It’s a new week - Sunday evening here on May 31, 2009 and Asian forex markets opened about an hour ago. After having fantastic results last week, I am feeling a bit more relaxed this week. I took the weekend off from reading anything about forex or following any financial news.
5-31-2009 I just checked in and realized that there is a clear Method 1 Preferred Set Up on the EUR/USD. If you know about that trading strategy I hope you are already in that trade. If you had taken that trade it is already at +30 to +40 pips. You could close now for an absolute easy +40 pips (that’s what I do, cause my mom always taught me that “a bird in the hand is worth two in the bush”, lol!) or you could bring your SL in a little and see how much further it goes!
I’m also watching the Sterling for a possible 4 hour set up to occur there before the European opening. Two good trading possiblities I see right now. I will check back later, as usual with the potential and actual results on these two trades.
==> RESULTS: The FX Loophole strategy in it’s full rules, would have lost -50 pips this time; however the Sterling 4 hr strategy did occur in the early hours of the a.m. here, and by following the strict rules of the strategy it netted +40 pips. (However there was a potential this time around for +140 pips on the Sterling - wow the GBP is really rallying! and the euro too!)
Monday Morning 6/1/2009
FX NY Morning Breakout Strategy - This Strategy is becoming my favorite. It netted +40 pips today on a SHORT entered just after 8:30 a.m US Eastern Time.
==> RESULT: +40 pips Monday Afternoon 6/2/2009
I happened to be home today at 2:30, the time for my 10 Pips a Day Strategy - the EUR/USD appeared to be pulling back for the day, so I took the trade.
==> RESULT: I actually took +20 pips with this trade instead of just +10
ALERT - it looks like there is another GBP/USD 4 hr Sterling Strategy setting up…stay tuned.
RESULT ==> I fell asleep and missed the entry on the 4 hr Sterling Strategy and I am so disappointed because it would have netted +70 pips! My actual net +0 pips because I did not enter the trade I was dreaming, lol. I need to move to Arizona I think –> so the peak of the European/US session would then be from 11 pm to 1 am for me, instead of 1 am to 3 am where I am now!
6/2/2009 - NY Morning Breakout Strategy - I do this strategy every morning except not on NF Payroll Fridays. Today it took a little longer because the US Pending Home Sales data came out this morning. I took the trade too early and lost -40 pips on what looked like a breakout from the opening range (it was false breakout). But I did see the true breakout shortly thereafter, and I turned the trade around and bought EUR/USD at 1.4253 and sold at 1.4293 for +40 pips. So unfortunately the net here was just +0 pips. But at least not a loss.
6/2/2009 - 11:33 pm Eastern Time - I’m monitoring the GPB for the 4 hour Sterling strategy. I’m also watching the EUR for a breakout after the London opening.
RESULT => The Big Ben Strategy netted over +120 pips quickly and easily with no threat of stopping out. Unfortunately I fell asleep again and didn’t catch it. Hope some of you caught it.
5/3/09 - Once again the trustworthy NY Morning Breakout Strategy was effective this morning. I sold EUR/USD at 1.4177 and took profit at 1.4137, netting +40 pips. Even with the major news event (Bernanke’s speech) - the strategy worked like a charm. It just took a few hours longer than usual to complete due to the pausing of the market during the speech. I think the speech has brought us all back to reality - we have made progress to get out of this recession but there certainly is not an “all clear” signal yet. World economy is still in trouble with no clear end in sight; and no one is certain if the actions the US is taking are going to work or not. It’s still a wait and see game. I think will we see more retracement this week in response.
POTENTIAL PIPS this week so far from my 3 favorite strategies: approx. + 280 pips
MY ACTUAL PIPS so far this week: +100 pips
Well friends, that is going to be it for the week for me. There is way too much going on with news released in both Europe and the U.S. tomorrow and Friday so I will play it safe, keep my +100 pips for the week, and start entering trades again as early as Sunday night or Monday morning.
Take care - use this weekend as an opportunity to learn about some great price action based strategies. Here are two of my recommendations. I refer to these strategies often on this blog and use them every week in my own trading.
Recommendations for weekend reading —>
Recommendation 1 –> My Method 1 Preferred Strategy(a price action strategy based on market day close prices. Great strategy because in most cases you enter trades after 5 pm Eastern time, when most people are home from work and it has a “set and forget” component to it. I use this one on EUR/USD only, although the strategy has rules for the other major currency pairs as well. )
Recommendation 2 –> Forex Price Action Strategies by Avi Frister - This one has some amazing and simple strategies, including the inspiration for my lucrative “4 hr Sterling Strategy.” These strategies are truly intraday and require you to be near your computer monitoring the market during either the US session or the European session. So if you have a full time job you might not be able to use these just yet. I recommend the FX Loophole instead (above) if you have a full time job and need an “after work” set and forget system.
– So enjoy your weekend reading and BE PROFITABLE or INCREASE your forex profits beginning next week!
-Ann Pevey
June 19th, 2009 at 10:54 pm
Your system is very nice I also use the Big ben strategy on the currency pair GBP/USD. It’s a very simple forex trading strategy system that can be easily set up in just a matter of minutes.