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
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.
I won’t be taking a trades today. I had a good weak and like the note says "Nobody ever went broke closing a trade in profit;"or in this case a session. Today is complete forex diary and analyze trades I took and get ready for Monday.
I hope everyone has a Great Weekend
The Lone Ranger Hi Ho Silver Johnny Depp - YouTube
Have fun! Nowhere to fish in London for me. I’ll probably end up eating fish.
I’m fine with that, I much rather eat fish than catch fish. Find a good place and when I come to London we’ll get together.
Have A Good Weekend
Gp
I came across this video that talks about “smart money” and how they manipulate the forex markets. I don’t like the term “smart money” to me it feels like if we go along with the term smart money, then by implication that makes us “dumb money.” So I will change the term to “institutional money.” What’s “institutional money?” Anything that’s not referred to as Retail money, traders, brokers, strategies etc.
My trading strategy is a mixture of volume, trend and price analysis. With regard to VSA or Volume Spread Analysis I apply the Richard Wyckoff theory. In a nut shell Wyckoff believed the markets are continuously in one of four phases: Accumulation, Markup, Distribution and Markdown. The phases are continuous, and in order. So when the market is accumulating the next phase will be markup, same with Distribution, the next phase is Markdown.
If were only as easy as the above diagram. However that’s not the case in the place I like to call the real world. It’s more like this video below. The thing that almost never changes in the forex is the more you do something, the better you get at it.
Smart Money Forex Strategy - Live EUR/USD Day Trade - YouTube
This video is no different than almost every video or article I use as a reference. The only thing I’m vouching for is the video. Not any other product or service the presenter or the sponsor is selling. The only reason I use other peoples video’s is for the traders like me who learn better by watching instead of reading. After much thought I have decided sometime in the future to do my own video’s and I won’t be selling anything from them. But for now, I will use other people’s videos to illustrate my point. Take Care
Gp
Long on EurUSD. Pretty straight forward. Trending up, no news events scheduled. Green Entries, Turquoise Trailing Stop, Red Stop Gold Profit Targets
Pending Long on gbpusd. My analysis is straightforward VSA. Green is entry, Gold is profit Target, Red is Stop Loss. This are the entries on a 1 hour chart. Stop Loss will go from fixed to trailing at 10 pips profit.
It’s Friday and normally I don’t trade, but that’s not the case today. I’m trying out a new tactic and I’ve been busy working on that. I don’t back test, instead I have several demo accounts and normally I say in my opinion it’s better to set your demo up with the same amount of currency and the leverage you’ll be using in your live account. I do keep the same leverage but I have the max balance I can start with. Then over the course of a week or so, I enter as many trades as I can, and then when the trades are closed I analyze each trade and make notes on whatever tactic I’m trying.
Although I call myself an opportunity trader, most of my trades are done on the 30 minute time frame and I normally take one trade during the London/New York overlap. I subscribe to the Richard Wyckoff theory that the market is always in one of four phases: Accumulation, Markup, Distribution and Markdown and it follows in that same order continuously. So in order to take advantage of other opportunities, I have been working on; 1. trading more than the London/New York overlap and 2. getting more profit out of the trades I do take.
My overall bias is the longer you’re in the market the more risk you take and instead of trying to pick tops and bottoms, pick potential profit. My overall belief is that " Nobody ever went broke closing a trade in profit." When I look at my previous day’s trade, I can see how I perceived the phases the market was in and based on that and other analysis I entered long. Not only did I have the market phase wrong, I almost missed a huge short opportunity. My saving grace was that I had a stop loss in place with a sell short right after it.
I found it’s easier to see the markup and markdown phases than to pick the accumulation and distribution phases. But in order to get the markup or markdown right, you have to know which phase the market is currently in; accumulation or distribution, as markup follows accumulation and markdown follows distribution. So address which phase is which, at the same time getting more out of a trade and trading more than 1 overlap I added this extra step.
Between the Sydney/Tokyo overlap I draw a line on the top of the wick of the largest candle and another line on the bottom of the candle wick. Next I enter 2 pending trades, one 10 pips above the top line, with a stop 5 pips below the bottom line, and a take profit 50 pips above the entry. On the bottom line I enter a short 5 pips below the line with a stop loss 5 pips above the top line and a take profit of 50 pips. I do the same for the London/New York overlap.
There are 5 pre-trade rules.
- Only apply this to the GBP pairs (GPBUSD, Cad, AUD, NZD, JPY, CHF).
2 One hour time frame. - The pair you decide to trade must be going sideways.
- As soon as either trade is executed you cancel the other pending trade.
- Confirm entry, stop loss and take profit Support, Resistance and Momentum Indicator (MFI, Stochastic, RSI)
I am trading gbpchf. I have 2 pending orders. Which ever one gets triggered first, I will cancel the other.
Long: Entry 1.50713, Stop Loss 1.50223, Take Profit 1.51113
Short: Entry 1.50223, Stop Loss 1.50663, Take Profit 1.49873
Rather than mark the chart all up, I leave the chart on the 1 hour time frame with the 2 lines I set my pending orders on. Top line was used for long trade, bottom was used for short. If the pair breaks I will manage it and use the fib retrace strategy as soon as it retraces.
