I made $50,302 in 5 minutes. Interested?

I am so bored of these advertisements. The best traders have been through the mill, they have lost money, given up, started again, stuck their head in the sand, cried, believed, not believed, tried indicator after indicator.

Trading and learning to trade takes time. You have to learn how the markets work. You will NOT make money to start with, you will lose, you will break every rule in the book, you’ll be selling when you should be buying, buying when you should be selling.

Rules of a good trader

1. You make business decisions not emotional ones.

2. You know where your stop loss, take profit and targets are.

3. You look for 50 pips and above per trade (NOT 5 pips)

4. You understand the principles of break hook and go

5. You know WHEN the juiciest trades are.

6. You know what and where options are expiring and what that moves.

7. You know what the trend is and you only take the trade in that direction.

(If you don’t know these things, join pro-act traders, take a days trial and see how much you learn).

 

DAY 14 – Orders on

Sunday night/Monday Morning

 

NZDUSD – Trend Bullish – 0.8153 BUY target 0.8186,0.8241,0.8330
GBPUSD – Trend Horizontal – Possible break to the downside failed, awaiting something….
GBPJPY –  Trend Bullish – 153.23 BUY order Target 153.79, 154.12, 154.67 as Friday did not trigger
EURJPY – Trend Horizontal – No trade As Friday
AUDUSD – Trend Bullish – 0.9227 BUY Target 0.292,0.9316 – ALREADY ACTIVATED entering hook phase looking for go @8AM UK time or thereabouts on market open added BUY @ 0.9209 the base of the hook
USDJPY – Trend Bearish – 96.93 SELL target 96.40,96.07,95.51
USDCHF – Trend Bullish – Not clear, double bottom need to see another movement
USDCAD – Trend Bullish – No trade possible break to the downside but not yet as Friday
EURGBP – Trend Horizontal – No trade Low ATR

How do I work these out? – I use the pro-act traders method – see the link above.

It is better to learn to fish, than just to be given fish……so this is the last day I will be posting my trades. Unless people ask for it.

Warning: These trades are my own calculation and are for educational purposes only. If you take them you do so at your own risk, it is your decision and you should do analysis for yourself.
AUSUSD triggered buy. Daily chart.
Hourly Chart (Note I switched to my RF1010 chart, there are not a lot of buyers at this time of day but that’s fine for me).
Look at the buy signal on the 10 minute chart.
Wide Open Spaces

DAY 10 – Pro act traders – Bearish AUDUSD Head and Shoulders

USD did pretty well yesterday. Spotted this bearish head and shoulders on the AUDUSD chart.

As you can see we are at the top of a shoulder with a good first target bearish.

News wise there is a lot to watch out for we could see some very bullish moves from GBP and EUR respectively so care should be taken with these currencies.

The Cheif (CHF) is hanging around at the moment so I’m staying out of that until I can get some firm direction with it. So no GBP/EUR trades until after news when I’ll be looking for hooks, retraces and anything else to give me pips.

TRADES @ 6:34 AM GMT Pre UK session
NA=News affected no trade
NZDUSD SELL Possible order at 0.9763 however once we are below 0.7983 could be massive bearish move
GBPJPY No trade NA 09:30
EURJPY No trade NA 07:00,10:00
*AUDUSD SELL ON Top of bearish head and shoulder pattern on daily chart. In bearish channel Care at 13:30
*USDJPY BUY ORDER at 97.83 Above line at 97.64 target 99.91,100.63,101.56
USDCHF No trade next target too close
USDCAD No trade next target too close although bullish very slow
GBPUSD No trade NA 09:30
EURAUD No trade NA 07:00,10:00


			

DAY 6 – Pro act traders – the FOREX tells you what to do already.

I think every day I go to these live seminars something new kicks in, anyway – yesterday I was looking at GBPUSD, in the Live session the trainer, Scott said you should spend time looking back at what happened because the banks repeat themselves.

So I did.

Here’s GBPUSD 10 minute chart from last night, I placed a SELL when it broke below the pink line. that’s a support from the daily.

Now last night when I looked at this I went back to the last time the currency pair was at this place. Check this out.

See how it almost replicates. Although the new pattern is slightly lower look what happens directly afterwards. A massive retrace back down.

So a month ago they tested these levels and dropped back, could this happen today?

Anyway I’m sitting tight now my GBPUSD sell is $0 stop loss. So I’m looking forward to what happens with this trade today.

My first target 1.5299. Let’s go!

By the way you can get a 10 day free trial of the software etc check the link above.

Pro Act Trader & USD strength.

Well readers. I have for sometime been looking at different trading tools and groups, well 3 years. I have been attending the ProActTrader seminars and decided to sign up for their charts.

They offer a live trading session with their charts every day – and frankly for beginners it’s well worth doing. I found the presentation pretty good. To be honest I think new traders would be better off using demo / micro accounts and following their trades through. The charts are inexpensive for what you get. I’m going to get them running natively on my Mac and then do some instructions for you on how to do it, I already have MT4 running on my Mac.

I found the guys there very helpful and the sign up process was easy, however the charts are sophisticated and if you are one of those people who thinks FOREX trading is magic, this will bring you quickly down to earth. They have some strong indicators and the live training setup is awesome.

So the main Proacttrader site is here , I’m going to be including some charts from the software to do trades later on at around 14:30 GMT

I think for me as a lone trader, I have tried following some of the feeds on things like tradingview, the problem with these is that you get a lot of traders, some of whom really know very little making outlandish claims about trades. With pro-act (which in one of their sessions was how I learned to do FIB retracements), the support is there from some very experienced traders. I noticed with interest I have emails from 2011 in my mailbox from them.

Seems good value so worth a go. Hopefully see you in the trading room later.

This morning JPY seems to be rallying against all comers. There is a lot of important EUR news and USD news today which must be attended to so I will be staying out of trades during those times to protect my profits.