Gp00053 Gp00053 Trade For Today

After reflection I have decided to change my first post to more reflect my Forex Trading and what this thread is all about. This thread is not for any other traders from newbies and up the experienced line. This thread is for me: a written journal of my thoughts, approach to forex trading and experiences that I can refer to. I often use other traders writings and video’s to illustrate my thoughts, approaches, likes and dislikes. However, I’m not promoting any other service, product or coaching that anyone is offering.

I welcome any comments as long as you keep them respectful. If you have a question ask it, if you disagree with something that’s okay, post your thoughts. I think a retail trader can be successful retail trading in the forex. That doesn’t mean that I think trading in the forex is simple or easy. It’s not and I believe to have any chance trading against: other traders, algorithms, banks and just about anything you can imagine that have one mission in mind to cost you money; and make their profit at your expense, you have to take advantage of opportunities when they present themselves.

To take advantage of opportunities, you need to have a strong understanding of the basics of retail trading in the foreign exchange and from that build a strategy based on the type of person you are, your personal finances, support and goals. A strategy may consist of different trading methods, financial management and goals; again depending on you the trader.

I think of myself as a short term opportunity trader. I trade on the 5, 15, 30 and 60 minute time frames. I believe the longer you stay in a trade the more risk you’re taking on. Again my opinion, not parading as a fact. I know other traders that believe you’re better off staying in the trade longer; you have to decide what’s better for you your situation and goals. For me it means short term not trying to pick tops and bottoms but profit areas with less risk protection.

Direction has to be the same on all 4 time frames, my broker offers 80 pairs of currency so I start with the majors and move down the line, until I find one that matches the same direction in all 4 time frames. I only trade the market overlaps. 90% of the time I trade London/New York overlap, but I will also trade Tokyo/London and on occasion Sydney/Tokyo. Don’t normally hold over night and even less over the weekend. At the time of execution the trade will have besides entry, a trailing stop, a fixed stop and potential profit areas. I use alerts to tell me when price is approaching the above points. I do not trade before the market overlap or during any economic events. That does not mean I don’t trade the news, it means that after all events have happened, and how the affected market price that’s what I trade on never upcoming events or Central Banker announcements. I apply a theory promoted by Richard Wyckoff. His belief was that the forex market is always in one of four phases, Consolidation, Markup, Distribution, or Markdown one after another in the same order. Once I determine what phase the market is in, I apply a Fibonacci tool to give me entry points, trailing stop loss, fixed stop loss and potential profit targets and confirm phase, Fibonaccci numbers with Support and Resistance.

I apply a theory promoted by Richard Wyckoff. His belief was that the forex market is always in one of four phases, Consolidation, Markup, Distribution, or Markdown one after another in the same order. Once I determine what phase the market is in, I apply a Fibonacci tool to give me entry points, trailing stop loss, fixed stop loss and potential profit targets and confirm phase, Fibonacci numbers with Support and Resistance.



From here on, I will only be posting Fibonacci Trades. They will either be taken on the 1 hour time frame or 30 minute. These rules apply to both.

Updated Fibonacci Rules

  1. Check Economic Calendar for announcements in the next 24 hours to eliminate any pairs that have non farm payroll or interest rate announcements up coming. Wait until all major announcements are posted for the current 24 hours for the time frame you’re trading.
  2. Identify the trend, up or down.
  3. Apply the fib retrace tool if market is up drag the fib tool from swing low to a swing high or if market is down from swing high to swing low
  4. Place a pending order between the 50 and 61.8% levels with a stop loss at the 75% retrace level.
  5. At the 38.2% Level change fixed stop to a trailing stop for half the pips from your entry to the 38.2% level.
  6. At the 23.6% retrace change trailing stop for half pips from the 38.2% to the 23.6% levels.
  7. At the 0% retrace change trailing stop for half the pips from the O% retrace level to from 23.6% level.
  8. From the 0% Level on, adjust trailing stop to 30% of total pip gain.

