To be honest, I don’t really know, but the chart told me that it was going to crash, so I just had to trust that something bad was coming up soon. Just like the case of Olam. The reasons will come later, but it would be too late to act by then.
Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.
The USD/CHF range play I suggested yesterday has hit the TP, and that range is over 45 ticks wide. Note what happened after I posted the short signal in the forum, as indicated by the red circle.
I was short EUR/USD and GBP/USD since yesterday, as mentioned in my previous post. As there was a slew of economic data and talks today, these currencies were more volatile than usual.
Unfortunately, because of the long wait during the day, I took out my profits too early when the actual move started, and it was a pity because I could easily have made a few thousand dollars more if I have the patience to wait a little longer.
I will continue to refine my setups and improve on my trading psychology. Even though I have been trading for many years, there is always still room for improvement.
Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.
https://synapsetrading.com/wp-content/uploads/2019/10/logo.jpg00Spencer Lihttps://synapsetrading.com/wp-content/uploads/2019/10/logo.jpgSpencer Li2012-12-07 04:33:532022-03-07 18:02:02Intraday Forex Trading | Exciting Day of News – Sharp Plunge in the EUR/USD and GBP/USD
Chancellor of the Exchequer George Osbourne delivers his autumn economic startement in the House of Commons in London. This caused the GBP/USD to trade in a tight range most of the day. Will update more on this trade over the next few days.
This morning I saw a great short opportunity in Gold, unfortunately I ended up taking profit too early, and only made 3.2k when i could have made 5k+. On hindsight, I should have stuck with my original TP.
Later that night, I went long again at the bottom using the counter-trend fade (one of the 7 price action setups taught during the program), and made 2k in less than 15 minutes. This win was partly luck, because usually it takes longer for the trade to work out.
I have placed a limit buy order to go long again, gong to sleep now.
Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.
Looking at the “Trade Ideas” whiteboard at the centre of the trading arcade, I have updated the key directions for the day. The strongest currencies were AUD and JPY (missed out NZD), while the weakest was Gold. Note that this was updated at 2.30pm, before the major moves in these currencies actually occured later on.
I did a couple of swing trades using some of the trend plays and breakout plays, but my best trade for the day was gold. Looking at the chart above, I managed to catch the turning point just before the plunge.
Overall, today was a pretty good day, since I did not have any losing trades. I also came to a realisation that the stoploss and targets were only guides, and not an excuse to delay action. For example, the SL is only a last resort, the worst-case scenario, not an excuse not to admit you are wrong. “Take a loss when you want to, not when you have to.”
Notice that all the calls on the “trade ideas” whiteboard are spot-on. I have shared in the forum and we have placed our trades for tonight, let’s watch if the GBP/USD trades lower the next few days.
Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.
https://synapsetrading.com/wp-content/uploads/2019/10/logo.jpg00Spencer Lihttps://synapsetrading.com/wp-content/uploads/2019/10/logo.jpgSpencer Li2012-12-05 01:07:582022-03-09 16:40:03Forex & Gold – Easy Profits in a BIG Swing Day
A quick follow-up from yesterday on the short trade I mentioned in my previous post. I shorted after the spike up once I saw weakness in the price behaviour. It was evident to me even without any indicators. Currently, it is 43 ticks in the money with 10 lots, which is roughly SGD 5,000+ in one night.
One good trade a day is more than sufficient for a good trader, the question is whether you have the skills required to find that one good trade a day by reading the charts. What is the point of having a scanner that spits out 10 “good picks” a day when you only have the time and resources to make one or two trades a day?
Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.
