making a dime and end up under loss.
Also, the advantage of the pivot point course that Peter is offerring is that he has included 6 month membership ..Wow!!!! Visit his site about forex mentor to find what you can do with the membership!!
So you ask me tomorrow or 1 week down the line or 10 days down the line with same question, I'll say that yes the Peter bain's course is worth an investment!!
Thats all in this session..Visit again to learn more on Forex day Trading.
Labels: forex day trading, forex pips, peter bain, pivot points
Sunday, April 15, 2007
The week opens and so do the forex trader's trading station
The new trading week opens and so do the forex trader's trading station.
Today is sunday and the Australian and JPY market are open and I am alreading seeing a lot activity by the currenc traders. Typically this time of the day the volatility is very less. Today its a bit high.
The currency pair that is interesting me more is the GBP/USD. The currency pair is already making adouble top. To confirm the bearish tendency, the MACD is making a negative divergence. This is making me think to go USD bullish. So, I have gone short on GBP/USD.
I thought od using RSI or Stochastic to confirm my trade, however that would have made the trade bit more complicated.
Remember MACD convergence and divergence are very powerful technical analysis indicators for any sort of trading such as stock or forex. Day trading or swing trading.
I'll keep you posted on my progress on this trade..So far I am -15 pips.. Yes currently its in -ve.
Today is sunday and the Australian and JPY market are open and I am alreading seeing a lot activity by the currenc traders. Typically this time of the day the volatility is very less. Today its a bit high.
The currency pair that is interesting me more is the GBP/USD. The currency pair is already making adouble top. To confirm the bearish tendency, the MACD is making a negative divergence. This is making me think to go USD bullish. So, I have gone short on GBP/USD.
I thought od using RSI or Stochastic to confirm my trade, however that would have made the trade bit more complicated.
Remember MACD convergence and divergence are very powerful technical analysis indicators for any sort of trading such as stock or forex. Day trading or swing trading.
I'll keep you posted on my progress on this trade..So far I am -15 pips.. Yes currently its in -ve.
Labels: forex day trading, forex pips, forex traders, GBP/USD, MACD
Thursday, April 12, 2007
Placing the trades using Pivot Points
Placing the trades using Pivot Points -
Apart from the common indicators such as EMA, RSI and Fibonacci, another technical indicator is very popular between trades which is pivot points. This technical indicator is mostly used for currency day trading.
Point pointsare nothing but some pre-identified support and resistance levels which are something like mutually agreed between the traders in themarket.
They are influenced by the price action that took place in last 24 hours. So if a trader tries to identfy the pivots for today, s/he needs to check what is the price action that took place in last 24 hours.
Generally when trades are placed using pivots, the profit range is 35-50 pips. So, thats very nice profit..
In all Pivot point system is very reliable. However, I have not personally tried it yet. I am more into placing trades using EMA and MACD, stochastic etc.
In the next post, I'll mention some of the courses or ebook in the market that are based on pivot points..
Thats all in today's session..Visit again to learn more on forex day trading..
Apart from the common indicators such as EMA, RSI and Fibonacci, another technical indicator is very popular between trades which is pivot points. This technical indicator is mostly used for currency day trading.
Point pointsare nothing but some pre-identified support and resistance levels which are something like mutually agreed between the traders in themarket.
They are influenced by the price action that took place in last 24 hours. So if a trader tries to identfy the pivots for today, s/he needs to check what is the price action that took place in last 24 hours.
Generally when trades are placed using pivots, the profit range is 35-50 pips. So, thats very nice profit..
In all Pivot point system is very reliable. However, I have not personally tried it yet. I am more into placing trades using EMA and MACD, stochastic etc.
In the next post, I'll mention some of the courses or ebook in the market that are based on pivot points..
Thats all in today's session..Visit again to learn more on forex day trading..
Labels: fibonacci levels, forex pips, forex technical indicators, forex trading ebook, MACD, pivot points, technical analysis
Tuesday, April 10, 2007
Trading with EUR, GBP
Trading with EUR, GBP - The popular currency pairs
Ever thought which are the most popular currency pairs to trade? Yes, EUR/USD is the popular of all and generally has tightest of spreads which is 2-3 pips depending on the broker.
