Price Action Trading

May.13.11.EUR/USD Update

greg — Fri, 13 May 2011 17:22:34 +0000

Last trade failed.
Will look at the market again monday morning. We need to see where the close on the daily happens… if it continues short then we are looking at a target of around 4000… otherwise I will wait for a long opportunity next week.

May13.EUR/USD – Long Entered

greg — Fri, 13 May 2011 13:30:00 +0000

Got a close above the 4240, I entered long as it came back down. A channel formation can be seen. Take a look at the chart for details.

May 12.EUR/USD

greg — Fri, 13 May 2011 03:07:30 +0000

Watch for a close above 1.4240 on the 4hr timeframe.

If so, hop on board… expect the price to get to at least 1.4400

It’s a bit late in the week so it’s likely to happen next week… we have a close on the daily time frame, but it’s not nearly deep enough to make me want to short… so again, watch for that close.

April 30 – Update

greg — Fri, 30 Apr 2010 17:22:33 +0000

Hello,

I have not disappeared off the face of the earth nor have I drained my account. I will be ready to hop back full force into the forex world shortly. I have been in a two month long transition.

If I get enough feedback I will start the updates again and I will again start posting videos, otherwise I will just be trading on my own. If you have any questions or concerns about this please email me at greg at trump trader dot com (with the @ and the . of course)

Thanks

Greg

Feb 25 – GBP/USD

greg — Thu, 25 Feb 2010 17:32:23 +0000

First off, apologies for the lack of updates. The next two weeks will be a little sparse due to limited time with the markets.

I entered a long at 5195, Half profit will be taken at 5245, then I will set a stop loss for BE and let the rest go.

Feb 23

greg — Tue, 23 Feb 2010 14:47:57 +0000

8:43 am: I missed out on the nice drop on the GBP/USD. The price came nicely to its 4hr support at 5567. It’s current support is now 5450 (1hr)

I am going to be patient and wait for the price to come to me. EUR/USD: I will sell at 3582, long at 3542 (both S/R) and if those are closed above or below, then I will use those prices as my guides.

Will update later if a setup occurs.

Feb 22 – EUR/USD

greg — Mon, 22 Feb 2010 16:34:21 +0000

Looking like a quiet morning on the EUR/USD. I most likely won’t be taking a trade today unless I see a nice setup.

Remember, don’t feel that you have to be in a trade. Half the battle is protecting your profits and one way of doing that is by not trading just to be in a trade.

Feb 19 – EUR/USD Trade

greg — Fri, 19 Feb 2010 17:41:55 +0000

I just entered a trade. This will be my 2nd trade of the day, first was a trade on the GBP/USD for 15 pips (Stop loss was hit)

Take a look:

Worst case scenario I walk away +3. I will manage the trade if it’s still manageable when I get back from lunch.

Be back on Monday.

Feb 19 – Trade’s explanations

greg — Fri, 19 Feb 2010 15:48:32 +0000

A couple of the trades that I had posted this week were against the overall trend. I would suggest that new traders stay away from trades against the trend as it can be difficult to get nice entries ( and keep your cool).

That is why when I trade against the trend I move my stop loss to at least a break even as soon as possible. When you are with the trend you can be a little more relaxed and give the trade more time to work itself out.

Whether you are trading with the trend or if you are more experienced, against the trend, I absolutely stress that you must enter your stop losses before you enter the trade. More importantly, never move your stop losses AWAY from profit. Only move it to gain a break even or for profit. If you need to move it away then the trade went awry. Move on to the next setup.

Psychologically, I am always prepared to accept responsibility when a trade moves against me. That’s the markets. I learn quickly and don’t dwell on a trade gone wrong. I move on to the next setup without emotion or hesitation. I treat the next trade like it’s the first of the day.

And lastly, I never feel that I am missing out if I am not in a trade and I do not look for excuses to be in a trade. If I see a setup I take it. If I don’t see a setup I don’t trade. Protecting your profits is as important as making profits. And not being in a trade is how you protect your profits.

Feb 18 – GBP/USD Trade

greg — Thu, 18 Feb 2010 19:51:41 +0000

In the minimal time I had to watch the markets I was able to spot a setup on the GBP/USD just before noon CST. I placed the trade before I left for lunch and this is the result:

+40 pips

UPDATE: 4:07 pm CST

It’s extremely rare for me to enter a trade after 2pm CST. But when I see a setup I take it, regardless of how many pips I think I can make. This one was worth 20 pips. Nothing to write home about, but not to shabby either for a few minutes of work. Take a look: