Good morning friends,
As I suspected, we did see some major action during the AU session and throughout the night as the pair’s movement progressed. Hopefully you took advantage of the bearish move last night. The US session has recently been trending bullishly early on, so be ready with your long orders (this may be a good time to put them in with a target of 20 pips or more).
The 7am trade did not materialize this morning, but I will keep and eye open for the AU trade later today. Also, I plan to post the details of the long system later this afternoon.
Happy trading friends!
Good afternoon friends,
The AU trade did not line up this evening either. However, if you took a position at the US open as I suggested, you should have made a profit of at least 20 pips (if not more ;)). In just a bit I will be posting a long system for a new currency pair.
Alright guys, sorry for the delay. This next system is for the GBPUSD pair. This long system is traded on the 30M interval and is based on CST. Here is the setup:
Entry: if the 2:30pm CST bar closes down, enter at the open of the 3pm CST bar
Exit: at the open of the 5:30pm bar
S/L: .0040
TP: .0010
Historical performance (since 6/2009):
[I]All profits are based on 100k lot sizes[/I]
Net Profit: $5,806
Total Trades: 202
Winners: 157
Losers: 45
Winning % - 77.72%
Average trade length - 4 bars
Average monthly P/L: $276.48
The aim of this trade to take advantage of a trading opportunity after the London session has closed, but before the AU session opens. Many times, traders who are short selling have decided to take their profit and have closed their trades by this point in the day. This presents those who would like to enter long an opportunity to enter a trade for a quick profit.
I will be watching for this trade on a daily basis in addition to the other two trades and post their progress on the board the conditions line up.
Right now the EURUSD is set up optimally for a short position (barring no major news release). If you decide to take a short position, I recommend a target of a least 30 pips. After 40 pips, place a trailing stop on the trade and let it ride until near the US open. If the recent trend holds, you may awake to a hefty short move ;).
Good luck fellow FXers!
Good morning guys,
The EURUSD continued its down move last night, and if you took profit at around 6am CST, you should have made around 60 pips or so.
The conditions lined up for the 7am trade this morning. Keep in mind that we are trading counter trend so there is a bit more risk associated with this trade. I recommend a smaller lot size and, based on the recent trend, to take a long trade while in the short trade at around 9am CST if your broker will allow it. Here is the setup:
Entry: 1.3948
Exit: at the open of the 11 am bar
TP: 1.3928
S/L: 1.4008
Good luck all, cheers!
Good news, the 7am trade went our direction as the pair broke out of its recent US session bullish trend for a short period. Here is how the trade played out:
Entry: 1.3948
Exit: hit TP of 1.3928 during the 8:30am CST bar
Profit: 20 pips
Trade length: 3 bars
I will update the board later with info on our new GBPUSD long trade; this pair is already shaping up very nicely for a long position anyway.
Good luck friends!
The conditions did not line up for the GBPUSD trade this afternoon (the 2:30pm CST bar closed up instead of down). However, I will update the board in a bit on whether the conditions line up for the AU open trade.
Alright, the conditions lined up for the AU open trade today, here is the setup:
Entry: 1.3902
Exit: at the open of the 7:30pm CST bar
S/L: 1.3942
TP: 1.3892
Happy trading!
Good evening all,
Despite the volatility in the the EURUSD at the moment, our AU open trade worked out to our advantage. Here is how the trade played out:
Entry: 1.3902
Exit: at TP of 1.3892
Profit: 10 pips
Length of trade: 1 bar
Fortunately, this volatile bar made a move down before making a significant up move. Despite the fact that we were trading counter trend, we were still able to come out ahead on this trade.
Unless this slight change up has thrown a wrench in the trend, hold on to your long positions for a bit and then short the overnight EURUSD session for another gain; but be extremely careful (if you are risk adverse, I recommend completely staying away from the pair as volatile as it is right now). Good luck friends, have a great evening!
