I wanted to show how the USDJPY from the previous blog post worked out. As well, last night around 23:00 EDT, a swing trade setup in the EURJPY and this video will walk through that as well.
If you didn’t make it to the ULTIMATE SWING TRADER release webinar today, the good news is you can still pick up the strategy that have produced over 2000 pips since the last release. Keep in mind that the UST is not just for FOREX traders. Stock and option traders will absolutely love the add-on that allows you to use the successful UST to swing trade those markets as well.
I want to show you how simple it is to trade the ULTIMATE SWING TRADER. This is a live swing trade on the USDJPY. As of this post, I have scaled out at the first target and moved my stop to break even plus a few. In the training, you will learn why I bumped my entry up to the .52 level instead of letting it sit just below the .50 level. The trade plan is simple……scale out at 1x target…move stop to break even…..either stop out or get full target 2x.
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Today was an extremely fast trading day. Two re-entry trades (no trail on re-entry trades), two wins and done before the clock strikes 9:30. This was the day the “stress test” was being released so I was more than happy to call it quits. This video shows “picture perfect” optional re-entry trades. You really want to see an actual price pullback to add a little more confidence to the re-entry trade. Also going to break out the spreadsheet to see how the week ended up if you traded a $10000 account. One more thing, there is a super fast setup and trigger on the EURJPY. I’d be surprised if anybody was able to get the exact entry. If you do see a setup like this, don’t chase. You may miss a great trade but if it’s a sustained move, there may be a better entry coming up with a re-entry.
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News releases. When they are released during our trading sessions, many things can happen to the market. It can explode in a parabolic move. It can turn tail and chop around. Add to the news people like Fed Chairman Bernanke talking and you never know what he will say. With news releases, it is out at the scheduled time and you can move on. During testimony, you never know when the wrong words will escape the mouth driving prices all over the map (remember Geitner and his words causing a 400 point market move??). Ensure you are aware of the daily releases! They have the potential to make your day or break into pieces.
This video looks at the reaction of two pairs, the GU and EJ. Good pairs that cover some of the largest economies of the world. One goes to the moon putting in a range of over 270 pips while the other meanders in a 50 pip range for the U.S. session.
After watching this video, take a look at this
Swing Trading Blog for over 2000 pips of profit!
Today was a challenge. No traction in the EURJPY, an error in the GBPUSD but a nice trail to round off the day. I wanted to get this video out because it shows that mistakes can be costly. We are all going to make them and they are made by every trader regardless of how much chart time they have had. The secret is dealing with them.
The video will cover my thoughts about taking an optional re-entry that does not fit into my parameters and how I dealt with it. I like to “debrief” myself after a day of trading. I was not happy with the way I handled the error. Overall though, my trading plan saved what could have been a disaster day. That is the key isn’t it? Jump back into the plan. Talk about regaining your focus. How is your trade plan coming?
After watching this video, take a look at this
Swing Trading Blog for over 2000 pips of profit!
This video looks at my trades for July 20 2010. They are not much different at all from the core strategy of the HVMM 2010. This was one of those days where price was giving you setups in both directions until the market final picked a direction and didn’t look back until the afternoon.
One thing I hope you pick up here is the “art” of trading. You will see it with the EURJPY as it forms a double bottom…with as much conviction as it can with a 6 range chart. We will take a look at the hourly chart which will give greater clarity at what we were looking at in terms of trading for today. In the end…it was a good day.
After watching this video, take a look at this Swing Trading Blog for over 2000 pips of profit!
Fixed targets or trail? You can have the best of both worlds. Scaling out at one level feeds that greedy devil on your shoulder. There is satisfaction. It also can tune your subconscious into believing you are a consistent winner. What better way to be handle draw downs, losing trades, missed opportunity if deep down you know you are a winner? Trailing positions you if and when the market breaks out and goes for a run. Now, not everyone can or should trail. It takes a little willingness to watch profits evaporate. Watch full position losers. Watch break even partials. For that that can though, it has the ability to give you returns that you won’t ever see at your bank or most managed portfolios.
This video is going to cover a few things to keep in mind if you decide to go down the trail road. I forgot to mention in the video and there may be questions so Yes, I missed a re-entry setup on the GBPUSD. By the time I zeroed in on it, I would have been chasing. Missed opportunity to pad the day but to me, a lesson in discipline.
Friday July 16 was a great trading day to highlight some of the topics I cover in other videos.
Key level adjustments are an important part of my trade plan…especially the HUGE key round numbers. Trailing my stop is another technique I am a fan of. We never know how much the market is prepared to give us. All we really know, is our risk. If that’s the case, minimizing risk and maximizing payoff is a fundamental strategy for ever increasing account growth. Yes, there is nothing wrong with taking fixed targets. In fact, that helps keep your equity curve nice and smooth. It also feeds the psyche. We are all different but much the same. We all gain an “ease” when we bank our profits. Scale and trail feeds a few things as well. It feeds the greed factor but with balance. It feeds the “instant gain” as well.
Not everyone is cut out for it however. Much like longer term trading, you will have to suffer through some in trade drawdown. Many can’t. No problem. Take your quick targets and move on. There is money to be made every day.
I get quite a few emails asking to look through some pairs other than the usual suspects. Yes, I have my top picks! Who can blame me really…..they have and continue to bump my trading account up quite nicely!
I have been keeping some extra charts open lately, tracking some other pairs while in my trading session. One pair that stands out is the AUDJPY. The Yen crosses can sometimes be beasts (BOJ intervention can swat you around) and come with some danger. Sometimes the spreads are crazy high. Sometimes the moves occurs too fast to catch. In the end though, solid pairings with some decent spread. The GBPJPY is, at some brokers, high spread making it a non-candidate to day trade. The AJ has similar movement but comes cheaper.
