Tutorial: Fast and Furious Trading (Scalping Technique)

The above video illustrates a simple scalping strategy on 5 min charts using
2 bollinger bands (One and Two standard deviation) with tight stop loss and
profit target. Hope you guys enjoy the video and making pips....


- http://eurusdtrader.blogspot.com -
Trade what you see, Not what you think

Profit target hit, +31 pips for the trade.

- http://eurusdtrader.blogspot.com -
Trade what you see, Not what you think

Long EURUSD at 1.4308, SL 1.4290, PT 1.4339
Price is within the 23.6% and 38.2% Fib on H4 and supported by 100EMA on H1. Both H1 and H4 showing uptrend.
At the point of writing this post, price is hitting some resistance at 1.4320 on M15. Failure to break above 1.4320 will invalidate this long trade and will be closed.

- http://eurusdtrader.blogspot.com -
Trade what you see, Not what you think

Let's take a look at how the EURUSD price doing. The price is within the 23.6% and 38.2% Fib on H4 and making lower low for each swing on H1 chart. If price manage to break below 1.4282, we'll be looking at the next support level at 38.2% Fib level on H1 followed by 1.4226, 50% Fib on H4. As both H1 and H4 are still in uptrend, I am looking for long opportunity.

- http://eurusdtrader.blogspot.com -
Trade what you see, Not what you think

There was a sudden fall in EURUSD and M15 candle closed below 1.4242 and supported by 100 EMA on M15. Sold EURUSD at 1.4240 zooming in to M5 chart for entry, stop loss at 1.4250 and 1st profit target of 1.4224 hit, +16 pips while writing this entry. shifted to protective stop for the remaining position.

- http://eurusdtrader.blogspot.com -
Trade what you see, Not what you think

1st profit target hit with +21 pips profit, shifted stop loss of 2nd half to 1.4229

- http://eurusdtrader.blogspot.com -
Trade what you see, Not what you think

Long EURUSD at 1.4228, stop loss at 1.4205, 1st profit target at 1.4249
Price is supported by 61.8% Fib on H1. Let's see if the bulls are able to break above 1.4280 today.

- http://eurusdtrader.blogspot.com -
Trade what you see, Not what you think

Tutorial: Same Tools, Different Thoughts

Came across an article that illustrates how to think differently and gain an edge when trading. Hope you guys enjoy the article...

http://www.tradingacademy.com/lessons/20090818/featured_article.htm

- http://eurusdtrader.blogspot.com -
Trade what you see, Not what you think

Shorted EURUSD at 1.4102, stop loss at 1.4130, 1st profit target 1.4071, 2nd profit target 1.4010. Need to take note of 1.4085 level, if price fails to falls through, will close out trade.

- http://eurusdtrader.blogspot.com -
Trade what you see, Not what you think

Shorted EURUSD at 1.4091, stop loss at 1.4112 and profit target at 1.4052. As there is a support around 1.4070, if price fails to break through, will close out trade.

- http://eurusdtrader.blogspot.com -
Trade what you see, Not what you think

Took +30 pips profit for half position, shifted stop loss to protective stop at 1.4084 for remaining half position.

- http://eurusdtrader.blogspot.com -
Trade what you see, Not what you think

Shorted EURUSD at 1.4085 as the price meets the 20EMA on M15 which acts as a dynamic resistance level and the 0% Fibo level on H1 also acting as resistance. Stop loss at 1.4115 and profit target at 1.4015. As there is a support at 1.4050, will close out the trade if price fails to break 1.4050 for further downside move.

- http://eurusdtrader.blogspot.com -
Trade what you see, Not what you think

Let's take a look at today's EURUSD chart. Price was rejected at 61.8% Fibo on H1 last friday and fell all the way to 23.6% Fibo level on H1. However, there is still a 76.4% support on H4 which the price needs to break for further downside. Will be looking for shorting opportunity when price retraces.

- http://eurusdtrader.blogspot.com -
Trade what you see, Not what you think

Took +20 pips profit on half of the position, shifting the stop loss to protective stop +1 pip for the remaining position.

- http://eurusdtrader.blogspot.com -
Trade what you see, Not what you think

Trade entered at 1.4284 when price found support at 50% Fibo on H1 and breaks out of the range on M15. Stop loss at 1.4264, slightly below the 50% Fibo on H1 and below 100EMA on M15 and profit target at 1.4323. There is resistance around 1.4300, hence if price fails to break above, will close out trade.

- http://eurusdtrader.blogspot.com -
Trade what you see, Not what you think

Tutorial: Harmonic Patterns Trading (Introduction)

An introduction to harmonic patterns trading, which is essentially spotting high probability trading patterns and cycles repeating over and over again. I will be adding the various harmonic patterns in the tutorial section, so stay tune and enjoy the video.....

- http://eurusdtrader.blogspot.com -
Trade what you see, Not what you think

Webminar: The Psychology of Trading

Webminar title: The Psychology of Trading
Link: http://www.dbfx.com/drdoug2

There is a webminar coming up on Tuesday, August 18th 2009
7:30am New York, 12:30pm London, 7.30pm Hong Kong


- http://eurusdtrader.blogspot.com -
Trade what you see, Not what you think

Tutorial: How to trade with Fibonacci Levels

- http://eurusdtrader.blogspot.com -
Trade what you see, Not what you think

Trade entered on breakout of price 1.4235, price entered at 1.4239, stop loss 1.4211 and profit target at 1.4285 which is just below the 61.8% Fibo level on H1. While writing this entry, the stop loss has been shifted to protective stop at 1.4240.

The result of the German Prelim GDP came out better than forecast at 0.3% which will support this trade on the upside. Let's see how the trade goes.

