Out of intraday trade setups today, we traded just one. The Yen pairs were going crazy in the Asian session, and have been dropping like a stone. We managed to catch the GBP/JPY - and did not anticipate such a large move. The Divergence was certainly there - a Bearish Divergence. We entered our Short trade based on our Fibonacci Fan levels, and price went far beyond the expected target levels. We did not ride the price all the way down, however. This trade was a good example in the room of the effectiveness of Fibonacci Fans in general, and how to use them. We have been following up with a Bullish Flag formation on the GBP/USD daily charts . Price is expected to go up the distance of the flagpole, and is well into the process now. We also used the Andrew's Pitchfork in an interesting and different way - one of our members sent us the idea to aligned the APF in a way which gives higher targets for the GBP/USD. The way this is going, we expect the pair to rally up considerably, to the upper line of our APF. I would like to close with an interesting development on the AUD/JPY. We have been following up this pair for some time. Based on the 4h charts, we had been expecting a downtrend, and plotted our Fibonacci Fan lines on the 4h charts. Once price enters into a fan channel, we expect it to continue retracing to a certain fan level. After price entered the fan channel, it has given us a Bearish Gartley Pattern. Gartley Patterns are very, very accurate. You don't come across ...
www.trading-strategies.info In this video I look at some advanced price action reading tactics taken from tape reading so that I can better understand price movements on currencies
www.trading-strategies.info A short Foroex video showing when to stay out of the forex market and wait until trading conditions are more favourable to trade with.
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We had covered several important topics this week - Money Management, Risk Management, Correct Use of Stops, Position Sizing, how much to risk in your trades, and other topics - all of these topics are designed to encourage our members to follow a trading plan and money management policies, incorporating both risk management and money management together in their trading. Without it, your trading plan is incomplete. Incorporating money management into technical analysis and day to day trading requires taking advantage of technical systems and strategies which enable us to follow these principles. Before you take the trade, you are in control - once you pull the trigger, however, the market takes over and you are no longer in control of the outcome. Trading a game of probabilities - so you should control whatever factors you can. The only factors still in our hands after a trade is initiated are Risk Management and Money Management. What I have covered today are the basics - the fundamental stepping stones of what we follow here in our Live Forex Trading Room - and next week we will return to cover more trades based on our techniques, more setups, and more interesting discussions. Visit www.fxinstructor.com to learn more.
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