Have you ever wanted access to the live streaming Forex news feeds the the big-boy traders use? Unfortunately people like me and you cannot afford to pay several thousand dollars each month to Reuters or Bloomberg for live news feeds. That is where companies like talking-forex.com come in. For a tiny fee they deliver via a voice feed and a written feed the latest Forex specific financial news.
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Forex Tips – Advanced Master Candle Trading
Posted by Nick 11Over the past few months my trading has been evolving. I have started looking away from simple S+R line trading and looking more at candles. Don’t get me wrong S+R lines still make up a big part of my trading but they have taken a back seat to candle patterns.
This is because I have been delving into price action analysis. This is the analysis of the movement of price as it is happening. The major benefits of price action analysis are:
- It isn’t lagging. You trade based on what is happening right this second.
- You can adapt to changing market conditions quickly.
- You can trade at pretty much any time.
The main forms of price action analysis I am using are reversal trading and master candles (MCs).
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Forex Tips: Online Broker Reviews Suck
Posted by Nick 33Have you ever posted a review for a Forex broker, product or site?
There are heaps of Forex review sites out there that allow any user to post reviews. From the big boys like ForexPeaceArmy.com to the smaller guys like ReviewPips.com and ForexReviews.com. These review sites can be pretty useful when it comes to buying Forex products. However, if you’re looking for broker reviews these sites are worse than useless!
It is not the websites fault, for the most part the review sites themselves are unbiased. However, many of the users who leave reviews are biased or just idiots.
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Forex Tips: Entering Breakout Trades
Posted by Nick 29Ever since I opened Forex4Noobs.com people have been asking me how I know when to enter a line break. This is because I do not enter all scalp/constant line breaks. Sometimes I do not enter simply because the trade doesn’t look right!
So naturally newbie traders are curious as to why I sometimes do not take bad trades. And when they ask me I always say I know because of “intuition based on years of experience”. Just like a seasoned cop can spot suspicious behavior in a person I or you couldn’t. The cop has intuition based on years of experience.
However, I believe I have finally figured out a way to better explain this. Hopefully you guys find these Forex tips useful. It may sound silly to start with but stick with me here.
Imagine a stampeded of bulls rushing through a large empty field.
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This Weeks Trades For Noobs
Posted by Nick 16Hope you caught the 155.70 scalp line trade on GBP/JPY that I blogged about at the start of the week. However, there were two more trades this week that together made a minimum of 100 pips.
Reversal Trade
If you have read the free e-Book then you should know how to trade reversals. I traded this one live, in the chat room. It was a great little trade and it made me 50 pips. Let’s dissect it for all you newbies who haven’t done much NickB reversal trading. I won’t explain the basics as you can find them in the Forex Trading Strategy section:
As you can see, we had a very strong bullish move that broke our scalp line and made us 50 pips. As soon as the rallying bullish candle closed, we had a reversal candle close and bounce off the high of a previous candle. The next candle was a reversal candle too. This looked like a very strong possible reversal for a few reasons:
1. The reversal candle did not make a new high past the previous candle. It is always good when the reversal candles does not move higher than the previous candle (or lower if it’s a bullish reversal).
2. The second reversal candle closed with a bearish body and again did not move higher than the previous candle.
The lower highs suggested to me that the bulls were losing power. The bearish body of the second reversal candle came close to confirming that loss of power.
The next step was to pick a line to trigger the trade. This was easy as I picked the low of the first reversal candle. I always look for a minor (sometimes a very minor) S+R line as a trigger. This just confirms in my mind that it is a real reversal. The fact that the bears manage to break this minor lines tells me that they really have taken control. This trade was quite easy and it was over in 20 min.
Entry was 158.25 and, because it was triggered in the slow moving Asian session, I made my target 50 pips. I always lower my targets in the Asian session. Reversal trades taken in the London session I target up to 100 pips.
Yearly High + Scalp Line
This one was really easy and, even though I did not blog, it you should have got this one. The 159.20 line was a yearly, high scalp line just like the 155.70 line we had earlier in the week. The 159.20 line was stronger though, as it had two bounces. Check it out:
The break of this line created a very nice bullish rally. I missed this trade since I was asleep, but I would have targeted 50 pips on this one. Just a simple line break. I have shown how to trade these in the Forex Trading Strategy section.
This was a very easy trade, yearly high + scalp line + master candle. If you didn’t see this line YOU NEED PRACTICE!
If you caught this trade leave a comment on the blog!
155.70 Successful Break
Posted by Nick 37Hey Guys,
Did you get in on the 155.70 break? It was a great trade and it hit profit really fast. Unfortunately I missed the trade.
