Just say no to the Gimmicks

I was flipping through the channels late last night between trades an came across one of those infomercials about becoming a Forex trader (i actually thought all these guys were gone). I sat and listened for a while and really started getting irritated with what I was hearing. There were all these extremely successful traders giving their testimonials how Forex and this "Guru" saved their lives. These testimonials came from people that had never traded Forex before and most were your typical blue collar worker with a couple business professionals and one homeless dude (yep, you heard that right). All told how they were just not satisfied with what they had and wanted something more. Can't fault anyone for wanting to improve their life, right? Especially the homeless dude. The thing is none of these people had any trading experience and all were wildly successful from trading the Forex market. Specifically, trading this Guru's holy grail system. Just do what I say, he said, and you'll succeed.

I remember back in the late 90's it seemed like our TV's were controlled by these infomercials and stories of people like Joe the Plumber types making huge fortunes investing in Real Estate, Options, Stocks, Forex and other stuff. These were on so often that I sort of got use to them and would move on to the next channel if I didn't want to hear it. But this one sort of bugged me. Maybe because of how long I've been trading now and how much education and time I've put into this.

There was this farmer leaning up against a fence in what looked like a corn field. He was telling his story about investing in the Forex market using this Guru's holy grail system (no, they didn't really call it that...I did) and making more money in one month than he made all year plowing and farming his fields. Then there was this teacher that was able to walk away from her teaching job and now makes more money in a week then she did teaching. And on and on.

What bugged me wasn't that these people had begun trading and became successful, they should be congratulated for their successes. What bothered me was the advertised trading system. Just one phone call away from success. Call us now and give us your money and you'll be free. If you don't call us now I can't help you....What a bunch of crap...oops. It was all tauted as the easiest thing these people had ever done. The Farmer would get up in the morning and pour himself a cup of coffee and go to his computer and place his trades. He would come back later that day after finishing his chores and anything else he had planned for that day, then collect his profits. That easy.

If there is one thing I have learned about Forex trading is that it is not easy. Oh sure, I've said it in the past that people make it harder then it needs to be. But it still isn't easy. As traders we need to all ask ourselves some questions and give honest thought out answers. Do I fully understand the investment? Am I fully aware of the degree of risk? Does Forex fit my investment objectives? Am I honestly prepared to invest the necessary time, money, and energy that is required to make intelligent decisions about my trades?

If you can't or won't answer these questions honestly and intelligently, and you're not willing to invest the time, money, and energy in educating yourself about this market, well then, don't bother. Save your money or I, and the other traders that have and do invest in the time and education, will take it. I promise you that.

What these Guru's always seem to leave out is the real education involved and the losing trades that DO happen. You will not have 100% winning trades. You will have losing trades. It's a fact of trading. Successful traders know that losing money is going to happen and that keeping to your disciplined trading plan is essential to achieving success as a trader.

Tell me something, if all these Guru's selling these red and green arrows and automatic trading robots and fancy EA's really worked as well as they claim, why ain't they all multi-millionaires? Why is it that it's only the people we see on late night TV and the spammers telling us about the next great trading robot that seem to be making money with this crap. I know quite a few very successful traders but not a single one that even wants to admit ever trying this crap. And better yet, why is it none of these Guru's are ever willing to share their live trades. I don't know, I'm just saying. It seems a bit suspect to me. There are some things out there that I believe can give a trader a bit of an edge but nothing takes the place of the trader themself and the hard work that goes into the education of becoming a great trader. Mastering this market will never come from following arrows and using robots. It will only come from an investment in time and education.

These gimmick pushers know that people want a quick fix. The sad fact is most people are not willing to invest the time and money into educating themselves. They want it now. So a robot or just following some arrows sounds good. The gimmick pushers know this and it seems like a new gimmick or robot EA shows itself every week.

