GBPUSD Levels of Interest

Our look at Cable shows us the areas of contention for the overall market. The blue areas are where bids or offers have come in, and we trade in this range until, well, we don’t.

Keep your hats on cowboys, because Cable is one hell of a ride as of late. Keep that in mind if you make the venture.

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EURUSD Levels of Interest

So, we have been parabolic in the EURUSD for a bit, and are well aware that if we get above that 3786 area the wheels may officially come right off this roller coaster. For now we’re looking to consider responses as we get healthy retracements into the 3400s. Of course support becomes resistance when broken, and resistance becomes support when broken. Don’t feel you need to race into trades. Breakouts challenge even the pros. Wait for your entry.

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USDJPY Offers Only One Level We Care About

For those of you who have been following this site and its progress over the last month, there is one level that has demanded more attention than any, and that is the 82.72 figure in USDJPY. Again we are below it, and again it looks like we may be able to finally break this challenging 81-84 area.

We didn’t add any more levels to this chart because we’re, at this point, waiting for the market to decide what it wants to do. With the addition of a few new pairs, we need not chase this chop for long. Too many b/e trades for us Pipsters on this one last week.

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USDCAD Trails Run… No Entry on EURGBP

Hello traders. A rare no trade day for the Pipsters. We are carrying our USDCAD trails from last week, and were busy managing those.
We headed into London with interest in EURGBP. Here’s the commentary heading into London’s open.

Reasons for Consideration:

The world pretty much thinks the wheels have fallen off this Euro, but what we’ve learned time and time again… when it looks like it’s dead, it’s often the best time to consider entries.

Both Cable and the Euro are up against it against the US Dollar, and for that reason we are addressing the EURGBP.

A look at a 4h chart shows us that we’re nearing a region that has been responsive initially as a resistance, and then turned to support. Stop hunters will look to test 8835.

Reasons for Concern:

It’s a Monday, and Mondays and Fridays we tend to dislike relative to midweek. This is purely a statistical matter when we address our overall log. That said, keep in mind that money flows are often thin on Mondays. This can lead to heavy spikes.

As can be seen, the market didn’t bother testing lower before running higher. We looked for opportunities to sell the pair into those ‘projected’ short stops, but the market was not responsive at levels. Plus, with US Dollar strength in USDCAD, we were more than comfortable to manage that trade.

There is a reason we monitor several pairs. We don’t have time to go through 10 pairs in Premium previous to an open. I hope our followers understand that. The charts ought to work as an educational tool to see exactly how we approach the markets. We design plans for multiple pairs. If price does as we expect, we initiate entries. We don’t get creative and make up on the fly responses to price.

Remember our mantra: When trading with weight, as we do… first do no harm!

Till London!

A Win and a Loss

Traders, we ended the week’s trading with a win and a loss during the sessions today. Instead of focusing on the win, we’ll examine the loss.

Trading Outlook Heading into London:

Reasons for Consideration:

Again USDCAD suggests a temporary bottom may have been formed, and that an eye on new recent highs beyond the .03s may be in the cards. Of course we have some levels to get through before then. Here is a look at a 15M chart to get a feel for the levels we’ll be watching.

The following chart showcases the trade we took, and that’s about all there is to say about it.

USDCAD Trade Fails:

A nice week of trading. No runners really, but overall pretty technical. Take a look at our colleague’s Signal Service Testing page if you haven’t seen it. Pretty darn impressive.

Have a great weekend!

EURUSD Bottles

Traders, we’ve been sitting on this EURUSD pair for a bit, and really haven’t talked too much about it. Sometimes Forex trading is simply a study in patience.

And since today has been quiet for us (two nice fades off the M15 at both opens) we’re going to dissect this one a bit.

EURUSD Daily Suggests Bottling:

Those of you experienced in the markets know that price has bottled here due to the market’s inability to price in these very historic fundamentals.

We will look to this pair again previous to London after the Asian session has had its effort to move it out of this very volatile triangle.

In other news our automated signal provider colleague is into the 80s!

USDCAD Continues to Run

Traders, we headed into London with the understanding that this tight range in the EURUSD has to break, and that trading Forex in these conditions is essentially a challenge due to one simple fact: this range is going to break, and when it does, it may be violent. Here’s that Premium post:

Reasons for Consideration:

With the EURUSD stuck in this triangle, we simply play the markets tight and watch this narrowing range. It’s all we can do.

Our USDCAD trail remains, but it doesn’t look too healthy.

Reasons for Concern:

Breakouts of these narrowing ranges can be snappy. Many times false breakouts take place. These are challenging to trade.

That said, for the London session and into the NY open we basically tried our hand at two fades (one worked, one didn’t) and managed our USDCAD trade, which continues to make up proud.

Week Comes to Slow End

Traders, we’ve been watching these levels hold on these very strange ranges. EURUSD is in a 500 pip range in what has to be the most fundamentally volatile month since 2008. We’re still trying to gauge market direction, and for that reason we’ve been very cautious.

