Is it time to buy GBPAUD?

Currently long NZDCAD, I am casting my eye over GBPAUD and it seems to have reacted nicely to a decent soft level of support....one which has been well respected in the past.

Fingers and toes crossed it doesn't run away before the end of today, for a long trade. Even though it is not completely at the bottom of a long term range, it is at a level which has been quite reactive in sending price action on its way to the top of its range in the past!

AUDCHF now finally due for a sell?

As AUDCHF hurtles towards the fortified 10159 level of resistance that remains unbroken since 2008, eyes are open for a potential short! Even this price is currently above parity (a key psychological barrier on its own), we can see that the behaviour of price action over the past 4 years validates the 10159 as a far stronger level to contend with. As always, we trade what we see - not what we think and this looks like a very good 'supply' zone where we can pre-empt sellers coming back into the market.

A 1.272 Fibonacci extension also overlaps perfectly with 10159.

While you could be forgiven for simply waiting for a reversal bar to confirm a safer entry, I am going to place an order a little below the level to take advantage of the 'lightening before the thunder' and getting into the trade at the most efficient price in a bounce trade where not only is probability 70% in favour - the reward to risk is significantly more favourable than if it was traded as a breakout trade.

BBC Speechless As Trader Alessio Rastani Tells Truth, Collapse Coming, Goldman Rules World

 A little vile but at least he is honest!

EURJPY TRADE (21ST June) revisited

Those who went sold EURJPY on the 21st June took advantage of a great technical set-up which was dogged by the news (on 29^th), which went against the trade. However, it as we do not have a crystal ball and have no idea what the outcome of the latest European dilemma is, our trade management ensured we protected the against we made in addition to the 1% we risked IN ADDITION to giving our trade that little bit of room to breathe for that intra-day volatility.

One way I do this it to trail my stoploss to the high of every second seller bar (if going short) and below the low of every buyer bar if I'm going long. It's simple, it's objective and tames order within the chaos of the currency market where, frankly, anything can happen at any time.

Why you could be selling EURJPY

Hopefully some of you spotted some of the reasons to be shorting EURJPY last week. On June the 21st we had a high test bar rejecting the 101.00 level, and an old level of support as resistance. We also had a head and shoulders formation on the hourly and a Fibonacci cluster (0.382 retracement from start of move down and a 0.50 Fibonacci retracement from previous swing high). Enough reasons really.

Regardless of the outcome, I'm in France at the moment enjoying the prospect of my money working for me. I have EURJPY running at a 2% gain (4% more to go until target is hit) and my ebooks making me income. What is more, I have an ebook telling other people exactly what they should do to do the same...What better? Another term for David Cameron?!

Are you trading anything at the moment?

Hell no! In fact, I'm not really looking anything at the moment apart from whether to go to Vegas or to South Africa - or both!

The fact is, there is nothing that fits my rules setting up in the market at the moment - and this has been the case since the first week of June. So, instead of fighting it, I am simply going to put the mouse on the ground and walk away from that computer screen.

In the moment, it is always easy to feel a sense of inadequacy if you have shelled out £1000s for a course or programme and you can't trade - even though you may feel it you are damn right entitled to do so as you've spent money learning.

Wrong! It is at times like this where you apply the skills from the education your money has bought you: to simply not trade for the sake of trading.

Trust me, you will save yourself time and money. Remember it is the net sum of all trades that makes you the money. For this quarter so far, I had nothing but wins in April, nothing but losses in May and a mixed June - all to equate to a 12.5% gain for the quarter thus far.

A 12.5% gain for the quarter may no seem like much but if this is a benchmark repeated 3 more times then it's a 50% gain on your capital. So with that in mind, I'm happy to do the following:

1) Enjoy the sun nose deep in a book (not on trading!!)
2) Continue my digital publishing (a very good income earner by the way)
3) Catch up with friends
4) Watch a Sacha Baron Cohen film
5) Go to the gym and swim
6) Develop my 'Bash the Bargie - Not the Pasty' anti VAT campaign

As I said, I'm not really looking at much. However, I'm interested in these levels:

NZDJPY: 6900
NZDCAD: 8391
DOW: 13286
GBPCAD: 16387

Let's hope these levels get hit in August.

Well done those of you who are still in GBPNZD :)

Trading results for this month bad? Try this

Although the financial gains can be extremely spectacular in end of day trading, so too can the drawdowns! Do you have what it takes? 

It took me a while to get my mental state attune to this reality but one thing that helped me immeasurably is not having daily, weekly or monthly targets. Instead, having a 'quarterly' bench mark, target or 'sum of all trades' served me better being more representative of whether the strategy deployed is actually profitable.

So next time someone comes up to me and says: 'I’ve made my 20 pips for the day'.... I'm simply going to turn round to them and ask them if that's what they do for 'fun', and then tell them to get a life, and to stop pestering me with such drivel, lol.

I have categorised both January and August as being historically my worst ever months in trading results so moving forwards, I shall just take the 'pink elephants' and that's it!

As for the here and now my results looks like this - big gains, sizeable drawdowns...however, higher highs and higher lows!