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Intraday Forex Trading

Saw a nice trend play setting up yesterday and shared it in the forum, but since there was major news coming out, I went in conservatively with 10 lots for a quick punt of 45 ticks.

There is no need for any software or scanner, because all you need are your eyes, and you do not need to track hundreds of products for a good trade. Finding 1 or 2 good trades a day on one product is profitable enough. Do not be greedy because that will backfire. Making consistent profits on one product is better than losing on many products.

breakout play

Spotted a nice breakout play on the USD/JPY around 9.56pm yesterday, and immediately shared it with my students after placing my trades.

90 pips

Had to keep shifting my TP because the trend was simply too strong. Decided to take 1/2 of my 90 pips profits and trail the rest. Best not to be too greedy. I already have my final TP in mind, let’s see how far it can run!

Precision Market Timing

Precision market timing refers to making an entry just as the move is about to start. There is nothing magical about it. It simply involves reading the price action and behaviour of the market.

Precision Market Timing 2

In this case, after I went long at 5.47pm, I knew a breakout was coming soon, and true enough, within 30 seconds, price shot up strongly as shorts took profits and the buyers stepped in.

Since this move was sharp and fast, I already knew where my target exit price was – 1.2776. Although it wasn’t at the exact high, it was close enough for me, as price continued the trend down in the next few bars (not shown).

This setup is known as the BIG Bounce, because it involves taking a position against the trend, hence speed is essential.

What is the BIG Bounce about?

When the mark-up and mark-down campaigns are coming to an end, the BIG Boys will deliberately play up market emotions, triggering a strong climatic move to trap unsuspecting greedy or fearful traders, which the BIG Boys use to offload their positions and take profits. This creates a BIG snapback in the opposite direction as trapped traders cut losses and try to get out.

On Monday, the stock markets were rather quiet, but the forex markets were setting up a nice trend play on the EUR/USD and GBP/USD. This observation was made simply by observing the price action, as I do not believe in using wave counts or esoteric patterns to forecast the future. That is not what real trading is about.

I took large short positions in both currency pairs and shared it in the private discussion forum for our graduates.

Forex Trading

For those new to forex,  1 pip is 1 tick of increment on the forex movement, and for EUR/USD and GBP/USD, it is 10 USD for 1 lot of a contract. For a 50 pip move, it would be calculated as such: 50 pips x 10 USD = 500 USD.
Forex Trading 2

 

Forex Trading 3

Today, after returning from my game of morning tennis, I was delighted to find that my targets have been hit for both pairs. Overall, the trend is still bearish, and I will continue to look for high probability setups.