Forex education: Trade Updates for week starting Feb 10

Posted by Nick 7 Comments

Hey guys,

Wow what a week, non-stop trades! There have been 5 trades and the week is not over yet. Some of the trades are hard to call and since I wont get back into my full time trading until April I am not 100% sure how they went. From the traders I talk to it seems like a few made profit, a few took a losses but overall most seemed to make profit.

In the video below I go through each of the 5 trades this week, the video goes for 15 min so you might want to pause it and give it 3 or 4 min to fully download before playing. Hope you made some pips this week, oh and leave comments.

Tags: forex, forex analysis, forex profit, forex trading, forex trading education, free forex education, free forex signals, gbp/jpy, trade update, weekly analysis

JeffNLisa

I had the line at 209.87 and set an alert at 209.65. It was about 4 in the morning or so when the alarm went off. I watched it a moment, and when price was about 209.92 on EFX board, I got in long with a 20-pip trail. And it only went up about 1 pip from there, and then stopped me out. Price fell 47 pips before turning and heading back up. In the morning I saw two things: 1) Price did go ahead and go back up over 100 pips, and would have been a good trade; and 2) On the MT4 chart, price only hit 209.86; it did not actually hit my target before falling the 47 pips.

I am not sure what lessons to take from it, other than that with different brokers the prices do vary (which I knew already), and sometimes you just make it while other times you just miss.

In this analysis Nick you say that you just really shouldn’t use a 20-pip stop, even on a scalp. But you do suggest 30.

If you will share your experience here, should I have
A) used a 50 pip stop for a scalp?
B) targeted 70-100 with that size stop (I realize that a 70-100 target was not indicated by a scalp line, even though it did go that far)
C) waited a few more pips past the target for entry, since I realize that different brokers prices vary (which would have had me stay out for about half hour, and then gotten in when it really went up)?
D) realized that I did nothing wrong and you just lose one every now and then?

I will appreciate any feedback.

We were in Vegas when this happened, and I did not trade any more after that, so this is the only one I got in on. Still, this update has taought me a couple of extra things.

Thnak you as always for your continued posting of these analyses and updates.

Jeff
Wes

Hi Nick,

Thank you so much for this blog and all that you do to help us out. I did three trades so far this week for an average of 30 pips profit each. I like the way you teach forex. It’s down to earth and easy to understand.

Thanks again,
Wes
Wes

Hi Jeff,

In case Nick isn’t able to answer your questions, I’ll give it a shot based on what I’ve learned from him. On a scalp you should be targeting around 30 to 50 pips and I believe he would say to have your stop loss match your target. I personally don’t like trailing stops because the gbp/jpy has so much movement and they can easily be triggered. As far as waiting up to enter the trade goes, you could have placed a limit order that would have triggered a buy once your entry price was reached and if you needed to sleep some more, you could have placed a take profit line for 30 or 50 pips along with a stop loss line for 30 to 50 pips. That’s my two cents. I wish you much success.

Wes
http://www.eltonforex.blogspot.com Syres

Great, Nick!

I think a lot of people took the trades you were talking about in this video. The only trades that I personally didn’t take were the ones that happened when I was at work or when I was not really sure about a trade. It’s been a relaxing week for me I see things from a different angle after looking into myself and why I hadn’t been profitable so far.

It’s very good that you do the analysis, so that we all can look back at week and have a comment on the trades. I really feel like a student now hehehehe.
MiForexTrader

Hello Nick,

I posted my trading results in the forum at http://www.forex4noobs.com. I have a total of 164 pips (per lot) for the week & 267 (per lot) for the month of February 2008.

It was a good week. I learn more and more from your posts, podcasts and video course every day!

Regards,

MiForexTrader
Scott

Nick,

Thanks for your analysis.

Why are you not trading full time until April?

Scott
admin

I am not trading until April because I have other business to attend to. I am not only a Forex trader I am an entrepreneur and I am opening two new businesses in the next 3 months.