Start


Finished


Be Back with my trade




wanted to learn only 50% what you know

You asked so here it is.

  1. Have A goal you want to achieve. Based on the information available, list your options. Then choose the least of the evils. Example. I use to play poker for a living. I was involved in a car accident that doesn’t allow me to play poker anymore. After checking out a few things I considered trading in the forex . My goal was to be able to spend as much time as I could with my wife and children. Take life easier because of limitations. Do something that would not jeopardize my savings but allow me to build on it.

I chose forex because I can do it from home while my kids are at school and be free to help my wife with her real estate business. My 40+ years of being in my own businesses would allow me to use those experiences to my advantage as well as 40+ years of playing poker and sports betting applying patience and discipline.

My trading philosophy is quite simple when it comes to my forex business. With whatever I’m engaged in will the result help me get closer to my goal or further away. Example I don’t get involved in semantic debates, such as “is forex gambling.”

When it comes to the forex, my approach ise long term. So success doesn’t depend on one trade or one session, but a lot of trades and sessions. I believe there is very little black and white, always o never; but mostly grey and depends.

I believe to be successful retail trading in the forex you have and apply three strategies. 1. A trading method that over the long run, will put the balance of probabilities (not odds) on your side giving you more positive results than negative. 2. A money management plan that in my case will protect my capital first, while adding to it. 3. Almost always apply patience and discipline to the trading method and money management plan. I believe that there is no one right way to approach retail trading in the forex with regard to the trading method or money management plan a trader chooses. Both should be based on their own situation, experience, time and available money.

Retail trading in the forex is about measuring risk, patience and discipline. You can have the best teachers or mentors, teach and coach you, Your trading method can use 1 indicator 100 indictors, you can have $100 or $100,000 available to trade. You can scalp, day, position or whatever else you want to be called. I call myself and opportunity retail trader. It’s all the same when it comes to forex the better you measure risk, the more patient and disciplined you are the more long term success you should have.

There you go; you know everything I know. Good Luck
Gp

Today I have a pending long on USDCAD. Risk measured on 30 minute time frame , Trend the same on multi time frames. Greens are entry points, turquoise is trailing stop, red is stop loss, gold are profit targets. )% on Fib tool is a major resistance level, if price goes above could be a nice break out.



I cancelled my pending long on USDCAD. I still like a long on the pair, but I want to wait until after US home sales come out. Once I see that I may do another analysis and get back in.

Today I used my ranging strategy for GBPUSD. I used the zz_Orlova indicator to draw 2 lines one the high and one on the low. I go long when price bounces of lower line, and short when it bounces off the higher line. I don’t use stop loss for this, 10 pips after both lines I put pending long or short orders, then 10 pips from my pending take profit, I place pending long and short orders. in case breaks out or pair comes out of ranging. You have to be very disciplined to make money. Because you’ll be getting into a lot of trades Idea is in and out in and out. I confirm my lines and movement with Heiken Ashi Hiistogram, Support and Resistance


If and when price changes move the lines


I have a pending short on 30 minute time frame. Illustration is on 5 minute. Entry, Trailing Stop and take profits are Fib levels. Today I’m also using a volume indicator to confirm trade as well as MFI, PVT, Support and Resistance. Down Trend was confirmed on 60,30,15 and 5 minute time frames.
Yellow Bar with Increasing spread and increasing volume means strong participation and price should continue in this direction.
Red : Decreasing spread and increasing volume means market direction is losing steam.
Blue: Increasing spread and decreasing volume means price is moving without strong participation.
Gray: Decreasing spread and decreasing volume means market condensing


I’m long on USDCAD This is a simple strategy I used today. I have used it before and it worked. If you decide t give it a try, follow the video exactly. I’m not promoting the speaker or endorsing any paid programs or services he is offered. This video is a free strategy that works well at news time. Don’t forget to verify with Support and Resistance and in my case I used PVT as well

London Breakout Strategy | Josh Martinez - YouTube

Good luck on your trades GP. Will check you thread time to time. So you trade only one trade per day ?

