Great start to the day. My euro/$ trade which I opened yesterday, as explained in my results, closed for a 145 pip profit. I have then taken 20 pips off a gbp and +20 on a euro long, break of the asian overnight high. And a further 28 pips off the 2nd euro lot.

Still struggling to get follow through on some of the 2nd lots, but I am now almost + 1800 pips this month !

Todays trades were the same, simple  strategy that  i have been using for most of the month and which I have explained in previous updates.  This is not my normal trading strategy, but you have to have a number of plans to suit the different phases of the markets.

I was annoyed with myself though for having missed an extremely good, longer term trade on the australian $ (aud). I recommend you only trade 1 or 2 pairs if you are new to forex, BUT on the longer charts, which I prefer, you do have the time to analyse and plot well in advance.

Normally I would have been waiting for price to hit at the 200ema on the chart. Plan a stop somewhere below the 200 ema and then go to the 15 minute chart to find an entry.

aud_4_hour_chart

Price had already bounced off the 200 ema previously

As you can see there has been a 250 pip gain so far on this move and without the whip saw movements of some of the other pairs. It has gone up nice and steady over 3 days.

If you do not have the time to trade forex full time, then get used to looking at the longer term charts. You have longer to plan and the gains are often large and yet can have (like the above example) a relatively small stop.

On this trade you would have risked 50 pips (previous low) to win 250 + and its still going. I could kick myself !

Another example of the 200ema was on todays chf.  I posted the following on twitter 10.00am bst

“on the 4 hour & daily charts bolls open. chf looks good to fall probably to 1350 1st target. daily 200 ema”.

I was in the euro from a 15 minute chart, but i got out because i forecast that the chf would stop at 1350/200ema. It did almost to the pip.

When the chf is going down 80% of the time the euro is going up and vice-versa. As I am writing this article now 16.30 hours bst, the 200ema on the daily chf chart is now being broken (see below). Again this is not unusual. Price will often reject here, pull back, before gathering steam to have another go.

This is a 15 min chart but I had the daily 200ema (green line) on it

This is a 15 min chart but I had the daily 200ema (green line) on it

I have now almost 2000 pips in the bag for April 2009. The temptation is to go for the big 2000. Hopefully I can retain my discipline. In the past I have had amazing weeks, only to get over-confidant and blow all the gains the following week.

My best week ever, a few years ago, was something over 1150 pips, but by months end I think i ended up with 500. Discipline. Sticking to your rules is the key to success in forex,

good luck,

Marc

Want more of this? See these posts:

  • 27th April Results + 60 pips
  • 4th May Results + 220 pips
  • 5th May results + 48 pips
  • 28th April Results -36 pips
  • April 2009 Results + ?? Pips

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