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Live Forex Day Trading - Forex Day Trading Room

Discussion in 'Commercial Trade Journals' started by liveforexdaytrading, May 14, 2011.

  1. liveforexdaytrading

    liveforexdaytrading LiveForexDayTrading Representative

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    Hi Everyone,

    I wanted to introduce myself, I just launched my new website today which will be dedicated to helping Forex Traders by providing great tools and strategies which have helped me to excel in Forex Trading. With a partner who has worked on Wall Street as a Trader, I also plan to hold a Face to Face training boot camp on Wall Street, the first will be scheduled in 10-2011. In my quest to succeed in I have learned plenty over the last 10 years. I hope you all can benefit from my website. I plan on checking back as much as I can to give commentaries as well as trades which I have taken or plan to take.

    Great Trading to All!
    Marco Hering
    Forex Live Day Trading - Forex Signals, Trading Forex Live
     
  2. liveforexdaytrading

    liveforexdaytrading LiveForexDayTrading Representative

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    Trade Recap in Our Live Forex Room

    19.05.2011

    Hi All,


    Yesterday I went long in CHF/JPY at 91.15 with a smaller than usual size since this is supposed to be a swing trade which I plan to hold until the end of the month. I have seen some real money flows into that pair for the past two days and I expect these flows to continue until the end of the month. Looking at the TA we had a breakout to the upside in this pair back in March and a re-test of the breakout level. The pair also bounced off the 50% Fibonacci level drawn from the lows in March to the recent high. This move now has a target of 96.30 which is the 1.23 Fibonacci extension level. The initial stop was at 90.15 but the nice move to the upside shorty after I got in allowed me to put my stop already to breakeven.

    See Attatchment image1


    Today the situation was not looking very clear in the major pairs. With equity markets and Gold looking stable I did not expect much USD strength. But pairs like the EUR/USD and AUD/USD were trading right in front of their hourly 200 MA so I wasn’t keen to get long on those pairs. GBP/USD was looking weak compared to the other pairs so I decided to go short on this pair at 1.6160. The stop was placed behind the swing highs in the 15min TF and behind the daily pivot. I was looking for a retest of the recent lows around 1.6100 to take my profit. When I saw the pair losing momentum to the downside I closed the trade for +20 pips. I also wanted to close the trade before the release of the UK Retail Sales numbers which ended up being a good choice. The reason behind this trade was a break of the support level in the hourly chart and a retest of the level which I expected to act as resistance.

    See Attatchment image2

    Check us out at Forex Live Day Trading - Forex Signals, Trading Forex Live

    Regards
    Marco
     

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    #2 liveforexdaytrading, May 20, 2011
    Last edited: May 26, 2011
  3. liveforexdaytrading

    liveforexdaytrading LiveForexDayTrading Representative

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    Trade Recap in Our Live Forex Trading Room 5-20

    20.05.2010

    We had a quite European session and I did not see any opportunities for a scalping trade. EUR/USD hit the 1.23 extension Fibonacci target level and was also facing some resistance in the hourly chart. I was expecting a retrace at these levels but the retrace occurred after the European session and we got a decent move to the downside and that pair. If we still trade below 1.4200 on Monday I will look to short this pair.



    I am still holding my CHF/JPY with the stop at breakeven at 92.15 which is up nicely. I got almost stopped out at one point but the Swiss Franc got a boost right before the US session. The pair hit the 1.23 extension Fibonacci target level around 93.20 and I expect further upside

    Please see attached images.

    To Join our Live Room visit Forex Live Day Trading - Forex Signals, Trading Forex Live

    Regards
    Marco
     

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  4. liveforexdaytrading

    liveforexdaytrading LiveForexDayTrading Representative

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    Recap 23-05 and 24-05

    Hello everyone,

    The last two European trading sessions have seen no real moves in the direction of the hourly trend in the major pairs. I tend not to trade much in these kinds of environment. I consider the moves in the last hours in EUR/USD, AUD/USD and GBP/USD as consolidation/retraces. Yesterday I got stopped out of my CHF/JPY trade for BE. It was up about 130 pips but then the Yen reversed and my stop got hit. I think the low was 92.13 so quite unlucky here but that is trading. I told the members in the room that I still see potential in that pair since I got in at 92.47 before I started the European session in the room. It is up quite nicely so far and I put my stop again to BE.
    I took one official room trade today since there was only one opportunity where I got a signal in the major pairs with my short term charts and long term charts in line. I went short in the GBP/USD at 1.6100 and closed the trade at 1.6080 for +20 pips. It was a classic “previous support becomes resistance” trade. I actually though it would even go lower, but Cable also stabilized as the USD lost ground again.
    (See Attachment Image2)

