ENG_BON_728x90
Please visit my sponsor website (new window opens)

NZDUSD and here’s a losing trade but wait!

Ok you know when you get a losing trade there’s a tendency to justify it. Well here goes. At the end of the AUS session they rallied NZD and dropped the USD and AUD.

However you can see the overall trend is bearish, A on the chart is a strong support/resistance however my feelings are it won’t get up there and will during the USD/EUR session come back down…just might take a couple of days.

There is a lack of news today so it means probably another day of watching paint dry unless someone starts a war or steals all the oil.

On the plus side I do have an AUDJPY and EURCAD doing well and a GBPCHF that is 4 pips the wrong way but has gone nowhere for a few days. So I’m balancing out :).

Two longs and a short.

Well yesterday was so boring I decided to watch some paint dry instead. Today there has been a little movement I have 3 trades in profit and a loser, but I suspect everything will change @ 13:30 with USD news.

I also have some exciting news about a new broker that I’m teaming up with. More details shortly we’re just doing the final deal now.

So two trades for you that the robot has taken. One is to short NZDUSD -seems like a good plan as the pair is in a nice bearish trend, the news @ 13:30 could get us safe on our way to a lovely 160 pips profit or so.

GBPCHF is pretty much static – but there is a nice big gap there so we are looking for them to fill that gap up, probably sorting out the short trades from the last few weeks.

It’s a rising cheesy wedge. But we need  nice break, perhaps 13:30 will give us some fuel.

Oh and if anyone tells you to buy the EUR they need their head examined. The talk of QE at the moment is making the EUR quite unstable. If they announce QE watch it fall even further!

http://www.strobot.co.uk

 

EURUSD closed in profit (for about 3 pips) and now into GBPNZD

Good morning all, well I’m up 34 pips on this GBPNZD trade, there is a nice short opportunity down at 1.95685 or so down to 1.94355 for around 120 pips. My current trade went on last night @1.97353 for a short. Although I did break my own rule regarding taking shorts ABOVE the signal line it’s close enough to go and has been in bearish (big!) trend for about 4 weeks. STRoboot made the trade safe sometime at about 3am (I was asleep ofcourse!) which means that he moved the stop inside the entry and we’re hanging around the 30/34 pip mark profit.

You can get charts like this and be making profits on the FOREX at http://www.strobot.co.uk/

I suspect I will have this as my last trade for the week, it’s been a brilliant month’s trading pulling in 219 pips so far in profit. I would like to get to 250 pips by the end of today if possible but we shall see as there is some MASSIVE news events today but not many of them, there are many speeches going on and speeches are very unpredictable. I have my entry orders ready but I am working with EXTREME CARE.

Incidentally this pair has a nice second trade in the magic space at 1.955602 down to 1.94439 in a short but that might not happen for a while :-).

EURUSD 30 pips up now in pullback but no risk and GBP news later.

Okay so you know yesterday I noticed there were quite a few people on stocktwits who were saying “buy here EUR”, I understand why but we had broken support and I have a rule that if it breaks through support, even if it pulls back wildly it WILL go further down. (or up depending on the pair).

My EURUSD trade is safe with my stop moved inside my entry so I’m now waiting for pullback to complete. I would expect it to pull pretty much back to the last support that it broke before moving further down.

There may be some GBP movement later with news @ 9:30 – forecasts are not good and I have my entry orders in the secret spaces.

If you would like to learn to trade get my charts on YOUR metatrader 4 setup http://www.strobot.co.uk

GBP trades yesterday 193 pips profit.

Ok well – don’t say I didn’t warn you! I took the GBP trades down to the next support and walked away with 193 pips profit in 5 trades before US CPI. I’m now shorting EURUSD (which is shocking because I never normally trade it!). it broke through the 1.332900 support and now the next support is down at 1.32049 so we’re targeting at 1.32119 for a short.

I would imagine that it may retrace again and the force to get it to the next support could be the FEDS this evening @ 7pm.

Have a great trading day everyone

http://www.strobot.co.uk < Get your STROBOT today

 

GBPCHF & GBPJPY shorts UK CPI @ 9:30

Ok I have trade setups now on GBPCHF and GBPJPY I’m into getting two trades out of each.

You can see that GBP is now pushing away from CHF (A) and that it bounced nicely off the top of the brearish trend (B), we have market participation and structure for the shorts – BUT we do have UK CPI @ 9:30, I would imagine the markets will use that as an excuse to force down to the bottom of the first trend.

