11 currency pair is traded by shirley , they are , 1) gbpjpy 2) eurgbp 3) usdcad 4) audusd 5) audjpy 6) nzdusd 7) eurusd 8) gbpusd 9) eurjpy 10) usdjpy 11) usdchf
We will trade these 11 pairs too.
The London Close is a low risk trend reversal strategy. The idea is to trade the re-bounce at the end of London Session when the volatility decreases which signals an end of the daily trend and also the price should have reached the ADR (average true range). Both of these conditions provide high probability of reversal to capture low risk profits.
Here are the 10 Steps of London Close Method:
01. Observe the 5 day Average Daily Range
02. Identify qualified pairs
03. Wait until the London Close time window
04. Check the US Dollar Index.
05. Check for key Support & Resistance levels on higher time frames
06. Note the risk environment
07. Enter using the Noble Entry Technique
08. Set the stop
09. Manage the trade
10. Exit at profit targets
From now we will trade this strategy together.
THIS IS THE WHOLE COURSE IN TEXT
(**) these bracketed numbers after the end of very line is the video number of this course.
*) welcome to our webinar (01)
*) webinar agenda - parts (02)
*) retired from software sales now full time realtor. (03)
*) various markets for 30 years, futures broker, trading futures and options for 5 and a half years and with fx mentor for 13 years now. (03)
*) house keeping - unfolding of that webinar (04)
*) this strategy is a great supplement to a longer term strategy, its a trading technique for very short term , can be turned into a very big profit, 10-15-20 pips sl, you should find very high accuracy with short term trading, u do not want to compromise sound risk management, risk are kept very very small always, everyone does things differently according to their own risk tolerance, you never know what's gonna happen next, always have a plan how u will handle the situation of a trade goes south on u, all u have to is copy what Shirley's done, capital preservation is very heart of sound trading Ok, technique can be used on any higher timeframe support or resistance level, so it does work in other times and situations, its up to you, you will really fast feedback, Mark Douglas - on 20 trades, hard with longer term strategy, 20 trades will instill confidence in u which is vital in anything u wanna do well at, of u follow the parameters perfectly the accuracy is far greater then any other longer term approaches, knowing most times u are gonna make profits, starting out watch only a few pairs, make sure u get seasoned first, lower volatility pairs like - the kiwi, the cad has the best results.(05)
*) London session = most active - 8 am London time, 3 am ny time (consider dls); ny opens at 8 am ny time, most news comes at 8.30 am ny, at 11.15-11.45 am ny time london market start settling and close(london close at 12pm ny), nyse is opened for couple of hours, at the end of this session all the newses are settled and price has reflected the events ; London traders prepares to goes home and its also lunch time in NY (traders take a break) ; its a vaccume setup ; price slows down, stops making new moves , and starts to fall back into a range ; this is when u take a trade to take advantage of this inevitable situation of everyday to make profits. (06)
*) she had a background on trading stocks and options, she first looked at fx on 2004 ; she looks at 10 pairs now but she really first started with 1 or 2 !!! (07)
*) 2009 - 2010 she traded lc and found her consistency . means 45678 = 5 years of struggle.(07)
*) IT USUALLY DOESN'T LOOSE .
*) FIRST PROFIT TARGET IS ALMOST ALWAYS HIT EVERY TIME. AND U HAVE THE OPTION OF MOVING OUT OF THE RISK RAPIDLY.
*) YOU AND OTHERS WHO LEARNED THIS TRADE ARE EXPERIENCED SIMILAR RESULTS. -- YEAH (07)
*) Normally that Avg Ratio is from 1.3 to 1.4 . I keep an eye on it .
*) she missed a better part of jan , feb , mar , aprl , and may !!! almost 5 months . (07)
*) VN - she was more driven to success then other people are & she was not willing to settle for anything less and she never quit on it she kept looking what would work within her time frame for trading.
*) of course everyone wants it badly, bobby knight - "most people have the will to win but very few people have the will to prepare to win" (07)
*) by taking you through the course you have the real advantage of not having to reinvent the wheel you can just use Shirley’s wheel. she has already figured it out, she never quit, let me tell you the one thing she did very very well, she managed risk, she never lost a lot of money, the biggest secret of the development of her success is she used micros.
