Forex Tips and Tricks

It's always nice to end the week with one more positive trade. The EUR set up beautifully for us overnight. When price got going, it not only blew through the Asian session low, it took out both targets 1 and 2 in quick order. September has been a very good month and summer seems like long ago.The EUR trade setup overnight is a favourite of mine, and one I train my students to look for each session. When you find this setup,......

GBP sold off ahead of the UK economic news releases. Once the news was out, it moved back up. After the higher low, we entered long, on the opening of the next candle with a stop just below the higher low. We are risking 16 pips for a potential reward of 58 pips...Target 2. This meets our minimum criterion of 3:1 reward to risk. Our first level of concern will be the Asian session high and then yesterday's high. Price......

Not a lot of news overnight, but the lower highs on the GBP had us looking for the opportunity to go short. With an affordable stop just above the plunging bearish hammer, we enter short at the opening of the next candle. The reward to risk to our Target 2 is 4:1 easily meeting our criteria minimum of 3:1. Price chops sideways for over an hour attempting to stay below yesterday's low. Once price moves convincingly toward our targets,......

The Asian session range was larger than usual. No significant news was pending during the UK session for either the EUR or GBP but ECB President Draghi was scheduled to speak later in the session.The UK session began with some choppy sideways price action before putting in a higher low. We enter long with a stop just below the Asian session low... giving us a reward to risk of 4:1 to our Target 2. We anticipate a run up to test the Asian......

Having learned a long time ago not to trade in front of the news, it always nice to capture some pips when the reversal occurs. As long as the signals are clear - as was the case overnight with the EUR... one can capture the safer move.The GBP news can affect the EUR as it did overnight. The reverse is also true. If the sentiment for the Eurozone is negative, the GBP typically is sold off too. Last night, traders were awaiting......

Huge moves in the Asian session across the majors, left us without any high probability trade setups that would meet our reward to risk ratio. It's a little unusual but the Asian session had huge moves yesterday. When this occurs, it signals to me to take the session off. I only look for high probability trades that meet my trading criteria and reward to risk ratio. I pass on anything else. Never trade for the sake of trading.......

A GBP trade setup once again! This is my favourite pair to trade. The EUR has been much easier to trade lately, so it's nice to finally find a trade with the GBP. No surprises from the MPC Meeting Minutes and lots of activity just in advance of the UK opening..."railroad tracks" candle formation. With a lower swing high and no breech of the Asian session high, the pair set up as a short, with minimal risk, meeting our reward to......

Rules, rules, rules. If the trade setup is not there, don't trade! This is a profession where we don't get paid to show up at work. We get paid if we are right. We dramatically increase the probability of being correct in our assessment of the market by following our trading criteria for high probability trade setups, exercising sound money management and reward to risk. If we can't find a trade that......

A frustrating UK session ends the week. Rules are hugely important in trading! Plan your trades and trade your plan...as they say. Some sessions will result in high probability trades and some won't. Once you know what to look for and take only those trades, your success and consistency goes way up! Don't take trades that don't meet your criteria. If they don't meet your criteria, they are low probability trades......

The UK session was very quiet as the markets await the FOMC outcome from Dr. Bernanke. The EUR offered a low risk trade with a familiar setup. Neither of our targets is hit, but we can only get what the market offers.Let's see what tonight brings.Good luck in your trading.Michael www.privateforexcoaching.......

After a great day for all the majors yesterday, their trading was a bit more subdued today. The EUR was particularly reactive to news and with 2 back-to-back candles of over 60 pips each, I looked elsewhere for a trade setup. The stop loss placement and target areas don't qualify for the reward to risk ratio criterion under such circumstances.The CAD has not had a great trading range lately and it tends to move more when the North American......

Volumes are back and patterns are clearer. The EUR moved up nicely overnight and all the majors looked very attractive for trading. Wait for your entry and ensure that it meets a 3:1 minimum reward to risk ratio. Move the risk out of the trade as it progresses by moving your stop loss in the direction of the trade... so that it is locking in your profits as the trade progresses toward the target areas. ALWAYS trade with a......

The EUR has been trading a greater range than the other majors lately. When trading the EUR make sure to look at the CHF for an inverse move confirmation. I prefer trading the EUR but either is fine. The EUR typically offers the smallest spread of the majors.ECB President Draghi's awaited speech seemed to have the EUR trading in both directions. It is not uncommon at all for a currency to trend one direction in the UK session......

September is here and volumes will pick up considerably. Hopefully by next week clearer trade setups will become much more frequent again. The EUR looked good overnight, but it took a while to set up. With a 3:1 Reward to Risk ratio minimum, a trade entry long was found with a stop just below the "higher low". As the trade progressed the stop is moved up and quickly hit our targets. Hopefully tonight will offer more opportunity......

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