Today I’m trading EURAUD. I have a pending Short based on my VSA, Price and Fib. Entry is Green Stop is Red, Trailing Stop is Turquoise, Gold in Profit targets.


I’m also looking at the same pair to trade in between the lines. If it holds and ranges between the lines I will trade the bounces. Stop loss is 5 pips past the opposite line


If short is triggered then I will cancel or close the range. The range is based solely on Price Action I’m looking for bounces and may have to adjust the lines.

Thank you and Good Luck to you as well. My guide lines and risk management are very strict and I only if and when they agree. Depending on what’s going on, I may trade the pair more than once, but mostly I trade one pair a day.

Trades are closed. Journals completed. Elvis has left the building and I’m right behind him. Have A Great Weekend
Gp


A friend of mine just asked me why I don’t post the links to the indicators I use. I told him I was reading the post below and got me to thinking and I believe he’s right. I told my friend after thinking about this it made me think of a line in a movie I watched a few years back where the gangsters were deciding whether or not to kill these 2 guys and the boss said to his crew. . .“Do we really teach them anything by killing them?”

Any indicators I use or have used, can be found on Metatrader Site. With the search function. So from here on in, that’s what I’m doing when somebody asks, for the download. He said “Makes Sense” I said me too.

Today GBPUSD Pending Long using 5,25,30 and sixty minute time frame. Price is moving from distribution to markdown. Nothing more coming out today on USD GBP GBP is coming later once NY market is closed. Entry points are Green Fibonacci 50 and 62 % levels, Fixed Stop loss is at 75% retrace , Trailing Stop is Turquoise or the 24% retrace. and profit targets are between gold lines at the fib ext. numbers Plan has been verifited on 4 time frames, VSA, Support and Resistance lines

2nd Trade is long onUSDJPY. The 60,30,15 and 5 minutes are trending down. No economic events scheduled for the rest of the day JPY has nothing until tomorrow night; nothing from the US until tomorrow. Pair is consolidating waiting to go up. Depending on if the pair trends I’m going long, if the pair ranges as long as the highs and lows I will use my price action ranging strategy


To follow up on todays trade on the long for USDJPY. Entry was at $113.158 on 16:47 and tailing stop kicked in at 113.929.
on 17.25. I’m not sure why it kicked out when it did. Trailing stop doesn’t match with my original stop, but as I looked at what happened to the pair since, I say sometimes it better to be lucky than good.


I’m finished trading today now I wait and look at what economical events happened today and how they effected the currency. Then see what’s being released later tonight and tomorrow up to New York close.

For example AUD has events coming out until 10:30 my time and , Canada’s Poloz spoke. EUR and GBP coming out late tonight my time the information between now and tomorrow that has already happened is one of the pieces of information that I will use along with my technical analysis to give me a trade for tomorrow .

Good Luck with your Trades

I’m pending Long on USDCAD. Today. Long across 60,30,15,5 minute time frames. Still some economic events on USD but I don’t think any thing serious to stay out of the trade. Entry Price between or on green lines, Trailing stop loss Turquoise, Stop Red Line, Profit Targets price goes between or over Gold Lines on 30 minute time frames, drop down to 5 to give better illustration


Today I have a pending long order on EURGBP. No more schedule economic events, Compared across 5, 15, 30 and 60 minute time frames. Used my fib tool to plot entry (green) trailing stop (turquoise), fixed stop (red) and gold are profit targets. Confirmed volume, trend and plotted points with VSA, Momentum, Support and Resistance.


I have a pending short on the EURCHF This pair trending down on the medium time frames as well as long term. I used a eurchf strength meter as wel over several time frames as well as other technical analysis. I changed my normal stop loss from 75% level to the 100% level as well I included the 38% level. I expect to hold this trade a little longer than usual and have multiple in and out entries because I have good support and resistance to verify the additional points.

Entries green, trailing stop is turquoise, stop loss is red and gold are profit targets.