GBPJPY has the same sort of story, yesterday (A) you can see the pair has bounced off the trend line and also that the software has drawn a white dot above the candle which is a sell signal. There’s not much of a trade before support but I’m thinking we are going right down to the bottom  of the trend. (B)

 

http://www.strobot.co.uk < find out how you can get charts like this!

 

GBCHF further short Setup

Ok so I’m looking at a GBPCHF short again.

We are well below the signal line and you can see there is around an 80 pip rally a time before another drop – notice how the massive indicator is showing two trends A sterling falling and B CHF moving up, you’ll notice as well that we are just below resistance @ 1.51315. So I have a short entry on target down at 1.50579 before the next support.

 

Webinar tonight @ 8pm http://www.strobot.co.uk

How the markets fool retail traders.

I wanted to talk a bit today about the way the forex markets fool retail traders. The way the whole thing is set up against  you unless you know what to look for.

Low Time Frames

Have you ever noticed that when you start up MT4 or other trading platforms linked to brokers they start on small timeframes. That is because small timeframes are much more difficult to trade. You have to be much more exact. With daily timeframes it is much easier to get bigger pips because you are trading the overall direction of the pair. Even if you get a bad entry and it pulls back, it will normally go your way.

Pull Backs

Something I have noticed is this, if you have a winning trade in the EUR/GBP/USD session it will 9 times out of 10 pull back during the asian session and the other way round as well. Pull backs or retraces are a part of trading, it’s ok for me for a trade to go 50 pips the wrong way. Why? Because if my GENERAL DIRECTION is right it WILL come back and achieve target. A lot of traders panic trade instead of holding on to the plan for the trade. How many pips have I thrown away because of pull backs and being frightened the pair is changing direction.

Fake changes of direction

Take a look at this GBPJPY chart, I’m in a short that triggered when it went below the support @ 170.701, however what has happened? It has bounced back. Am I worried? No, look at the pattern of the pair. It is well below the 50 period moving average (the signal line) and actually I EXPECT it to go against me now probably till tuesday next week. *BUT* I will triumph in the end probably thursday next week. It hasn’t changed direction it’s just going my way the wrong way.

Oh 

 

Oh and the giveaway by the way is that the GBP pair is way weaker than JPY so even if it DOES manage to climb up a bit the pressure will be too much.

Spikes or Whipsaws

There is little you can do about spikes. They are fast moves up and down normally caused by news or sometimes I think thrown in by the broker to take out retail traders (harsh I know but it’s just a theory). People who have stops that are way to tight will often be a victim of these, people who trade through important news releases either have to have big stops or a lot of prayer.

Going the opposite direction before a big move

You’d be surprised how before news or a big move they move the pairs the opposite direction to the way they want to go….retail traders will panic trade and take a long when actually the pair is going to fall through the floor. The market will trap you, eat you, chew you up and spit you out!

Chopping

The practice of chopping really can only be seen on smaller timeframes. Again, smaller timeframe traders will be constantly chasing the trade, choppiness is normally caused by uncertainty in the market, or simply a lack of volatility. This results in an almost impossible market.

Fake News

NEVER EVER trust what a bank says. If a bank says “we’re going long EURUSD”, have a laugh and pay NO ATTENTION. They are probably going to trade against you.

Trading into a whole bunch of resistance

The number of traders who trade slap bang into a load of resistance is incredible. If you have a lot of resistance or support at a particular level stay away, the big traders will ONLY trade into big gaps between support and resistance. Because the pair is more likely not to stop when it breaks into that area. Incidentally sometimes a pair will poke a tail into the big area then pull back. You know what that means? We’re going down there soon we just have to do some housekeeping and take out a few stops.

http://www.strobot.co.uk

USDCAD setup but could take a while

Ok so there is a HUGE possible double top going on in USDCAD but treat with caution. With oil prices falling there is pressure on the loonie for a drop *BUT* watch out folks.

You can see the cross but caution is needed, we’re stuck in quite a lot of resistance caused by a choppy market.

My preferred trade order, that you can see is down in that huge gap way down at 1.08090 target 1.07150, could take days or even a week or so to get there, I won’t take any other trades because we only trade in large gaps.

There is a small 41 pip trade available but the risk reward is too small so I’ll hold for that big 102 pip trade.

AUDNZD short

I’m interested in shorting AUDNZD below that big clump of resistance, entry 1.09095 target 1.08139 as well you can see there is really strong support above that price so a break down could reward us with 96 pips profit.

 

 

At the moment there is very little participation in the markets so things are really slow, STRobot has gone on summer holidays and has not found any trades he likes this week.

Things are always slow in August so we will just hold. Sometimes the best trade is the wait trade.

http://www.strobot.co.uk