*) Less then 1% of her account was ever risked at one time . Guys its impressive, really is. This is a person who just doesn't accept failures, she wants to do the best and she studied the charts and approached it to death until she came up with exactly what suited her and believe me she went through her ups and downs and she finally came up with this . (07)
*) 10 steps (08)
01. Observe the 5 day Average Daily Range
02. Identify qualified pairs
03. Wait until the London Close time window
04. Check the US Dollar Index.
05. Check for key Support & Resistance levels on higher time frames
06. Note the risk environment
07. Enter using the Noble Entry Technique
08. Set the stop
09. Manage the trade
10. Exit at profit targets
*) setting up the trade (09) 25 sec vid
*) in Forex market adr=atr they both mean the same thing. In commodities and stocks there are difference. (10)
*) If the us dollar index has traveled its 5 day average daily range , at or around the same time as other us based cross pairs reaching their 5 day average daily ranges - IT ADD STRENGTHS TO THE TRADE. (11)
*) one thing to know here the us swissy is particularly similar in movement to the us dollar index , it almost mirrors it so if you are trading the us swissy its a good idea to see that the usdx has reached its 5 day adr as well as the swissy . (11)
*) no adr breach at usdx = no trade in us swissy . (11)
*) its not an exact time, its a time window, (12)
*) there is a process in closing the exchange for the day and its associated with unwinding of volumes and settlements and things like that . (12)
*) ideal setup will occur at 45-15 minutes before the london close . (12)
*) what we have so far - (13) – specific time slot, 5 day adr met, usdx 5 day adr, wait for the time slot before taking a trade, look for expected levels or s/r on higher timeframe of charts.
*) in lc zone it also hitting an expected level of S/R on a higher time frame ( hourly - weekly ) , this is really a critical part of the thing here , if u can't see any visible support/resistance pass on that trade ( chart example). (For s/r daiily/weekly charts big moves fib can be considered even 38% of these moves can be very powerful s/r) (we knew a lot of things in advance, which is pretty cool so we can be prepared for these levels in advance) (14)
*) lct setup recap - reached adr > checked usdx > coming into lc > expected reaction off s/r based on higher Time frame. (15)
*) now its time for price to prove to us that it will stop . As a result we can get into these trades with a very small sl pip . (chart example) (15)
*) trade entry (questions) - 'u should start an hour before beginning of the London close' - VN , This is a counter trend trade in most cases . (16)
*) trade entry - we use an entry technique thats been dubbed as noble entry. Price proofs that it will stop and then buying the dips. (17)
*) entry illustration (chart) - u buy at ask and sell at bid . Charts plot the bid price . Whimpy - 15% of 5 day adr. (18)
*) setting stop - use sl below or above point X . High volatility - 30 pips . Gbpyen shirley used it . Get the risk out as soon as practical. (19)
*) part - 4 ( managing the trade ) ( questions ) (20)
*) managing trade - its very very important to learn when and where to take profits . (21)
*) manage - as price starts to move in your favor u need to be thinking about risk reduction, first and formost, that is always should be your job 1 , u hv to hv place to start taking profits . (22)
*) if u r up 10 pips (10 pip sl) in a trade u can start to look to get the risk out of the trade completely (stop to BE) or as an alternative u can take some profit, so that if it hits downed sl then it becomes a BE trade . (22)
*) your risk pips = your first profit target . If u r riskin 15 pips go for 15 pips for the first target . (22)
*) next profit target is swing high or low . Generally a very good place, i use the bodies of the candle rather then wick , sometimes it doesn't make it upto wick. (22)
*) the idea is to keep it simple take short term trades and take regular profits out of the market . (22)
*) once u have a profit and a BE stop , we are gonna go for a profit twice the initial risk . If u see an obvious s/r before twice, take the profit, its a counter trend teade, learn to take profits at logical levels. (22)
*) do not allow a loss at this point infact u should take some profits . (22)
*) 38% of the entire day move can be a very good place to take profit . Price will go to those levels as often if it the overall trend of the market on daily timeframe. Its a very good place to bounce off of . (22)
*) 2:1 is a great place to close the trade out . (scribbled illustration) (22)
*) other considerations - risk environment - risk on - traders are in mode for taking risk , they are moving out of cash into stocks. (23)
*) if stocks are down, will make = us dollar rally ( ppl are taking out all of their stocks and turning it i to cashes = risk off) (23)
*) fomc is late news announcement . 2.15 pm ny time , baige book . Newses are already out and digested by this time . By the time london ends usually all the news's are over . (23)
*) commodity currency - Australian dollar , canaidian dollar , when u trade these pair it will a really good idea to look at gold silver copper oil and how they are reacting on that day . Tronald stock exchange, crb index if they are at a important level of support of resistance or not . (23)
*) setting up trading day - Check your charts about an hour before the london close. (24)
