Beautiful moves in the majors as we begin our abbreviated trading week.   There was very little economic news in the session and the USD began to weaken with the US traders.  All the majors moved well but the EUR offered the best entry.

It's been a while since I've needed Target 3, but it came in handy as price exceeded our Target 2 with considerable strength.  This move was clearly visible with a tool that we use ( not shown here), which is used by a number of extremely large institutional traders and hedge fund managers.  When one can get in behind them and ride a currency pair close to their targets, while protecting profits along the way, a very rewarding trade is realized.

I love it when the month ends strong!

Good luck with your trading!

Michael  www.privateforexcoaching.com

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Nice to see positive economic numbers for the UK and US this session.  However, the US traders decided to push the EUR down to the Big Figure - 1.3000 once their news was out of the way.  We patiently waited for an entry short and were rewarded.  Some days you wait for hours and nothing seems to happen, other days once you enter the hours tick by with nothing happening, and then some days you are rewarded right away.  It's been a slow week, but it picked up today with our targets finally being hit.

Good luck with your trading!

Let's hope for another nice move to end the week.

Back tomorrow if we find a trade.

Michael  www.privateforexcoaching.com

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Slow tedious trading.  After a very active week last week, so far this week has been slow.  The AUD had difficulty rising above the Asian session high, which was also yesterday's high.  Once it began to roll over, we entered and hoped that we would be able to get to at least the Asian session low.  This was not the case!
As the US traders began their day, the pair found sellers at the Asian session high each time it attempted to get above.  We end up closing the trade at the UK close for 20 pips.

Let's hope the next 2 days are a little more active.

Good luck with your trading!

Michael  www.privateforexcoaching.com

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A very active start to the UK session with the pairs moving quickly and getting away .  The NZD had been very active in the Asian session, quite similiar to the AUD trade we took last week.  We looked for signs that  it would reverse and entered long.  We were quickly rewarded but a very wicky candle formed within a half hour, so we tightened our "take profit"  and the trade closed the following candle - locking in 20 pips.

Be careful never to chase trades.

Back tomorrow.

Good luck with your trading!

Michael  www.privateforexcoaching.com

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AUD set up well after an extended Asian session.  This is such a favourite trade setup of mine that I completely missed the GBP trade - oh well.

The AUD was unable to climb above its Asian session highs for more than a pip or two and began to fade.  With a stop above the Asian session high and a greater that 3:1 Reward to Risk to our Target 2, we entered and took some heat for over an hour.  Price slowly rolled over and we had hoped to get rewarded at least to the Asian session low, before the UK close.  Price moved down, but as we tightened our "take profit" we ended up being taken out of the market for 30 pips.

Overall a great week.

Enjoy your weekend!

Back Tuesday.

Michael  www.privateforexcoaching.com

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Much quieter session after yesterday's extended moves.  It really was hard to find a trade as the pairs just weren't moving or very convincing.  After the fourth lower high, the NZD looked like it would move down.  The stop loss was very affordable above the Asian session high, but if the third lower high was taken out, I would close out, as the US session and news was approaching.  Moving the stop loss to plus 1 pip took the risk out of the trade and we managed to get a few pips before it stalled in its descent at the Asian session low.

Let's hope for one more nice move to end the week, but we will be meticulously picking the best setups as always.  We do not want to give back any pips after what has already been a stellar week.

Good luck with your trading!

Michael  www.privateforexcoaching.com

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It's a beautiful trading day when everything aligns and works out.  There were several nice trade setups during the UK session.  The EUR looked convincing to the downside when all the news was behind us.

An entry was taken short after price pushed hard down through the Asian session lows and closed below it.  Sellers had entered above the Asian session high not allowing price to exceed yesterday's high.  Price retested the Asian session low but could not close within it, then it began to drop.  As the US traders came on and began their all too familiar reversal, we moved our stop loss to plus 2.  This protects us in the event of a hard reversal.  When there is no risk in the trade and the worst thing that can happen is you make a couple of pips, it takes the stress out of trading.  There were no major US economic news releases pending, so watching the stock markets gave us further likelihood of the EUR's direction.

When price dropped precipitously, it penetrated both our Targets in the same candle.  This enabled us to keep moving our take profit down until the market closed us out.  It's been a while since we had such a gorgeous trade!  My students will recognize this trade as being a textbook Mountain trade.

This has been an awesome week so far.