The next is GBP/USD - the highly volatile and has spread of 4-5 pips.
What follows is USD/CHF and USD/JPY. Generally have 4-5 pips spread.
Remember the high the volatile the currency pairr is, the more it will honour technical analysis and corresponding indicators such as EMA, fibonacci levels, MACD, RSI etc. etc.
The exception being USD/CAD and USD/JPY which I have noticed is highly fundamental announcements and news impacted. Such as Oil price drives USD/CAD very heavily.
Also, the high the volatility, the more popular the pair is and the more ebooks are written for that currency pair. For e.g. ones written by Avi Frister or by Marc Mcrae. Not only that, people develop separate strategy for day trading that forex pair and some develop swing trading strategies as well.
I have not heard any one developing startegy for EUR/GBP since it is not that volatile.
Thats all in this session.Visit again to learn more on the exciting market of currency trading.
Ever thought which are the most popular currency pairs to trade? Yes, EUR/USD is the popular of all and generally has tightest of spreads which is 2-3 pips depending on the broker.
The next is GBP/USD - the highly volatile and has spread of 4-5 pips.
What follows is USD/CHF and USD/JPY. Generally have 4-5 pips spread.
Remember the high the volatile the currency pairr is, the more it will honour technical analysis and corresponding indicators such as EMA, fibonacci levels, MACD, RSI etc. etc.
The exception being USD/CAD and USD/JPY which I have noticed is highly fundamental announcements and news impacted. Such as Oil price drives USD/CAD very heavily.
Also, the high the volatility, the more popular the pair is and the more ebooks are written for that currency pair. For e.g. ones written by Avi Frister or by Marc Mcrae. Not only that, people develop separate strategy for day trading that forex pair and some develop swing trading strategies as well.
I have not heard any one developing startegy for EUR/GBP since it is not that volatile.
Thats all in this session.Visit again to learn more on the exciting market of currency trading.
Labels: EMA, fibonacci levels, forex day trading, forex pips, forex technical indicators, fundamental announcement, fundamental news, spread, technical analysis, volatility
Saturday, March 31, 2007
Forex Day Trading System : importance of correct forex charts
Forex Day Trading System : importance of correct forex charts to follow trade
I have observed that most of the traders and newbies generally tend to focus on the book to learn trading stratgies or systems and not focus on rest of the essentials. What they don't realize is that it doesn't matter if you have wheat in the house and not the utensils to cook it.
Same goes with forex trading. Along with having a sound forex day or swing trading system, you also need to have other necessaties lined up. One of such necassity is a good trading chart. Without the currency trading chart its as good as doing gambling. Your entry points, exit points may not be right, you will not know the trend and other points.
Here are the important points to consider when identifying a good forex chart -
1. It should update realtime.
2. It should allow yoputo fluctuate between different time periods such as a daily chart or 1 hr chart or 5 min chart etc.
3. It should allow you to put atleast some popular technical indicators such as EMA, RSI, MCD and Fibonacci. Others are parabolic sar, stochastics, candlesticks etc.
4. It should allow to follow charts of multiple currency pairs such as EUR/USD, USD/CHF or GBP/USD etc.
Thats all in this session of forex day trading..Visit again to learn more on the exciting world of currency trading.
I have observed that most of the traders and newbies generally tend to focus on the book to learn trading stratgies or systems and not focus on rest of the essentials. What they don't realize is that it doesn't matter if you have wheat in the house and not the utensils to cook it.
Same goes with forex trading. Along with having a sound forex day or swing trading system, you also need to have other necessaties lined up. One of such necassity is a good trading chart. Without the currency trading chart its as good as doing gambling. Your entry points, exit points may not be right, you will not know the trend and other points.
Here are the important points to consider when identifying a good forex chart -
1. It should update realtime.
2. It should allow yoputo fluctuate between different time periods such as a daily chart or 1 hr chart or 5 min chart etc.
3. It should allow you to put atleast some popular technical indicators such as EMA, RSI, MCD and Fibonacci. Others are parabolic sar, stochastics, candlesticks etc.
4. It should allow to follow charts of multiple currency pairs such as EUR/USD, USD/CHF or GBP/USD etc.
Thats all in this session of forex day trading..Visit again to learn more on the exciting world of currency trading.