*) if at lc adr met, consider s/r , (mark expected s/r ahead of time), then wait for the noble entry to setup . 24)
*) 10 steps of the LCT - (25)
*) check to see what the stock markets are doing, if it up or down just a little bit and not going any where fast, kind of stable - theres no problem, of its really rocketing up or tanking , find out whats going on and be very couscous.( uscad trade - dow had quite drop, Ireland problem, Austria working to support Greece, General concern was flight to the euro , big flight to the safety at the us dollar, there was no slowing down at the London close, this is the time where u wanna take a side and stand aside , gold was way down(38 bucks an ounce) , oil was down(2 dollars), t....... SE was down 200 points, this is bad for the Canadian dollar, its positive for the uscad pair, we stood aside until price started to fall back into the ranges, even though there was a qualifying swing and everything, it saved us having a loss, (25)
*) part 5 - trade examples (questions) - shirley use 5 minutes chart . U need to know pair personality very well . (26)
*) T Example - how everything fits together (15 sec video) (27)
*) TE - Audusd - didn't go for whole day 38% . (28)
*) euryen - adr was 19 but the swing was 13 to 15 so was left alone . Shirley has a loss mitigation strategy. ( learn to walk before u run) (29)
*) shirley's gonna share some tips and tricks - (30)
*) i do not have multiple screens , start learning this approach with a very small amount of money , prove to yourself that u can learn and follow the perameters, not deviating from them first, prove your success with 20 consecutive trades, use 2 part closing method, 100 less = low volatile, 200 more = ugly pair, macd div(your own method) = go for big profit, these are counter trend trades and usually give you limited amount of profit, (i usually loose more if i shoot for the moon) , being greedy doesn't pay more in LCT, if 2:1 close the trade, strict with basics first, use intela charts for charting, use mt4 for trading, have 3 accounts, i try to keep emotion out of my trading , i try to say next when i miss a setup, i follow my perameters closely, 1 pip is pretty darn close, if i had gotten all the trades that i missed, it would have been even so much more, i miss a lot of trades, sorry about that, i know a lot of u dont trade on Monday( us quities mixed, --- down , usdx barely made its range) (31)
*) if a pivot is on 62% you should put enter on 62%.(31) *) price usually consolidates before a good news announcements (basebook) so staying into a trade during that period wouldn't be wise. BE sl needed.(31)
*) euryen - don't drive for the ultimate target, use traling stops, it helps, if u are passed 13.00 hours (1pm ny) , u might wanna close out the trade . (31)
*) some times the LCT will setup again - watch for another scalp in the ny session, keep an eye on asia also,(singapore/hongkong open) i don't trade late asia or europe. audusd - asian session lc setup (20 pip scalp) . (32)
*) late entry - when Lc timeframe doesn't workout, there is no pair at daily range or some might be close i will wait for adr to reach anyway and then i will look for noble entry, and close trade at 38% whole adr. ( i find it amazing how sometimes it works), gbpusd target could be - 50%, gbpjpy - likes 50s and figures, its friday and its late in the day - so price is unlikely to move higher or lower ,noble entry can be taken at the same level next day, (i revisit my chart before end of my day around singapore opening) (noticed had a potential noble entry) usdcad - her fav pair, over night trade (price was in a pannent) (i think its not gonna exceed my trendline) (so i put my order) , u will see how often it may not exceed at london but does later and its great trade setups, (there are so many opportunities if your eyes are open and you take them) (33)
*) 62% + pivot - if a pivot corresponds with 62% retracement, i will use that for my limit entry order, i allow spread pip, i trade the majors,(2 missed chart examples), i also have a trading platform at fxcm, usdjpy has a nasty habit of making swing early ( i take them early of they are in a very nice level of support/resistance), (posible japanese intervention is gonna happen, who knows), (34)
*) be ready and know your levels - be ready for these trades before the timeframe begins, do your homework by marking support and resistance in your charts, i just wanna have everything marked, so i dont have any rush at last minute, i wanna know where my levels are , that way i dont have to make a lot of decision on 1h 4h or daily at the last minute, i know where my levels so that i can make my decisions quickly, when u start going through advance section this is gonna be even more important, u will not have time at that point to go figure out where hour levels are, if u dont have limit order placed your entrys gonna come and go without you,the important thing is have a plan in place and then have fun with these trade, they really are fun, (s/r zone is a real fact and it is considerable) (many people do it differently, vic shirley has their differences) , (dont think you are gonna know whats gonna happen next, don't take a trade just cause you think its gonna get their first, u don't know, it might or might not, (usdchf she used 30 pip stop cause the sl went above r3 pivot and 4h resistance ) (on that day i was managing 5 pairs, aussi/us, us/yen, cable, euro/us and usd/chf) ( u dont have enough time to get creative u just set these things and trust your system, know what u doing and know where your levels are) (35).
