On Daily, looks like the bulls may get hammered. Time to get short again. For me. image

EURUSD only

Still watching. I see an inverse H&S on 4 hour chart but I only want to trade short so I will wait. Based on my estimates, I will be looking for first entry short in the 1.2030 area. So maybe middle to end of next week. Of course I may be wrong and ...

EURUSD only

Stopped out for loss Was a good run down but looks bad for shorts ATM. I will wait for next short signal as USD not going to weaken, just a breather.

EURUSD only

Nope, nothing in this number. Stay short now until 1.1716 area. That is where the next bounce may be. A good place for stops for is now the 1.1923 area.

EURUSD only

Nice rules you have for you. I am stating my rules to help new traders or the "Almost There" traders to use it if it works for them. Some of my rules don't apply or may not work for others. I also like to post my rules for me. I read them every ...

Can YOU make money as a professional trader - Redux

My mother used to say "Strike while the iron is hot". She was a farm girl and was talking about shoeing horses. And it is a good philosophy. But trading is very strenuous activity with staring at screen, keeping emotions in check, following your ...

Can YOU make money as a professional trader - Redux

I almost always add to losers and winners but I will explain this later in my rule on entries and exits. I have very similar rules for losing days, get out of the market, out of the markets completely if I am off my game. We will have losing days, ...

Can YOU make money as a professional trader - Redux

Is this one of your normal strategies and did you follow your rules? None of my strategies involve carry trade as years ago I watched an old chap struggle to build a winning strategy for years before he disappeared. You could almost feel the panic ...

Can YOU make money as a professional trader - Redux

Rule # 4 Run your own race at your own pace. Already there has been some discussion in here about different trading ideas. Trading sessions that work, adding to losing positions, trading for a target vs keep trading while you are hot. In this rule, ...

Can YOU make money as a professional trader - Redux

I had my bid price at 1.1913. The ask touched 1.1913. Missed it by the spread. Bummer. Cancelled orders now, will wait for FedSpeak to see if any action. Most likely scenario for me is close up shop for the weekend.

EURUSD only

Got to the fib. So now we wait for it to come back down to retest 1.1913 and we try a small scalp long. Hard stop or soft stop if it gets under 1.1900. This is just and exploration buy, not a buy and hold on. Test to see if it will hold the fib, or, ...

EURUSD only

I don't trade London because it is sleeping time for me and each session has it's own character and way to trade it successfully. For me I trade the end of London and beginning of NY and find I can make enough pips with regular sleep schedule. ...

Can YOU make money as a professional trader - Redux

Rule # 3 Keep an attitude of success. If you have been on trading forums, there is always someone who says you cannot make a living as a trader because the markets are rigged. Turn that statement around with a double negative - You could not make ...

Can YOU make money as a professional trader - Redux

Rule # 2 Try to avoid risk. I say "try to avoid risk" because there is no getting around this completely as a trader. Once you put a trade on, you are at risk of losing more money than you invested. Black swan events occur and there is no way to ...

Can YOU make money as a professional trader - Redux

Rule # 1 Work when you are supposed to work. Play in the chat rooms only when you don't have to work. The date is May 3, 2018. The time is 1:15pm New York time. I am posting this now because I am waiting for the NFP report tomorrow and not working. ...

Can YOU make money as a professional trader - Redux

First off, some housekeeping. Let's face the facts before we get too excited and start counting are millions. 80% of new businesses fail in first 18 months 90% of new businesses fail in first 5 years and according to Inc. magazine, 96% fail within ...

Can YOU make money as a professional trader - Redux

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Can YOU make money as a trader?

Like really like this area. If I pull a fib, 1.1913 comes in right around the neckline. I may close out shorts in this area and shut down until NFP if the movers push it down a little more. Moving forward, the markets have 2 rates hikes are already ...

EURUSD only

Should find some support in the 1.1924 area as this is the neckline for the inverse H&S. Until then... shorts are best bet. image

EURUSD only