We will see what the markets offer us tomorrow...

Michael  www.privateforexcoaching.com

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Several of the majors set up nicely during the UK session, once the news was behind us.  The CHF looked best to me.  Not wanting to place a stop above yesterday's high, we chose to enter the trade with a stop a few pips above the Asian session high.  This trade worked out well - making it to and past our Targets 1 & 2. We exited as price pulled back to our Target 2.  As it turns out, price would go significantly lower without us.

We have no complaints as it was an excellent start to our trading week.

Last week ended with a malfunctioning keypad which kept us out of the market on Friday.

Good luck with your trading!

Back tomorrow.

Michael  www.privateforexcoaching.com

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Another very light economic news trading session.  The UK traders began to move the market in a very familiar pattern.  Both the CHF and EUR set up nicely at the same time.  The CHF offered a very small stop loss and a greater than 3:1 Reward to Risk to our Target 2.  The EUR stop loss was more twice what the CHF offered us and it did not have a 3:1 R:R setup.

The move happened quickly and ended quickly as the UK traders wanted to lock in profits before the US traders reacted to the US Employment numbers.

I love to choose the easy trades with the least amount of risk, and this one had all the hallmarks that I teach.  It was not a big move, but we will take an easy 30 pips any day we can find them.

There will be lots of major economic news in the US tomorrow.

Good luck with your trading!

Back tomorrow to finish the week.

Michael  www.privateforextrading.com

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Very light economic news session creates fairly lackluster trading.  The EUR had been moving up for 5 straight days and finally broke above the 1.3100 level only to sold off at 1.3120.  As price formed a lower high, rejecting yesterday's high, we go short at the figure with a stop just above the session high.  Price found buyers below the Asian session low, and we close the trade at this level in advance of the FOMC minutes - for modest gains.

Tomorrow is a very light economic news session too, with employment numbers being reported for Australia during the Asian session, and the same for the US early in its session.

Hopefully we will find a trade.

Good luck with your trading!

Michael  www.privateforexcoaching.com

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After an usually active Asian session, the UK traders immediately pushed the EUR down to its Asian session low.  This is one of my favourite times to find a trade setup - after the Asian session has been very active.  Unfortunately, I was unable to find a convincing entry to the upside and the trade got away from me.  However, extremely late in the trading session, with just an hour before the UK close, I found a long entry.  As there was very little time left, I took a very shallow stop and price moved up quickly enabling us to remove all risk from the trade and lock in profit after 15 minutes.  Price moved up further, but failed to clear the figure - 1.3100 and we happily take our profits and close the trade.

A good start to the week, after last week's lacklustre trading.

Good luck with your trading!

Back tomorrow.

Michael  www.privateforexcoaching.com

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After an exceptionally large sell off in the GBP yesterday, we found an buying opportunity after the economic news release for the UK.

Once price closed above the Asian session high following a couple of pullbacks on tests, we enter long with a stop just below yesterday's low.  Although a stop below the news candle spike would have been safer, it was too expensive a stop for us.

Price began to move up and we protected ourselves in advance of the first US economic release.  We end up closing the trade to protect 30 pips of profit.

As we do not trade NFP Fridays, we hope to capture a nice move tonight if the market cooperates.

Good luck with your trading!

Back tomorrow.

Michael  www.privateforexcoaching.com

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Europe and the UK have moved to Daylight Savings Time.

We begin April with a big sell off in the GBP, but I couldn't find an entry that met my minimum 3:1  Reward to Risk ratio to our Target 2.  The EUR didn't offer any entries either for me.  With a little patience the CHF set up nicely once all the European and GBP news was behind us.

The CHF required a very small stop loss and a greater than 4:1 Reward to Risk ratio setup.  All risk was removed from the trade within an hour of entry, so if the US traders came on and reversed the move, we would be closed out for a tiny, but positive gain.  The sooner you can remove risk from your trades, the sooner it becomes "stress free".

We were up greater than our initial 3:1 R/R, but ended up closing the trade to lock in 30 pips.  We are happy to take trades that net us 30 pips any day!

There appears to be a bit of disconnect between the USD strength and the US stock markets today.  Both the stock markets and US dollar are strong.   I keep stops tighter than usual when trading under such circumstances.

Good luck with your trading!

Let's hope for a great week in advance of Friday's NFP number.

Michael  www.privateforexcoaching.com

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