*) trade what u see (know when to close your trade) - platforms/timeframes are gonna be different, days are gonna start at different hours, that won't matter, trade what u see on your platform, all right, again, know when to close your trade, (75 verses his 69, adr difference in different platform issue) (usdjpy - snicky pair - sometimes it will swing early sometimes it will swing late, adr will not meet in different platform, and i don't know why and i don't care) ( the trade was prior to the g20 meeting, innervention, 15 years low, seemd like good chance to go long even with strong down moves), (first profit taken, stops mpved to be and price just moves side ways - i dont like that - just close the trade - it will save more then loose) (36)
*) Dlight Saving Times - (fall - sept 26 to Nov 07) its your responsibilities to know when the London close is in your countery. Uk and north america they usually does it within a week of each other, nzd usually starts first and it goes on from there, (4.15 - 4.15 uk time, settlement happens), swings are strange when this happens, they can be early or they can be late, just be prepared for them, ( nov - 3rd - uk had fallen back to their standard time but north america was enjoy their extra hour of day light ( baige book maybe but fomc i am not holding) (while the sync is not in u can take early swing trades) ( weeks of daylight saving time - be careful ) (37)
*) closing comments - why things work at this time of day - $$ in addition to the London settlements and the actual close time, this time is also the ny lunch hour, ny's equity market and usdx aren't going to usually have wild swings as east coast takes a breather, even day traders, hedge funds everybody they all need to eat sometimes , so where the surge of london happening theres of vaccume on us. I don't look at stochastics at 5m charts, i don't look at macd much but i will notice if there is divergence, i am not a macd divergence trader, i will have reviewd the news and i will know if it is a risk on or a risk off day, I am aware of the general market sentiments and the pair personalitys, i spend a lot of time studying pair personalitys of pair i watch, i find it very interesting about what makes a pair move and what the country behind the currency really is like, i am very interested on what happens behind counterys currencies. (38)
*) when moving up in size be more selective, i am moving up in size cause this works so well, i have never had 1% of my trading account in the market at any 1 time i don't think ever,
*) don't put on more of trades then u can manage, risk is always an paramount importance, the most i can manage is 5-6 of them at once, i will use limit exit orders maybe 2:1 or logical s/r level where i feel logical to close the trade when entering my orders. I might adjust those later, because sometimes i don't know how many pairs i am gonna be managing and i certainty wanted to be protected if it runs.(38)
*) with this trade you dont wanna get greedy, more times then not when i held for more profit more then 2:1, or the logical s/r level would have been, price comes back and stops my trade, so take the setup and take a reasonable profit.
*) i learn mitigation over times, don't jump on to mitigation. (38)
*) its a counter trend trade and should be treated as such. (38)
*) us trader - cftc rules. No long and short at the same time in the same pair in the same account. Trade the highest probability setups with your larger accounts. She uses other strategy also. Thats why 3 accounts. (38)
*) a setup is a setup is a setup. I don't really care what the news is who is speaking, what the volatility is, what on earth is going on, take the setup, you are gonna learn from it, most of them are gonna workout so just because its friday, just because its monday, just because there is speaker, just because u know whats gonna happen next - take the setup. Choose demo-micro or whatever. (38)
*) thank you - i live in Washington state - money grows on the tree of persistence, i climb personal mountains, thank you for attending this webinar, i live in a horse community. (39)
*) p7 - questions - u can take usdx and u can take swissy and put them side by side, u can see the swissy moving up, if it hasn't made its adr, and neither has usdx, usdx will pullback , usswissy won't pullback, then the us dollar will surge up and make its adr but the swissy will continue up and breakthrough its adr, and go to its next level of s/r .it is a surprising pair , start studying and watching it, its better untill us dollar made its adr if u are trying to trade the swissy. Only pair i care about related to usdx is swissy, (40)
*) i look at all the majors, aussyen i only trade it long, i love the kiwi (nzd/usd), its low volatile and respects the fib, these are bid charts, i have no experience in asian close time frame, study what makes a pair move , its almost a sixth sense when u understand how a pair moves, fuck correlation - a setup is a setup is a setup. I use demo for learning the platforms and use micros,i prefer to be real, cause micros are real, i trade through ibfx,fxcm and mbt mt4 platform, if gold silver is making a big move be careful how u trade those commodity currencies(cad aud), oil and gold will tell u everything about commodities, cnbc mute. (40)
*) focus on the core - the simple 10 step staff, leave the advance staff for later, learn to walk before you run, she has been studying this with extrim focus for 2 years now, so naturally she has a feel for it naturally which will not come immediately to you, " a lot of people found staff on paper, thats worlds apart from going out there and making money " u need to go out there and make it all worth while. (41)
We will trade these 11 pairs too.
