Anyway before I post details of a fantastic place to learn how to trade the daily charts I will post this mornings bread and butter trade that pays my bills. A cable long trade for a quick  30 pips. It was just a breakout trade as shown on my chart below.

This was a very straight forward trade, you can see my descending trendline, the moving averages were all pretty close together acting as support below the price, the cci 21 and 63 were crossing from below zero to above, I entered long at 1.6396, my stoploss at 1.6377, I banked 75% at 30 pips profit and will leave the rest on .

Dan Armitage one of the forex mentors / teachers in the www.fx500club.com  had different ideas to me, same trade just a different and deffinately safer entry at the break of the old high at 1.6412. The theory was the same so I am pleased with my analysis.

Ok on to the fantastic daily trade that I found whilst doing my weekend forex trading research.  The link to the thread about how to learn how to trade the longer term timeframes like the daily and weekly is below, just in case you are bored with my ranblings.

http://www.forexfactory.com/showthread.php?t=155459

Strat, the guy that the thread belongs to is a truly amazing forex trader and proved his huge knowledge of the forex markets by taking multiple trades at once and he trades with big money, I cannot remember exactly how much but $100 a pip wouldn’t surprise me. So 100 pips is ten thousand dollars. I have copied and pasted his trades from his thread below. It takes real balls and incredible forex knowledge to take just one of those trades let alone all of them simultaneously.

STRATS TRADES

“AUDJPY entered long above 7/13 hammer/BUOB and cycle bottom
AUDUSD ditto
CHFJPY ditto
EURJPY ditto
NZDJPY ditto
NZDUSD ditto
USDJPY ditto
EURCAD short from 7/1 BEOB on Sunday bar and again below 7/13 BEOB and again below 7/14 bar (broke support)
GBPJPY entered long above BUOB on Sunday bar at cycle bottom and confluence with other JPY pairs
GBPUSD ditto
USDCAD short as per previous post”

I will show you my charts for the aud/jpy trade to explain his entry.

Strat trades many different styles and systems but in order to keep thing simple for novice traders his thread is about how he trades the daily charts using price action at support and resistance using candlestick and pricebar analysis along with moving averages. Strat describes how to use hammers, shooting stars (inverted hammers), and outside bars to signal his entries on the daily charts. There are two types of outside bars he uses, the bearish outside bar / candle ( beob ) and the bullish outside bar / candle (buob ).

The two moving averages that strat uses for his daily chart analysis are the daily 20 ema and the daily 50 sma, he also uses the weekly 20 and 50 moving averages (the daily 100 and 300). Strat refers to the daily charts as the WORKER and the weekly charts as the BOSS. Don’t quote me on any of these technical settings, go and read his thread YOURSELF.

Do yourself a favour and read, read and then re-read his thread, it will make you very wealthy.

Cable Update now over 100 pips in profit from this mornings trade, THANKYOU www.fx500club.com .

Back to Strats charts and his aud/jpy trade from a hammer candle which also happened to be a bullish outside bar (beob) on the daily chart.

As you can see from the daily aud/jpy chart above the verticle red line shows an inside bar on the 12th, an inside bar usually signifys uncertainty, the buyers and sellers are unsure which way to go. The next bar is a hammer, checkout my candlestick analysis videos at this link, http://www.forex-experts.co.uk/acatalog/Candlestick-Videos.html .

A hammer candlstick has a long tail or wick below a short body, this shows that the sellers tried to push the price down and got beaten by the buyers, a very bullish signal when at a strong support level, as you can see at this stage we had three daily bars that had tested the 71.00 level, a triple bottom another strong bullish signal. I dont know exactly where Strat took his long entry but anywhere after the colse of that daily hammer is good at about 72.98, the target would be the descending trendline at about 76.00 300 pips away.

Ok I am going to add my 2 pence worth and show how I should have taken this trade had I been watching the daily charts. It’s based on the 2b. It enables you to get a very tight entry with a very small stoploss, in this case 71.40 with a stoploss at 70.50.

The two red X’s are the most recent tests of the 71.00 level a double bottom , part of the triple bottom i refered to on the daily charts. The red horizontal line is the previous low which represents swing 1 of the 2b setup, the bar that this cuts through represents the trigger bar, once the price moves up and closes above the triggers high we can then enter a long trade.  The initial target for this 2b would be the high of swing 1 at about 73.00. The 2b is a brilliant price reversal pattern that give tight stops and good targets, brilliant for a profitable reward risk ratio, normally 3 or 4 to one.

Strat must have made 1000′s of pips from all those trades he took, that in it’s self is astounding, but what is even more astounding is that he took them all at the same time, true genius and thankyou Strat if you ever read this for taking the time to try to teach others how to trade the daily charts FOR FREE, NO PERSONAL GAIN WHATSOEVER.

I make my charts after every trade I take, I post some to this and other websites and blogs in order to help other learn to trade. It also helps me to improve my trading, so not totally selfless, lol. Onwards and upwards folks, we are here to beat the brokers.