Leave a comment and let me know how you went.
GBP/JPY Weekly Analysis (Wk Strt May/31/09)
Posted by Nick 15Hey Guys,
I won’t bother with the video analysis as we only have one new line and honestly it’s Sunday….. I want to relax.
:ebook:
These are all scalp lines therefore the target and stop for all of them is 50 pips.
1. Long @ 155.70 – average line
This line formed last week. Rather, this line sort of formed. It is not a proper scalp as it has no retrace. However, it is a yearly high so I will be trading.
I will trade this one with caution though as it has no retrace, therefore if the scalp line had not formed as a yearly high, I would not have intended to trade it.
2. Short @ 142.95 – strong line
This line formed the week before last, on the failed line break of the 143.30 and it is a pretty good line.
The price has moved quite a decent distance away from it so it has gained quite a bit of strength, in my eyes. Watch out though this area has proven to be very tough to break through. I will exercise extreme caution with this trade.
3. Short @ 139.00 – strong line
This is a very good line that formed a few weeks ago.
4. Other lines
Last week’s shorts are all still active but they are so far away, I will not include them in the analysis this week. If the price heads back down to that area please refer to last weeks analysis for those lines.
As usual, other lines are likely to form during the week, so keep an eye out. I will update the analysis if any new lines form.
GFT Has a Cool New iPhone App
Posted by Nick 14Hey guys,
As most of you probably know, GFT is my favorite broker and I do most of my trading with them. GFT has just released this cool iPhone application.
The application has real time quotes for all the major pairs. It also has:
- Oil and gold quotes (cool because I am now starting to trade oil) and also U.S, Euro, Asian equity and bond markets.
- Great Charts
- An Economic Calendar that is updated very fast when figures are released.
I just grabbed this application on Thursday and I am loving it. If you have an iPhone get this application. In my opinion, it is essential for any trader.
Visit GFT by clicking here
151.55 Successful Break
Posted by Nick 46Hey Guys,
Did you get in on the 151.55 break? It was a great little trade hitting profit in under 20 min. I grabbed 64 pips on this one as it was moving fast so I stayed in to grab more pips.
Leave a comment and let me know how you went.
GBP/JPY Weekly Analysis (Wk Strt May/24/09)
Posted by Nick 17Hey Guys,
Last week was not bad but not great either. We had a win and a loss. The last line break happened so close to end of the week that it was not a trade. I never take trades a few candles before market close.
As for the loss it was not as bad as a normal loss. Since it happened so close to the start of the week I was being very cautious and closed it out with -30 pips. The win was worth +63 pips. So all in all I came out on top.
Sorry I did no update the blog I was way too busy with the blitz and on top of that I am running Forex4Noobs from a USB dongle modem which is unbelievably slow. Again I am doing written analysis as this connection cannot handle uploading a video. I get my broadband on Thursday though!
MONDAY IS A BANK HOLIDAY FOR BOTH THE U.S. and the U.K. SO I WONT BE TRADING UNTIL TUESDAY
These are all scalp lines therefore the target and stop for all of them is 50 pips.
1. Long @ 151.55 – strong line
This is an awesome line. We can see a strong move up from the 135.60 area followed by a strong reversal at our line. This formed a great little scalp line. I will be targeting 50 pips on a break of this line with a 50 pip stop loss. This line has been around for weeks though so be on the lookout for fake breaks. I will be watching this one like a hawk.
2. Short @ 142.95 – strong line
This line formed last week on the failed line break of the 143.30 and it is a pretty good line. The price has moved quite a decent distance away from it so it has gained quite a bit of strength in my eyes. Watch out though this area has proven to be very tough to break through. I will exercise extreme caution with this trade.
3. Short @ 139.00 – strong line
This is a very good line that formed a few weeks ago.
4. Short @ 135.60 – average line
This is a pretty good line but it is over 1000 pips away so I wouldn’t look for it to be broken this week. However, if it is I will be targeting 50 pips on a break of this line with a 50 pip stop loss.
5. Short @ 131.40 – average line
Again this is a pretty good line but it is far away so I wouldn’t look for it to be broken this week. However, if it is I will be targeting 50 pips on a break of this line with a 50 pip stop loss.
6. Other lines
As usual other lines are likely to form during the week so keep an eye out. I will update the analysis if any new lines form.
Some good news: The price has been down in this area for a while and as far as I can see some decent support and resistance lines are beginning to form. I will be reintroducing S+R lines into my trading next weeks.