Labels: currency trading, EMA, Entry, exit, forex chart, Forex day trading system, forex pips, rsi, technical analysis
Monday, March 26, 2007
Forex Day Trading system : Hitting of stop loss on my last trade
Forex Day Trading system : Hitting of stop loss on my last trade
Today the EUR/USD market unexpectedly turned. Euro became stronger and the currency pair jumped about 100 pips in a span of 2 hours..As expected, it would have taken out the stops of all the forex traders that were short.
That included me as well. My trade was short and was up 67 pips. My stop loss as 40 pips away. Since my stop loss was hit, I ended with a profit of 27 pips on this trade. Not bad!!
The weaking of $$ (dollar..:-)) was seen across the board..In GBP, AUD, NZD and all. However I saw that Eur and so the swiss franc were the big gainers.
Having a stop loss is always advantageous since it protects you from such quick reversals..No matter what kind of trade one may have like on the basis of technical analysis and indicators such as rsi, macd, stochastics etc or if it is a trade purely based on economic analysis..However your stoploss should give room for the currency pair to move as well. So, no point having a stop loss of 15 pips on an hour chart, since the currency pair may just hit that and then go in the direction where one anticipated. True for swing trading as well as forex day tradong and any system for that matter.
Thats all in this session..By the way all those who are using ebook of Avi Frister Forex Trading Machine , how are you finding that ebook??simple and easy to use, right?? And what about the one by Adam Burgoyne called "5 EMA forex trading system"
You might find that these ebooks have different methodologies..which are easy to use and easy to practice.
Today the EUR/USD market unexpectedly turned. Euro became stronger and the currency pair jumped about 100 pips in a span of 2 hours..As expected, it would have taken out the stops of all the forex traders that were short.
That included me as well. My trade was short and was up 67 pips. My stop loss as 40 pips away. Since my stop loss was hit, I ended with a profit of 27 pips on this trade. Not bad!!
The weaking of $$ (dollar..:-)) was seen across the board..In GBP, AUD, NZD and all. However I saw that Eur and so the swiss franc were the big gainers.
Having a stop loss is always advantageous since it protects you from such quick reversals..No matter what kind of trade one may have like on the basis of technical analysis and indicators such as rsi, macd, stochastics etc or if it is a trade purely based on economic analysis..However your stoploss should give room for the currency pair to move as well. So, no point having a stop loss of 15 pips on an hour chart, since the currency pair may just hit that and then go in the direction where one anticipated. True for swing trading as well as forex day tradong and any system for that matter.
Thats all in this session..By the way all those who are using ebook of Avi Frister Forex Trading Machine , how are you finding that ebook??simple and easy to use, right?? And what about the one by Adam Burgoyne called "5 EMA forex trading system"
You might find that these ebooks have different methodologies..which are easy to use and easy to practice.
Labels: 5 EMA forex trading system, Adam Burgoyne, avi frister, EUR/USD, forex pips, forex technical indicators, forex trading machine, stop loss, technical analysis
Sunday, March 25, 2007
Forex Day Trading System : Another opportunity to trade EUR/USD
Forex Day Trading System : Another opportunity to trade EUR/USD
I mentioned that my previous trade on this currency pair had me a profit of 53 pips..That was when I went long..
After my trailing stop loss was hit, when I looked at the currency pair again on a daily chart, I found that the currency pair has hit a massive resistance..A kind of double top and the currency pair has started retracing..
So, as you can guess, This is another opportunity to trade on hourly chart..This time to go short on EUR/USD. This means that I am buying the USD by selling Euro.
Thats exactly what I did, as soon as the currency pair closed below a particular EMA, I went short. Currently I am at a profot of 37 pips..This is such a nice opportunity, that I again bend one of my trading rules and have left my trade open on the weekend.
This is another trading strategy that can be used. In this forex day trading system, one can look the currency pair to hit a support or resistance on the hourly chart. If the next candlestick shows a reversal patter, go long/short in the direction of reversal candle and place the trade using a 15 min or 5 min. chart with profit target of 25-45 pips
Tis strategy is equally effective for forex swing trading..This time the daily chart to be refferred to identify support and resistance level and trade to be placed using hourly chart for a currency pair. generally, the profit targets should be 80-150 pips!!!