Good morning all,
It looks like the short term trend has moved from bearish to bullish. My recommendation is to stay away from trend trading the EURUSD pair until a clear pattern emerges.
The condition lined up for the 7am trade this morning. Here is the setup:
Entry: 1.4019
Exit: at the open of the 11am CST bar
S/L: 1.4079
TP: 1.3999
I would use a smaller lot size on this trade due to the recent volatility in the pair. Good luck all!
Great news, our 7am trade panned out this morning. Here is how the trade played out:
Entry: 1.4019
Exit: hit TP of 1.3999
Profit: 20 pips
Length of trade: 1 bar
We will see if the US session continues to move bearishly. If you decide to short last night’s gap in the EURUSD pair, you may consider setting your target for around 1.3955.
The next trade is our GBPUSD 2:30pm CST trade; I will update the board later with the status of the trade. Cheers!
The 2:30pm CST bar closed evenly (not bullish or bearish), so we did not end up taking the trade. The next trade is the AU open trade; I will update the thread later with the status on this trade.
Good afternoon folks,
It looks like the conditions did not line up for the AU open trade today also. If you are trend trading, please keep in that a definitive short-term trend has not yet been created in the EUR/USD currency pair. I recommend that you trade tonight’s session with a lesser lot size due to possible volatility.
Good luck all, ciao!
Good morning fellow FXers,
Hopefully you all had a profitable overnight session :).
The conditions lined up for the 7am trade this morning. Here is how the trade is setup:
Entry: 1.4137
Exit: at the open of the 11am bar
S/L: 1.4197
TP: 1.4117
You will probably want to use a smaller lot size due to possible volatility. Good luck all!
Well, the EURUSD is really ranging at about a dead-even pace this morning. This is one of the rare times where we did not hit our TP but we also did not hit our S/L either. Here is how the trade played out:
Entry: 1.4137
Exit: at the open of the 11am CST bar (price = 1.4139)
I will keep an eye open for the GBPUSD long trade this afternoon.
Well friends, the GBPUSD trade conditions did not line up today either. We’ll have to look for the conditions to line up again next week. The AU trade will not occur today because the FX market closes after the US session ends. However, I will post my thoughts on the possible gap later this afternoon.
Alright, my thoughts are that this will gap down. Set your target for 10 pips. If the pair continues to move down by around 30-40 pips, place your long orders with a target of at least 20 pips.
Have a great weekend guys, it’s time to take a break and get ready for next week. Cheers!
I think price action trading is a “great trading strategy” and the “best” in my opinion.
Hello mindsetpips,
Thanks for the reply 
That is an excellent point! Another thing we could certainly both agree on is that time is crucial in trading (entering a trade at the wrong time can have disastrous results). That is why many of these strategies combine an element of time and price action to determine whether to enter the trade or not. You will find that the vast majority of the time that these trades are entered, we are either sitting at a key resistance or support level which, in turn, adds solidarity to the probability of a favorable outcome. 
Good morning friends,
The gap over the weekend moved in the opposite direction however, the gap was filled quickly and you should have still come out with a profitable trade. After the pair dropped by 40 pips, if you got in with a long order with a target of 20 pips as I suggested, you should have made on the long order as well. Overall, last night’s profit should have been around 70 pips (this is incredible, especially since the pair ranged all night last night).
We took the 7am trade this morning despite the fact that the 6:30am bar closed unconvincingly above the open (by about 1 pip). We are sitting very near a resistance point, thus we have a good possibility of this trade moving in the direction we desire. Those who are more risk averse may want to sit this one out. Here is the setup:
Entry Price: 1.4165
Exit: at the open of the 11am bar
S/L: 1.4215
TP: 1.4145
Good luck friends!
It looks like the 7am trade worked out for us this morning. Here is how the trade played out:
Entry: 1.4165
Exit: at TP of 1.4145
Length of trade: 4 bars
Profit: 20 pips ($200)
The next trade coming up is the 3pm CST GBPUSD long trade. I will update the board as soon as that trade time frame comes up.