You gotta know that in this market you will have losing trades. It's a fact and part of trading. You have to know your tendencies. Does losing money keep you awake at night? Do you make trading or investing decisions quickly and based on the latest trend or tip from a forum or friend? Do you get emotional at the financial news? Answering yes may not be a bad thing but you might want to consider more conservative investments then the Forex market.

Even if you can stay calm and focused, being successful in the Forex market also requires active study and consistent attention to the market. Sorry, but this does mean educating yourself about Forex. There are some great sites on the web to get a person started and some even better ones you pay for. Be careful though, I have found there to be more crappy ones then good ones. A lot of them just want your money. There are some great books as well. But most of the stuff worth much will require you to spend a dollar or two.

The Forex market is an incredibly dynamic market with huge opportunities to make a lot of money and to grow as a person. It can also lead to huge losses in a very short period of time. The Forex market is a high risk investment suited only for those who can absorb the losses that come with the market. It's not a place to stash your retirement.

So, for those willing to expend the time, money and energy into the education and can understand the risk involved I say go for it and and have fun. But be cautious of all the so called guru's, gimmick pushers, and too good to be true testimonials bragging about the holy grail they have found to make millions trading. You'll be better off mixing a good grey goose martini, sparking a nice Cuban and kicking back in a lounge and watching the fish jump.

A couple trade ideas from a follower (updated)

ERUUSD
>1.3380 pivot
1t 1.355 r1
<1.3276>140.20 m4
1t 140.62 r3
2T 142.30 pivot

Update: Long never triggered. Short triggered, hit first target and beyond. Moving stop to >1.3180.

AUDUSD
>168.63 Gartley buy
Targets are the Fib levels

Update: Triggered and was good for about 50 pips. Stopped around .6900. A couple of us were together earlier and entered this one at the .786 fib level (around .6882), about 20 pips from a dbl bottom. Because we entered early we were not able to book as many pips. This was a bit more aggressive entry I think. It could have easily continued south and stopped us at the stop loss (the dbl bottom) and missed the up move all together.

In my mind this wasn't a real clear Gartley pattern. It does go to show how we all can see things a bit different and still get good results. The person that called this booked about 50 pips then noticed a pattern forming after his targett was hit. He then entered a short and is still in that trade and has booked over 100 pips on the second move. I'll show this move later when i get the time. It was a great call on his part.

EURJPY
>130.60
1t 131.00 pivot
<129.40

Update: Long never triggered. Short triggered, hit first target and beyond. If your watching the S$R levels the next target was 126.70. Moved stop to >127.40. Trade stopped.

Remember to book profit and reduce risk along the way.

Tonights Libation

First off, this requires a real martini glass. Not one of those small kids sippy cup size light weight restaurant lounge type martini glasses. A REAL martini glass.
5oz grey goose vodka
3oz Xrated infused vodka
Three to four ice cubes
Shaken, but not so much as to bruise the good stuff.
Then, before pouring into glass, a splash of 7-up.
Pour into a REAL martini glass and....well you know.

Caution: i would not advise trading during this moment of bliss. These things will kick your ass! Really!!

Update to 3/25/09

GBPUSD
triggered long and stopped, -24. Re-entered and triggered then stopped, another loss....-25.If awake could have re-entered and could have got 20 or so back. Sucks when this happens. How many times do you re-enter your trade? Hmmm...good question.
Short triggered and booked some profit at 1.4485, moved stop to just above break even.

EURJPY
Triggered short and hit 1t and beyond, booked +40. Moved stop to above pivot and stopped. Booked another +25.
Triggered long and stopped for -25. Re-entered and triggered. Hit 1t and beyond, booking +60. Moving stop

GBPJPY
Triggered long and booked profit then stopped just below break even. Re-entered and triggered, hit 1t booking profit along the way. Stop is just below break even. If and when price reaches r1 then will adjust stop above pivot.
Short never triggered but still looking to scalp between 141.40 (m2) and 140.95 (dbl btm). Will watch to drop below the 140.95 to s1. Below s1 looks good to.