This is a sort of a mechanical forex trading, but not entirely mechanical.
By the way has anyone of you triedany alert service to do currency trading? How effective is it?
Thats all in this message..Visit again to learn more on the online currency trading market.
I mentioned that my previous trade on this currency pair had me a profit of 53 pips..That was when I went long..
After my trailing stop loss was hit, when I looked at the currency pair again on a daily chart, I found that the currency pair has hit a massive resistance..A kind of double top and the currency pair has started retracing..
So, as you can guess, This is another opportunity to trade on hourly chart..This time to go short on EUR/USD. This means that I am buying the USD by selling Euro.
Thats exactly what I did, as soon as the currency pair closed below a particular EMA, I went short. Currently I am at a profot of 37 pips..This is such a nice opportunity, that I again bend one of my trading rules and have left my trade open on the weekend.
This is another trading strategy that can be used. In this forex day trading system, one can look the currency pair to hit a support or resistance on the hourly chart. If the next candlestick shows a reversal patter, go long/short in the direction of reversal candle and place the trade using a 15 min or 5 min. chart with profit target of 25-45 pips
Tis strategy is equally effective for forex swing trading..This time the daily chart to be refferred to identify support and resistance level and trade to be placed using hourly chart for a currency pair. generally, the profit targets should be 80-150 pips!!!
This is a sort of a mechanical forex trading, but not entirely mechanical.
By the way has anyone of you triedany alert service to do currency trading? How effective is it?
Thats all in this message..Visit again to learn more on the online currency trading market.
Labels: EMA, EUR/USD, Forex day trading system, forex pips, mechanical forex trading, stop, stop loss, support and resistance, swing trading
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
Monday, March 19, 2007
Forex Day Trading system - Quick chances of market reversel for EUR/USD
Forex Day Trading system - EUR/USD at important resistance area
This currency pair is at a very high point as per the daily charts..So, it is at a very strong resistance area. If it breaks that, then the trading charts will show the forex market zoom.
If the market is high on daily charts, one still has the chance to do forex day trading by being bullish since in that case you are looking for a profit of 20-25 pips per trade. However, the swing trading is slightly risky since the swing trading is mostly done using an hour chart.
I currently have opened a buy trade at 1.3302 with a stop loss at 1.3268. I a expecting the currency pair to touch about 1.3345 types..which is a profit of 40 pips.. So you can consider this trade as more of a day trading.
Thats all in this message..Visit again to learn more on currency trading.
This currency pair is at a very high point as per the daily charts..So, it is at a very strong resistance area. If it breaks that, then the trading charts will show the forex market zoom.
If the market is high on daily charts, one still has the chance to do forex day trading by being bullish since in that case you are looking for a profit of 20-25 pips per trade. However, the swing trading is slightly risky since the swing trading is mostly done using an hour chart.
I currently have opened a buy trade at 1.3302 with a stop loss at 1.3268. I a expecting the currency pair to touch about 1.3345 types..which is a profit of 40 pips.. So you can consider this trade as more of a day trading.
Thats all in this message..Visit again to learn more on currency trading.
Labels: currency trading, EUR/USD, Forex day trading system, forex pips, forex technical indicators, online forex trading
Sunday, March 11, 2007
Forex Day Trading system: My results for the last NFP announcement
Forex Day Trading system: My results for the last NFP announcement.
Few days back I mentioned in my post that I am going to trade Non Farm Payroll as a trial using Avi Frister 's system in Forex Trading Machine course..
Along with that I thought of trying another forex strategy that I came to my mind few days back..Its more of a hedging technique.
I cannot tell you the details about the strategy that "Forex trading machine" course tells or else Avi will sue me..:-)..However, I can share with you the results of my gains in the trades I placed -
I placed 3 forex trades on 3 currency pairs on my Demo Account -
a. Buy Trade on GBP/USD using Avi's forex day trading system for NFP fundamental announcement.
b. Long on EUR/USD on an entry price using my strategy
c. Long on USD/CHF on an entry price using my strategy
My target on trade b & c was 50 pips each and stop loss was 25 pips.
