I still think that AUDUSD could go higher from here, my actual limit stop was at 9695 but with the weekend coming up and me not liking holding trades over this period, I thought it would be a good place to take profit. There’s always a risk of a pullback after a strong move up and indeed the pullback came.

Good profit

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I’m really sorry that I’ve been away for a while.. I’ve been rather busy with quite a few projects. It’s all very exciting and I hope I can continue updating this blog and keeping you updated.

I have been trading on/off lately and after going through a period where the results weren’t too great, I’m happy to say that I’m back on form and disciplined. I’ll write more about that another time but today I just wanted to let you know of my long entry on AUDUSD this evening.

On the Daily chart you can see that we have a pinbar showing that buyers have entered the market. Yes the trend is still down so it is a countertrend trade.

A pin bar on it’s own isn’t usually a signal to enter long but if you look at the monthly chart you can see that the price has actually hit a significant support line. Last time this happened, you can see that price moved up rather aggressively.

Nothing is guaranteed in trading however but when you see opportunities, you should take them. There’s a good potential for a powerful move here. If we’re right, great but if not, the risk isn’t that big against the potential reward.

The post Sorry not updated the blog but here’s tonight’s Trade – Long AUDUSD appeared first on Make Me Some Money - Trading Forex, Gold and Indices.

This isn’t the typical trading book where you expect to see charts show ideal entries for your trading. This is a self development book for those interested in trading the markets which ample references to his trainer coaching programmes. However, saying that I did enjoy reading this book (albeit a couple of chapters which were about being spiritual) and there were some really good take home messages which I felt I could apply to my trading psychology.

The book starts off with a couple of chapters written by delegates which have attended his course and programmes who have gone on to become successful traders. There were very many useful and insightful messages in these chapters. Obviously he’s delegates were delighted with Van Tharps work and there are quite a few parts which plug his courses and services. However, the insights far outweigh this minor ‘irritance’.

The chapter which completely lost me was the one on Spirituality and God. I’m not a spiritual person (but open minded) but I found this chapter a bit too esoteric for my liking.. however, it’s not to say it’s not good.

This book is less about the technicals of trading like his previous books but I’m going to go and re-read those… sometimes when you read a book the first time you don’t really grasp it’s concepts, it may take a second or third read to get it. There were a few ‘lit a light bulb’ moments which could be transforming to my own development and for that reason, a good read.

You can get your copy on Amazon below

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The number one most common mistake is not having a trading plan in place. A functional trading plan will help to keep you on track and avoid losing focus. It is easy to get caught up in emotions as one tends to experience the same highs and lows as someone playing on an online casino such as IntertopsCasino, and thus if you treating your Forex trading as a business from the start you are less likely to get caught up in an emotional rollercoaster.

The second mistake would be not having a stop loss order in place. This is the equivalent of a safety net. While you may fall, it will catch you mid-flight and prevent you from hitting the ground. You may feel certain that the market will turn around and thus decide to stick to your guns, but at some point, if it doesn’t, you will need to cut your losses – rather sooner than later. A stop loss order is the point at which trading will automatically close should the market reach this position. The one guarantee you do have is that you won’t be right all the time. In fact, you’ll be wrong a lot of the time.

Over-trading is another mistake to be aware of. Umpteen traders are guilty of this, and instead of first spending time demo trading, they jump in with both feet and find themselves drowning as they haven’t perfected their Forex trading strategy yet. You’ll find this error most often being made directly after a loss in desperation to try to correct the situation.

At the end of the day you need to have realistic expectations. Setting trading goals may help you to remain motivated, disciplined and patient. The market can be illogical and volatile at times, but with practice and persistence, these waters will in time become far easier to navigate.

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I had opened a long trade on EURJPY a few days back after seeing some support around the 12700 mark. My entry was perhaps a bit premature as I hadn’t waited for a confirmation of the support line. However, on the second day, the price actually moved down to support again and tested it (at this point, my drawdown was around 100 pips). This would have been the better place to have gone long but looking at the chart, I would have probably entered at exactly the same price.

Anyway, the following day, the price did start moving upwards and hit a high around 12850 or so before ending the day where it started. The price action showed some resistance ahead and at the end of Wednesday and looking at the Daily chart, it didn’t look good and I wasn’t even sure if we were going to go up any more.

However, at the back of my mind, I know my long term success in trading needs me to be able to hold my trades in accordance to my plan. My plan initially was to take profit when the price went to the big round number at 130000

Today, not much happened initially and then at some point in the day, the market spiked up. It was actually by chance I saw this and I had seen that the market had reached around 130000 and was now making it’s way down again. I promptly closed at 12960 and got 130 pips!

The post 130 pips on EURJPY! appeared first on Make Me Some Money - Trading Forex, Gold and Indices.

Anyway, I felt that Gold was due a move down again after the big fall and a retracement and was looking for a short entry. I took the first sign of some weakness as a point to enter and this was 1420 as you can see from the chart.

Unfortunately it didn’t work out and we got stopped and out Gold continues to move higher!

The post Shorting Gold after the Big Fall appeared first on Make Me Some Money - Trading Forex, Gold and Indices.

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However, as you can see with today’s price action, the market pretty much went into freefall and invalidated our entry and stopped out our trade.  We lost 60 pips!

The post Stopped out on Euro trade appeared first on Make Me Some Money - Trading Forex, Gold and Indices.

On the 2nd of April, I had put on a long for the USDJPY pair after it had bounce off support. I saw that the longer term trend was up but the market was going through a retracement.. I thought that this was an opportunity to go long so I did. I set my stop at 100 pips which was below the previous low and a target of 100 pips also for a 1:1 risk reward trade.

As you can see from the chart, below… there was some news in the market which moved the market strongly and I got my 100 pips but the price action continued for another 150 points. Yes, a missed opportunity and trading is hard enough so it’s really difficult to be able to claim the optimal amount of pips.

On another note, the GBPJPY pair went up almost 600 pips.. this is a massive move and one that would have been an awesome trade if anyone was lucky enough to catch this one. I’ve scrolled out to show that this is the biggest bar in a long time! Personally I’ve never seen a bar this big.. EVER!!

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From the chart above you can see the price action. It was actually the 27th April when I had entered the market on the pinbar as highlighted. You can see the support line had rejected price quite strongly each time it hit this so I had my entry.

I did know that the overall price direction was bearish but I was thinking that the market had been heading lower for quite a while and there was surely an up move to be had soon. You can see that the market had been caught between 1620 and 1590 for a while which is a very narrow range for Gold. I was expected a massive movement when the price broke out of this and boy, was it a move. I think it’s an equivalent of a 350 pip move when it broke out.

Unfortunately my long was stopped out at 1588 which was actually an equivalent of a 170 pip loss which was very bad actually.. much higher risk than I usually put on because I really believed that the market would go higher. I broke my trading rule here actually as I usually trade the same fixed percentage (1% risk) but I thought I knew better and risked more… and guess, what I got hit hard!

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