The London Close is a low risk trend reversal strategy. The idea is to trade the re-bounce at the end of London Session when the volatility decreases which signals an end of the daily trend and also the price should have reached the ADR (average true range). Both of these conditions provide high probability of reversal to capture low risk profits.
Here are the 10 Steps of London Close Method:
01. Observe the 5 day Average Daily Range
02. Identify qualified pairs
03. Wait until the London Close time window
04. Check the US Dollar Index.
05. Check for key Support & Resistance levels on higher time frames
06. Note the risk environment
07. Enter using the Noble Entry Technique
08. Set the stop
09. Manage the trade
10. Exit at profit targets
From now we will trade this strategy together.
THIS IS THE WHOLE COURSE IN TEXT
(**) these bracketed numbers after the end of very line is the video number of this course.
*) welcome to our webinar (01)
*) webinar agenda - parts (02)
*) retired from software sales now full time realtor. (03)
*) various markets for 30 years, futures broker, trading futures and options for 5 and a half years and with fx mentor for 13 years now. (03)
*) house keeping - unfolding of that webinar (04)
*) this strategy is a great supplement to a longer term strategy, its a trading technique for very short term , can be turned into a very big profit, 10-15-20 pips sl, you should find very high accuracy with short term trading, u do not want to compromise sound risk management, risk are kept very very small always, everyone does things differently according to their own risk tolerance, you never know what's gonna happen next, always have a plan how u will handle the situation of a trade goes south on u, all u have to is copy what Shirley's done, capital preservation is very heart of sound trading Ok, technique can be used on any higher timeframe support or resistance level, so it does work in other times and situations, its up to you, you will really fast feedback, Mark Douglas - on 20 trades, hard with longer term strategy, 20 trades will instill confidence in u which is vital in anything u wanna do well at, of u follow the parameters perfectly the accuracy is far greater then any other longer term approaches, knowing most times u are gonna make profits, starting out watch only a few pairs, make sure u get seasoned first, lower volatility pairs like - the kiwi, the cad has the best results.(05)
*) London session = most active - 8 am London time, 3 am ny time (consider dls); ny opens at 8 am ny time, most news comes at 8.30 am ny, at 11.15-11.45 am ny time london market start settling and close(london close at 12pm ny), nyse is opened for couple of hours, at the end of this session all the newses are settled and price has reflected the events ; London traders prepares to goes home and its also lunch time in NY (traders take a break) ; its a vaccume setup ; price slows down, stops making new moves , and starts to fall back into a range ; this is when u take a trade to take advantage of this inevitable situation of everyday to make profits. (06)
*) she had a background on trading stocks and options, she first looked at fx on 2004 ; she looks at 10 pairs now but she really first started with 1 or 2 !!! (07)
*) 2009 - 2010 she traded lc and found her consistency . means 45678 = 5 years of struggle.(07)
*) IT USUALLY DOESN'T LOOSE .
*) FIRST PROFIT TARGET IS ALMOST ALWAYS HIT EVERY TIME. AND U HAVE THE OPTION OF MOVING OUT OF THE RISK RAPIDLY.
*) YOU AND OTHERS WHO LEARNED THIS TRADE ARE EXPERIENCED SIMILAR RESULTS. -- YEAH (07)
*) Normally that Avg Ratio is from 1.3 to 1.4 . I keep an eye on it .
*) she missed a better part of jan , feb , mar , aprl , and may !!! almost 5 months . (07)
*) VN - she was more driven to success then other people are & she was not willing to settle for anything less and she never quit on it she kept looking what would work within her time frame for trading.
*) of course everyone wants it badly, bobby knight - "most people have the will to win but very few people have the will to prepare to win" (07)
*) by taking you through the course you have the real advantage of not having to reinvent the wheel you can just use Shirley’s wheel. she has already figured it out, she never quit, let me tell you the one thing she did very very well, she managed risk, she never lost a lot of money, the biggest secret of the development of her success is she used micros.