GBPCHF
Triggered long and stopped for -28
Short never triggered.
Orders are cancelled

My trade ideas 3/25/2009

GBPUSD
>1.4600 pivot and Fib
1t 1.4640 m3, approaching .618
2t 1.4683 m4, .786
<1.4515 Dbl bottom
1t 1.4465 s1, 1.4453=1.272 fib
2t 1.4423 m2

EURJPY
< 132.30 fib and support
1t 132.00 daily pivot and .236
2t 131.60 Gartley buy pattern, .618
>132.90 Dbl top
1t 133.30 r1

GBPJPY
>142.50 pivot
1t 143.26 m3
<141.63 fob
1t 140.95 dbl bottom

GBPCHF
>1.6389 pivot
1t 1.6445 fib
<1.6220 Dbl bottom
1t 1.6145 fib

Trade update

GBPCHF triggered short and took 22 then stopped for -20. Re-entered and triggered about 45 minutes later. Profit at +21, +58, and +108. Moved stop to >1.6480 Still trading.
Long never triggered.

GBPUSD triggered short. Profit at +26, +52, and +77. Moved stop to 1.4618 and got stopped.
Long trigger just missed.

EURUSD triggered short and stopped for -22. Re-entered.
Triggered long and hit first target for +42. Moved stop to >1.3525 and stopped right away.

GBPJPY Triggered short and took +42 and +68. Moved stop to >143.10. still trading.
Long never triggered.

Where did the big and fast move against the dollar come from? Was it the unexpected 4.7% increase in new home sales or do you suppose it may have had something to do with Treasury Secretary Timmy Geithner moving his lips. I may just have to start closing my orders when anyone from Washington speaks. Just take a look at what the dollar pairs did when this guy started speaking. Sounds like due to the Special Drawing Right linked currency system proposed by the Chinese that Timmy says the US is open to. Don't the Chinese own the US by now?

Trade ideas for 3/24/2009

GBPCHF
>1.6664
1t 1.6480
<1.6540>144.75 Continuation of CD
1t 145.45

GBPUSD - Still in a continuation of a Gartley buy pattern. Broke down trend line around 1.4400 and presently at .786 fib and a weekly pivot
<1.4640>1.4728
1t 1.4788

EURUSD - Challenging the lower side of the flag.
<1.3430>1.3525
1t 1.3575

NZDUSD using caution here but still like the long set up.
>.5715
1t .5800

There are a few other pretty good set ups but these are the main ones for me right now.

Booking Profit and Reducing Risk

Someone I trade with asked me this question today. "Why are you risking 20 to 30 pips to get 20 to 30 pips?" To some of you who step in here from time to time this may be a familiar question since it was just asked and answered a few weeks ago by someone else, somewhere else, who I and others have learned a great deal from. And, I seem to get asked this question a lot. So it made me laugh a bit and I thought I would post my answer here.

Not to take anything away from the question, because it is a good one if you're new to trading, but this question really does bug me because I think the bigger picture is being missed which is what we're really trading for - the Bigger Moves. If you're not trading for the big moves then you should be!

So, first of all, I'm never trying to get just 20 to 30 pips. I use to, but no longer. Believe me, it took some time for me to figure this out. You can have all the calculators and spread sheets in the world that show how you can be a gazillionaire with only 10 to 20 pips a trade.....but...it's all bullshit! What these calculators and spread sheets never tell you is you WILL have losers and maybe even a lot of them. With ALL my trades, even scalp trades, I'm looking to profit several hundred pips. It doesn't mean I will get that every trade. But by taking the first 20 to 40 pips along the way and moving my stops I'm reducing my risk and building a cushion. I'm not really making my money on the cushion I'm creating but rather on the 35% of the trades that make the big moves. These are the moves I'm counting on.

