Be careful trading at the end of the month or end of a quarter. The GBP had a nice move down overnight before reversing sharply to the upside.  After hitting Target 1 there was a long lower wick, followed by a bullish candle with another longish lower wick.  This looked like  an imminent reversal. The third candle confirmed the reversal with a very long lower wick and very strong bullish close.  This was enough for me to close......

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After a wonderful Thursday, there were no clear setups for me in the majors overnight.  It's never a good idea to give back your money after a great day of trading, by taking a poor setup.  Stick to the rules and be rewarded. As I don't like Sunday/Monday trading, my next chart will be from Tuesday's session.Questions are always welcomed.Have a wonderful weekend and enjoy the Olympics Michael  www.privateforexcoaching.......

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It is always nice to have one of these parabolic moves.  After the intial breakout move the GBP pulls back then gives us a safe long entry and hits both our targets.  Today the market is very generous.Great trading everyone!Let's see what tomorrow brings us.Michael  www.privateforexcoaching.......

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The EUR looked better than the GBP last night.  Although the Reward to Risk was not great, the trade worked out with little risk as the stop was quickly moved up to protect profits.Questions welcomed.Good luck in your trading.Michael  www.privateforexcoaching.......

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Tricky trading of the GBP overnight but some useful tips come from it.  Never trade an early breakout...wait for the retest and confirmed signs of trend direction.  Be aware of range bottoms and tops as well as the previous day's highs and lows.  When looking at last night's GBP there is symmetry in its pattern as it oscillates.  I was taught to have uncluttered charts and to step back and look for symmetry.  If......

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Not being a fan of Sunday/Monday trading - I passed on any trades overnight.   At first glance, the GBP may have appeared to be an easy short trade... as the down trend continued progressively through the Asian session with a substantial move.Let's see what the week brings.Good luck in your trading and remain disciplined!Michael  www.privateforexcoaching.......

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Beautiful Reward to Risk Ratio GBP Trade Setup. These are not rare and if you know how to spot them, trading is much easier.  The other majors offered up nice trades too, as the week came to an end. I am not a fan of scanning through 12 pairs to trade or even trading the exotic pairs.  I was taught by a "Whale" to get to know a few of the major pairs intimately and focus on them.  I have known many traders who have lost their accounts......

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The GBP yesterday had another higher swing low and today's high took out Wednesday's swing high.Breakout traders were stopped out and an entry long presented itself.  Although the GBP didn't make it to my first target, it had offered enough pips in advance of the US news to take a nice profit and avoid event risk.  Take what the market offers and don't be greedy.  Keep your Reward to Risk ratio in mind.  Don't try to squeeze out......

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Keeping your eyes on Swing Highs and Swing Lows is very revealing of trend continuation and reversal.  Although I intraday trade from the 15 minute chart, I like to look at the 60 minute chart for clues as to how the daily trends and reversals are shaping up.Three days in one direction and a reversal is quite common.  Let the charts reveal their clues... learn how to read them - NOT useless ambiguous lagging indicators.Good luck in your......

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GBP puts in its range on a news sentiment day, then moves back to where it started yesterday.News has been mostly negative to begin the week - especially out of Europe.  After the market digested the ZEW sentiment, it consolidated before making an abrupt plunge downward after Dr. Bernanke began his comments.  With a stop placed above the structure high and our targets set, we were rewarded.Note the first move as the UK opens is often a......

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Be very careful trading Sundays/Mondays...Always be very selective in trading your setups, but be especially careful on Sundays/Mondays.   I used to be very eager to start the week off by finding a trade to take.  I learned over time that it was better to be patient and that better trades are found Tuesday through Friday.  If I miss a trade on Sunday/Monday, it doesn't bother me at all.Questions are welcomed.Great trading this wee......

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Patience pays off with a nice GBP long trade to finish the week. It's important to wait for the setup or not to trade at all.  Follow the rules for a high probability trade and be rewarded.  Never chase a trade and always have a calculated reward to risk ratio to ensure you are not risking too much for the amount you are trying to gain.  Accept what the market offers you or your target amounts.Enjoy your weekend!Questions are welc......

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GBP offered a slow and steady short overnight.  The session was a little unusual in that the breakout sellers were not punished.  One day a week or about 20% of the time breakout traders get off easy and don't get eaten by the Whales.  Eighty percent of the time this will not be the case so DO NOT BE A BREAKOUT TRADER! Recognizing a small stop was all that was needed to enter short after the intial pullback - after the UK session began, followed by......

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The EUR offered a nice short setup overnight.  Plan your trades - never chase a trade and wait for your setup.  If you concentrate on a few pairs and get to know their patterns, you will find reoccurring setups appear most  sessions.  If the setup is evident and meets your rules with a valid reward to risk ratio - you are risking very little per trade...should it move against you.Learn the criteria for high probability trading!www.privateforexcoaching.comLet's......

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There was some encouraging economic news for the UK overnight, but a trade setup for a GBP short followed - for those that were patient.An issue that arises for traders is... we have other obligations and need to leave our trading desks.   I had not reached my target by the time I needed to go out today, so I had a decision to make.  Do I take my profits now or tighten up my stop and hope that the market will move down to my target?  It's......

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Sunday/Monday trading tends to be erratic - especially during the summer and holiday periods.  I prefer not to trade Sundays/Mondays because the setups have a lower probability of being successful...no point in starting the week off on the wrong foot.  After a week of moving down the GBP was up a bit overnight, but not convincingly - in any manner.  Most pairs traded without much of a range. www.privateforexcoaching.comBe very selective......

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Avoid trading around major news releases and Non-Farm Employment Change is a Big One!When I first asked my mentor a number of years ago, about trading around major news events, he told me, "not to stand in front of an oncoming locomotive".  He trades in the tens of billions of dollars.  He then told me that he and his traders go for breakfast during the news and come back when things have settled down.When I further asked him about the......

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The GBP gave another very familiar setup overnight.  If trading could only be this easy everyday...  This is why it's best to concentrate only on the majors in my opinion and get to know the nuances of their movement.  Exotic pairs trade differently from the majors and there are plenty of pips to be made only trading the majors - which are also much safer, more liquid and less erratic.www.privateforexcoaching.comTomorrow is Non......

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Happy Independence Day to America.The GBP moved down nicely overnight.  Some trades are a lot easier than others.www.privateforexcoaching.comQuestions are welcomed.Great trading!Mich......

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The CAD pair weakens with the move up in Oil.  The Canadian dollar strengthens on higher oil prices causing the US dollar to weaken in this pair.  Tighter ranges this week until Thursday with the holidays in Canada yesterday and the US tomorrow.www.privateforexcoaching.comQuestions are always welcome.Happy Independence Day tomorrow to American viewers.Great trading to everyone!Mich......

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