*) Less then 1% of her account was ever risked at one time . Guys its impressive, really is. This is a person who just doesn't accept failures, she wants to do the best and she studied the charts and approached it to death until she came up with exactly what suited her and believe me she went through her ups and downs and she finally came up with this . (07)
*) 10 steps (08)
01. Observe the 5 day Average Daily Range
02. Identify qualified pairs
03. Wait until the London Close time window
04. Check the US Dollar Index.
05. Check for key Support & Resistance levels on higher time frames
06. Note the risk environment
07. Enter using the Noble Entry Technique
08. Set the stop
09. Manage the trade
10. Exit at profit targets
*) setting up the trade (09) 25 sec vid
*) in Forex market adr=atr they both mean the same thing. In commodities and stocks there are difference. (10)
*) If the us dollar index has traveled its 5 day average daily range , at or around the same time as other us based cross pairs reaching their 5 day average daily ranges - IT ADD STRENGTHS TO THE TRADE. (11)
*) one thing to know here the us swissy is particularly similar in movement to the us dollar index , it almost mirrors it so if you are trading the us swissy its a good idea to see that the usdx has reached its 5 day adr as well as the swissy . (11)
*) no adr breach at usdx = no trade in us swissy . (11)
*) its not an exact time, its a time window, (12)
*) there is a process in closing the exchange for the day and its associated with unwinding of volumes and settlements and things like that . (12)
*) ideal setup will occur at 45-15 minutes before the london close . (12)
*) what we have so far - (13) – specific time slot, 5 day adr met, usdx 5 day adr, wait for the time slot before taking a trade, look for expected levels or s/r on higher timeframe of charts.
*) in lc zone it also hitting an expected level of S/R on a higher time frame ( hourly - weekly ) , this is really a critical part of the thing here , if u can't see any visible support/resistance pass on that trade ( chart example). (For s/r daiily/weekly charts big moves fib can be considered even 38% of these moves can be very powerful s/r) (we knew a lot of things in advance, which is pretty cool so we can be prepared for these levels in advance) (14)
*) lct setup recap - reached adr > checked usdx > coming into lc > expected reaction off s/r based on higher Time frame. (15)
*) now its time for price to prove to us that it will stop . As a result we can get into these trades with a very small sl pip . (chart example) (15)
*) trade entry (questions) - 'u should start an hour before beginning of the London close' - VN , This is a counter trend trade in most cases . (16)
*) trade entry - we use an entry technique thats been dubbed as noble entry. Price proofs that it will stop and then buying the dips. (17)
*) entry illustration (chart) - u buy at ask and sell at bid . Charts plot the bid price . Whimpy - 15% of 5 day adr. (18)
*) setting stop - use sl below or above point X . High volatility - 30 pips . Gbpyen shirley used it . Get the risk out as soon as practical. (19)
*) part - 4 ( managing the trade ) ( questions ) (20)
*) managing trade - its very very important to learn when and where to take profits . (21)
*) manage - as price starts to move in your favor u need to be thinking about risk reduction, first and formost, that is always should be your job 1 , u hv to hv place to start taking profits . (22)
*) if u r up 10 pips (10 pip sl) in a trade u can start to look to get the risk out of the trade completely (stop to BE) or as an alternative u can take some profit, so that if it hits downed sl then it becomes a BE trade . (22)
*) your risk pips = your first profit target . If u r riskin 15 pips go for 15 pips for the first target . (22)
*) next profit target is swing high or low . Generally a very good place, i use the bodies of the candle rather then wick , sometimes it doesn't make it upto wick. (22)
*) the idea is to keep it simple take short term trades and take regular profits out of the market . (22)
*) once u have a profit and a BE stop , we are gonna go for a profit twice the initial risk . If u see an obvious s/r before twice, take the profit, its a counter trend teade, learn to take profits at logical levels. (22)
*) do not allow a loss at this point infact u should take some profits . (22)
*) 38% of the entire day move can be a very good place to take profit . Price will go to those levels as often if it the overall trend of the market on daily timeframe. Its a very good place to bounce off of . (22)
*) 2:1 is a great place to close the trade out . (scribbled illustration) (22)
*) other considerations - risk environment - risk on - traders are in mode for taking risk , they are moving out of cash into stocks. (23)
*) if stocks are down, will make = us dollar rally ( ppl are taking out all of their stocks and turning it i to cashes = risk off) (23)
*) fomc is late news announcement . 2.15 pm ny time , baige book . Newses are already out and digested by this time . By the time london ends usually all the news's are over . (23)
*) commodity currency - Australian dollar , canaidian dollar , when u trade these pair it will a really good idea to look at gold silver copper oil and how they are reacting on that day . Tronald stock exchange, crb index if they are at a important level of support of resistance or not . (23)
*) setting up trading day - Check your charts about an hour before the london close. (24)