Trading Forex is not just about breakouts and fibs, it has plenty to do with understanding the overall market conditions, and these conditions suggest a storm is brewing.

Below is the write up we offered in Premium. You’ll see (if you look at a live chart) that the markets behaved at that 8860 level.

Reasons for Consideration:

The markets are at a bit of a loss at the moment. With the fundamentals unclear, German stocks fell considerably today. No other real reason. Equity markets can’t find stability, and we look to the EURGBP to see if the two majors in Europe can help us figure it out.

Highlighted are two areas where the market offered pretty severely. If we go beyond that level we should quickly get to the level beyond.

Reasons for Concern:

The EURUSD is behaving oddly, and for that reason we approach the rest of the week with caution.

Ranges Stay Tight

The FX markets (majors) remain in tight ranges. We started off the week searching out trend, but we really didn’t expect much to come off a Monday. As we prepare for the second day of the week, we realize that this long summer is nearing its close, and that the markets will have to find direction before long.

Trading Forex successfully is about understanding intermarket analysis.

News of a bank merger in Greece strengthened the risk rally, and we approach this Tuesday open in London realizing that the worst may be behind Greek banks (for the time being), and that money may flow back into these markets in a rush.

Premiums will note the nice response we’ve had off the 6434 level.

Forex Morning trade review

Is Forex Morning trade a scam?

Forex Morning Trade is one of a number of EA robots offered via Clickbank, one of the leading e commerce solutions for Forex. It works a little differently than some of the other Forex robots out there today but if you are serious about making your fortune in the Forex world (or making a nice amount of money anyway) it always pays to explore what is available, in the form of EA s and other tools, to help you on your way to achieving that goal.

Overview of Strategy

– Forex Morning Trade has it name for a very good reason and let me start out with a word of warning – if you are the kind of person who is not too fond of working at odd hours this EA may certainly not be the right one for you!

The thing is you see, that in order to use Forex Morning Trade you need to be at your trusty computer right at (or preferably before) 06.30am UK time. If you are in New York that means being alert and ready to go at midnight or 1am as the UK is 5 or 6 hours ahead of the East Coast, depending upon the Daylight Savings Time situation. This is based on the developer’s assertion that morning trades perform better than those set in place later in the day. This can obviously be an inconvenience to some. If waking up early/ staying up late is not in the cards for you check out other systems like Forex Combo System or Wall Street Forex Robot.

Once you are at your computer you need to open up your charts and as determined by two common indicators if your trading conditions are met for the day. If they are (which for a large majority of the the time is the case) then you can simply go ahead and open up a long or short position at the 6.30 candle.(again depending on certain factors)

Forex Morning trade only trades with the GBP/USD currency pair and it targets a 40 point profit from all trades with a 40 point stop loss. So basically once you enter your 40 point target price and stop less you can walk away from your computer and go to bed.

Backtesting –

Of course if you do decide to purchase the Forex Morning Trade system you will want to do at least a bit of backtesting of your own and based even on a few days of doing so the system seems to produce more winners than losers (the real goal of course)

if you want to look at backtesting before you buy the developer, one Marc Fric who is a full time Forex trader, maintains a consistently updated and verified results page on his website as well as a trading journal that actually details his own trades using Forex Morning Trade, complete with the settings he personally uses in the EA for each trade he makes.

In the most recent week of trading that he posted prior to my writing this review he posted 3 profits, 1 loss and 1BE ending the week with a 63.4 pips profit. If you go back through his journals and results they demonstrate a growing equity curve going all the way back to December of 2009, with a profit being made almost every month of between 80 and 400 pips. For more backtesting results you can also check this link on myFxbook if you want a neutral result. It demonstrates  a 68% success rate in trades, win the average win being    at  19.30 pips and the average loss at -42.92    http://www.myfxbook.com/members/piscrea/forex-morning-tradefxpro/88056.

As an interesting side note I just read a post on a Forex forum from an experienced trader using the Forex Morning trade system who has done several years of backtesting now and has found that are target price of 27 pips rather than the more common 40 has produced, for him, even more impressive results.

The last few months have not been great for Forex Morning Trade

Price:

Forex Morning trade currently carries a $97 pricetag. For your money you get instant access to everything you need to get started, including an illustrated trading guide that guides a new user step by step through the workings of the system. The package also includes lifetime e mail support form Mr Fric as well as lifetime free updates, something that he does seem to offer on a regular basis, the advantage of having a system that the developer still actively uses himself.

Conclusion:

There are several things that stick out as positive and notable about Forex Morning Trade. The first is its simplicity, the “set it and forget it” nature of this EA makes it perfect for the part timer who is just dipping their toes into the waters of the Forex world.

I also like the transparency displayed by Mr Fric, posting all of his personal results , which are verified, for the world to see. He has had bad months (it looks like December of 2010 was a particularly bad one) but that is the nature of forex trading unfortunately, you win some, you lose some and the trick is to more of one than the other as often as possible!

If you are interested in Forex Morning trade, click here to go to their website.