GBPUSD Long entry order (manual)

Ok so we have GBP GDP figures this morning and I have been looking for a suitable trade. GBPUSD is of prime interest, I’ve used STROBOT’s set up on it and the chart to take an entry order after the last support @ 1.70360. You can see that the pair has been in a bullish trend for a whole but has been dropping with USD strength.

My stop is at 1.69612 Strobot’s suggested stop and my TP at 1.71908.

This is purely a manual speculative trade. I want to give the pair room to whipsaw which it probably will. thus my entry is 42 pips from price. This pair can move a lot of pips.

So target is 145 pips from my entry but we have to get 42 pips up first. With this pair this is absolutely not a problem and a 200 pip move is not uncommon, the last was on the 12 of June.

And then…

STROBOT decided he’d take a LONG GBPCHF!!! 2 minutes before news – a much better choice I think.

 

http://www.strobot.co.uk

GBPAUD SignalTrader Divergence

Overnight the GPBAUD pair railed up against my trade. Right now it is returning back down from whence it came.

As you can see from this daily chart, the SignalTrader Massive (that’s the bottom indicator) is showing divergence where the price has been going up but BOTH AUD and GBP are falling. This NORMALLY results in a reversal of price, so the price will fall and be drawn to the downside by both pairs falling. At present GBP has become weaker than AUD we’re just waiting for the break.

My AUDNZD is sitting 103 pips profit 20 pips to target in a short opened 5 days ago.

http://www.strobot.co.uk

The truth about trading systems.

Forex trading is complicated.

The amount of people who offer the latest “incredible system” probably belie the difficulty that traders face.

1. When are you going to place a trade?
2. What are your targets/stops?
3. When do you abort a trade?
4. What conditions or rules do you have about staying in or getting out?

The best plan you can have is actually to pick a trading style and system that suits your temperament. If you know other’s ask your friends. The truth is that the big rally trades, the fast, make 100 pips in 3 seconds trades are rare. Most trades that make that sort of pips take at least 3 to 5 days in current market climates.

When you have picked your trading system WORK WITH IT FOR 1 YEAR. You need to learn how to deal with it in all kinds of trading environments. Sometimes the markets are flat, there is low participation so it is much harder to trade, the market won’t commit.

The best way to fail with the Forex is never to have a system. I have met a few traders who upon losing a lot of money said they went on “gut-instinct” as a system, gut-instinct is really the biggest killer in the forex.

If you have set up a trade correclty and you are following your system and it starts going against you, only pull out if you have NON-EMOTIONAL reasons to do so. If the pair has moved south when you were in a long, look for the reasons for this. If it is someone making a speech the chances are it will return to price.

I’m sitting here now with 118 pips profit in 3 trades, one losing -5 pips and the others winning 78 pips and 44 pips. One trade has been on 6 days, another 24 hours and the last one just went on. All of these are “strobot” trades.

Getting to this point has been very painful. You have the realisation that the markets are hard to trade. That everyone has losing streaks and when you hit a winning streak you must understand what you are doing right.

http://www.iwanttobeaforextrader.com

STRobot doubled a customers account LAST NIGHT

Let me give you an example of a live trading account with $100 USD in it.

STRobot did make two losses yesterday of 60 pips but you can see compared to what it achieved overnight.

 

I have now stopped trading manually.

http://www.iwanttobeaforextrader.com

(Please note past performance is no indication of future success and you should not place the orders shown as STRobot dynamically modifies the orders as the market moves).

EURCAD Buy potential trade

Ok Good potential trade EURCAD this morning. Plus new SilverTrader feature, check out SilverTrader at http://www.iwanttobeaforextrader.com

Trading update

Slow, very slow.

Daily Forex Video & Trading 20th December 2013.

Good morning everyone.

Today I am trying an experiment. I am setting  up my SilverTrader trades and then leaving them alone.

SilverTrader is unemotional about it’s trades, yesterday a USDCAD sell trade I could have had I held back because of lack of market movement. That is not a reason not to trade and in fact it turned out to be a good sell trade.

This morning I am selling GBPUSD, XAGUSD (silver) and UJ. (USDJPY).

Looking to close out before 9:30 UK GBP but it may be disappointing and push my trade further lower.

Anyway here is the video – don’t forget that after 1st Jan the SilverTrader Software will go up to $750 USD and $50 monthly. So get your lifetime copy for $75 at http://www.iwanttobeaforextrader.com

Anyway happy trading  = check back for updates!

Trading 19th December 2013

Good morning all on a cold and frosty UK morning.

FOMC last night was the usual explosion. Anyway – SilverTrader DID correctly predict a buy but unfortunately it was just impossible to trade due to the fact the market moved so fast!

I also discovered that my customers were placing their trades far too close to the congestion so I have built in a new “red box” that is a NO FLY ZONE for trades to make sure they don’t get caught out.

Here’s a sample

So here is today’s trading video.

TRADING UPDATES (CHECK BACK FOR MORE!)

Look at the potential profit from this USDJPY sell if it happens, retracing back from last nights FOMC – thanks to SilverTrader my sell order is in a safe place, close enough to catch the fire, but far enough away to be safe.

Possible buy GBPUSD