Just noriced GU had a long this morning which will actually take it up to TP of 1.34285
I mentioned a tp earlier but that one is made obsolete by 1.34285.
That is because you donāt use the technicals the way I do. Yes, fundamentals may very well have a long term influence on whether a currency goes up or down, but the INDIVIDUAL TRENDS are purely technical as far as entires, stops and targets are concerned.
I cannot comment on Oil - I do not trade it. We only trade cable and fiber in our group.
Which is to some extent affected by fundamentals. Price stuck in a trend, large economic euro crises forces the eu down. Surely Iām not the only one who thinks this
I do respect pro traders hugely BUT Mike your comment has really baffled me, Fundamentals do affect the market. For example EU, suddenly reverses its uptrend and goes into a 4 month down move making all new lows for the pair. (this is a hypothetical scenario) you say itās a purely technical reversal, but if you turned your TV on there might be news of huge dollar strength around the world and a huge economic crisis in Europe including the breakdown of the countries involved in the EURā¦ So with that information you are still saying fundamentals play no part in trading ??
i found it fundamental can be sometimes a distraction and confusion for a trader. but if your a swing trader then i would suggest u rely on fundamentalā¦ but me myself as a daily trader, i usually pay very less attention to fundamental but to say 80% technical 20% fundamentalā¦ pardon me for poor english, iām an asian.
Hey no need to apologies my English isnāt great and I am from the UK 
seriously though Iām the same as you really I trade technical but ALWAYS keep an eye on what the fundamentals are doing.
Mike if youāre honest about it youāll probably admit your string of losses recently may in part be to fundamentals. Iām not saying only trade whatās happening in the news but it does play a part, just ask BabyPips
Just before the week end, check some posts back, you ented a trade and i told you to be careful, u went short and i posted to be careful with short for greece had the agreement that week end, euro rallied up 1.32, technical is a must, but if youre pure tecnical its best to avoid when major events occur and wait after they happen just follow the trend and the chart
Dont get me wrong, i like ur trading, i follow you and when you say short or long, i look hard for a reason and when i do find it i jump in the pool with you, i just avoid when major events are ahead
i have same problem, beeing confused, why fundamental news have new influence to the price - of course they have ( my opinion ) - but they ( news ) are very fast included into the price - and the price continue going into his direction.
sometimes i cant see very clear which way , mike is trading - he see a coming strong uptrend - while i cant see it - so i follow blind his advice - bc i believe in his strategy.
regards
as
OK. Letās get this sorted once and for all.
What am I saying? Let me use bullet points for clarity:
- My system is a purely technical system.
- As far as news/fundamentals are concerned, I only keep myself aware of the times of the news announcements.
- The system of trading that I have developed over 3 years based on experience and trial & success is one which determines trend beginnings and ends, and these have absolutely, I repeat for emphasis, ABSOLUTELY nothing to do with fundamentals.
- I trade mainly using Dukascopy, they have very tight spreads on cable and fiber even during news times. Of course if you are thinking of entering a trade and news is near and your spread shoots sky high, feel free not to enter the trade and wait for a retrace or reentry opportunity.
- I appreciate that everyone is different. I can guarantee with 99.99999% certainty that anybody reading this thread IS NOT ANALYSING the market the way I do using the method I have developed and still am refining. Therefore, I do not expect anyone to agree with my statements on fundamentals. In fact, just the same way there is so much variety and beauty in this world, is it not a blessing that of all the countless people trading the FX market trade in a different way? Would it not be boring if there was only 1 way to trade? Thatās the beauty of diversity.
- I am not here to judge anyone or their trading methodology - if it works for you definitely use it! If you are a fundamental trader AND MAKING MONEY CONSISTENTLY AND LOGICALLY, DEFINITELY CONTINUE!
- Any losses recently have been a result of misjudging the technicals mainly due to not being able to get the necessary screen time I would have liked (manās flu anyone?)
- Once we are back on track consistently hitting trend trade after trend trade it will be almost obvious what I am on about here - results always did and always speak more loudly than words.
- Once again, just because I have said what I have said regarding fundamentals, it does not mean they are worth ignoring. I do things MY way because I have over time and with much experience āin the marketā developed my OWN personal way of seeing and analysing the market. I would implore every trader in this market to do the same.
- Following on from point 9. this takes: time, money (to various degrees), resilience, dedication, patience, understanding, acceptance (that you will make MANY mistakes before you find your path), and desire. If you hold a burning desire you can pretty much achieve anything you want in this life.
