A nice breakout on the AUD/USD after the FOMC, combined with a bearish H&S on the H1 charts point to a large move down.
When it comes to intraday trading, quite often the big move can comes from a single currency, and if we time our entry right, the risk can be very small while the profit potential remains large.
In this case, most traders using technical analysis will notice the obvious double top breakdown. However, it does not mean we can jump straight in with a short. Since we know that this is a type 4 range (this part is taught during our training program), we will wait patiently for a pullback before entering.
This enables us to keep risk small, making our intraday trading safe, as we will not see huge fluctuations in our P&L unlike gambling/punting, which lacks the consistency of daily recurring profits.
The first chart we see with the huge complex descending triangle at the top is the weekly chart of Gold, which we were calling for shorts a couple of months ago.
https://synapsetrading.com/gold-our-big-short-trade-of-the-year/
From there, Gold plunged more than $400 (ahh… the ol’ good days of easy money shorting Gold), and subsequently staged a strong rebound of about $200. Based on the price action, we have enough clues to know that the big players will be looking for an opportunity to resume their selling, which could begin anytime they feel that prices have retraced sufficiently.
Now we zoom in to the daily chart, and we noticed that Gold still looks pretty bullish, judging by the lack of any selling pressure… yet. I will be monitoring this closely so that I can find the perfect time to short Gold again. When the time is ripe, I will share with my students. Don’t forget to shore up your capital to get ready for this big short!
For my event on Thursday, I noticed that out of the 70 sign-ups, a few were duplicates, and there might be some last minute cancellations, so after tidying up, there are 2-3 new slots open for grabs. First come first serve. https://www.eventbrite.sg/event/7760228051?ref=ecal
Recently, now that I am moving on into semi-retirement, I started learning golf as a new hobby, as this was a new skill I had always wanted to learn. Although I only had a few lessons so far, I was amazed at how similar the mental game and psychology aspect is to trading.
Firstly, besides the skills and technique, both require a calm and focused state of mind to make decisions and perfect the execution. Next, with more practice, you have to “forget” what you have learnt, and trust your instincts to execute a perfect shot, once you have a vision of it in your mind’s eye.
Just like trading, it will take effort and discipline, but the rewards are definitely worth it because I would have learnt a new lifelong skill. This is the same reason why many people have chosen to learn the real skills of trading, and turn away from gambling/punting penny stocks, because they have been burnt before, and now want to learn trading the right way, to make consistent daily profits in forex or invest in stocks.
Although it will be harder for them to unlearn the bad habits, it is better late then never, because even if you keep doing something wrong for many years, it is not experience, it is just foolishness, because you would have wasted your time. That is why when I decided to learn golf, I decided to engage a professional coach, instead of trying to pick it up from books or trying to figure out the game on my own.
Justin Han (Professional Golfer)
Made some trades while resting and sent out alerts
Doing some intraday forex trades to make my 35 daily pips
Overall, this was a great experience, and I am excited to embark on this journey to learn a new skill, while continuing to hone my trading skills and coach others who wish to trade the same way I do, imparting real trading skills and strategies for them to trade forex and invest in stocks. All the best, and have a great weekend!
Most people think that trading is like gambling and staring at the screen the whole day hoping for a quick punt or a sudden windfall from penny stocks. This cannot be further from the truth.
After speaking to many successful traders, we secretly confide to one another how boring trading really is, and we have to find ways to kill time, such as taking up hobbies or by teaching others.
The truth is that once you learn to read the charts and use simple setups, it is not hard to profit consistently from the markets, and once you make an entry, all you need to do is switch off your screen and wait for the trade to play out, and you can carry on working, travelling, or go to sleep.
Here are some ways you can trade while working, travelling, or sleeping:
- Using technology like your mobile phones, iPads, laptops, etc
https://synapsetrading.com/audusd-82-pips-profit-from-poolside-trading/ - A simple and fast technique for analysis (perfect for busy people)
https://synapsetrading.com/15-seconds-chart-analysis-1268-in-2-simple-trades/ - Versatile strategies – Choice of forex trading or stocks investing
https://synapsetrading.com/vard-holdings-historical-lows/
There is still a lot more to share, which I will be doing in my next free trading workshop next Thursday, including what trading strategies to use, and our recent blockbuster trades, such as Vard Holdings, and the new 35 Pips Daily Forex Challenge. If you are interested to trade part time or full time, this might just be what you have been looking for!
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