Based on price action i would say now is a goo time to exit. Current level is about 198.15 and the trade was worth 80-100 pips. I will release a trade update vid for this trade tomorrow.
GBP/JPY trade from the weekly analysis
Posted by Nick 3I hope some of you guys caught this trade. I released the weekly analysis about 1 hour before the trade was triggered. I said I would aim for 50 pips on the first half, move my stop to B/E and try to target more. I would now move my S/L up and lock in 100 pips on this second half. It is at the 198.30 (another S+R line) so it will probably have trouble breaking.
As for the 198.30 S+R line, because of the large retrace we saw when it crossed it on the way down the line IS NOT A TRADE.
So if you are in with the second half your stop should now be around 197.70
Forex Education: Weekly analysis for week starting 16th March 2008
Posted by Nick 2Hi guys,
After a great start to the week the market was left in disarray, in my opinion it is dangerous trading immediately after big moves. The market become unpredictable, sometimes you see immediate reversals, sometimes the moves not over, and other time it just begins to range. Not begin sure which scenario we would see I was apprehensive about doing any weekly analysis. Now that the market has calmed down and started ranging (best case scenario) I have been able to do some analysis. I want to get this out quick so enough writing, watch the video!
NOTE: I will not really enter either of these trades as I target 100 pips per week and I have already reached my target for this week. When i say ‘I will enter’ here I am talking hypothetically. If I has not reached my 100 target yet I would definitely enter these trades!
Forex Education: No weekly analysis yet for this week
Posted by Nick 9Hey guys,
There is now weekly analysis yet for this week, and no it’s not because I am too lazy to do it. When the market moves a lot it becomes tough to pick some good levels. For example 192.60 is looking good but if it breaks through it too soon I probably wont enter. I need the market to calm down a little before I do the weekly analysis. From next week onwards I will be doing the weekly analysis on Saturdays/Sundays as opposed to Monday. This way when the market is open the analysis is already done.
As soon as the market comes down i will make an analysis video. For now I have included a video explaining everything that said in this post but you can see my chart so you can see the new lines I have place. Obviously the price has moved down so seeing these new lines will be helpful if you are trading S+R lines.
Good luck this week.
Forex Education: Weekly wrap-up for week starting 9th March
Posted by Nick 3Hey guys,
Last week did not work out as planned. We only had a single trader triggered and it hit the 70-80 pip stop loss. Can’t win them all though, I average about 8 wins for every 10 trades so I expect to lose 2 out of every 10 trades. I think my average may be a little closer to 9 out of 10 this year though as losses have been far and few between.
Anyway better luck this week, I am already finished trading for the week and i collected about 1 months worth of pips!
How did you go last week? and how have you done so far this week?
Forex education: Weekly analysis for week starting 9th March 2008
Posted by Nick 14Hey guys,
It’s the start of a new week of pip making again and it looks like it could be an interesting week. We have a new 2 year low at 203.44 which should make for a great short if broken. A lot of the times these significant highs and lows cause quite a bit of movement when broken so hopefully it heads down there. On the bullish side we have two lines a scalp at 208.00 and a normal trade on the break of the 208.80 resistance line.
Remember though, I cannot predict candle formations and there are always trades to be had based on candle patterns. Be it a reversal pattern or a candle that creates a new scalp line trades can form during the week. So keep your eyes open for those trades.
Check out the video below for detailed analysis.
Also Forex 4 Noobs is getting a face lift. I know I do minor site changes every other week but all in all the site has remained the same. This time I am doing a complete overhaul and it will look like a completely different site. It will look much more modern and much sexier.
Good luck this week!
Forex education: Weekly wrap-up for week starting 2nd March 2008
Posted by Nick 11Hi guys,
We had four profitable trades this week worth between 150-200 pips. There is not much else to say it was a great week check out the video below for a full wrap-up.
Oh, one more thing 428 video views and only 10 comments DON’T BE LAZY!
Forex Education Q&A: Get Rich quick
Posted by Nick 12Hi guys,
I have decided to do some videos in which I answer traders questions. All these questions are taken from questions emailed to me. What I will be doing is picking some common questions and answering them in video.
Question: Hi, I spoke to a trader yesterday who offered to teach me how to trade for $2,000. He said that he can turn $1,000 into $50,000 in just two weeks and he seems to be a really good trader. He even showed me his statements as proof. Do you think I should pay him to learn?
Answer: In the video below
Forex education: Weekly analysis for week starting 2nd March 2008
Posted by Nick 9Hey guys,
Had a few issues with my mic and had to buy a new temporary cheap one until the one I ordered comes in. You may notice some distortion with this mic as the quality is not that great.
As for the trades we have two lines this week, the 207.00 is still good for a long and the newly formed 203.44 for a short. Check out the video for the more detailed analysis.
GBP/JPY 204.70 break trade
Posted by Nick 5Hey guys,
Even if I got the analysis out on time it would have been way too late for this amazing trade. The first candle of the week caused a short break of the 204.70 line and we got a nice 100 pip move from the break.
If you look back to the weekly analysis for week starting 10th of Feb 08 I mentioned I would enter a short on a break of the line. Obviously that trade never happened until now. So this trade was a little delayed but it was good.
I close my 1st half with about 100 pips and the 2nd is still open in the trade. It is reversing now so i will keep a close eye on it and see how it goes. Either way is is a great start tot he week.
If you took this trade levae a comment, I am hoping atleast some people took it.
