:: Smithy's Live Trades :: (EMA's / Pivots / News Traps)

Hello,

My aim is to teach FOREX to people who want to learn. I have been trading for many years, and now want to give something back. You can follow everything I do, every trade on my youtube channel:

http://www.youtube.com/sionsmith

The lessons I teach can all be watched here:




Please rate / comment on the videos as it helps others learn.

Cheers

Ok here goes:

Trade 1) NEWS TRADE (USD/CAD)
As you are all aware we had core retail sales for Canada out today, i used this news event to plan this trade.

Trade Plan:

1. Using a 5min chart - wait for the 1st 5min candle to forum before formulating a plan.
2. News came out worse that expected therefore would expect a upwards move - which is what we got.
3. By doing a fib study on yesterdays range u'll see that 1.0049 is a .38.2 retracement, 1.0055 is the central daily pivot point & 1.0056 is the 200 EMA on the 15min chart & 1.0057 is the 55 EMA on the hourly chart. Theres a lot of resistance to break - if a break.
4. Here's the plan - as this pair have been in a strong down trend lately, i'm going to look for confirmation that this all the above resistance holds & enter a short position - with my stop just about the 200 EMA at 1.0065
5. Targets for this trade - well from standard Fib extension theory you would expect 161.8 extension from a .38.2 retracement - however for a friday i feel this is quite an aggressive target so i believe 0.9960 is more realistic in the time frame.

I've attached some charts below:

Update of stop as we seem to be losing momentum. See attached. You will also a yellow entry zone which hopefully makes it a little easier to see my entry. To further confirm a short position / reject of these highs I use stochastics on a smaller time frame. Which you can also see in the attached.

Trade 2) EMA CROSSOVER (EUR/USD)
Current trend for this pair has been a strong upwards one with little or no retracement. I dont usually trade against the trend but i'll continue to look for a strong indicator for a downwards move.

Trade Plan:

1. Using 1 hour & 15mins identify strong levels of resistance.
2. 1.4100 is a good psychological level / 1.4104 is todays M3 pivot point.
3. Wait for a cross over of shorter time frame EMA's over a longer one. E.g. 5 / 8/ 21 over the 55
4. Wait for a break & cross over to happen - enter on a re-test.

Update - I have no decided to keep this upto date via video. All trades can be found on my channel.

http://www.youtube.com/user/sionsmith


Cheers WG

Lastest EUR/USD trade has been reviewed here:



Any questions / comments greatful as usual.

Cheers WG

Latest lesson has now been uploaded all about money management:



The latest trade review has also been uploaded:



Please rate / comment freely.

Cheers WG

Right,

Looks like I may have come out of that trade a little early - better to be safe than sorry, here is the video review:



Please as normal comment / rate / ask questions as it helps others learn.

Cheers WG

Morning Guys,

As you seen from the last video, I was short of the GBP before that short aggressive move down due to a number of things:

I ended up taking: +254 pips


I have explained all in a lengthy video which I advise you watch. Picking up these types of moves basically makes the difference in trading - it takes you from being an average run of the mill trader to one which is extremely successful & allows you to make some serious money trading.

If you have any questions (which you should have) please post them as it helps others learn.

Morning all,

as King is on the wires I thought i'd make & upload the review to my Non- farm payroll trade which I did on the 07-08-09.

Ended up taking +93 pips - not bad for 10 mins work



Please comment / rate the video as it helps others learn.

Cheers WG

hi sion, thank you for all your efforts putting into the video. I had heard you mentioned alot about the elliot wave, i was just wondering how i could tell which wave my charts is on at the moment i see it, and what is the most effective time frame if i was to deploy it into my trade.

Thanks

Andy