Hi. This is a copy of last nights post from my low cost forex mentoring site that I run with Dean Saunders.
I show you in tonights video how trading WEEKLY charts with small stops (less than 100 pips) gained 1000′s of pips in the last few years on loads of pairs. Entries were all at logical areas. This should blow your minds! & is definitely the way forward.
Anyone who told you that “there is no money to be made in forex in December” got it completely wrong again. Quick review in tonight’s video of where we are now and what we will be looking forward to in the New Year.
The pullbacks/mini reversals that I have been expecting finally arrived today on lots of pairs. These pullbacks should NOT be seen as entries for tomorrow. Hardly anyone trades tomorrow and price could be even more illogical than normal.
The Euro & Chf have clearly struggled at the weekly trend lines as was to be expected. Gold has bounced off the 78.6 fib, to the pip on the daily chart. Hence the Nzd & Aud have bounced back up. As I write this the candles are a tram line/reversal formation. The gbp is currently bouncing around, but I wouldn’t be at all surprised if price closes at 1.6000 or thereabouts at tomorrows market close.
There were good moves on lots of Cad related pairs today and the Euro/Gbp has been the trade of the week with a simple bounce off the 200ema/daily trend line. They look so obvious now, but the difficulty at this time of year is knowing when things are going to shudder to a halt and or whip saw back. As you know my mantra is IF IN DOUBT: STAY OUT.
I know some of you will have traded today, despite my telling you not to 
Please do yourself a favour and stop NOW. Tomorrow, starts the European long public holiday week-end & obviously Friday & Monday are public holidays in most parts of the World. The markets will be open Monday, but hardly anyone will be trading, including me. If you are desperate to succeed at forex use a small part of your holiday free time to study the tutorials in the forex strategies area.
Schedule for next few days.
I have lots of articles & videos to post over the holiday period including the first from our new writing team and some of the competition entrants. Remember lots of great prizes. Top prize cost over $3000 (not worth that much BUT) its a 10 dvd set “How to trade forex course” – ideal for complete beginners. Various forex books eg, Mark Douglas “Trading in the Zone” & plenty more.
Also some of Deans courses, ebooks etc. What we need from you are original articles – anything forex related. Your struggle. How you managed to “turn the corner.” Winning strategies you have found. Bad experiences. ANYTHING as long as it is your own work. Or a video presentation, same subject – anything forex related. We need the videos in flv format and ideally no longer than 15 minutes. The closing date for the competition is 23.59 hours gmt on Monday the 28th December 2009. The best entries will be posted on the site.
The “live” trade & “How to make a living trading daily charts” videos from last weeks blog post are now in the M2 section of the forex strategies page
Tomorrow 24th December
I will post my long awaited ( I finally finished it)! Money Management Rules. This is THE most important part of forex for me. If you can learn and more importantly apply these rules then it should
a) Reduce your losing streaks &
b) Set you on the path to winning ways.
Christmas Day 25th December
First article from Jay & Julie. Our Forex trading veterans (25 years combined experience of trading at the highest level). I was speaking with Julie yesterday when she was telling about trades for tens of millions of $’s. Next time you get scared at pulling the trigger for a $ a pip, imagine the stress if it was $1,000.000 or more !!
Boxing day 26th december
Competiton Entrants posts and or video
Sunday 27th december Second post from Jay & Julie. I will not do my usual weekly update as 90% of trader will be away from Mondays market due to public holidays and therefore technical analysis is pointless.
Monday 28th Forex Brokers – How to Choose a good one & Update for Tuesday 28th December.
Tonights video is here. This is a brief review and what we are looking forwards to in the New Year. I hope you all have a great Christmas & a Prosperous New Year. If you would like to know more about the low cost mentoring site. Over 40 video tutorials for beginners through to intermediate level traders & receive daily updates like this, check it out here: forexmentor-pro Feliz Navidad, marc
To see the video full screen, click on the “you tube” icon, bottom right. PLEASE rate the video and or add a comment
Okay, I have been reading your blog off and on for months now, and I have to say that these opportunities with the weekly charts are just magnificent. In no place, at all, have I seen opportunities where you could take such a low risk trade for such a huge reward. Obviously these don't happen often, but they probably do happen every year. Also, you have to wait not only for the trade to develop but also for the trade to come to full profit, but in the hundreds to even many thousands of pips!! Will you be showing these weekly types of trades as well as the four hour and dailies, knowing that they may not develop for months? I for one am definitely willing to wait, and thank you for all of the info., it has been invaluable in my learning curve.
Okay, I have been reading your blog off and on for months now, and I have to say that these opportunities with the weekly charts are just magnificent. In no place, at all, have I seen opportunities where you could take such a low risk trade for such a huge reward. Obviously these don't happen often, but they probably do happen every year. Also, you have to wait not only for the trade to develop but also for the trade to come to full profit, but in the hundreds to even many thousands of pips!! Will you be showing these weekly types of trades as well as the four hour and dailies, knowing that they may not develop for months? I for one am definitely willing to wait, and thank you for all of the info., it has been invaluable in my learning curve.