*) if at lc adr met, consider s/r , (mark expected s/r ahead of time), then wait for the noble entry to setup . 24)
*) 10 steps of the LCT - (25)
*) check to see what the stock markets are doing, if it up or down just a little bit and not going any where fast, kind of stable - theres no problem, of its really rocketing up or tanking , find out whats going on and be very couscous.( uscad trade - dow had quite drop, Ireland problem, Austria working to support Greece, General concern was flight to the euro , big flight to the safety at the us dollar, there was no slowing down at the London close, this is the time where u wanna take a side and stand aside , gold was way down(38 bucks an ounce) , oil was down(2 dollars), t....... SE was down 200 points, this is bad for the Canadian dollar, its positive for the uscad pair, we stood aside until price started to fall back into the ranges, even though there was a qualifying swing and everything, it saved us having a loss, (25)
*) part 5 - trade examples (questions) - shirley use 5 minutes chart . U need to know pair personality very well . (26)
*) T Example - how everything fits together (15 sec video) (27)
*) TE - Audusd - didn't go for whole day 38% . (28)
*) euryen - adr was 19 but the swing was 13 to 15 so was left alone . Shirley has a loss mitigation strategy. ( learn to walk before u run) (29)
*) shirley's gonna share some tips and tricks - (30)
*) i do not have multiple screens , start learning this approach with a very small amount of money , prove to yourself that u can learn and follow the perameters, not deviating from them first, prove your success with 20 consecutive trades, use 2 part closing method, 100 less = low volatile, 200 more = ugly pair, macd div(your own method) = go for big profit, these are counter trend trades and usually give you limited amount of profit, (i usually loose more if i shoot for the moon) , being greedy doesn't pay more in LCT, if 2:1 close the trade, strict with basics first, use intela charts for charting, use mt4 for trading, have 3 accounts, i try to keep emotion out of my trading , i try to say next when i miss a setup, i follow my perameters closely, 1 pip is pretty darn close, if i had gotten all the trades that i missed, it would have been even so much more, i miss a lot of trades, sorry about that, i know a lot of u dont trade on Monday( us quities mixed, --- down , usdx barely made its range) (31)
*) if a pivot is on 62% you should put enter on 62%.(31) *) price usually consolidates before a good news announcements (basebook) so staying into a trade during that period wouldn't be wise. BE sl needed.(31)
*) euryen - don't drive for the ultimate target, use traling stops, it helps, if u are passed 13.00 hours (1pm ny) , u might wanna close out the trade . (31)
*) some times the LCT will setup again - watch for another scalp in the ny session, keep an eye on asia also,(singapore/hongkong open) i don't trade late asia or europe. audusd - asian session lc setup (20 pip scalp) . (32)
*) late entry - when Lc timeframe doesn't workout, there is no pair at daily range or some might be close i will wait for adr to reach anyway and then i will look for noble entry, and close trade at 38% whole adr. ( i find it amazing how sometimes it works), gbpusd target could be - 50%, gbpjpy - likes 50s and figures, its friday and its late in the day - so price is unlikely to move higher or lower ,noble entry can be taken at the same level next day, (i revisit my chart before end of my day around singapore opening) (noticed had a potential noble entry) usdcad - her fav pair, over night trade (price was in a pannent) (i think its not gonna exceed my trendline) (so i put my order) , u will see how often it may not exceed at london but does later and its great trade setups, (there are so many opportunities if your eyes are open and you take them) (33)
*) 62% + pivot - if a pivot corresponds with 62% retracement, i will use that for my limit entry order, i allow spread pip, i trade the majors,(2 missed chart examples), i also have a trading platform at fxcm, usdjpy has a nasty habit of making swing early ( i take them early of they are in a very nice level of support/resistance), (posible japanese intervention is gonna happen, who knows), (34)
*) be ready and know your levels - be ready for these trades before the timeframe begins, do your homework by marking support and resistance in your charts, i just wanna have everything marked, so i dont have any rush at last minute, i wanna know where my levels are , that way i dont have to make a lot of decision on 1h 4h or daily at the last minute, i know where my levels so that i can make my decisions quickly, when u start going through advance section this is gonna be even more important, u will not have time at that point to go figure out where hour levels are, if u dont have limit order placed your entrys gonna come and go without you,the important thing is have a plan in place and then have fun with these trade, they really are fun, (s/r zone is a real fact and it is considerable) (many people do it differently, vic shirley has their differences) , (dont think you are gonna know whats gonna happen next, don't take a trade just cause you think its gonna get their first, u don't know, it might or might not, (usdchf she used 30 pip stop cause the sl went above r3 pivot and 4h resistance ) (on that day i was managing 5 pairs, aussi/us, us/yen, cable, euro/us and usd/chf) ( u dont have enough time to get creative u just set these things and trust your system, know what u doing and know where your levels are) (35).
