EUR in focus and a new STROBOT Video.

Today we get to here if the ECB will introduce Quantitive easing to stop deflation (negative interest rates). STROBOT sold EURGBP and EURUSD overnight.

If the ECB do go with QE we can expect the market to drop possibly as fast as when the CHF pairs went. We are set up ready in a good entry on the pairs with just a 30 pip stop. But STROBOT will go safe at 30 pips. Small risk, high rewards!.

I have made a brand new STROBOT Forex trading video you may enjoy!

http://www.strobot.rocks/

GBPUSD Short (now long?!) – DailyForexTrader SignalTrader Trading Video

When your software is better than you at working out the trades!

Well Update 3. GBPCAD 60 odd pips profit and GBPUSD small profit. SignalTrader Trading system 2, Me, 0.

Update

Looks like Sterling is going up in the last 1/2 hour i have BUY orders, buy DIAMOND and a buy trend. Looks like any second we are going to reach for the stars. This is why we place “entry orders” only on our trades, they can change before they take!

 

 

Original Post

http://www.iwanttobeaforextrader.com

Live Trading Demonstration tonight LIMITED PLACES please email paul.clevett@dailyforextrader.me if you would like to attend.

Morning Trade GBPJPY buy

 

SignalTrader Trading System is suggesting a buy GBPJPY Stop 170.630 entry 171.014 TP 172.224 Target 124.10 pips (nice!). We have UK news @ 9:28 which if could could trigger a retrace up. However GBP has a habit of rallying prior to news on the anticipation of retail traders which could nicely knock us up into safe trading with a 16 pip trailing stop.

http://www.iwanttobeaforextrader.com < get your copy of SignalTrader Trading System.

Update

I moved my stop back because of the small hook but it was in profit anyway it has now moved up and I’m 36 pips in profit. Will let you know where we close but I am still looking for 171.064

Trading Video 30th December 2013 – Trade Setups

Good morning Traders! Trading Video for this morning

Don’t forget the SilverTrader special introductory offer finishes on Wednesday 1st January! Then your $75 USD lifetime membership is going to $750 USD or  a monthly $50 USD membership.

I also have some exciting news about a WEB BASED version of Metatrader I will be launching on the 1st of January as well.

Live SilverTrader trading demo http://www.iwanttobeaforextrader.com/live-trading-demonstration/

More Information. http://www.IWantToBeAForexTrader.com

Trading Update

GBPNZD closed in profit all other orders cancelled on entry of GBPNZD sell.

Managing trades…going flat.

One thing I’ve learned which really helps protect profits is “going flat”. This is managing trades so that you don’t lose money if they go against you.

Here’s the “rules”.

1. When a trade reaches 17 to 21 pips in profit, I set the stop loss to $0.00 so that if it turns against me it will just be a null trade not a loss.

2. If a trade goes against me, I set the LIMIT (take profit) to $0.00 hopefully it will spike and take it out.

3. I never take a trade where there is no space. For instance where it perhaps is moving bearish but is about to hit support or resistance, I need space for profitable pips. As there is a high risk of bouncing, selling into a target is a terrible idea.

These simple rules will help you have far more winning trades and far fewer losing trades.

EURUSD bull flag break out before news @ 9AM

Please see update AFTER chart

Ok In my head I’m bearish EURO because of the Greek news. But this morning perhaps an opportunity for a good trade bullish. (sounds illogical but my FEELINGS cannot govern my trades).

Germany news is at 9AM and Germany has had consistently good news, at 8 am the EURUSD pair broke out of this flag to the upside, it is now forming a hook and I would expect a rally, the next target is 1.3423 or around that area offering around 49 pips profit, if we break above that target we are off to 1.3462 then 1.3517… a nice wide open space, but the first target is hard and the Average True Range of EURUSD is quite low.

UPDATE: I went flat ($0PIPS) on EURUSD lucky I did the pair have just dropped *EVEN THOUGH* there was good news from Germany. It looks like the bearish head and shoulders are playing out. Also the USDCHF pair has really dropped fast. Down we go. Next target bearish 1.3195. This demonstrates why you MUST be flat (at 0 pips stop loss) before NEWS.

UPDATE 2 – break hook and go now in progress 12:18

Did you see they way they squared up the big candle. There’s no more news till 3pm so I am pretty much expecting the drop any time.

USD loses ground (but should get it back fast).

Last night I had one of those nights. Here’s what would normally happy for such an important news release, the FOMC.

1. I would close all profitable trades.
2. I would be there at the time of the trades and if the pair began moving against me then I would close and reverse the trades thus capturing the losses and making much bigger profits.

So what happened, well I had 4 trades left on EURUSD sell x 2 and EURGBP sell x 2. But last night I was at the band practice, I play in a great band called “The Sitting Ducks”. Unfortunately for me we practice in a place called Studley Green where there is barely any mobile signal.

So 4 trades stopped out. HOWEVER due to money management it’s not a killer just a small set back.

I’m hoping to capture more pips today and recover what I lost yesterday @9AM this morning (and more) with the ECB statement.

My feelings are a bearish move, I am sneaking in some EURUSD and EURGBP sells this morning because at the moment there is a retrace going on from last nights move against the dollar.

Update

Trades off in profit sell at 9AM

EURO could be a disaster…

Well it seems only yesterday the words EURO and CRISIS were being used together to discuss the CYPRUS problem, well it’s the turn of Greece. I would imagine Greece will default tomorrow and this will cause a fall in the EURO. Unless Mr Draghi manages to pull something out of the hat.

The question is, will this cause a domino effect with other EU countries.

GBP is doing well with really good signs of recovery and the dollar following suit.

An interesting and volatile few days ahead I think.

My plan incidentally is to hold out and not enter EURUSD trades until after 9am this morning. If EUR GDP is negative then I’d like to get in on that move and take profit before DRAGHI & Interest rate decisions at 12:45 and 13:30 respectively.