Forex Trading Tips

www.ForexCoachingPros.com http Stephen Story (FX Trader, Author, and Coach) gives tips and advice regarding what kind of broker the beginning Forex trader should employ.

www.ForexCoachingPros.com http Stephen Story (Trader, Coach, Author) explains three critical phases that a Forex trader must pass through to be successful.

Considering the Holiday week we are currently within, it should not be a surprise how we find ourselves in a relatively ‘thin’ trading market. Certainly most of the big money is sidelined right now as people spend time with their families, as they should. With this in mind it is not unwise advice to protect your profits perhaps a little more aggressively than normal, and not necessarily expect incredible trend swings during the majority of this week. Opening the London session today we found ourselves in a small identifiable price trap that wicked through the top of the trap just before the London open. After a rather violent 50 pip drop after the high price bounced hard off of the 1.4800 area. In this video I highlight how from this point we put together a trade plan with a fairly high probability of success for what resulted in a 60′ish pip trade. Not a steamroller thats fro sure, but in a thin market 50 pips here 60 pips there is what it’s all about.

Happy Holidays!!

FXBootcamp London Currency Coach-
Christian Stephens

EUR/USD had a tremendous continuation after the FOMC announcement during yesterday’s NY afternoon trading. So here we are yet again, finding ourselves opening the London session at major long term resistance for the EUR/USD. 50% Fibonacci retracement long term from the 1.60’s high, Daily 200 ema, ripe for a pullback. However, since this most recent uptrend(or long term pullback depending how you look at it)has been controlled mainly by longer term charts, any drop/pullback off the daily could be very difficult to time and manage profits on say a 15m, or hourly chart. While there were several entry opportunities throughout the night on the pair, most of which ended up in minor profit, or break even, in this video we highlight one attempt using a lower high/possible 1 2 3 reversal pattenr setup to clue us into the shorter term charts for a trade plan. This plan ultimately netted around 50-60 pips depending on exit strategy. Also, once profit was taken, it allowed one to leave a ‘peice on the table’ for what could later be a much deeper pullback. If all this sounds like too much work, well, welcome to countertrending my friend, never a dull moment and constantly fighting with where to take profits etc. But again, it was the cards we were dealt for London. All British Pound pairings turned out to be the currency pairs to play with last night, nonetheless I think it important to show how we tried to ’stick a short’ on the EUR/USD last night, while limiting risk.

FXBootcamp London Currency Coach-
Christian Stephens