Forex Trading Tips

I had a terrific days trading today off the 5 minute and 1 minute charts today by combining everything I am learning in the fantastic www.fx500club.com live online forex room and using the 2b reversal setup that I learned a year or so ago.

Dan artmitage the head trader teacher and owner of the www.fx500club.com live online school for forex traders was showing great restraint yet again today and waiting for the perfect safe setups to come to us before trading. I on the other hand am having a ball trading the bunched moving averages using the 5 minute charts. I have made extensive charts showing my cable trades this morning.

The first trade was taken as a bounce off the daily pivot long. I had drawn an ascending trendline using the hourly chart so was waiting for it to come down to test that along with the daily pivot.  I went long as soon as the thin white moving average crossed above all the other moving averages, I entered at 1.6325 with my stoploss 30 pips away just below the daily pivot. As usual I closed 50% at 25 pips profit closed another 25% at 1.6378 a previous old high I left the last bit on with a view to adding more longs when it pulled back.

I was then looking for it to possibly run out of upwards momentum at the 1.6400 area, which it did. I applied the fibonnaci levels and was aiming for a pullback / retracement to the 38.2 – 50% area.

I like to watch the cci 21 on the 1 minute chart along with new highs on the price for divergence, that is the price making higher highs but the cci 21 making lower highs, this is a good sign that the buyers are running out of steam and the sellers are starting to take profits. 1.6392 the high on the way up along with the 20 moving average were criticle once the white 4 ma and the salmon 20 ma, once the white had crossed the salmon down I was looking for a short trade.

What generally happens at price reversals is a double top so I wanted to wait for the price to turn back up again and enter short as near to the previous high as possible in this case 1.6407, I shorted this at 1.6385 with my stop at 1.6415, only a 50% stake as always when against the trend. I closed out at 1.6355 with a solid 25 pips profit . Time to look for a new entry long.

Dan in the www.fx500club.com had a long order in place on cable at 1.6355 so I bunged a full sized trade on that with my stoploss at 1.6340, 15 pips away, I powered up so I closed 50% again for 25 pips profit and left the rest on hoping it would break 1.6400 this time and go to the moon.

See below for what happened next,  it retraced further than I expected, all the way through the 61.8 retracement (unusual in such a strong move up) and hit the 750 moving average on the 1 minute chart which is the 15 minute 50 moving average. At this point I was still in with 25% of my 1st trade, stopped out of the 2nd half of my second trade and am now looking for a new entry long using the 2b reversal setup. I went long with a half stake at 1.6350 my stoploss at 1.6335, added the other half  once the 50% fib level was broken at 1.6355, I set the first order to close at 30 pips profit and left the rest to go hoping it would resume the upward trend of the morning. Time for a break.

Wow I got back at just the right time, closed half of the last trade at 1.6454 100 more pips banked looking for a short trade similar to earlier, divergence on the 1 minute cci21 and the highs, wait for a lower high again and went short 50% normal stake at 1.6454 tight stop at 1.6470, target 20 pips (against the trend) but 16415 should be good at the 38.2 fib level. As you can see from the diagram below it retraced to 1.6407 the old high to the pip, how amazing is that. Banked in full, another 20 pips in the tin.

Today has been very interesting for me as I only ever trade for one or two hours a day now and have a target of 30 or so pips and then chill out ,if i make 50 or 100 pips then great, but 10 or 20 pips a day at £10, £20 or even £100 a pip is a great living. I do take the longer term trades that are sent out by email and on video trade signals from the www.fx500club.com forex signals service. I had other stuff to do today on the computer so felt I may as well watch the cable charts whilst I was working.

Anyway my trading has moved into overdrive since joining the www.fx500club.com and at £97 a month it is great value. Good money management is the key to a successful trader and this is one of the most important things I have learned from the forex teachers in the www.fx500club.com, bank partial profits early to lock in profits, adjust your trade sizes according to stoploss size, even close partial trades when they go against you.

Click Here to get a FREE days entry into the fx500 club live trading room

Always Remember.

Keep your risk as a percentage of your capital low (1%), equals stress free trading.

Always work out potential losses before potential profits.

We are paid to take risks, if you aren’t in a trade you cannot win a trade!!

Buy off support and sell off resistance.

Bank partial profits early and move your stop loss to break even as soon as you can.

I am learning how to trade these setups and indicators across all time frames with the help of the fantastic team at the www.fx500club.com They have a live forex chat room and share their charts so that you can watch them find potential trades in real time.

They also have a school for learning how to trade longer term charts at www.fxmonkeyschool.com.

