Forex Tips and Tricks

The AUD set up nicely during the Asian session for a short in the UK session. There was very little news to be concerned about until the US economic news releases. This is one of my favourite setups. Had price moved down all the way to the Asian session low, than it would have been one of my favourite results too.My students often comment that I give too many tips away in the blog. Having said that...here I go again. Currency......

A volatile week of trading and very messy charts. To my eyes the EURGBP looked best. This pair has been very active the past couple of weeks and tends to move in a more orderly manner than most pairs. It set up very nicely during the UK session, rejecting a close above the Asian session high, followed by a very bearish candle. A short trade with an affordable stop meeting our minimum 3:1 Reward to Risk ratio to our Target......

The AUD made a larger Asian session range than usual yesterday and continues to weaken against the USD. After putting in a series of lower highs it chopped its way down during the UK session attempting to close below yesterday's low and the Asian session low, but lacked any real momentum until the US session news. When you can, eliminate your risk by placing your stop better than breakeven, it removes the stress from trading. If the worst......

The NZD looked like it had good potential to go down during the UK session, and allowed for a small stop. The Reward to Risk was a bit better than 4.5:1 to our Target 2 - easily meeting our minimum risk criteria of 3:1.The AUD shot up while Governor Stephens was speaking, and I was really hoping for it to roll over and set up for one of my favourite trading patterns, but it wasn't to be. The EUR had potential, but the stop loss was too......

The EUR broke through the Asian session low very quickly once the UK session got underway - without retesting the level. I learned a long time ago from my mentor, it's never a good idea to chase a trade. The CHF moves inversely to the EUR because the Franc is the cross not the US dollar. I typically use the CHF to confirm (inversely) the EUR setups. In this case, when the CHF made a lower high, just as the EUR made a higher......

The EUR and AUD set up very nicely during the UK session. This is turning into a great week for trading and as traders know, some weeks are much better than others. The USD continues to strengthen. We are intraday traders not macro economists...so we are happy to find trade setups that meet our criteria, require low risk entries and bank our profits each session. We trade what we see each session and wish "position traders" all......

EURGBP trade to begin our trading week. I teach my students to keep an eye on this pair when the EUR is moving one direction and the GBP the other direction. Two advantages to trading this pair include; it tends to move at a slower and steadier pace than the either the EUR or GBP and it is crossed with the GBP, so currently each pip is worth 1.54 times what a USD crossed pair is worth.The EUR began to move up during the UK session with......

The AUD trades continue this week. We haven't had any stellar trades with the AUD this week, but they add up. We waited until after the UK economic release to enter short. With a small stop just above yesterday's high, our minimum 3:1 Reward to Risk ratio to our Target 2 criterion was met. The AUD had been unable to close above yesterday's high once the UK traders began their session. Price moved down to test and re-test the......

AUD began climbing higher shortly after the UK session got underway, but could not close above yesterday's high. We observe price for a while and with no significant news releases pending, we enter short. We look to see what will happen near the Asian session low. Price continues downward and we protect our profits by placing a "take profit" just above the Asian session low ( not shown on the chart ) but highly recommended. As......

The AUD set up nicely fairly early in the trading session, allowing for a short with a very small stop loss. Fortunately is was not volatile after the UK news which certainly affected the GBP, EUR, CHF and EURGBP pairs.I like this setup and really love it when the Asian session has had a extended range. With a very tight stop, I was hoping that price would move down to at least the Asian session low, as it was making no signs of moving......

Although there was lots of movement during the UK session, it was difficult to find a setup that met our minimum 3:1 Reward to Risk ratio. The NZD or Kiwi moves very similarly to the AUD most sessions. The Kiwi setup required a smaller stop loss and the setup was more convincing to my eyes.Both the NZD and AUD as it turned out, began to move at the same time. If a trade gets away from you in one pair, have a look at a similar moving......

The EUR was much more contained in its movement overnight. After an exceptionally large drop Thursday, it is not surprising to see it attempt to stabilize today near yesterday's low...at least for now.The setup was very similar to Thursday, but the move down ended at yesterday's low and temporarily reversed. On a side note, my platform has been showing some corrupted data. The gap down in yesterday's chart turned out to be erroneous......

Fabulous trading day! The EUR was a textbook trade for us. Breakout traders were lured in long and it didn't take long before the EUR plummeted, then gapped through our Target 2. It's unusual to see a gap in the forex market during the week. We see them after a weekend, when trading resumes, but during the week, it's rare. This gap was filled in on the same candle, which also is rare. Overall this was a gift of......

After a very active Asian session, the CHF lured in breakout longs and set up a familiar pattern for us to take it short. With very little news during the UK and US session, it was not easy to find a good trade setup. After a very active Asian session, I like to find a setup that will run in the opposite direction to where price is when the UK traders come to their trading desks. In other words, if the Asian session has extended......

The EURGBP can be a very nice pair to trade. It moves slower than the EUR or the GBP, so it's easier on the nerves as it tends to be a gentle moving pair. As it is crossed with the GBP, it has a higher pip equivalent than the USD crosses. When this pair trends as it has since the beginning of January, it can produce some nice returns. When it has a tight trading range, it is best to avoid this slow mover.It set up nicely last......

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