Commission free managed forex accounts Click here to see how Zulutrade do it and take the free trial demo

Click here to join my newsletter and receive information of Zulutraders that I am trading real money with. I will also be providing other useful FREE help and info to aid your profitability and help us all beat the brokers. 

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 join my mailing list where I will be sharing my extensive result from trading with the fx500club and Zulutrade automated trading and other Expert Advisors automated trading systems

Click Here to get a FREE days entry into the fx500 club live trading room

It was a very difficult morning this morning with no clear direction in the currency pairs we normally trade in the www.fx500club.com Live Trading Room Online.

I searched all my charts on the 5  minute timeframe and could only find one possible setup using my bunched moving averages strategy. It was the euro gbp currency pair, the setup was for a possible long trade on the 5 min chart , it didn’t look quite right but I took it anyway because the stoploss was so tiny, just 5 pips away, I closed 75% for a 10 pip profit, the rest got stopped out, but overall a small profit, the risk was worth it.

As mentioned yesterday euro gbp often goes the opposite way to cable so I was well aware that if eur/gbp turned and went south then usd/gbp may well go north. That was where  I bagged most of my pips this morning.

Dan Armitages daily forex roundup in todays www.fx500club.com live trading room said we would need to be patient, with a possible short entry from a breakout trade on cable through the old low of 1.6059 as I was already in eur/gbp long and was half expecting it to turn and go south I didn’t take the cable breakout short.  Instead I waited to see what euro gbp did and then took cable long when it showed signs of hitting support and reversing to go long.

The red X marks the low that Dan in the www.fx500club.com Live Trading Room had said we could trade the breakout through with a tight 10 pip stoploss.  As you can see from the upwards facing red arrow it broke down through 1.6059 then hit suport at 1.6044 I took a chance and went long at 1.6055 with a tiny stop below 1.6044 aiming for 1.6110, it worked.

Dan Armitage and the www.fx500club.com promote high probability forex trading with as little risk to your capital as possible, this was not a trade he called in the fx500 live trading room but with the excellent trading skills of all the forex teachers in the fx 500 live trading room I am certain one of them will have taken this low risk trade as well.

Click Here to get a FREE days entry into the fx500 club live trading room

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

Everything you need to know about trading forex markets from ex professional traders in the live online forex school with the www.fx500club.com all for just £97 per month.

Today is Wednesday July 1st 2009 and I am still holding this trade I took yesterday evening, in fact I have added to the trade after taking some profits and then letting it retrace.

Yesterday morning was a slow start with no clear setups but once the US markets opened the direction became clearer, I took USD / CAD long and usd/ jpy long, both very clear setups using the 15 minute charts , both worth over 100 pips each. Both taken using the www.fx500club.com live online trading school system / strategy.

Put simply the www.fx500club.com strategy is to use moving averages pivot points and price action to identify levels of support and resistance, we then use cci indicators and also price action on the lower time frames to get very precise entry points. Profit target are also determined by previous levels of support and resistance, old highs, pivots, round numbers etc.

My entry for the e/j trade shown in the chart above was 135.17 putting my stoploss below the daily pivot at 134.85,  my first target being the previous high 135.73, I took the trade before the setup was 100 % perfect but the euro was looking strong against the other currencies and the stop was quite small, it represented a good reward risk ratio. When I woke up this morning I had hit my first target so closed half the trade anticipating a retracement, I got it and added back on at 135.60, if all goes well I will keep doing this, taking profits at the highs and adding to the trade on the dips.

The perfect setup came at just after midnight. I have saved the 5 minute chart below to show you the correct entry, notice that all the moving averages are below the price, along with the monthly and daily pivots, they are all acting as support under the price with clear space above, nothing to stop the price going up, lovely.

I am so glad I found Dan Armitage and his live online trading school, the www.fx500club.com, he along with James Boord, Zak Lloyd and Hemal Pandya have transformed my profits from trading forex, the live trading room is also a great place to spend your time whilst waiting for good trading setups, the men and women in the group are becoming great friends, they are from all nationalities and all ages so there is never a dull moment. Who said earning money trading forex wouldn’t be fun.

The best thing is the price of membership to the www.fx500club.com, at just £97 per month you can make that back 10 fold in just one trade.

Click Here to get a FREE days entry into the fx500 club live trading room

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

This trade I took today was a beauty, James Boord was hosting the trading school today and he had pointed out a good few opportunities to trade so we were just waiting for the setups to come to us. 

This usd/chf swissy short trade was my pick of the bunch, I had been long aud/usd all morning so had already banked 40 pips and saw the USD as being the weaker currency today. I entered this swissy short at 1.0846 trading the break below the daily pivot, I was aiming to take some profit at the monthly pivot  at 1.0811 then let the rest run on.

As you can see we use the cci indicators to help us get our entries, I also like to use the stocastics as well.

Nice trade to finish a brilliant week in the www.fx500club.com live trading room.

Click Here to get a FREE days entry into the fx500 club live trading room

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