Everyday I'm looking at what pairs have the highest probability to make the biggest moves based on patterns, support & resistance (pivots) and Fibonacci levels. I'm also verifying my observations with MACD and Stochastic but mostly patterns. Especially the AB=CD, Gartley and Butterfly patterns. As these patterns are forming I trade the AB=CD moves which make up these patterns. All the while watching for the bigger moves. Almost all the people I trade with never hold their trades for the big moves and the big profits (you know who you are). I believe, you must if you're going to stay and make it in this market. Just my opinion :)

I know that I will have losers, I know this, it's just a fact of trading and I prepare every trade for it with good management and keeping my loses tight. I look at how much I can lose before I enter any order or trade. Most traders look at how much they can make and forget about how much they can lose until they have lost it. Then it's too late. I'll have trades that have small profits, maybe even most of the trades have small profits. That's ok and the losers are ok too. It's the big moves I'm watching and preparing for.

Now, all that being said, if you're risking more or the same as what you're looking to make, you will not be successful at trading. You must have a trading strategy that uses good risk/reward if you are going to be successful at this game. My basic strategy is to look for and find the highest probability set-ups using patterns and support & resistance with tight risk, usually between 15 to 30 pips. As my trade moves into profit I'm booking pips and moving stops.....Booking Profit and Reducing Risk. I almost always let my final piece of the trade get stopped out. I know that by creating a cushion and moving my stop using S&R levels as the trade progresses, I have done all I could to take advantage of the big moves when they do come. I have done my job.

The traders who are successful over time all have, and stick to a strategy that uses good risk/reward. Everyone else will either lose their money very quickly (and blame everyone else or the market) or they will be successful for a short period of time then get bit in the ass (and blame everyone else or the market) (then get divorced...hmmm).

So you see (I hope), I'm not really risking 20-30 to make 20-30. But rather risking 20-30 to make several hundred and reducing that risk along the way. It's what works for me, and others a whole lot more successful than I at this trading thing.

Good luck. Hope that helps and answers the question.

Here's the results

AUDUSD < never triggered.
> triggered took +20 moved stop. Stopped at +7.

USDJPY < triggered and stopped. Lost -11. Re-entered.
> triggered took +20 then +40. Moved stop to 95.80. Still going.

GBPUSD < triggered and stopped. Lost -20. Re-entered. Triggered 2nd time took +40 and moved stop. Stopped +5
> triggered and took +30, moved stop. Stopped +20

EURUSD < triggered and stopped -20. Triggered 2nd time took +30 moved stop. Took 70 moved stop. Stopped +20
> triggered and stopped -20

Net +100. USDJPY still going

Early action for tonight

A few of my trades for tonight. Some patterns are forming. When I get more time i will post the patterns that I'm watching.

AUDUSD <.6838 pivot
1t .6786 Sup level and Fib

>.6900 Res level
1t .6940 dbl top
2t .6954 Res level
If Aussie moves up this would be the CD move. Abviously if the moveis down then BC has not completed. $ is at the .50 level.

USDJPY <94.30 Sup
1t 94.00 sup

>94.90 fib and pivot
1t 95.30 fib and R level

GBPUSD <1.4468 fib level
1t 1.4419 pivot
2t 1.4331 S level and fib
I see this is a BC move
>1.4530 fib level
1t 1.4560 R level
2t 1.4600 dbl top
This would be the CD

EURUSD > 1.3700 R level
1t 1.3795 R level and fib extension

<1.3640 Fib
1t 1.3610 fib

Hate to be me this morning.

Short below a pivot level 138.13 triggered my order by 2 pips. The next bull candle stops the order then continues to the downside and I miss a nice 40+ pips move. What really sucks about this is I had walked away just ten minutes earlier to finish watching a movie on the boob tube.

To me what really sucks for this night is I completely missed the move in the GBPUSD. If you haven't looked, check it out. It was good for more than 100 pips. Oh well, I still ended a few pips positive even after paying the spreads and commissions.

