Losing Trade AUD/USD

Aud/usd .....LOSING TRADE

Entry 92.86 , break of a bullish flag ,trading what I thought might be a continuation move higher, after the 30 minutes of the trade not going anywhere ,I decided to close the trade for a -5 pip loss thus preventing  a stop out which by the way happened minutes later ,reviewing my trade ,there was definitely an earlier entry that I could have looked at entering on the 50% retracement level forming support ,that would have at least got me into an positive position looking for a continuation break higher ,exposing the markets money ,but like always, hindsight is always profitable . Taking in a bit of knowledge that Richard gave me this morning ,if the trade is not going anywhere get out ..thanks Richard ,your advice saved me money lol

Great Privilege

I would like take a moment and thank a fellow trader for his time he took this morning with me , Richard Estrada to go through an in depth currency analysis of the euro futures for me and help me on my quest to become a professional trader ,Richard himself is a professional trader I think he mentioned that he has been trading professionally on his own managing accounts for 10 years ,I have to say that the time Richard took to explain and go through the analysis with me was amazing ,there was no catch, there was no obligation to any product what so ever ,his insight and clarity and the way that he approached the analysis was simply mind blowing , I have been trading for 2 years but when you meet and chat to traders like Richard , you realize that there is still so much to learn.That is what professional traders are mad up of .

I  would like to post an article he wrote .........I do realize that I only have 2 followers but trust me when I say that an  avalanche starts with the rolling of the first snow flake,and I hope that any future followers who are serious about trading visit his site and have a chance to speak and chat to him.

Currency Futures Trading Having a Battle Plan

Posted by: Richard Estrada  //  Category: Euro USD Futures

When you step into the currency futures market are you executing from an offensive plan of attack or are you trading based on the current price action? Think of you yourself as a combat soldier for a moment. Are you entering the battle zone with an idea of where the enemy is and how you might engage the enemy, or do feel like you’re being ambushed by the enemy?

If you feel the market is ambushing you, than maybe you’re not thinking ahead. Remember, for me trading is about trying to anticipate where the market might be and how I might engage the market at some point in the future. Think again like a combat soldier. You get intelligence from superiors on where you think the enemy is or will be, and then as a leader of your unit you create a plan on how you want to engage the enemy.

Currency Futures Trading is similar in my opinion and this why. As a currency trader you want to anticipate the market and create contingencies on potential market movement. Here is an example of a report I wrote for Monday September 14, 2009, which could be considered intelligence and should not be construed as a way to engage the enemy (trade triggers).

“If a currency trader want to be short the Japanese Yen then a break below the 24-bar moving average (blue) on the 60-minute chart could trigger a short position. In this scenario a currency trader is looking for the Japanese Yen to pull back to the 5-day moving average (1.0940). If the Japanese Yen were to run back through the 24-bar moving average by x amount ticks, then this could be a cue to abandon the short position.”

Remember, if you are thinking like a combat soldier, then this briefing (currency technical report) on the potential enemy whereabouts is in my opinion very valuable. Let’s take a look at the battlefield (see 60-minute chart below).

This chart shows a break below the 24-bar moving average (blue), which was a battle scenario I created the day before. How a currency trader enters the market based on the intelligence comes down to personal preference. Now, let’s take a closer look at the Japanese Yen by assessing the 5-minute chart (below).

Again, you can see where the price went through the 24-bar moving average and how it held below the average on a retest of the average hours later. Also notice that the 5-day moving average is still well below the price of the Japanese Yen. Thought the closing price of 1.1003 today and a projected opening price around the same price as the close would put the 5-day moving average somewhere near 1.0963, which is very close proximity to the low of Monday’s Action (1.0979).

To get tomorrow’s intelligence report, simply request the Free Currency Futures Trading Report. If you want live analysis, simply request to join me in the Trading War Room.

Thanks again and I look forward to your comments, suggestions and or questions.

Please visit his site, I do highly recommend it ...I do urge you to get into contact with him but only if you are serious about trading and becoming a professional trade as the time he takes and the insight he has to share is amazing and time consuming ,and as we all know the market waits for no man ,so please only if you are serious about trading.
I am going to copy this blog to Richard and hopefully he approves ......... and allows me to post this on my blog ...if not please be aware that it will be removed promptly
www.currencyfuturestrading.org

My 1000000 Dollar Challenge

Hi There Guys
what a start to a week ....Monday was a bank holiday for us in South Africa ,so nothing much happened and Tuesday was just a total waste of time ....didn't get round to trading at all .
But today has been an eventful day so far on the market for me I have traded 2 trades on the GBP/USD both successful trades ,one had the potential of turning bad ,but t6hats why I stress the importance of moving the stop up to break even as soon as possible especially when you are not sure of the markets nature .
Both trades ...traded were break out trades the fist trade my entry was 1.5265 .closed half my position at 20 point (pip) profit and moved my stop to break even where in half the time it took me to look move my stop to break even I was stopped out

My 2nd trade was an entry at 1.5225 short from a break out trade of a trend line .....closed half my position at 20 point profit again ,currently my stop is at at break even and still trading, I expect support to come in at 1.5180 lets see if it breaks through that level .if it break through that level 1.5149 support may be seen , remember we can can only interpret what is happening ...nothing is for sure

By Viewing any material or using the information within this site you agree that this is general education material and you will not hold anybody responsible for loss or damages resulting from the content provided here by My challenge blog or any of the forum members Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.

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