The GBP still hasn’t given us a clear entry signal this week.  Several of the majors looked good for a trade overnight and the EUR looked best to me.  This is an advanced level technique but due to its low risk and no news pending – to potentially shake things up – the trade was attractive.

Be very careful if you belong to any trading groups or hear that you should be scanning 15 or 25 pairs each session.  This can be the kiss of death.  Instead…become very familiar with the trading nuances of 2 to 4 of the major pairs.  I recommend studying the behavior of the GBP, EUR, AUD and CAD.   Start with the GBP and EUR and learn them first.  Expand to the AUD and CAD afterward.   I highly recommend avoiding the EURJPY and the GBPJPY.  I have seen more traders blow up their accounts on these two pairs than any others.  Trading groups filled with newbie traders often get greedy and think they can make twice as many pips on these pairs, than with the majors. Please AVOID this newbie mistake.  You can make a lot of money just trading the GBP or the EUR with proper money management.  There is no need to trade exotics pairs.  Forget about them.

Remember it’s the heart of vacation season and the market is not making its usual ranges.  Be very selective in your trade setups as always, and be prepared to take less profit than usual.

If you would like personal coaching, please contact me.  Michael@privateforexcoaching.com

Best of trading!

Nothing too exciting overnight as vacation time is keeping volumes lower than normal and ranges tighter than normal.  The GBP was too difficult to enter but the AUD produced a viable setup.  We didn’t hit either target but a few pips were offered up with a reasonably low risk trade.  The commodity currencies AUD and CAD have been quite quiet lately.

Let’s see what tomorrow brings us.

Questions welcomed!  Email Michael@privateforexcoaching.com

Be cautious trading and be willing to accept what the market offers each day.  Don’t be greedy!

Finishing the week strong.  Patience during a quiet summer week was finally rewarded – as the GBP made its range after a double bottom, as the US stockmarkets opened.

See you  back Tuesday.

Enjoy the weekend and the remainder of the Olympics.  (Alas, we only have one gold thus far.)

Questions are always welcomed!

Email Michael@PrivateForexCoaching.com

A very quiet session overall with neither target level being hit.  It’s summer so there is less activity than usual -especially if there is nothing particularly newsworthy.

Be patient and disciplined and take what the market offers.

 
Let’s see what happens tomorrow to end the week.

Questions are always welcomed.  Michael@privateforexcoaching.com

Michael

One of the difficult things about trading is learning to sit on your hands and not take a tempting trade.  We don’t get paid to show up and be at our trading desk.  We only get paid if we are right in our selection and execution of a trade.

In order to have a high probability trade, all criteria must be met.  If it doesn’t meet these criteria, it falls short of being a high probability trade and we must pass on the trade.  It’s better to pass on a trade than to take a lower probability trade and lose money.  It’s ALWAYS much better to pass on a trade, than to take a trade that doesn’t meet our criteria.  The best strategy in a given session may well be… not to trade.  The market will always be there tomorrow.

Plan your trades and trade your plan.

Keep it Simple to be Successful.

Let’s see what tomorrow brings us.

Good luck and stay disciplined.

We’re off to a nice beginning this week.  The GBP made it to target one, but then began to roll over and reversed back down.  Remember… about 20% of the time breakout traders will catch a break and not have their stops hit.  On such occasions, after the breakout level is retested and never before it’s retested, look for an entry allowing a tight stop and a reward to risk ratio of 3:1 or higher.  Never take 1:1 trades – it’s not trading in my opinion – it’s gambling.

The GBP continues to give the clearest signals and greatest range of the majors at this time.  It is my favourite pair to trade.  Let’s see what the rest of the week brings us.  Despite this being the dog days of summer, the trading has been very good for those that are patient and disciplined.

Good luck with your trading!

Email questions to Michael@privateforexcoaching.com