USDCAD and the EURUSD both made a nice move this morning between two key levels. It looks like Jon and Kim caught these. Good job guys. What way to stick to your plan. Hope everyone else is catching some of these moves too.

Scalping GBPJPY

Here's an update to the GBPJPY I'm trading tonight. I said before that I'll be fading these different levels to and not really counting on the big moves when there isn't much volume in the market. So to illustrate, here are the trades I've been active in since the last post.

<138.84 138.99 stopped. 15 pips lose

<138.84 1st profit 138.60 +24 (no need to close this trade due to the strong pull to the downside)
2nd profit level 138.13 or just above that. 138.18 stopped (more then +60 pips) and went long to fade back to pivot again

>138.18
1st profit 138.50
138.49 stopped (+30pips)

< 138.49
1st target 138.18
138.20 stopped (+25 pips)
and so on

I realize its not the best or most productive way to trade but when the markets are narrow like this and before the London session opens (and I'm really bored), I find that I can usually pick up a few pips. I certainly get my share of losers this way but if you're managing the trade properly and closely a person can do alright and you can keep your losers pretty small (5 to 10 pips, 15 max). Of course you have to be willing to watch the charts and monitor what is happening. And that is not always what a trader wants to do...sit and stare at the charts. Unless that is, you have no life.

One more note: I wouldn't recommend doing this type of trading with a fixed spread or deal desk broker. Not only is the spread way too much for me to want to tolerate but many deal desks, that I know of, really frown on scalping. And there are other reasons that I won't go into right now. The biggest spread I've had so far with this pair is 5 pips. Not uncommon to have a 3 pip spread or less. This also works especially well for me on the EURUSD at a 1 pip spread, GBPUSD at a 3 pip spread, and USDJPY at less than 1 pip spread.

Like watching paint dry sometimes

Weeks like this are pretty boring trading to me. Not a lot of movements. Everyone waiting for the news this week. Wednesday CPI and FOMC and Thursday Unemployment so ranges pretty tight. It'll be small orders for me this week with most of my concentration on scalping the GBPJPY. Maybe one will turn into a good move, never know.

NZDUSD update: Notice the chart posted. Missed main target by exactly 5 pips. Had an exit at 1.2522 to close half my order for a small profit. Moved stop as usual to break even and got stopped out about 30 minutes later. This pair has stayed inside about a 45 pip range in the last 24 hours. For my style of trading, it's kind of tough trading for me. During these range bound times I need to stick with something like the GBPJPY, EURJPY or even the GBPCHF.

GBPJPY

GBPJPY 240min chart.
Not the cleanest Gartley buy pattern I've seen but it works. Double top at A and C and divergence in stochastic.

NZDUSD

I like NZDUSD to .5330 (786 Fib). This could be a BC move from where I sit.

Not expecting much this week with the news coming out this week. I expect things to be a bit slow so my sizes will be considerably smaller.

Just To Clarify

Got some emails that lead me to feel I needed to clarify what is going on here. So I'll clarify:

I put this together at the suggestion of a trading friend for a small group of us that have been trading together for a while (although everyone is welcome). A place where we can post our charts and what it is that we see in the charts and what trades we may be thinking of pulling the trigger on, or not. Maybe someone has a question that we can all benefit from or just a general comment about the market and what's happening. Maybe just sharing some pictures of our last fishing trip. How about a new micro brew, Scotch, and/or cigar (or soda and candy cigarette for the non-drinker/smoker) experience to share with everyone....that's the AND MORE part of the FX TRADING AND MORE...... "What about a forum or a google or yahoo group?" you say. Didn't want to, wanted this instead! Besides this is free and my own forum/website I had to pay for. Who really wants to see another forum about trading anyway? They seem to be around every website corner on the net.

