The Female forex traders beat most of the boys in pippage again in todays fx500club live trading school
Hehe Vittorio beat most of us today with her pip score, she came back from her holidays and joined us in the www.fx500club.com live trading room, we were all sat there waiting for setups and she calmly announced that she had made 2 or 3 trades and banked 60 or so pips. She is an inspiration because she has only been trading for a month or so. That’s a great tribute to how good the live forex teachers are in the fx500club. Well done Vittorio more power to you female forex traders out there. Don’t be shy all you potential lady forex traders, come and say hi in the fx 500 club for forex traders, boys and girls alike.
Today has been yet another amazing day trading with the www.fx500club.com live online trading school. Having spent years learning to trade forex and now having joined the fx500club to sharpen my trading game I find the benefits of being in the fx500club are many fold. I used to just scalp forex for a few pips here and there, making a consistent living trading forex but I always wanted to understand how the financial markets really worked, hence joining the fabulous fx 500 team. The other good thing about all the forex research and learning that I have done over the years is that I can spot a good trader quite easily now and as such pick up a few good trades by knowing where to get the best information.
Well yesterday I posted a link to a thread in a forex forum by a guy called Strat, well I make a habit of checking his thread every day now because I am very keen to make “stress free” trades on the daily charts, like the method he is teaching on his thread. Check out the usd/jpy daily chart below.
If you look at yesterday post you will see Strat traded 10 or so pairs based on the daily candles on the 12th and 13th of july, he went long of usd/jpy after the hammer candle which is also a bullish outside bar, I have no idea where he entered but it could easily have been from 92.70 ish and as you can see it went to 94.80 over 200 pips. Strat is a god.
Well as you know we trade away from support and resistance so the obvious thing to do was to sell once the price had tested that descending trendline on that daily chart. Strat only trades the daily charts so my cheeky trade shown on the 15 minute chart below is taken using methode learned from the www.fx500club.com
Having done my daily check of all the daily charts as per Strats teachings on his thread I liked the look of this usd / jpy trade for a short, however my cci indicators were not looking correct for a short trade at this level, I could see it needed to test the level of 94.38 which was a significant level because on the hourly chart it had been a resistance level that had become a support level so it was very probable that it would be tested as resistance again. When a significant level is broken the price almost always goes back to test it. Study your charts and see how often it happens.
So in short I went long at 93.95 and grabbed 30 pips on the way up to 94.38 then I immediately went short at 94.30 I closed half at the previous low 93.40 and will ad back to this trade when it retraces hopefully to the 93.75 area. The ultimate target is 92.00 ish, the dollar is looking pretty weak, who knows. Below is the short trade chart.
The fx 500 club was good for me again as well today with James calling a long trade on euro japanese yen for 30 pips we had a small loser on cad but losers are very rare in the fx500club. After yesterdays 100 pip cable trade and this yen trade I can forgive them the odd loss lol. There are also plenty of other opportunities what with thier new email forex signals service and the regular videos that give numerous setups as well. It is pretty amazing that a months mebership to the fx500club is only £97.
Check out some of the videos we receive from the fx500club on thier blog http://www.fx500clubblog.com/
Click Here to get a FREE days entry into the fx500 club live trading room
Always Remember.
Keep your risk as a percentage of your capital low (1%), equals stress free trading.
Always work out potential losses before potential profits.
We are paid to take risks, if you aren’t in a trade you cannot win a trade!!
Buy off support and sell off resistance.
Bank partial profits early and move your stop loss to break even as soon as you can.
I am learning how to trade these setups and indicators across all time frames with the help of the fantastic team at the www.fx500club.com They have a live forex chat room and share their charts so that you can watch them find potential trades in real time.
They also have a school for learning how to trade longer term charts at www.fxmonkeyschool.com.
The fx500club and fxmonkeyschool, forex trading school don’t just trade charts and indicators alone, they teach us to use correlation of the whole market before entering a trade. It truly is the best place to learn how to trade forex properly, safely and profitably. It’s all about the pips and about protecting your capital.
Click Here to get a FREE days entry into the fx500 club live trading room