Very difficult to find a trade setup to take overnight.  The EUR has been a little more active than the GBP this week but I could not find a safe entry.  Some sessions the trade setups are simply not there and it's better to avoid trading.The EUR dropped very quickly in the US session.  I never chase trades as it compromises the Reward to Risk ratio. September will bring more volume back into the markets I will be travelling......

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A very quiet UK session until the US economic news approached giving a little life to the markets.  This GBP trade setup looked good following 4 candles with long lower wicks, (implying a bottoming) a bullish candle brought price off the session low pushing it back into the Asian range to close.  An entry long is taken with an intial stop just below the swing low, with a Reward to Risk of greater than 3:1 ( to our targets) at the opening......

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The EUR offered up a very nice trade and this could also be confirmed by looking at the CHF.  I prefer to trade the EUR as it typically moves more than the CHF.  When lookiing at the EUR, it's always a good idea to see if the CHF is moving inversely.Please see the chart for the explanation of the trade. The majors are getting some life back in them. It will be a short week for me as I will be travelling on Friday.Let's see how we do for......

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The EUR set up nicely overnight.  It is very important to move stops down as reversals can happen quickly.  This trade looked like it had more downside to it, but it didn't...not a bad trade for this holiday period.  Always be willing to accept what the market will give you and don't be greedy.Enjoy your weekend.I'll be back Tuesday.Michael  www.privateforexcoaching.......

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AUD trade looked good overnight as did the CAD.  The AUD moved up as the UK session got underway and abruptly reversed.  An entry is found on the second bearish candle - meeting our reward to risk ratio of 3:1.  This is an extremely important first element to any trade!  Then, once you can get the risk out of the trade altogether and lock in some profits - do so.  When price consolidates or reaches support or resistance levels,......

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Low volumes and holidays are making it difficult to find good trade setups in the majors.  The AUD looked best with a low risk entry, but did not produce many pips.  September will bring volume back to the markets so be patient and careful in the meantime.Let's see what tomorrow brings...Michael  www.privateforexcoaching.......

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There were no high probability trade setups overnight in the majors.  Be disciplined and don't risk your money on low probability trade setups.  Discipline and patience are rewarded in this profession. Let's see what tomorrow brings.Michael  www.privateforexcoaching.......

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The EUR made a classic pattern overnight.  This is a favourite setup and occurs with great frequency in the GBP and EUR.  Study this pattern closely and watch for it!  There are variations to it and nuances that I teach, but this one pattern can make a trader a lot of money over time!  Money management is essential, with the correct reward to risk ratio of 3:1 or higher.The week went by without a single GBP trade setup with any......

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The EUR offered  an advanced level  trade setup overnight.  What made the EUR trade work was a number of factors.  The European market opens an hour before the UK market.  We can see that the initial price action was down as the European session got underway.  Note the 2 candles that penetrated the low of the previous day, and closed back above.  This indicates that yesterday's low is strong support with buyers......

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The GBP still hasn't given us a clear entry signal this week.  Several of the majors looked good for a trade overnight and the EUR looked best to me.  This is an advanced level technique but due to its low risk and no news pending - to potentially shake things up - the trade was attractive.Be very careful if you belong to any trading groups or hear that you should be scanning 15 or 25 pairs each session.  This can be the kiss of death.......

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Nothing too exciting overnight as vacation time is keeping volumes lower than normal and ranges tighter than normal.  The GBP was too difficult to enter but the AUD produced a viable setup.  We didn't hit either target but a few pips were offered up with a reasonably low risk trade.  The commodity currencies AUD and CAD have been quite quiet lately. Let's see what tomorrow brings us.Questions welcomed!  Email Michael@privateforexcoaching.comBe......

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Finishing the week strong.  Patience during a quiet summer week was finally rewarded - as the GBP made its range after a double bottom, as the US stockmarkets opened. See you  back Tuesday.Enjoy the weekend and the remainder of the Olympics.  (Alas, we only have one gold thus far.)Questions are always welcomed!Email Michael@PrivateForexCoaching.comMichael  www.privateforexcoaching.......

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A very quiet session overall with neither target level being hit.  It's summer so there is less activity than usual -especially if there is nothing particularly newsworthy. Be patient and disciplined and take what the market offers.  Let's see what happens tomorrow to end the week.Questions are always welcomed.  Michael@privateforexcoaching.comMichaelwww.privateforexcoaching.......

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One of the difficult things about trading is learning to sit on your hands and not take a tempting trade.  We don't get paid to show up and be at our trading desk.  We only get paid if we are right in our selection and execution of a trade. In order to have a high probability trade, all criteria must be met.  If it doesn't meet these criteria, it falls short of being a high probability trade and we must pass on the trade.  It's......

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We're off to a nice beginning this week.  The GBP made it to target one, but then began to roll over and reversed back down.  Remember... about 20% of the time breakout traders will catch a break and not have their stops hit.  On such occasions, after the breakout level is retested and never before it's retested, look for an entry allowing a tight stop and a reward to risk ratio of 3:1 or higher.  Never take 1:1 trades - it's......

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Patience yesterday is rewarded today.  The GBP had a big move up followed by a big move back down.  The overnight news was received positively in the markets until the US session began.  This is why I love intraday trading... lots of profits to be had in the UK or US session for those that wait for the setups to occur, manage risk, and understand profit targets.The trading session before the US Non-Farm Employment is usually fairly......

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Be very careful trading the balance of this week.  The overnight session left me on the sidelines as the stop losses that would have been required for a trade were too large for me.  Never rush into trades...plan them carefully and execute your plan.  If the market is erratic due to lots of pending signifcant news - be extra careful. Be very cautious for the remainder of this week.Be disciplined and patient!!!Questions are always welcomed.Michael......

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