The GBP set up shortly after the US traders began their day.  There was a clear rejection at yesterday's low as sellers entered pushing price down.  After a second close below the Asian session low, an entry is taken. Price tested the Asian session low once more before dropping to its daily low.  As the CB Consumer Confidence news was about to be released, price continued to drop.  We protect a good part of the move in advance of the news, which subsequently resulted in moving price to our Target 2... where we exit.

A nice start to our shortened week... as we do not trade Non-Farm Employment Fridays.

Good luck with your trading!

Michael  www.privateforexcoaching.com

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The EURGBP set up nicely for us and produced a favourite reoccurring pattern that we look for while in a trade.  After  putting in a wicky candle low, we patiently awaited further signs that price would move up. With a very affordable stop loss, we enter the trade and vigilantly watch price as it reacts to each of the levels marked on the chart.  Price continues upward before finally stalling at the Asian session highs.  We are taken out as it dips below the Asian session high.  A trade on this pair is currently worth approximately 1.53 pips compared to a USD cross - so we are happy with the outcome which completes this subdued trading week.

I hope your trading week was both enjoyable and profitable!

Back Tuesday if we find a trade.

Enjoy your weekend!

Michael www.privateforexcoaching.com

For more Tips and Tricks contact me regarding my course - Michael@privateforexcoaching.com

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The CHF set up nicely for us after the European economic news was out of the way.  It clearly had difficulty staying above yesterday's high and began to drop.  When price went below the Asian session low, approaching the session low, with the US traders about to start their day, we tightened the profit stop to lock in 25 pips of profit. US Unemployment and Core Durable goods numbers were both due out in 30 minutes too.  As the US traders began, they abruptly reversed the market - which is very common and we are closed.

Always look left on the chart to see the relevant areas where price stalls or reverses.  When I learned how to trade, my mentor used to say...."always look left to be right".  If you learn how to look at a chart the way the largest institutional  traders do...you will be able to focus on the areas that they pay attention to, and be ready to enter or exit the market.  There are a number of tricks to this, but with practice it becomes routine.  If you can make good entries and remove the risk from your trades quickly... either when you can protect profit by moving your profit stop above/below structure or lock in some profit because price is showing signs of reversing...you can trade stress free.

Good luck with your trading!

There is no major economic news items remaining for this week.

Back tomorrow if we find a trade.

Michael  www.privateforexcoaching.com

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Another very light economic news session with a mild USD weakness tone so far this week - hence the gold talk.  The UK traders moved the CHF up and the US traders bring it right back down.  We were hoping for a larger move either direction, but with little news so far this week, it didn't happen.

As the US traders start to bring the CHF down, an entry is taken when normally there would be lots of US economic news.  The stop loss is relatively inexpensive at 13 pips and with our Target 2,  80 pips away, it is hard to resist this trade.  However buyers enter a significant technical level in advance of the Asian session low and we exit.

Good luck with your trading!

Back tomorrow if we find a trade.

Michael  www.privateforexcoaching.com

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A very light news session to end the week and an overall subdued trading session - with tighter ranges being put in by most of the majors.  The GBP set up requiring a stop loss of 19 pips for a potential 70 pips of reward.  The setup is a familiar one, but the reward didn't pan out.  The UK traders pushed price above the Asian session highs twice..each time pulling it back.  After the second pullback we enter long hoping to get above the 1.53 Figure, but it wasn't to be.  Price seemed content to dance with the Asian session highs in a tight range for the remainder of the session.  Had they given up the 1.5265 area - the 1.53 figure was realistic.

Enjoy your weekend!

Back on Tuesday if we find a trade.

Good luck with your trading!

Michael  www.privateforexcoaching.com

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Modest gains in CHF before Mr. Bernanke's speech today.  The key here was to find a comfortable trade setup, keep the stops tight and get out (to be conservative) before Mr. Bernanke's speech - which can cause enormous volatility.  The CHF began to move up with its inverse...the EUR moving down at exactly the same time...confirming the trade.  The long on the CHF required a 15 pip stop loss and in retrospect the EUR was the better trade opportunity.

The Asian session high appeared daunting for price to close above until the positive US economic news numbers pushed it above.  Not wanting to give back any more pips than we have to, we close the trade in advance of Mr. Bernanke's impact.

Good luck with your trading!

Always be aware of pending news and keep your stops tight.

Back tomorrow if we can find a trade.

