Pips galore again today trading using strategies taught by the fx500club forex mentors
The forex mentors in the fx500club have done a great job of teaching me how to trade every timeframe using their trading strategies. I am making consistent daily profitable trades using numerous different trading methods and strategies now.
This week is NFP (american non farm payrolls ) week and as such is always difficult to trade safely on the medium to longer term timeframes. Part of Dan Armitages teaching in the www.fx500club.com has been to watch for levels where the price reverses and acts as support and resistance. I could see this on this gbp/jpy chart and took a few cheeky trades.
Have a look at the chart below.
As you can see the price is moving between 161 and 162, a nice 100 pip range on the 5 minute chart. The safe trade was the one I took marked by the vertical red line and the number 1. My secret weapon oscillator at the bottom was below zero and green signaling a long play would be good, the price had broken through the daily pivot and was testing it as support, the moving averages were bunched up and once the heiken ashi candles changed from red to green I was happy to go long at 161.30 with my stoploss 30 pips away at 161, target 161.90.
I will consider another long entry if the price pulls back to the 161 area again and all my indicators look setup correctly, if not a clear break of 161.50 would tempt me into a long trade as that would signal a continuation of the upward trend on the hourly charts.
I have traded like this every day this week and managed to bank a minimum of 30 full pips every morning during the London Open. I love it because it gives me the rest of the day to watch and learn more about price action without the stress of having to find a trade worth taking.
The best and most predictable / safe moves nearly always take place at each of the market opening times, the three main ones to watch are the Asian open at around midnight gmt, the american open at 13.00 ish and the European and London Opens at 7am ish gmt.
So here I am again it’s 7.30 am I started work at 5.30 am and now I have made my pips and the rest of the day is my own. Have a great day folks and do yourself a favour and go checkout the www.fx500club.com I think they have extended their 1 day free trial to a whole week now, how cool is that.
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Always Remember.
Keep your risk as a percentage of your capital low (1%), equals stress free trading.
Always work out potential losses before potential profits.
We are paid to take risks, if you aren’t in a trade you cannot win a trade!!
Buy off support and sell off resistance.
Bank partial profits early and move your stop loss to break even as soon as you can.
I am learning how to trade these setups and indicators across all time frames with the help of the fantastic team at the www.fx500club.com They have a live forex chat room and share their charts so that you can watch them find potential trades in real time.
They also have a school for learning how to trade longer term charts at www.fxmonkeyschool.com.
The fx500club and fxmonkeyschool, forex trading school don’t just trade charts and indicators alone, they teach us to use correlation of the whole market before entering a trade. It truly is the best place to learn how to trade forex properly, safely and profitably. It’s all about the pips and about protecting your capital.
Click Here to get a FREE days entry into the fx500 club live trading room