    For EUR/USD I was expecting a retrace back to 1.4100.-1.4140 area and 1.4120 was the high so far for the day. 1.4130 is the 61.8% Fibonacci retracement level in the 1H chart and previous support which should act as resistance now. If my shorter timeframe charts turn to the downside again, I will look for shorts.
    (See Attachment Image1)

    Regards,
    Marco
     

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  5. liveforexdaytrading

    liveforexdaytrading LiveForexDayTrading Representative

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    Hello everyone,

    EUR/USD went down from that 1.4135 level as expected and some members in the room where able to grab 50 pips out of this move. I saw no way to trade this pair in last two European sessions. The movement has been very slow and choppy since we got already decent moves in the Asian session the last two days. The pair hit the 61.8 Fibonacci Retracement level and got rejected at this point in the US Session today. As long as we trade below 1.4120 I remain bearish on the pair.
    ( See Attachment Image1)

    Yesterday I took a short trade in the AUD/USD. I still expect a retest of the 1.0250 daily breakout level. I got in after a retrace back the previous resistance which I expected to act as resistance. I was not sure if we would see a risk on or risk aversion day so I decided to go in with a large stop above the 1.0580 level to give the trade some room but only with ¼ of my usual size. With risk sentiment improving the trade got stopped out for -27 full pips. Even the AUD/USD has not break the trend line to the upside I want this pair to trade below 1.0580 again for further shorts.
    ( See Attachment Image2)

    I also took an uneventful short attempt in the GBP/USD which I closed at BE. Even I went short looking for a quick scalp I am more bullish on this pair compared to the EUR/USD and the AUD/USD in the coming weeks. My CHF/JPY worked out quite well. I decided to take it off in front of the recent daily highs at 93.80 for +137 pips. This was only a half position, so I got 68 full pips here.

    (see Attachment Image3)

    Since we have a bank holiday in the UK and in the US on next monday my next recap will come on next tuesday.

    Regards,
    Marco
     

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  6. liveforexdaytrading

    liveforexdaytrading LiveForexDayTrading Representative

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    Hello everyone,

    The pattern we have seen over the past couple of days continues: Strong moves in the Asian session, slow moves during the European session. EUR/USD did not moves at all last Friday in the European session except for the last 15min. ( I close the European session at 9 am GMT). We got finally to my anticipated long levels. I told the members in the room to look for longs between 1.4205 and 1.4180. 1.4205 was the previous breakout level and 1.4180 the 50% Fibonacci retracement level. EUR/USD bounced off that area and I got 47 pips out of that move. That move was good for 200 pips but I really did not think that we would hit the 1.61 Fibonacci extension level before I opened my charts today.

    ( See Attachment Image)

    The options to trade were pretty thin again this morning. I decided to go short EUR/AUD. My thinking was that the EUR/USD will not move past the 1.61 Fibonacci extension and start to retrace. AUD/USD did not perform that well overnight and was at a support level. With a risk-on sentiment I did not expect the AUD/USD fell through support and if so EUR/USD should fell as well. But EUR/USD moved past the 1.61 level and AUD/USD broke the daily pivot level to the downside. I lost 15 pips on that trade. Actually it went 30 pips against me but it was only on half size since it was a countertrend trade which I always trade just with half on my usual size. I will not show an Image of the EUR/AUD since I intented to go short EUR/USD and long AUD/USD with paying the spread only once.

    Right now I am on the sideline. I still expect a retrace in the EUR/USD at least to 1.4325. If we get a decent retrace I will look for longs again tommorrow.

    Regards,
    Marco
     

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  7. liveforexdaytrading

    liveforexdaytrading LiveForexDayTrading Representative

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    Recap 01-06 until 06-06-2011

    Hello everyone,

    Last week was pretty uneventful regarding the European session except for Thursday where we had a pretty decent move to the upside in EUR/USD. I sold the 50% Fibonacci Retracement on that day from recent highs to lows but got out for -3 pips when I saw EUR/USD had upside momentum. All in all I ended up around BE with trading for the last three days of last week. I did not trade on Friday with the NFP numbers in front but my guess of just +50k was pretty good. We had the expected sell-off in the USD and this morning all we could do was just to wait for the retraces in EUR/USD and GBP/USD to get in long with the hourly trend. I told the members to look for 1.4690 in EUR/USD and for 1.4520 for possible turning points to the upside again. 1.4590 is the 50% Fib level in the hourly chart drawn from highs to highs. I use this way to draw the Fibonacci Retracements when we have a move past the 1.61 Fibonacci extension from the previous move. I expect EUR/USD to move to 1.4700 in the next 1-2 days.
    (See Attachment Image1)

    I am also bullish on the GBP/USD as long as the 1.6300 level holds. 1.6380 is the level now to look for longs. The target is 1.6500
    (See Attachment Image2)

    I made 20 pips this morning on a scalp short in CAD/JPY. This was the only opportunity I saw to trade with the trend this morning. I put that trade in the chat in the members room.
    (See Attachment image3 and image4)