*) trade what u see (know when to close your trade) - platforms/timeframes are gonna be different, days are gonna start at different hours, that won't matter, trade what u see on your platform, all right, again, know when to close your trade, (75 verses his 69, adr difference in different platform issue) (usdjpy - snicky pair - sometimes it will swing early sometimes it will swing late, adr will not meet in different platform, and i don't know why and i don't care) ( the trade was prior to the g20 meeting, innervention, 15 years low, seemd like good chance to go long even with strong down moves), (first profit taken, stops mpved to be and price just moves side ways - i dont like that - just close the trade - it will save more then loose) (36)
*) Dlight Saving Times - (fall - sept 26 to Nov 07) its your responsibilities to know when the London close is in your countery. Uk and north america they usually does it within a week of each other, nzd usually starts first and it goes on from there, (4.15 - 4.15 uk time, settlement happens), swings are strange when this happens, they can be early or they can be late, just be prepared for them, ( nov - 3rd - uk had fallen back to their standard time but north america was enjoy their extra hour of day light ( baige book maybe but fomc i am not holding) (while the sync is not in u can take early swing trades) ( weeks of daylight saving time - be careful ) (37)
*) closing comments - why things work at this time of day - $$ in addition to the London settlements and the actual close time, this time is also the ny lunch hour, ny's equity market and usdx aren't going to usually have wild swings as east coast takes a breather, even day traders, hedge funds everybody they all need to eat sometimes , so where the surge of london happening theres of vaccume on us. I don't look at stochastics at 5m charts, i don't look at macd much but i will notice if there is divergence, i am not a macd divergence trader, i will have reviewd the news and i will know if it is a risk on or a risk off day, I am aware of the general market sentiments and the pair personalitys, i spend a lot of time studying pair personalitys of pair i watch, i find it very interesting about what makes a pair move and what the country behind the currency really is like, i am very interested on what happens behind counterys currencies. (38)
*) when moving up in size be more selective, i am moving up in size cause this works so well, i have never had 1% of my trading account in the market at any 1 time i don't think ever,
*) don't put on more of trades then u can manage, risk is always an paramount importance, the most i can manage is 5-6 of them at once, i will use limit exit orders maybe 2:1 or logical s/r level where i feel logical to close the trade when entering my orders. I might adjust those later, because sometimes i don't know how many pairs i am gonna be managing and i certainty wanted to be protected if it runs.(38)
*) with this trade you dont wanna get greedy, more times then not when i held for more profit more then 2:1, or the logical s/r level would have been, price comes back and stops my trade, so take the setup and take a reasonable profit.
*) i learn mitigation over times, don't jump on to mitigation. (38)
*) its a counter trend trade and should be treated as such. (38)
*) us trader - cftc rules. No long and short at the same time in the same pair in the same account. Trade the highest probability setups with your larger accounts. She uses other strategy also. Thats why 3 accounts. (38)
*) a setup is a setup is a setup. I don't really care what the news is who is speaking, what the volatility is, what on earth is going on, take the setup, you are gonna learn from it, most of them are gonna workout so just because its friday, just because its monday, just because there is speaker, just because u know whats gonna happen next - take the setup. Choose demo-micro or whatever. (38)
*) thank you - i live in Washington state - money grows on the tree of persistence, i climb personal mountains, thank you for attending this webinar, i live in a horse community. (39)
*) p7 - questions - u can take usdx and u can take swissy and put them side by side, u can see the swissy moving up, if it hasn't made its adr, and neither has usdx, usdx will pullback , usswissy won't pullback, then the us dollar will surge up and make its adr but the swissy will continue up and breakthrough its adr, and go to its next level of s/r .it is a surprising pair , start studying and watching it, its better untill us dollar made its adr if u are trying to trade the swissy. Only pair i care about related to usdx is swissy, (40)
*) i look at all the majors, aussyen i only trade it long, i love the kiwi (nzd/usd), its low volatile and respects the fib, these are bid charts, i have no experience in asian close time frame, study what makes a pair move , its almost a sixth sense when u understand how a pair moves, fuck correlation - a setup is a setup is a setup. I use demo for learning the platforms and use micros,i prefer to be real, cause micros are real, i trade through ibfx,fxcm and mbt mt4 platform, if gold silver is making a big move be careful how u trade those commodity currencies(cad aud), oil and gold will tell u everything about commodities, cnbc mute. (40)
*) focus on the core - the simple 10 step staff, leave the advance staff for later, learn to walk before you run, she has been studying this with extrim focus for 2 years now, so naturally she has a feel for it naturally which will not come immediately to you, " a lot of people found staff on paper, thats worlds apart from going out there and making money " u need to go out there and make it all worth while. (41)
$$ Buy @ Lod & Sell @ Hod $$
