Forex day trading - Range of any currency

Forex day trading - Range of any currency pair.After a currency pair has been in a trend for while, it stops for a while and starts range trading. This is applicable for all time frames be it daily, weekly, 15 min or 1 hr or even 5min. Once the currency pair has caught the breath, it starts trending again. The trend can be any direction, however the forex pair mostly goes as per the elliott

Forex day trading - How do you decide the stop loss?

Forex day trading - How do you decide the stop loss?The importance of a stop loss when placing a trade, is very evident. One will not want the entire account balance to come to zero which can happen if stop loss is not in place.But how do you decide a stop loss? Should it be anything?? Are there any factors that decide the stop loss?There absolutely are the factors -1. Foremost is how much can

NFP today impacted the EUR/USD

NFP today impacted the EUR/USDToday Non Farm Payroll were announced. As always it caused some ripples in the market and that set the market in motion. EUR/USD especially broke out of the range which it was in for last 2 days.If you llok at today's NFP announcement, it led to a partial bullish candle on 1 hr chart. After the candle closed at 9 AM EST, the next candle closed outside the highest of

Forex Day Trading System - GBP/USD is all about going long

Forex Day Trading System - GBP/USD is all about going longThe GBP/USD after a 2 month retracement is back to long ways again..It has broken the 2.0000 barrier once again. It briefly retraced on past wednesday and thursday, but on friday it zoomed up just like EUR/USD. The technical indicators were perfectly lined up. I used the system specified by Adam Burgoyne in the forex trading system that he

A key point to fit in your forex trading style

A key point to fit in your forex trading system -I was reading an ebook on Forex Trading the other day. It was full of trading strategies. Ofcourse not all strategies fit trading style of everyone. Some are for forex day trading and some for swing trading.However there is one point that caught my attention on money management - "Never let a profitable situation end in a loss" This means that if

A landmark post - USD in massive gains

A landmark post - USD in massive gains There are 2 points I am trying to cover in this message. The 1st is personnal .. Here it is -This is the 100 th post on this forex trading blog.. Yes, the overall count has reached triple digits. It started as a small journey with a quick introduction. Now it is a blog where people come regularly to get updates about happenning in Forex market from an angle

Famous and reliable resources to learn Forex Trading

Famous and reliable resources to learn Forex Trading -Thanks for visiting my site again. As I was mentioning in my last post, this post is about relaible resources for learning currency trading. Without learning from the great resources if you start trading, let me tell you that it is as good as seeing money go down the drain. So, choice of a good resource ( an ebook, or a video course, a paid

You asked on Peter Bain Pivot points forex course and I am answering it

You asked on Peter Bain Pivot points forex course and I am answering it -Since the time I recommended Peter Bain's forex mentor trading course, few of you have come back to me with a common question - "Is it worth an investement?"My answer will be "Yes!!! If and only if you like doing day trading." This essentially means that if you keep your trades open from few minutes to few hours and not

The week opens and so do the forex trader's trading station

The new trading week opens and so do the forex trader's trading station.Today is sunday and the Australian and JPY market are open and I am alreading seeing a lot activity by the currenc traders. Typically this time of the day the volatility is very less. Today its a bit high.The currency pair that is interesting me more is the GBP/USD. The currency pair is already making adouble top. To confirm

Placing the trades using Pivot Points

Placing the trades using Pivot Points - Apart from the common indicators such as EMA, RSI and Fibonacci, another technical indicator is very popular between trades which is pivot points. This technical indicator is mostly used for currency day trading. Point pointsare nothing but some pre-identified support and resistance levels which are something like mutually agreed between the traders in

Trading with EUR, GBP

Trading with EUR, GBP - The popular currency pairsEver thought which are the most popular currency pairs to trade? Yes, EUR/USD is the popular of all and generally has tightest of spreads which is 2-3 pips depending on the broker.The next is GBP/USD - the highly volatile and has spread of 4-5 pips. What follows is USD/CHF and USD/JPY. Generally have 4-5 pips spread.Remember the high the volatile

Forex Day Trading System : importance of correct forex charts

Forex Day Trading System : importance of correct forex charts to follow tradeI have observed that most of the traders and newbies generally tend to focus on the book to learn trading stratgies or systems and not focus on rest of the essentials. What they don't realize is that it doesn't matter if you have wheat in the house and not the utensils to cook it.Same goes with forex trading. Along with

Forex Day Trading system : Hitting of stop loss on my last trade

Forex Day Trading system : Hitting of stop loss on my last tradeToday the EUR/USD market unexpectedly turned. Euro became stronger and the currency pair jumped about 100 pips in a span of 2 hours..As expected, it would have taken out the stops of all the forex traders that were short.That included me as well. My trade was short and was up 67 pips. My stop loss as 40 pips away. Since my stop loss

Forex Day Trading System : Another opportunity to trade EUR/USD

Forex Day Trading System : Another opportunity to trade EUR/USDI mentioned that my previous trade on this currency pair had me a profit of 53 pips..That was when I went long..After my trailing stop loss was hit, when I looked at the currency pair again on a daily chart, I found that the currency pair has hit a massive resistance..A kind of double top and the currency pair has started retracing..

Forex Day Trading System : My trade on EUR/USD

Forex Day Trading System : My trade on EUR/USDIn my last post I mentioned that I opened a EUR/USD trade on a buy side at 1.3306 with target of 1.3345. I kept the stop at 1.3268..Currently I am 80 pips profit since the EUR bounced higher crossing the double top of 1.3345 resistance. Due to this, I closed on half of the position at 1.3345. This is a gauranteed 39 pips profit for me..The other I am

Forex Day Trading system - Quick chances of market reversel for EUR/USD

Forex Day Trading system - EUR/USD at important resistance areaThis currency pair is at a very high point as per the daily charts..So, it is at a very strong resistance area. If it breaks that, then the trading charts will show the forex market zoom.If the market is high on daily charts, one still has the chance to do forex day trading by being bullish since in that case you are looking for a

Forex Day Trading system: My results for the last NFP announcement

Forex Day Trading system: My results for the last NFP announcement.Few days back I mentioned in my post that I am going to trade Non Farm Payroll as a trial using Avi Frister 's system in Forex Trading Machine course..Along with that I thought of trying another forex strategy that I came to my mind few days back..Its more of a hedging technique.I cannot tell you the details about the strategy

Forex Day Trading System - USD booms

Forex Day Trading System - USD booms!!Anyone who is watching the currency trading charts must have realized that the USD is bullish the big time..And its bullish across the board with EUR, GBP, CHF, AUD, NZD everyone stumbling against Greenback retaliation..Except JPY!! Yes, Yen is giving bigtime pounding to the $$..Thats because the JPY is too much driven by the fundamentals..Thats the primary

Forex Day Trading System - Some reliable technical charting techniques

Forex Day Trading System - Some reliable technical charting techniquesOn Friday, I placed a trade on EUR/USD using one of the very reliable techniques - The double top. This technique is dependent on resistance lines..So if the currency price is bouncing of a particular level again and again, it initiates a formation of a charting pattern called Double Top or Triple top if forex price bounced of