Several of the majors set up nicely during the UK session, once the news was behind us.  The CHF looked best to me.  Not wanting to place a stop above yesterday’s high, we chose to enter the trade with a stop a few pips above the Asian session high.  This trade worked out well – making it to and past our Targets 1 & 2. We exited as price pulled back to our Target 2.  As it turns out, price would go significantly lower without us.

We have no complaints as it was an excellent start to our trading week.

Last week ended with a malfunctioning keypad which kept us out of the market on Friday.

Good luck with your trading!

Back tomorrow.

Another very light economic news trading session.  The UK traders began to move the market in a very familiar pattern.  Both the CHF and EUR set up nicely at the same time.  The CHF offered a very small stop loss and a greater than 3:1 Reward to Risk to our Target 2.  The EUR stop loss was more twice what the CHF offered us and it did not have a 3:1 R:R setup.

The move happened quickly and ended quickly as the UK traders wanted to lock in profits before the US traders reacted to the US Employment numbers.

I love to choose the easy trades with the least amount of risk, and this one had all the hallmarks that I teach.  It was not a big move, but we will take an easy 30 pips any day we can find them.

There will be lots of major economic news in the US tomorrow.

Good luck with your trading!

Back tomorrow to finish the week.

Michael  www.privateforextrading.com

Very light economic news session creates fairly lackluster trading.  The EUR had been moving up for 5 straight days and finally broke above the 1.3100 level only to sold off at 1.3120.  As price formed a lower high, rejecting yesterday’s high, we go short at the figure with a stop just above the session high.  Price found buyers below the Asian session low, and we close the trade at this level in advance of the FOMC minutes – for modest gains.

Tomorrow is a very light economic news session too, with employment numbers being reported for Australia during the Asian session, and the same for the US early in its session.

Hopefully we will find a trade.

Good luck with your trading!

After an usually active Asian session, the UK traders immediately pushed the EUR down to its Asian session low.  This is one of my favourite times to find a trade setup – after the Asian session has been very active.  Unfortunately, I was unable to find a convincing entry to the upside and the trade got away from me.  However, extremely late in the trading session, with just an hour before the UK close, I found a long entry.  As there was very little time left, I took a very shallow stop and price moved up quickly enabling us to remove all risk from the trade and lock in profit after 15 minutes.  Price moved up further, but failed to clear the figure – 1.3100 and we happily take our profits and close the trade.

A good start to the week, after last week’s lacklustre trading.

Good luck with your trading!

Back tomorrow.

After an exceptionally large sell off in the GBP yesterday, we found an buying opportunity after the economic news release for the UK.

Once price closed above the Asian session high following a couple of pullbacks on tests, we enter long with a stop just below yesterday’s low.  Although a stop below the news candle spike would have been safer, it was too expensive a stop for us.

Price began to move up and we protected ourselves in advance of the first US economic release.  We end up closing the trade to protect 30 pips of profit.

As we do not trade NFP Fridays, we hope to capture a nice move tonight if the market cooperates.

Good luck with your trading!

Back tomorrow.

Europe and the UK have moved to Daylight Savings Time.

We begin April with a big sell off in the GBP, but I couldn’t find an entry that met my minimum 3:1  Reward to Risk ratio to our Target 2.  The EUR didn’t offer any entries either for me.  With a little patience the CHF set up nicely once all the European and GBP news was behind us.

The CHF required a very small stop loss and a greater than 4:1 Reward to Risk ratio setup.  All risk was removed from the trade within an hour of entry, so if the US traders came on and reversed the move, we would be closed out for a tiny, but positive gain.  The sooner you can remove risk from your trades, the sooner it becomes “stress free”.

We were up greater than our initial 3:1 R/R, but ended up closing the trade to lock in 30 pips.  We are happy to take trades that net us 30 pips any day!

There appears to be a bit of disconnect between the USD strength and the US stock markets today.  Both the stock markets and US dollar are strong.   I keep stops tighter than usual when trading under such circumstances.

Good luck with your trading!

Let’s hope for a great week in advance of Friday’s NFP number.