Just another short slow week after the long weekend. The result is +66 pips of profit and we are holding AUDUSD over the weekend. The up to date results since the start of this blog are as follows: Week 1: +231 pips Week 2: – 19 pips Week 3: +415 pips Week 4: +366 pips … [Read more…]
The AUDUSD short position opened on Apr. 17 (see the original post) reached its first profit target for a +66 pips of profit. The stop-loss orders for the remaining 2 units are moved to their break even points now.
This morning there were two signals. The GBPUSD news trade was cancelled due to the lack of action. The AUDUSD short position is open.
There were no trades on Tuesday. The USDCAD position got closed at break even point. See the chart below:
The AUDUSD dropped like a stone on the lower than expected CPI number. The pair broke through the support line and made a new low on a daily chart falling below the psychologically important resistance at 0.9300. It might take time to break through that number though. Our short-position position opened on Apr. 17 is … [Read more…]
Today there were 2 signals issued (see below). Later on the USDJPY signal was cancelled. The USDCAD position was open but it went nowhere and will be held overnight.
Answer by Dave Hughe: All the talk about 50/50 odds in the stock market or any other financial market for that matter is simply NOT TRUE. Just the same as calling the stock market a zero-sum game. The broker's commissions and other charges shift the odds against the trader. Yes, your chances of correctly guessing … [Read more…]
Answer by Dave Hughe: He explained it himself in the book: he did not follow his own rules. This is exactly why so many people blow their accounts in Forex. I used to be fascinated with Jesse Livermore but later on I realized that he had a gambling personality. Nevertheless, his advice is as sound … [Read more…]
Answer by Dave Hughe: The major part of investing and trading is money management. If you don't mind losing all your money and even more if you trade on margin, then you don't need stop loss orders.On the other hand, if you want to control your risk, stop loss orders are a must. View Answer … [Read more…]
Answer by Dave Hughe: Fibonacci lines and pivot points are in favour because they work. Why they work that's a different question, to which there is no straight answer. But isn't that amazing to see how price touches a Fibonacci or a pivot line and reverses its course? Personally, I use FIbonacci lines and pivots … [Read more…]