A familiar pattern set up for the EUR in another light economic news session.  The UK traders began their session by quickly pushing price below the Asian session low, inducing breakout shorts, then pushed the market higher to run stops.  They then completed the "wash and rinse"... doing it a second time.  A very wicky candle at the Asian session high was created as sellers entered pushing price back down.  With enough orders accumulated, the trending move down for the session was underway.

We enter short above the Asian session low anticipating this area to be tested and retested.  Seldom do we move right through it without a retest, but it's wonderful when it happens.  Price moves down, but unfortunately does not make it to our targets before the UK session ends.  This was a nice trade setup with a greater than 4:1 Reward to Risk to our Target 2.  We thought price would make it down to yesterday's low before the session ended... but it wasn't to be.  We did have a nice 3 Drives patterns before our exit.

Another good week of summer trading done.  Ranges have tightened up the past couple of weeks, so we are happy when we can find a high probability trade set up meeting our R:R criterion.

Enjoy your weekend!

Back Tuesday if we can find a trade.

If you are having problems finding your edge or with trading confidence, don't hesitate to contact me regarding my course.

Michael  www.privateforexcoaching.com

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NZD moves higher in the US session as traders go long above yesterday's high.   The Kiwi set up nicely making a series of higher lows.  We are willing to accept a 2:1 Reward to Risk to our Target 2 once the US session begins.  We look for a 3:1 or better R/R during the early UK part of the session... before the US traders are active. Once the US session is underway this becomes a 2:1 R/R because we only have 4 hours left.

It is never a good idea to be greedy in trading and we exit at our Target 2 level.

Good luck with your trading and always be very selective in choosing your setups.

Back tomorrow if we find a trade.

Michael  www.privateforexcoaching.com

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An overall theme of USD weakness is evident in the charts today.  The NZD set up nicely an hour before the US traders began their day.   The NZD made 3 attempts but was unable to close below the Asian session low. A bullish candle followed and an entry is taken with a 13 pip stop loss.  As the US session was about to begin, the stop loss is moved up to plus one pip - in the event that US traders push the market back down.

Price begins to move up after a brief pullback.  The pair gains momentum rising through the Asian session high and yesterday's high, before pausing at our Target 1.  We give it a second chance to move and stay above Target 1 , but as price dips below it, we close the trade to protect our profits. Price subsequently makes it to Target 2 without us, before pulling back at the UK Close.

Trading has been tricky of late and this is the first trade that we have been comfortable with in the past week.  It is always best to be patient and disciplined in trading.  If the familiar high probability setups are not there...it's best to sit on one's hands.  Much of Europe is on holiday this month, so if the trading is a little slow or the charts appear to be less clear, it may be due to summer holidays.

Good luck with your trading!

Back tomorrow if we can find a trade.

Michael  www.privateforexcoaching.com

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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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