Overall Friday was a light news session lacking high impact potential economic releases.   The first part of the UK session was lacklustre, but as traders reacted to disappointing US figures, the EUR began to move down.  Price moved slowly down re-testing yesterday's low before dropping to our Target 1, where we exit... when price bounces above.

Summer draws to an end and Monday is a holiday in North America.  It's been a good summer for trading and we anticipate trading ranges will increase by the middle of  September.

Enjoy your weekend!

If you would like to learn some institutional tricks and secrets to trading, please enquire by email about my course.

Back Tuesday if can find a trade.

Michael www.privateforexcoaching.com

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The majors didn't offer many attractive setups to my eyes during the UK session.  A series of lower highs made for an appealing setup in the EUR, but he gains were modest.  As price reversed to re-test the Asian session lows once more, we are closed - protecting our profits.

One thing a trader never wants to do, is let an acceptable level of profit get away and  turn into a loss.  In this case, we had a wicky candle which warned us to tighten and continue to tighten our profit stop.

 
Good luck with your trading!

Back tomorrow if we can find a trade.

Michael  www.privateforexcoaching.com

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An active session as the UK traders returned from a long weekend.  Initially the UK traders pushed the CHF down and quickly reversed it with the German IFO Business Climate release, but the Asian session high is not challenged.  Price fades but cannot get above the Asian session high again.  A triple top forms and the US traders begin by reversing the market down.  Although I hesitate to enter trades in the middle of the Asian session range, this set up was too convincing not to, and only required a 15 pip stop.  Price moved down and just missed going through our Target 1.  As price bounced at this level and ran back up forming a wicky candle - coupled with major US news pending...the trade is closed.

The EUR also had a good trade set up, but I didn't like it as much as the CHF.

Off to a good start this week.

Good luck with your trading!

Back tomorrow if can find a trade.

Michael  www.privateforexcoaching.com

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The GBP had economic news to digest, then made its move lower.  It's always best to wait until the news is out of the way and look for the trending move to begin.  Let price tell you when it's underway.  Do not trade based upon the economic news outcome and do not chase price.

After the news candle, we waited and look for signs.  After 2 wicky candles a very bearish engulfing candle followed.  Sellers were in charge and an entry is taken with a stop above the post news candle spike.  The more conservative stop is above the news candle spike high, but not necessary.  If the trend is not down, I want out just above the bearish engulfing candle double top.

Price moves down making lower highs...then pauses at the Asian session high - no surprise there.  We protect some profit and remove all risk from the trade.  Price moves down and tests the Asian session lows - no surprise there.  Price moves further down cutting right through yesterday's low - okay a surprise there, but no complaints.  We close the trade at Target 2.

Our targets are very accurate and I have used them for years.  Do they work every day?  No...but they are fundamental to my strategy and when the market is trending, they are awesome.

It's been a very good week for trading.

Good luck with your trading and have a wonderful weekend!

Back Tuesday if we can find a trade.

If you are looking for some private one-on-one coaching, please contact me for details.

Michael  www.privateforexcoaching.com

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The UK traders pushed the EUR down and the US traders pushed it right back up.

Positive economic news numbers out of Germany and the EUR moves down.  Negative unemployment numbers out of the US, and the EUR moves up...hmmm.  I hope as traders that you do not trade based upon the economic news numbers themselves... but you must be aware of the economic news releases pending and how significant they may be to the market in terms of potential volatility.

After the news...regardless of the outcome, the intraday trends tend to set up.  Note how price could not stay above the Asian session high.  With news out of the way, the EUR started its move down.  Read what price is telling you at these critical areas.  Wait to be convinced of direction, and if the Reward to Risk meets your minimum criterion...evaluate the trade.  In this case, we can place a stop above the spike high and have a greater than 3:1 RR to our Target 2.  As price moves down and goes through the Asian session low, we anticipate that more often than not, it will want to retest this level or in today's case, yesterday's low as well.

Price drops further and closes at a very critical area forming a wicky candle.  This bounce back up is our clue to close.  

*Note in the chart the highlighted areas where price sticks around and retests.  These levels are very important to institutional traders, so it's wise to heed what price is telling us at them.

Back tomorrow if we can find a trade.

Good luck with your trading!

Michael  www.privateforexcoaching.com

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To trade or not to trade in advance of the FOMC meeting minutes?

The NZD has been trending down all week and after rising in the second hour of the UK trading session, it could not stay above the Aug 13th low.  As it tried, sellers entered and the previous hour's range is completely taken out by a bearish candle.  This was an attractive setup and met our minimum Reward to Risk ratio of 3:1 to our Target 2. Price dropped and the trade was closed in advance of the US Existing Home Sales number... as price went through Target 2.

FOMC meeting minutes will be out shortly and the trading is likely to become active for the remainder of the week, as there is significant economic news pending each day.

