The EUR made a nice move from yesterday's high to its Asian session low before reversing.  The signals were very clear and the Reward to Risk exceeded our minimum of 3:1 to our Target 2.  The USD crosses move very similarly and it was more a matter of choosing your favourite setup.

Always be aware of yesterday's high and low as well as the Asian session high and low.  These are critical levels for intraday traders.

This trade proceeded well until it bounced hard off the Asian session low.  Not wanting to give back any more pips, the trade is closed the next candle.  Although our targets were not hit, we are pleased with the trade.  If you know what to look for, then you know when the market presents it... the rest is trade management.

Back Tuesday and it will be a shorter week for us, as we do not trade the NFP Friday sessions.

Have a great weekend!

Michael  www.privateforexcoaching.com

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A familiar pattern emerged with a move above the Asian session high to lure in the breakout traders.  Price then pulls back and chops back and forth between the mid and top of the Asian session range. The candles have an identical but opposite direction setup as yesterday.  The Reward to Risk is greater than 4:1. We go long, price tests the Asian session high and yesterday's high before moving toward our targets.  Unfortunately a very wicky candle appears indicating a potential reversal.  We close the trade for modest gains.  The trade appeared to have lots of potential but it wasn't to be.

Let's hope for a nice move tonight to end the trading week.

Good luck with your trading!

Back tomorrow.

Michael www.privateforexcoaching.com

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The market took its time to set up overnight amid a very light economic news schedule.  The GBP looked good to the downside following two bearish candles with the second one being very wicky.  By entering on the opening of the next candle , our reward to risk minimum of 3:1 to our Target 2 was available with a relatively small stop.

Entering near the middle of a range is not a favourite entry point, but a series of lower highs and 2 back to back bearish candles with the second one being very wicky coupled with a relatively small stop made this trade attractive.  We anticipate that the trade will test and retest the Asian session low. We protect our trade accordingly by lowering our stop, now "take profit" - thereby removing the risk from the trade.  Price moves down to our Target 1, and we protect this level and the trade is closed on the next candle.  Price continued down without us to Target 2, pulls back, creates a higher low and the reversal move is under way.

Good luck with your trading!

Back tomorrow.

Michael www.privateforexcoaching.com

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The AUD made a series of lower highs.  This trade just barely made our minimum Reward to Risk of 3:1 to our Target 2.  The trade moved fairly quickly to our Target 1 and we always protect that level.  I forgot to mark in the "take profit" levels on the chart as the trade progressed.  Not a bad trade to begin the week.  Note how 2 higher lows illustrate the reversal.

Let's hope for a good week of trading.  More positive economic news releases are showing up of late.  It doesn't mean that we are out of the woods, but it's nice to see.

Always be disciplined in your trading.

Back tomorrow...

Michael  www.privateforexcoaching.com

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Optimism returns to the market.  The GBP had an exceptional session and was catapulted to the upside by the US traders.  After a tricky 2 weeks, we are rewarded with a very large upside move.  This trade could have been a loss, if the stop loss had not been below structure.

Price made a familiar pattern of enticing breakout traders into the market, then pulled back.  Our criterion of 3:1 minimum Reward to Risk was met.  After our entry, price pulled back one more time, before rising back into the Asian session, where it retested the low, and then moved up.  By protecting our profits in the usual manner, and not being greedy, we were able to exceed our profit level considerably.

Trading is best taken one day at a time.  Some days are difficult but some days are extremely rewarding.  There appears to be some surprisingly positive news lately and the trading ranges are expanding once again.

Have a wonderful weekend!

Back Tuesday.

Michael  www.privateforexcoaching.com

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The EUR which has been moving up all week finally gave us an entry.  After making a series of higher lows, the UK traders test the Asian session high, then it pulls back down with all the news releases, forms another higher low, followed by a very bullish engulfing candle.  With a stop below the higher swing low, and a reward to risk of greater than 3:1 to our Target 2, we enter long.  We anticipate a test and retest of the Asian session high and vigilantly watch price action.  Price rises through the Asian session high, makes a shallow pullback forming another higher low above the Asian session.  Price then proceeds to our Target 1 - a level of profit we always protect!  Price does not close above it and we close the trade happy with what the market has offered.