Michael  www.privateforexcoaching.com

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A session of USD weakness followed the economic news releases.  The CHF and GBP (not shown) set up for very nice trades.  After the European news, it was clear that the CHF could not close above the Asian session highs (hint).  Price dropped to near the Asian session low which set up our trade.  We had further confluence with a tool we use and with a stop just above the session high, we had a greater than 3:1 Reward to Risk ratio to our Target 2.  As price dropped we remove the risk from the trade and lock in profit - should the market reverse.  As price showed signs of stalling, we exit the trade giving back a half dozen pips.

This was a very identifiable trade setup with our methodology.

When I first began trading, I heard that summer trading was not productive.  This is an absolute myth!  There is approximately $4 trillion of currencies traded each day.   If the charts seem erratic...like Monday trading, I wouldn't recommend trading, but if you have a sound method and high probability trade setups present themselves, then why not take them?  Conversely, if you don't have a sound method to identify high probability trade setups and know how to exercise sound money management, you will likely lose your account with a 90+% probability. This is a statistic that all brokerages know too well.

Good luck with your trading!

Back tomorrow if we can find a trade.

Michael www.privateforexcoaching.com

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GBP produces some fairly quick pips with USD showing strength.  Very light news session in advance of the US session commencing.  The GBP has had an increasingly large trading range recently.  This trade setup had the makings of a much larger move than what manifested.

After making a series of lower highs, the pair began to move up and down as the UK traders took charge.  After breakout shorts had been tested twice, an engulfing bearish candle closes below the Asian session low.   A better than 5:1 Reward to Risk ratio to our Target 2 made for a very attractive short opportunity. The trade quickly went in our favour and looked like it had lots of downside potential.  As a wicky candle forms - taking back 10 pips, the trade is closed for a relatively quick profit to end our trading week.

Overall a nice week of summer trading with some very recognizable trading patterns.

Good luck with your trading!

Enjoy your weekend!

Back Tuesday if we find a trade.

Michael  www.privateforexcoaching.com

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AUD moves down once the US traders begin their session.  Very little economic news in advance of Mr. Bernanke speaking and the FOMC minutes due out shortly.  This will have the potential for extreme volatility.

The AUD put in 2 lower highs early in the first half of the session and proceeded downward.  A modest ranging session until the US traders joined in.

A trade short with a greater than 3:1 Reward to Risk ratio to our Target 2  is found.  This is very attractive at this time of day.  Once we see a wicky candle form, we tighten our profit stop and as price begins to find buyers, we exit the trade to lock in our profits.

Always be aware of the news and session changes when you're trading!

Good luck with your trades!

Back tomorrow if we find a trade.

Michael  www.privateforexcoaching.com

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EURGBP produces a greater than 4:1 Reward to Risk ratio setup following the UK economic news.  The pair explodes upward after the UK economic news is released. When this type of reaction occurs it frequently (not always) will provide an opportunity for a reversal move.

In this case, there were a confluence (not shown) of signs that the pair was topping out.   My students should be able to recognize at least 4.  Trading is an extremely difficult occupation, but some trade setups really stand out for the discerning eye.  This comes from experience, practice and having a high probability methodology - there are no short cuts.

This setup had a classic reversal pattern and a short is taken with a small stop above structure.  As price comes down, we want to get through yesterday's high, the Asian session high, the Asian session low and make it to our Target 2.  Price is very obliging, but as it bounces off Target 1, we exit the trade very pleased.

A great start to the week!

Good luck with your trading!

Back tomorrow if we find a trade.

Michael  www.privateforexcoaching.com
 

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A large move down for the AUD during the Asian session after the RBA rate statement.

A favourite pattern set up during the UK session.  As the AUD continued to set lower highs, a short entry is taken.  This trade is greater than 4:1 Reward to Risk to our Target 2.  With a stop just above the reversal high, we first attempt to make it through the Asian session low.  Price eventually closes below it, then reverses with a wicky candle.  When price begins to move up and closes bullishly above our Target 1, we exit the trade.

NZD offered a very similar trade set up too.

Lots of news in the US session tomorrow, in advance of the Fourth of July holiday on Thursday.  NFP is on Friday and we choose to not trade that day - so it will be a shortened week.

Good luck with your trading!

Always be careful around trading near major economic news releases.

Back tomorrow if we find a trade.

Michael  www.privateforexcoaching.com

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