What I do not do is give ANY financial advice to anyone (or anything). Any information that I might disseminate is totally general and based on a specific situation (in MY mind) and may result in a gain or (and more likely) a loss of a complete fortune. I am a private person not, nor do I, claim to be licensed or a certified financial planner/advisor of any or anything else financial. The fact is the only license I have is a driver's license. Oh yea, and a contractors license, but that hardly qualifies (I have found that I can lose a fortune with that as well). I am neither an instructor, teacher, professor, nor am I affiliated with any educational organization of any type. I do not train others in any capacity for any type of compensation.

Remember that futures, securities, and equities markets carry an extremely high degree of risk which can only be warranted by your own tolerances for that risk. Which as the intelligent, capable, thinking person I am sure you are, you have chosen to welcome and take responsibility for that risk, if you so choose to risk your hard earned assets.

What goes on here and the information here does not, should not, will not and should never even be considered to replace your individual research or advice from someone who is licensed (you know you can get one of those for around $50.00 on the Internet, just saying). There are soooo many different strategies (I like strategies better than systems, but I guess there are those too), and techniques as well as a gazillion indicators, that one must find what works best for them. I know what works best for me, and that may not work best for anyone else. You must determine what works best for you, and it may not work best for me....hmmm (did that make any sense?)

So Ladies, Gentlemen, Kids and pets, please do not try this at home. You could lose your ass and a whole lot more! The odds say so.

But, if you would like to hang out around here from time to time than please do so. Feel free to leave comments as you like. Suggestions are welcome too. And who knows, just maybe we can all make some pips then go on and enjoy a micro brew, a fine wine, or a Scotch with a fine cigar (or soda and candy cigarette for the non-drinker/smoker) while lying about all the fish we caught and the ones that got away.

Trade Balance in the morning

With trade balance in the morning I will be taking smaller profits and canceling orders ahead of the announcement. IMHO there are still some pretty good set ups tonight. But because of the trade balance I would suspect that the volume will be much less than normal so my targets will be smaller. I will also be using smaller stop losses as well. Maybe some trailing stops. I like the 5 pips trailing stop on slow nights.

I still like the AUDUSD, EURUSD and GBPUSD Butterfly patterns

Failed Butterfly

A good example of a failed Butterfly sell pattern.

This one I placed an order early on not really expecting it to hit the 1.272 level. But did and got stopped out almost immediately for a 27 pip loss. Kinda lucky it wasn't a bigger loss because of the aggressive move that took place.

Can't win them all.

AUDUSD Gartley Sell Pattern

This could be early but i'm in with a 25pip sl. You know my levels of profit taking.

Similar set ups with the EURUSD and GBPUSD 15min charts as well. Looks like a better set ups to me.

I've got orders in all three.

Update

Still pretty early but since some targets have been hit I wanted to update. I will be focusing on fading between levels until we get closer to the London open.


taking profit, adjusting stops and closing down for the night. Good Luck

EUR/$, $/JPY, $/CHF, GBP/JPY

Is It Magic Or What

I love it when told these patterns are just coincidence.

At .50 fib moved stop to .382 fib. When $ reach .618 moved stop to below .50 fib @ 1.2638, took profit and left 25% of original order. So trade is still going and good but have locked in 44 pips (-22 pip original loss). Not much but I'll take it.

If this trend keeps going and breaks the daily trend line I am expecting $ to possibly reach 1.2880 (a demark projection). Notice the Gartley on the 60min. Don't forget to check the other time frames (no need to mention names :)). Double top at 1.2725. My macd and stoch bias is still to the upside on the 15min. If you're following along (I know how is) remember to take some profit as you go.

A Bone Head Move

I'm kinda pissed about this one. Had I been paying attention and refreshed my pivots I would have seen the logical stop loss was actually below 1.2582 which means my stop would have been at/or below 1.2575. Price dropped down to 1.2579 and stopped me out. Oh well, live and learn.