- http://eurusdtrader.blogspot.com -
Trade what you see, Not what you think

There will be high impact German Prelim GDP news later at 6:00am GMT. Do trade with caution during the period. Let's see where the EURUSD is trading now.

The bulls manage to hold on it's steam despite the ferocious attempt by the bears to push the price down during yesterday's FOMC statement and Federal Funds rate at 6:15pm GMT as can be seen on the chart by the long bearish candle on M15.

Price is now hovering at 50% Fibo on the H4 chart and 200EMA on H1 chart. Though the bulls have the upper hand for now, but see how much obstacles there are in front for the bulls to push through, H1 50% and 61.8% Fibo and 38.2% Fibo on H4. We shall see how the bulls perform today.

- http://eurusdtrader.blogspot.com/ -
Trade what you see, Not what you think

Looks like the bulls won the battle for now, long trade entered at 1.4162, stop loss at 1.4146, profit target 1.4195. As can be seen on H4, price is supported by 76.4% Fibo level, however as 100 and 200 EMA crossed down on H1 thereby limiting the upside potential.

Profit target hit while writing this blog entry with a +33 pips profit for this trade.

- http://eurusdtrader.blogspot.com/ -
Trade what you see, Not what you think

Mathematical Flaw in Forex??

Chance upon the above website, really interested to know what is the mathematical flaw. If anyone of you know, appreciate your sharing.

- http://eurusdtrader.blogspot.com/ -
Trade what you see, Not what you think

It's a choppy day yesterday as the bulls and the bears are fighting to take control, price remains in the 61.8% and 76.4% Fibo on H4 and is supported by the 200 EMA on H4.
Trade plan for the day, "stand on side line" till there are indication of where price is moving towards.

- http://eurusdtrader.blogspot.com/ -
Trade what you see, Not what you think

FX rebates for every standard lot you trade

Are you getting rebates for every fx standard lot you trade?

I want to share this piece of exciting news with all of you. I have recently happened upon a company that offers a monthly rebate to forex traders. This rebate is cash back on every trade that you place with any of their 15 partnered brokers! Basically the rebate is part of the spread that you are already paying to trade. Why not get some of it back? This service is absolutely FREE! And they have a great selection of brokers with many platforms and features to suit any trading style.



When you sign up with any of their brokers and open an account you will receive up to $4.11 on every standard lot that you trade with them. The rebate is scaled down accordingly for Mini ($0.41) and Micro ($0.04). They work with some of the biggest and most reputable brokers available as follows. If you are already trading with one of their brokers it is very easy to get rebated on that account. And if you have any questions or need any help in receiving rebates on your new or existing accounts they have great customer service to help you!




- http://eurusdtrader.blogspot.com/ -
Trade what you see, Not what you think

Tutorial: Trading price action

A nice video on trading price action on youtube.
Hope you guys enjoy the video....


- http://eurusdtrader.blogspot.com/ -
Trade what you see, Not what you think

Another price consolidation during the asian session. Let's recap how yesterday's EURUSD movement is and what we expect to see today. Price retraces to 23.6% Fibo on H1 and price
went down, almost hitting the -23.6% Fibo extension.

Price has moved one tier lower on the H4, from 50% to 61.8% fibo on H4 to 61.8% to 76.4% fibo range on H4. If price is able to break the 76.4% fibo, we can expect price to test the 1.4007 level
Let's await and see if the bears have strength to push the price lower.....

The trade has been stopped out with price supported at 1.4181 Let's stand aside for now and see if the bulls or bears win this tug of war...

Shorted EURUSD when price is rejected by 23.6% Fibo on H1 chart and falls below 1.4200, price target just above the -23.6% Fibo on H1, however, there are strong support on H4, namely the 61.8% Fibo, the 200EMA and the 76.4% Fibo on H4. Hence if price momentum fails to penerates the H4 support, look to close the trade.

The asian session opens with retracement back hovering around 1.4200, between 50% and 61.8% Fibo on H4 chart, 20 EMA on H1 coming down fast to catch up with the price, looking for selling opportunity today. Let's wait and see how the day unfolds.

The week ended with EURUSD being shorted down to 61.8% Fibo level on H4 chart. It's really interesting to see how price ended every Friday, most of the time it will be left in a position hanging in mid-air awaiting monday to determine where is the next course of action.

From the chart, it is really bearish for the EUR, however uptrend is still intact on H4 and with the moving average far away from the price on M15 and H1, there may be some scalping opportunity on monday's asian session on the upside with profit potential around 1.4225 which is the 50% Fibo level and 100EMA of H4. Let's await to see how next week unfolds.....

It's really a roller coaster ride after the non-farm payroll release, the earlier trade was nearly stopped out by 1 pip, but in the end hit profit target for 24 pips when the non-farm result is released.

As can be seen from the H4 chart, the price was stalled at 38.2% fibo. So how do we proceed from here? From the price action, it is more bearish for the EUR, so if price is able to retrace back, look for shorting opportunity.

Trade entered when M15 price close above 200EMA on M15, stop loss just below the swing low and profit target just below 1.44 for a 1:1 risk/reward trade.

07 Aug 2009

After several days of consolidation, EURUSD finally broke the consolidation range yesterday with a tight asian trading range of 30+ pips today. As can be seen from the H4 chart, price is currently hovering above 23.6% fibo level. Both H1 and H4 are still in uptrend while M15 has the 100 and 200 EMA crossed down, indicating a short term down trend.

Trading Plan for the day:
1) Long if price is supported by 1.4338, short if price penerates below and 1.4338 become resistance
2) Long if price breaks above and supported by 1.4367, short if price close below the level

Note: Today is non-farm payroll announcement, hence the trading range is most probably limited till the news