Good luck with your trading!

Back tomorrow if we find a trade.

Michael  www.privateforexcoaching.com

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A very light news and lackluster trading session until the US session got underway.  After the Prelim U of M Consumer Sentiment figure was released, the EUR began to drop.  An entry short is found as price closes below yesterday's high with a 3:1 Reward to Risk to our Target 2.  Price settled at the Asian session lows and the trade is closed.

It's been another very good week of summer trading.

Back on Tuesday if can find a trade.

Good luck with your trading!

Enjoy your weekend!

If you are looking for personalized one-on-one coaching, please contact me for details of my 6 week course.

Michael  www.privateforexcoaching.com

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Both the AUD and NZD were fairly active during the Asian session.  My preference when this happens is to look for the momentum to reverse and find an entry.   The AUD had difficulty staying above the Asian session high...meaning sellers were entering above.   After the second close above, a reversal sets up with a bearish candle which closes below the range of the previous 2 hours.  Price moves down where it consolidates just below yesterday's high.  Our profit stop is moved down to just above this level.  Major US economic news is pending and we await the market's reaction.  The worst case scenario is we are stopped out for a profitable trade.  Price drops after the news and we close the trade on the next candle as price moves up to our Target 1.

I like the AUD and NZD pairs.  We can usually find a trade setup that we like most weeks.

Good luck with your trading!

Back tomorrow if we can find a trade.

Michael  www.privateforexcoaching.com

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An almost identical setup to Friday's trade with more pips as price moved closer to our targets.  We don't trade Mondays, but the past 3 sessions, the EUR has given a very clear 3 Drives pattern.  Today's setup was 3 pips short of our desired 3:1 Reward to Risk ratio to our Target 2, but the pattern of the setup was the same as Friday's...so why not go for it?  Trading is not easy but when the setups are so clear, it makes trading a lot easier.

Good luck with your trading!

Back tomorrow if we find a trade.

Michael  www,privateforexcoaching.com

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A familiar pattern set up for the EUR in another light economic news session.  The UK traders began their session by quickly pushing price below the Asian session low, inducing breakout shorts, then pushed the market higher to run stops.  They then completed the "wash and rinse"... doing it a second time.  A very wicky candle at the Asian session high was created as sellers entered pushing price back down.  With enough orders accumulated, the trending move down for the session was underway.

We enter short above the Asian session low anticipating this area to be tested and retested.  Seldom do we move right through it without a retest, but it's wonderful when it happens.  Price moves down, but unfortunately does not make it to our targets before the UK session ends.  This was a nice trade setup with a greater than 4:1 Reward to Risk to our Target 2.  We thought price would make it down to yesterday's low before the session ended... but it wasn't to be.  We did have a nice 3 Drives patterns before our exit.

Another good week of summer trading done.  Ranges have tightened up the past couple of weeks, so we are happy when we can find a high probability trade set up meeting our R:R criterion.

Enjoy your weekend!

Back Tuesday if we can find a trade.

If you are having problems finding your edge or with trading confidence, don't hesitate to contact me regarding my course.

Michael  www.privateforexcoaching.com

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NZD moves higher in the US session as traders go long above yesterday's high.   The Kiwi set up nicely making a series of higher lows.  We are willing to accept a 2:1 Reward to Risk to our Target 2 once the US session begins.  We look for a 3:1 or better R/R during the early UK part of the session... before the US traders are active. Once the US session is underway this becomes a 2:1 R/R because we only have 4 hours left.

It is never a good idea to be greedy in trading and we exit at our Target 2 level.

Good luck with your trading and always be very selective in choosing your setups.

Back tomorrow if we find a trade.

Michael  www.privateforexcoaching.com

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An overall theme of USD weakness is evident in the charts today.  The NZD set up nicely an hour before the US traders began their day.   The NZD made 3 attempts but was unable to close below the Asian session low. A bullish candle followed and an entry is taken with a 13 pip stop loss.  As the US session was about to begin, the stop loss is moved up to plus one pip - in the event that US traders push the market back down.

Price begins to move up after a brief pullback.  The pair gains momentum rising through the Asian session high and yesterday's high, before pausing at our Target 1.  We give it a second chance to move and stay above Target 1 , but as price dips below it, we close the trade to protect our profits. Price subsequently makes it to Target 2 without us, before pulling back at the UK Close.

Trading has been tricky of late and this is the first trade that we have been comfortable with in the past week.  It is always best to be patient and disciplined in trading.  If the familiar high probability setups are not there...it's best to sit on one's hands.  Much of Europe is on holiday this month, so if the trading is a little slow or the charts appear to be less clear, it may be due to summer holidays.

Good luck with your trading!

Back tomorrow if we can find a trade.

Michael  www.privateforexcoaching.com

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