Original stop loss was 1.2583 for a loss of 20 pips plus the spread of 2 pips. Re-entered with staggered stop limit orders this time at the 1.2594 price level. Took some profit (minus my original loss) at 1.2627 and moved stop to just above break even. Next profit area is at .50 fib level.

AB=CD?

That last pattern moved about 160pips. Hmm....think any of that could'a been had?

Looking for the AB=CD move next. Entered with a stop order at 1.2603. Stop loss at 1.2583 just below a pivot and .707 fib levels. Hoping for a first target at .382 fib level. MACD still below the 0 line though. Keep an eye on the weekly primary pivot at 1.2616 could run into some resistance.

If the AB=CD completes this would be another Gartley sell pattern. Since the trend is to the downside and the CD move is around the declining trend line it looking good from this 15min chart. Check the other time frames to confirm and can't forget the weekly pivot.

Nice Gartley Sell Pattern

I have no orders in tonight but thought I would share this pattern. A pretty nice Gartley sell pattern. I thought I would point out the areas where price would stall and show the importance in taking profit as your trade progresses and why I use the Fibonacci levels as targets and exits.

The Gartley completed at the .786 of the X to A move and a bearish engulfing candle pattern. Notice what happens at each of the fib levels as price moves down. Notice the divergence in the MACD and the crossover of the ma's. This was acually a very nice set up and it played quite well. To bad I wasn't involved in this one. This trade, as of this posting, was worth 90 to 100 pips. As I write this post price is still at the .786 level, a good place to have taken some profit and move a stop.

IMHO this is one of the best patterns to learn. You can learn this pattern from the best in the book "Trade What You See" by Larry Pesavento. A must read for the serious trader.

Traders should be aware!!!

I wanted to post this for others to take a look at and consider the implications it will have on your trading business. It comes from CNBC. I was glad to see Rebecca Jarvis push back a little (miricles do happen). Just Say No To DeFazio (can you tell were I stand). In no way do I want this to turn into a political blog. I just feel that traders (part time or full time) should be aware of whats going on out there. You can make up your own mind.

Here is the link to the petition.

Four for me to watch tonight

EURUSD <.236 target .382
GBPUSD <.382 target .707
USDCAD >.382 target .707
AUDUSD <.382 target .707

I suggest staggering and using stop limit orders. The USDCAD will be better traded in the morning. Be aware of the announcements coming out of Europe.

Try staggering your exits

For me it is so important to stagger my entries and exits in order to take full advantage of a move. If I had exited my full order at my first target i would have had to settle for 53pips. Not bad but I would have missed out on another 139pips by the time price reached the third target.

By managing my trades this way I am able to turn them into a risk free trade. It's virtually impossible to determine the exact bottom or top of a move, but by staggering my orders I can come a lot closer and catch a lot more pips.

Gota love this one

Love it when a plan comes together.

EURUSD

Triggered sell limit order at 1.2670. 1st target 1.2560 2nd target 1.2520. ten pip sl.

Buy stop limit at 1.2675. 1st target 1.2713 2nd target 1.2760

USDCAD

Going with an upper target of 1.2975 and lower targets of 1.2830, 1.2760, and 1.2730

GBPJPY

Here's a couple scenarios for you. Note the AB=CD patterns and possible Gartley on the chart on the bottom. The chart on the top is a series of support and resistance levels in a 5min time frame.

If the red lines are broken and depending on the candle patterns these will be the entry levels with 40 to 50 pip targets before adjusting stops.

Short term bias to the upside is 137.50 (a key resistance area) to 139.00. Down side bias is 134.00 to 133.00 if it breaks below 135.20.

Beer of the week end....

Full Moon Winter Ale a rich and hearty winter treasure with a deep cooper color. Said to be great with any holiday meal...hmmm....i say great with any meal. Actually quite mellow with a kinda nutty malty texture and a slight bitterness at the finish from the hops. Very easy to drink. Hope your week end was as good as mine :)