The fx500club and fxmonkeyschool, forex trading school don’t just trade charts and indicators alone, they teach us to use correlation of the whole market before entering a trade. It truly is the best place to learn how to trade forex properly, safely and profitably. It’s all about the pips and about protecting your capital.

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Click Here to get a FREE days entry into the fx500 club live trading room

It was a very difficult morning this morning with no clear direction in the currency pairs we normally trade in the www.fx500club.com Live Trading Room Online.

I searched all my charts on the 5  minute timeframe and could only find one possible setup using my bunched moving averages strategy. It was the euro gbp currency pair, the setup was for a possible long trade on the 5 min chart , it didn’t look quite right but I took it anyway because the stoploss was so tiny, just 5 pips away, I closed 75% for a 10 pip profit, the rest got stopped out, but overall a small profit, the risk was worth it.

As mentioned yesterday euro gbp often goes the opposite way to cable so I was well aware that if eur/gbp turned and went south then usd/gbp may well go north. That was where  I bagged most of my pips this morning.

Dan Armitages daily forex roundup in todays www.fx500club.com live trading room said we would need to be patient, with a possible short entry from a breakout trade on cable through the old low of 1.6059 as I was already in eur/gbp long and was half expecting it to turn and go south I didn’t take the cable breakout short.  Instead I waited to see what euro gbp did and then took cable long when it showed signs of hitting support and reversing to go long.

The red X marks the low that Dan in the www.fx500club.com Live Trading Room had said we could trade the breakout through with a tight 10 pip stoploss.  As you can see from the upwards facing red arrow it broke down through 1.6059 then hit suport at 1.6044 I took a chance and went long at 1.6055 with a tiny stop below 1.6044 aiming for 1.6110, it worked.

Dan Armitage and the www.fx500club.com promote high probability forex trading with as little risk to your capital as possible, this was not a trade he called in the fx500 live trading room but with the excellent trading skills of all the forex teachers in the fx 500 live trading room I am certain one of them will have taken this low risk trade as well.

Click Here to get a FREE days entry into the fx500 club live trading room

Always Remember.

Keep your risk as a percentage of your capital low (1%), equals stress free trading.

Always work out potential losses before potential profits.

We are paid to take risks, if you aren’t in a trade you cannot win a trade!!

Buy off support and sell off resistance.

Bank partial profits early and move your stop loss to break even as soon as you can.

I am learning how to trade these setups and indicators across all time frames with the help of the fantastic team at the www.fx500club.com They have a live forex chat room and share their charts so that you can watch them find potential trades in real time.

They also have a school for learning how to trade longer term charts at www.fxmonkeyschool.com.

The fx500club and fxmonkeyschool, forex trading school don’t just trade charts and indicators alone, they teach us to use correlation of the whole market before entering a trade. It truly is the best place to learn how to trade forex properly, safely and profitably. It’s all about the pips and about protecting your capital.

Click Here to get a FREE days entry into the fx500 club live trading room

Zak Lloyd in the www.fx500club.com had four potential trades setup ready for us for when we logged in the the forex trading school this morning. Gold, eur/usd, cable and the one I chose to trade usd/chf.

It was all pretty straight forward, Zak had used the us dollar index chart to identify that the dollar was looking a bit weak, it was then just a case of making our trades using our own risk profiles.

I took my short trade early pre empting the break down, this allowed me to have a very tight stop loss, riskier but the added profit potential was woth it for me. The price had tested and failed to close above the daily pivot so I managed to get in at 1.0815 with my stoploss just 15 pips away at 1.0830 first target at 1.0779 34 pips away, close half there and let the last half run targeting 1.0768 close another 25% and let the last 25% run after moving my stop loss down to 1.0810 for a free trade.

Zak, Dan and James are very good forex traders and are also amazing forex teachers, I cannot praise or thank them enough for all they have done to improve my trading.

Click Here to get a FREE days entry into the fx500 club live trading room

Always Remember.

Keep your risk as a percentage of your capital low (1%), equals stress free trading.

Always work out potential losses before potential profits.

We are paid to take risks, if you aren’t in a trade you cannot win a trade!!

Buy off support and sell off resistance.

Bank partial profits early and move your stop loss to break even as soon as you can.

I am learning how to trade these setups and indicators across all time frames with the help of the fantastic team at the www.fx500club.com They have a live forex chat room and share their charts so that you can watch them find potential trades in real time.

They also have a school for learning how to trade longer term charts at www.fxmonkeyschool.com.

The fx500club and fxmonkeyschool, forex trading school don’t just trade charts and indicators alone, they teach us to use correlation of the whole market before entering a trade. It truly is the best place to learn how to trade forex properly, safely and profitably. It’s all about the pips and about protecting your capital.

Click Here to get a FREE days entry into the fx500 club live trading room