More to come….
-
Recent Posts
Archives
Categories
Meta
4 Hour Forex
Posted in 4 Hour Chart Trading, EURUSD Trades, GBPUSD Trades, Losing Trades, Trades Missed, Trades Taken, Trading Definitions, Trading Psychology
Tagged British Pound, cable, day trading system, Euro, EURUSD, foreign currency trading, forex, forex blog, forex profit targets, forex scalping, fx, GBPUSD, money management, ninjatrader, profit targets, short trade, stop loss decisions, Swing Trading, trading psychology
Leave a comment
27 March 2012 – 0606 EST – GBPUSD Short
The 3 minute chart presented 2 opportunities for trades this morning during the London session on the 3 minute chart. I did not take advantage of the long trade at 0357 EST, but I did execute on the short at 0606 EST (actually entering at 0636 EST at the same place.)
27 March 2012 - 3 Minute GBPUSD Chart
I traded 3 contracts using the most recent swing high as my stop level at 1.5991, shorting at 1.5974. I used the ATR indicator on the 15 minute chart (below) to help determine appropriate target levels of 1.5966, 1.5956 and 1.5946.
27 March 2012 - 15 Minute GBPUSD Chart
I used to look for trend alignment on all timeframes and then enter in the direction of the overall trend, but often finding out that I was getting in at the very end only to get stopped out for a loss.
Lately I have been looking for counter-trend trade on the 15 minute when I get trade signals on the 3 minute chart. They seem to work out pretty consistently.
I still look to the 4 hour chart to make sure the there are no major support or resistance areas directly in the path of my trade.
27 March 2012 - 4 Hour GBPUSD Chart
2 Small Scalp Trades Today in EURUSD
There was low volume this morning in the 6E at the European market open (0300 EST) so I stood aside on the early morning trades. Just after 0700 EST, when the London and US markets start to align, I found a few trades to take advantage of.
0704 EST - 6E (EURUSD FUtures) Long Setup 450 Tick Chart
I was able to grab a few ticks on a long that setup at 0704 EST on the 450 tick 6E futures chart, utilizing the 1 range EURUSD FOREX chart for my entry.
19 March 2012 0704EST - EURUSD 1 Range Chart
The lack of activity caused a lot fewer tick chart bars to generate, and the next setup didn’t occur until just before 0900 EST for a short on the 6E.
0852 EST - 6E (EURUSD Futures) 450 Tick Chart Short
Again I used the 1 range EURUSD FOREX chart for my entry, so I could utilize mini contracts to better manage my trade. I left a few ticks on the table, but managed the trade profitably getting stopped out on my final contract looking for the possibility of a runner.
19 March 2012 0852 EST - EURUSD 1 Range Chart
Some real nice long trades setup later on in the morning, but the early morning choppiness prompted me to stand aside, unfortunately. 
19 March 2012 - 1027 EST - 6E 450 Tick Chart
There will be more trades tomorrow…
GBPUSD 4 Hour FInal Chart, V2
Well, price never got to where I wanted it to go, but the stop loss was a good call too. Funny how price went to the other weekly pivot area. Weekly pivots ARE good with 4 hour charts.
16 March 2012 - GBPUSD 4 Hour Chart
Posted in 4 Hour Chart Trading, GBPUSD Trades
Leave a comment
Whatever I Fear…
Another interesting song, where the lyrics align with some of MY challenges in trading psychology!
Posted in Deep thoughts, Trading Psychology
Leave a comment
16 March 2012 – 0706 EST – 6E Long Scalp Setup
Today might be a tricky day to trade the FOREX futures, because the volume in the March contract has now flipped mostly, but not entirely, to the June contract. Regardless, the image below shows the long setup in the 6E that I successfully scalped this morning.
16 March 2012 - 6E (EURUSD) FOREX Futures 450 Tick Chart
Also, because the delivery month is now 3 months away, the price of the spot FOREX and the FOREX futures are no longer in alignment. This makes it a little more tricky to trade the 6E setups with the EURUSD spot FOREX pair. I compensate for the disparity in price by eyeballing the current difference of the 6E Futures and the Spot EURUSD and then setup my 1 range EURUSD chart with a simple indicator (free if you want it) that helps me track the difference visually.
16 March 2012 - EURUSD 1 Range Line Chart
It’s not perfect, but it’s easier for me than trying to continuously calculate the price difference in my head.
