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This week, we took some forex short positions on the Yen crosses, and soon after we took half profits on our positions, locking in US$654.75 in one day of trading!

Just in time to cover the costs of my next trip, which I will be revealing soon in  my next post! Stay tuned! 😀

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Last week, during my army ICT (in-camp training), I made some trades via my mobile phone, while supporting my students in the Forex Live Chat group, and I managed to make a neat profit of $4500 over 4 days.

Here are the transparent results and trade records:

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If you are keen to get the same results, drop by for my free seminar to learn some of my trading secrets! https://synapsetrading.com/events/training-workshops/

As mentioned in my previous post, I stuck to my trading plan for the day, which was to stick with the trend until I spot the reversal pivotal points. I went long on the EUR/USD in the early part of the day, netting about $3,000. I got out a bit too early, as the price behaviour did not feel right.

I went for dinner and waited for the right moment until I could be certain of the reversal turning point, then I struck without hesitation. I shorted EUR/USD, EUR/JPY and GBP/JPY, making about $4,000 in less than 30 mins.

Since there was no more news for the day, I decided to call it an early night.

Note to Mentoring Program Graduates:
Whether you are trading forex or stocks, the setups are almost the same. I tend to post more forex setups because they occur more frequently on an intraday basis, while stocks tend to move slower. Study the forex chart setups I post in the forum to get a better understanding of how to identify them on the stock charts.

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? 

 

While most currencies exhibited a risk-on bullishness, the STI was experiencing intraday distribution (refer to top chart). This is in line with my forecast for the week, and I am expecting some profit-taking from the big players. My short call on Noble should be hitting its target soon, probably this week.

I started off the day with two big winners riding long on the EUR/USD and GBP/USD. I also wanted to short EUR/JPY and GBP/JPY, but a bullish spike when Spain requested for aid negated the setup. Instead, I shorted EUR/JPY after the spike. Let’s see how it turns out tomorrow.

Today, as I was looking through some of my previous trades, I realised that I could greatly improve my results by exiting trades once I knew they were wrong instead of waiting for them to hit my stoploss. Of course, this will require some judgment, but there are some simple guidelines which be easily applied. I will share more in my next seminar.