- Educators are not always the best āDoersā. You can make a living actually trading (if you know how) or you can make a living teaching how to trade (which is what are greater majority end up doing). I have made it very clear from the outset of this thread that currently I do not intend to teach my system, but rather help anyone interested in getting ahead whilst all along they are educating themselves and DEVELOPING THEIR OWN SYSTEM/TRADING METHOD. Perhaps in the future I will teach. For now, lets focus on Profitable, consistent trading.
I wish all of you reading this post a very good rest of the weekend (if you read it today, Sunday, that is) and a very profitable week ahead in FX.
Best wishes,
ProsperityFXPro:53:
PS. LearningFast - your English is very, very good. I have no idea why you criticised your English in an earlier post.
Hi prosperity,
I am a trader myself with my own methods, which leave me completely stumped sometimes trying to understand your entry criteriaā¦
However, I really donāt care, I have seen and been following your results for a month or so and if I can ride your gravy train along side my longer term trading, then bonus for me!!
My question is, you acknowledged getting back on track and I have noticed there has been a few losses of late. Iām just wondering is this purely the intense volatility in the EU or have you noticed a flaw your system. If so, are you evolving your strategy to prevent further losses?
Hope you get back to consistent when ways soon!!
Regards
Mark
Hi Mark,
Nice to hear from you.
No, just my mistake.
So far, yes - I am evolving my strategy but I also have the feeing that I am not too far from perfecting it / becoming complete.
Hope you have a great time trading with us!
Prosperity
Hello Mike, enjoyed your bulleted post summarising your thoughts. Just wanted to say keep up the great work and all the help you put out there for us guys and gals trying to learn. Looking forward to a new week trading with you and the teamā¦
All the best,
Billy
Hey Mike,
What are we tradingā¦ looks like EU opened up in a gap
This may sound like Iām on a downer on Mike but itās really a word of caution to newbies who are looking for help and are about to start following Mike.
Of late Mike has admitted he hasnāt been well, while this is unfortunate the trades/signals he put out cost a bad string of losses. If you look in detail at Mikeās zulutrade performance ZuluTrade - Signal Provider Performance - FXPROSPERITYPRO you will see what I mean.
I am amongst the many that want Mike to get back to health and good trading but until his win% rises again I would tread extremely carefully if taking his trades.
Wishing Mike and everyone else good trading but most importantly SAFE trading, if youāre not 100% focused then dont trade.
Thank you Billy.
Mike
Both pairs are likely to continue trending up early this week - so we will look to enter on entry triggers.
Watch this space.
M
Thank you Learningfast,
Yes, you are right - reading your posts you most certainly sound like a downer. Approaching trading or any discipline for that matter with a negative mindset will only serve to slow you down and trip you up along the way.
You seem to fail in recognising that currently we are 862 PIPS IN PROFIT on Zulutrade, and trading is NEVER to be taked on a day by day or even week by week basis. In fact, I implore you to return in 6-12 months and reassess what has been happening on Zulu, because in all fairness to everyone that would be the true way to qualify an fx track record and trading strategy.
Now for some philosophy: would you be able to experience joy without first experiencing sadness? Would you recognise light if there were no darkness to contrast it with? Would success mean anything to you if there were no failure as a backdrop? Would you have learned to walk as a baby if you had not attempted to walk and fallen countless numbers of times?
The ability to recognise a temporary setback for what it is is an important one. A master once said: āthere are no mistakesā¦ only feedbackā. So think: Trial & success rather that trial & error - and set yourself up for success.
We need individuals such as yourself LF in order to give contrast to the brighter picture. Canāt have an UP without a DOWN 
Take good care and thank you for your efforts in offering your personal feedback on our thread.
ProsperityFXPro aka Mike
I had a long on the pound at 10:30 today at 1.5856, TP is 1.5951 & SL is 1.5841.
I am a newbie and was looking for help and cannot be more greatful that i ran into Mike. He is an honest and good human being with a huge heart. I have asked him some really stupid questions but he never once made me feel out of place and always answered my questions.
I dont know about others who feel otherwise, but Mike and others who follow Mike have helped me better understand the market and after talking with a few others, they had nothing but good things to say. I understand, people have bad days and good days, but you learn from your mistakes and you get better and move on.
Thank you Mike for all your support and help. Much appreciated.
Esmail