Always pay close attention to yesterday's high and low and the Asian session high and low.  Watch how price reacts around these levels.

Happy Thanksgiving USA.

Best of trading!

Michael www.privateforexcoaching.com

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The AUD continues to look clearest amongst the majors to trade.  A very small stop loss combined with our minimum Reward to Risk ratio made this trade setup look attractive.  The EUR and GBP continue to be too difficult to find an appropriate trade setup meeting our criteria.  The AUD looked good, but it didn't give us many pips, and that's trading.  We can only strive for what the market is willing to give us.

A holiday in the U.S. and Japan tomorrow but not in the UK.

Happy Thanksgiving U.S.A.!

Back tomorrow...

Michael www.privateforexcoaching.com

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The AUD continues to look clearest to me of the majors.  After putting in a series of lower highs an entry is taken with a modest stop loss just above structure.  This trade had a Reward to Risk ratio of 4:1 to our Target 2 - meeting our criterion of 3:1 minimum.  The trade was a little slow to get going as price continued to retest the Asian session low despite already having closed below it.  This is not unusual.  Price then moves down and just as the trade appears to have legs to the downside, it retraces more than halfway up the large preceding bearish candle, taking us out of the trade for a very modest gain.

There is lots of EUR news this week and Euro meetings.  Thursday will be a holiday in the U.S. and Japan.

Let's hope for a better session tomorrow.

Michael  www.privateforexcoaching.com

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The AUD pulled through and set up with a near 5:1 Reward to Risk ratio trade today.  I'm not Aussie obsessed this week, it has just been an easier pair to trade that the other majors.  Some weeks are tough to find trades and this was one of them.  It's always nice to end the week with a positive trade.

Although it wasn't until the US session got underway - the AUD set up nicely requiring a very small stop loss and a very acceptable return to our Target 2.  We got clipped just short of our Target 1 due to the spread, but it was still a nice trade to end the week.

It's best to make sure your stops are strategically placed and move them in the direction of your trade while you manage it.  Use strategic levels to protect your profits or keep them very tight.  The markets have been reversing with momentum and there are some very major news events occurring which appear to be making the markets very volatile.

Let's hope for an easier week next week.

Enjoy your weekend!

Michael  www.privateforexcoaching.com

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With the pending news in the US session, FOMC and Dr. Bernanke speaking later today, I had hoped for a trending UK session, but didn't get it.  The AUD looked good in this otherwise tedious session, but it did not offer the minimum 3:1 Reward to Risk ratio.  There are cheap stop losses and there are conservative stop losses.  There is no point in being cheap, getting stopped out and having a trade go to one's target because we were placing a stop loss a few pips closer to price than where we should have placed it.   A trader has to decide which one they prefer with nearly every trade.  When the R:R ratio isn't there, it's better to walk away and look for a trade elsewhere. Always be disciplined, patient and focused!

After 2 really nice weeks, we can't complain about this one being slow.

Good luck with your trading.

Back tomorrow...

Michael www.privateforexcoaching.com

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The AUD makes a nice move overnight.  After 2 really nice weeks of trading, this week is proving to be a little more difficult.  Although it looks like closing the AUD trade overnight at Target 1 was a little too soon, some trades work out that way.

I would rather keep the majority of my daily target and miss out on some pips, than give them back by being too loose with my stop loss and undisciplined.  Greed and poor trade management can destroy an account.  Always be disciplined when trading and abide by your rules.

Good luck with your trading.

Back tomorrow...

Michael  www.privateforexcoaching.com

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The EUR was a tempting trade after the German ZEW economic release.  The other majors appeared too difficult to trade.  The EUR although tempting did not meet our Reward to Risk ratio of 3:1 so we passed on the trade.  As a trader, we must have rules and abide by them.  If a high probability trade setup presents itself and meets our reward to risk minimum, we evaluate the trade.  If the setup is less clear and does not meet our reward to risk ratio minimum, we look for a trade elsewhere or we come back tomorrow.  We do not take 50-50 trades.  We take high probability setups that are clear to see and meet our criteria.  We passed on trading this setup.