Here is what happenned -
a. Trade A went successfully and I acheived good amount of pips.
b. Trade b was loss of 25 pips
c. trade c was profit of 50 pips
In all, its still early to say about my startegy, however I can say that Forex trading machine is a nice course and contains good forex trading systems for day as well as swing trading..
I still would like to place few more trades using the cash cow startegy before I can say for certain..However, what ever trades I have placed have been profitable..
This week I am going to place trade on my mini trading account with real money using Avi's system..And, yes, I'll share the results with you.
For people looking for a book on startegy for currency trading, for now I'll recommend
Forex Trading Machine
Thats all in today's post on NFP which is more about my experience in this month's fundamental news.
Few days back I mentioned in my post that I am going to trade Non Farm Payroll as a trial using Avi Frister 's system in Forex Trading Machine course..
Along with that I thought of trying another forex strategy that I came to my mind few days back..Its more of a hedging technique.
I cannot tell you the details about the strategy that "Forex trading machine" course tells or else Avi will sue me..:-)..However, I can share with you the results of my gains in the trades I placed -
I placed 3 forex trades on 3 currency pairs on my Demo Account -
a. Buy Trade on GBP/USD using Avi's forex day trading system for NFP fundamental announcement.
b. Long on EUR/USD on an entry price using my strategy
c. Long on USD/CHF on an entry price using my strategy
My target on trade b & c was 50 pips each and stop loss was 25 pips.
Here is what happenned -
a. Trade A went successfully and I acheived good amount of pips.
b. Trade b was loss of 25 pips
c. trade c was profit of 50 pips
In all, its still early to say about my startegy, however I can say that Forex trading machine is a nice course and contains good forex trading systems for day as well as swing trading..
I still would like to place few more trades using the cash cow startegy before I can say for certain..However, what ever trades I have placed have been profitable..
This week I am going to place trade on my mini trading account with real money using Avi's system..And, yes, I'll share the results with you.
For people looking for a book on startegy for currency trading, for now I'll recommend
Forex Trading Machine
Thats all in today's post on NFP which is more about my experience in this month's fundamental news.
Labels: avi frister, forex day trading, Forex day trading system, forex pips, forex trading machine, fundamental announcement, nfp, non farm payroll, online forex trading
Tuesday, March 06, 2007
Forex Day Trading System - USD booms
Forex Day Trading System - USD booms!!
Anyone who is watching the currency trading charts must have realized that the USD is bullish the big time..And its bullish across the board with EUR, GBP, CHF, AUD, NZD everyone stumbling against Greenback retaliation..Except JPY!! Yes, Yen is giving bigtime pounding to the $$..
Thats because the JPY is too much driven by the fundamentals..Thats the primary reason I don't day trade USD/JPY currency anymore since I do trading by technical analysis using indicators such as EMA, RSI or MACD etc..
I entered the trade the other day NZD/USD, which I closed at 191 pips profit..In between I was in 230 pips profit, but I stayed in the trade till I got a valid exit signal..
Thats the important concept, enter the trade only when your trading system for day or swing trading mentions for forex market and exit only when the technical indicators ask you to do so..
Thats what the philosophy I applied and ended up with 191 pips profit..
Thats all in today's session..Please visit again to learn for on currency or also called trading the forex.
Anyone who is watching the currency trading charts must have realized that the USD is bullish the big time..And its bullish across the board with EUR, GBP, CHF, AUD, NZD everyone stumbling against Greenback retaliation..Except JPY!! Yes, Yen is giving bigtime pounding to the $$..
Thats because the JPY is too much driven by the fundamentals..Thats the primary reason I don't day trade USD/JPY currency anymore since I do trading by technical analysis using indicators such as EMA, RSI or MACD etc..
I entered the trade the other day NZD/USD, which I closed at 191 pips profit..In between I was in 230 pips profit, but I stayed in the trade till I got a valid exit signal..
Thats the important concept, enter the trade only when your trading system for day or swing trading mentions for forex market and exit only when the technical indicators ask you to do so..
Thats what the philosophy I applied and ended up with 191 pips profit..
Thats all in today's session..Please visit again to learn for on currency or also called trading the forex.
Labels: EMA, Entry, EUR/USD, exit, forex pips, forex technical indicators, MACD, nzd/usd, rsi, technical analysis, USD/JPY
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