    Regards,
    Marco
     

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  8. liveforexdaytrading

    liveforexdaytrading LiveForexDayTrading Representative

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    Recap 07-06-2011

    Hello everyone,

    EUR/USD got the retrace I wanted and made new highs afterward as I expected. Since EUR/USD bounced of the 50% Fibonacci Retracement from the hourly swing low to the high, I erased my Fib drawing from high to high. The target for that is just above 1.4700. I got in long this morning at 1.4611 and closed the trade in the room at 1.4643 just in front of the previous highs. We have been as high as 1.4682 so far but I expect the next retrace sooner or later here. As long as we make higher highs and higher lows in the hourly chart I will look for longs after the retraces.
    (See Attachment Image1)

    I also still remain bullish on the GBP/USD as long as it stays above 1.6300. Nevertheless risk aversion sentiment is gaining a bit of momentum here lately. I think the AUD is overvalued here and pairs like the AUD/USD should come back to earth in the coming weeks with the market taking more a defensive position.

    Regards,
    Marco
     

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  9. liveforexdaytrading

    liveforexdaytrading LiveForexDayTrading Representative

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    Recap 08-06-2011

    Hello everyone,
    First of all I want to apologize for some technical difficulties we had with the membership software, so people actually were not able to sign up for the room in the last couple of days, but that problem is solved now.

    Another morning where risk aversion picking up steam here. EUR/USD did get up to 1.4700 area as expected before retracing. As I stated in the previous post I was looking for longs as long as we make higher highs and higher lows in the hourly chart. Even EUR/USD looked pretty strong in early trading today I was skeptical about a further move to the upside since we made a lower low on the hourly chart. I spotted also a bearish divergence in the 4H chart with the price going higher while the upside momentum was slowing down. I was telling the members in the room that we might see a Head and Shoulder pattern which proved to be right. I went short at 1.4661 when I saw some downside momentum and closed the trade at 1.4230. Right now the pair is fighting with the 61.8% Fibonacci Retracement level.
    (See Attachment Image1)

    As I wrote yesterday I am bearish on the AUD/USD. I shorted the pair after we had a retest of the previous swing low point. The entry was 1.0670 and the average exit was at 1.0628. So that was a nice morning for the live room.
    (See AttachmentImage2)
    I remain bearish on AUD/USD. 1.0580 is the key level to break. 1.0250 is my downside target in the coming weeks.

    GBP/USD fell on some negative comments from Moody's that they might cut down their AAA rating. 1.6300 is still holding for now. I am pretty neutral on that pair for now, bullish above 1.6450, bearish below 1.6300.

    Regards,
    Marco
     

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  10. liveforexdaytrading

    liveforexdaytrading LiveForexDayTrading Representative

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    Recap 12-06 until 13-06 2011

    Hello everyone,

    There was nothing to do on Thursday morning in the European session except to wait for retraces, so let’s right jump to Friday.
    It seemed that I cleaned my crystal ball pretty good on Friday since EUR/USD exactly followed my prediction I made in the room. I told the members that I was expecting EUR/USD coming down the 1.4450 level (which was the 1.23 extension target from the Fibonacci retracement) then a move up to 1.4500 (the next 50% Fibonacci retracement level) and then a move down again with a minimum target at 1.4410 (1.23 extension level) and a maximum target of 1.4325 (previous support/resistance area). I only traded the little countertrend move back up to 1.4500 where I just grabbed 19 pips and the short setup at 1.4500. I closed the short Monday morning for 136 pips. Even most members did not hold until the final target the members who took the trade made a nice profit.
    (See Attachment Image1)
    The alternative option was a short trade in GBP/USD. That opportunity came when the European session came to an end and I just mentioned the setup in the room. It was a classical retest of previous support scenario. I also closed this trade on Monday morning for 56 pips.
    (See Attachment Image2)
    I was expecting a quite Monday morning with large parts of Europe on a bank holiday. I was also expecting retraces in EUR/USD and GBP/USD. The only setup I saw was a short around 1.4400. That was not only the daily pivot but the 50% Fibonacci level drawn from lows to lows. As I mentioned in my previous post, since we moved past the 1.61% Fib extension target in the previous move I use this technique to get into a trade. Since the market was very slow and we did not get to 1.4400 this morning I was looking for other opportunities. EUR/CHF was looking good to the downside and I expected the 1.20 barrier to be taken out in the near future. I was taking a short at 1.2193 but I was telling the members only to take a small size since this pair can behave wild lately. Things moved quickly here and the price dropped like a stone near the 1.2000 level. I closed 2/3 of my position at 1.220 in average and was holding 1/3 in anticipation of a break of the 1.2000 level. 1.2000 was well defended and did not break. That last 1/3 position got stopped out at break even.
    (See Attachment Image3)

    Reagards,
    Marco
     

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