The week is young.

Back tomorrow...

Michael www.privateforexcoaching.com

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The Aussie offered up a nice trade overnight with a greater than 3:1 reward to risk ratio setup.  The EUR and GBP also looked good to trade at the same time, but did not meet our 3:1 R:R minimum.

The AUD made lower highs toward the end of the Asian session, then dropped sharply as the UK traders began their day.  After a pullback forming another lower swing high, followed by a very bearish candle an entry is taken with a stop just above the lower swing high.  We remove the risk from the trade as soon as is prudent to do so and protect our profits by moving our "take profit" down as the trade progresses.

We close the trade after our Target 2 is reached to end the week.  Never be greedy and always protect your profits...the market can reverse in a blink.

It's been a wonderful week for trading with many crystal clear setups.

Enjoy your weekend!

Back Tuesday...

Michael  www.privateforexcoaching.com

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The EURGBP set up nicely with a lower high overnight and confirmed the entry in advance of the GBP's big move.  This pair has once again been very tradeable over the past week.   This trade set up with a greater than 5:1 Reward to Risk ratio.

Although the trade did not reach our Targets 1 & 2, we were very happy with the result.

It's been another great week for trading, and we will be very careful not to give any of it back tonight.  Always be patient and selective with your trade setups.  Take the easy ones and walk away from the confusing ones.

Good luck with your trading!

Back tomorrow.

Michael  www.privateforexcoaching.com

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Beautiful trade setup and very active session - thanks in large part to the US election results.

The Asian session was very active as the election results indicated President Obama was re-elected.  As the UK traders began their session they sold off the EUR and after a pullback which resulted in a lower high with a wicky candle, followed by a bearish candle, an entry short is taken, with a stop loss just above the wicky candle high.  This met our reward to risk with a 4:1 ratio.  Price moved down promptly to yesterday's high - which it retested, then moved down and through our Target 1 - where we do not give back profits once attained.  The trade progressed through our Target 2, and through the Asian session and yesterday's lows.  We close the trade on the next candle as price begins to move up, to protect our profits.

Exceptional day with exceptional profits.

It's rarely this easy!

Back tomorrow.

Michael www.privateforexcoaching.com

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Lots of very important economic news releases this week, not the least of which will be the result of of the US Presidential election today.  This could be a volatile week, so be careful and keep stop losses tight.

The EUR set up for an excellent reward to risk ratio trade of greater than 5:1 but neither of our Targets was reached.  After getting a quick surge to the upside and riding out a pullback that didn't threaten our initial stop loss at any time, the trade was eventually closed after a very wicky candle implying a top or reversal.  We protected our modest gains and closed the trade on the next candle.

There will be lots of news this coming session to be aware of, as well as the markets reaction to the US elections.

Be very careful with your trading.

Back tomorrow.

Michael  www.privateforexcoaching.com

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AUD set up as a nice trade overnight.  After initially dropping after the UK open and moving down near the Asian session low, it moves up with several very wicky candles pushing off the bottom.  After a higher low is made and entry long is taken with a stop loss just below the Asian session low.  Price moves up, pulls back and forms a series of higher lows...enabling us to move our "take profit" up with each swing.  We close the trade at Target 1 as we are late in the session and a retest of the figure - 1.0400 is very likely.  We don't like to give back profits once Target 1 is attained.

It wasn't until yesterday, that it dawned on me, the UK and Europe moved their clocks back last weekend and that I have been off by an hour this week.  North America moves their clocks back this weekend and everything will be back in sync next week.

It been a good week for trading.

Non Farm Payroll is tomorrow and I don't trade that day, so I will be back Tuesday.

Enjoy your weekend!

Michael  www.privateforexcoaching.com

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