Hi, here is a copy of this week’s live training session.
I showed how “whole numbers” can be a big help in simplifying your forex trading
I explained that you need to decide what type of trader are you?
Are you aggressive?
Do you prefer to trade with the trend or are you willing to “swing” š
What times of day can you comfortably sit and trade?
The London open?
4 hour charts, daily weekly?
One style does not fit all.
Use the skills and techniques you learn here but “tweak them” to fit your style and mentality.
This year I have been my own worst enemy in some ways.
I am a cautious trader by nature and not prone to take excessive risks.
I was looking at the Euro/Gbp the other day with a private client when I realised that despite all the Brexit chaos, this pair has continued to respect the whole numbers more times than not.
This is characteristic of this pair and there are others like the $/Yen and Chf to name a few more.
Since the turn of the year price on the Euro/Gbp has bounced repeatedly off these levels. As ever I like to add as many reasons as possible, BUT 70% of the time (rough estimate- somebody needs to do a more detailed study) it worked just taking the levels!
The secret is not to be greedy as the daily range is usually less than 50 pips and price often bounces off one level and stop at the next level, like it did last week even if you only traded from a weekly chart!
I showed in the live session how to play it. It will not work all the time of course and the skill will be in where to place the stops. Murphy’s law intraday after the session price spiked through due to some Brexit news!
If you have a topic you would like us to cover in a future live training session or you would like Pierre and I to review your trades or performance, please submit a ticket via the help desk, in advance.
New members, please note: If I am looking to take a trade long, for example, 1.5000, I place my order 10 pips above & 10 pips below for a short. This is because price often does not quite reach a major line and you need to allow for spreads.
We are NOT a ātipping serviceā our aim is to teach you how to trade for yourself.
For more up to the minute, updates do not forget to drop by the forum in Pierreās corner.
Watch the video for more detailed explanations of this weekās detailed analysis and trade plan.
Click on the square button bottom right to watch in full-screen mode
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