Trader Girl Forex Trades

I did NOT take this trade as I was sleeping and rarely put alerts on my CADJPY charts, not favorite pair to trade but my sell 79.00 prediction worked well on this too.

The more I believe in a level then I'll set audio and cell phone alerts to wakeup and take trade but this one I didn't feel the risk/reward was there to justify waking up for.

In my opinion no forex tool is as good as their FX Power Index when applied to the candle color. The darker GREEN the more likely market is to go up additional 20 to 30 pips and dark RED means it will likely fall 20-30 pips minimum. It has really helped me catch bigger wins and avoid some losing trades. You can see in this chart at 11:30 trend candles go from dark green to white and thus uptrend is over and then watch the fall!

I could trade just with this tool on 2 min or 50 tick charts.

Tomorrow's analysis

Buys
EUR/GBP Buy .8900
EUR/USD Lightly buy 1.2950 to 1.2943 and 1.2900
AUD/USD Sell breakdown of .7000 and sell .7133 to .7150
EUR/JPY Lightly buy 126.30 and sell 129.00, buy breakout of 128.00

Sells
USD/CAD Sell 1.2500 and breakdown of 1.2350 buy 1.2300 to 1.2284
CAD/JPY Sell 80.00 and breakdown of 78.75 may find support 77.67
AUD/JPY Sell 70.50 and breakdown of 69.00
NZD/USD Buy breakout of .5600 and sell .5660 sell breakdown of .5530
USD/JPY Sell 99.00 and breakdown of 97.75
USD/CHF Sell 1.1725 and breakdown of 1.1625
GBP/USD Sell 1.4591 to 1.4607 and breakdown of 1.4469
GBP/JPY Sell 143.37 to 143.50 and breakdown of 141.50

Sure Amy makes sense. I have noticed on Multimap it gives some great divergence set ups on double bottoms. You can just see a reversal coming. TG has really strong statistical analysis tools.

Yes that's true and a good point and one of the methods they frequently teach. What's so cool about the Multimap is it is NOT just calculated by that ONE chart's data. If you're looking at the EUR/USD then you are seeing the strength weakness of the EUR against the GBP, CHF, JPY, AUD, NZD, CAD and the same with the USD vs all pairs. So if the EUR/USD is going down and FX Multimap is super weak and you see a double bottom, slightly lower low but Multimap is HALF what it was, then most times probably 70% of the time thats the low and you should exit your trend trade short and reverse and go long.

I feel even more strongly about this kind of trade when markets outside the containment band which is a statistical range tool I personally like more than the Range Projection because its more dynamic. The Range Projection tool for daily range starts at beginning of the day and is static. Its very effective, don't get me wrong, but I feel finds fewer of such trades.

Currencies to look for buys
GBP/USD Lightly buy 1.4600 and 1.4570 to 1.4530
GBP/JPY Buy 142.00 and lightly sell 145.88 to 146.00
CAD/JPY Buy 79.00 and sell 81.00 to 81.25
AUD/USD Buy .7050 and sell .7200 to .7230
EUR/USD Buy breakout of 1.3155 and buy 1.3032 to 1.3018
AUD/JPY Buy 69.00 and breakout of 70.25
NZD/USD Buy breakout of .5625 and sell breakdown of .5570 down to .5526 where you buy
EUR/JPY Buy breakout of 129.00 and buy 127.27 to 127 if Power Index/Multimap strong
NZD/JPY Buy breakout of 55.25 and sell 56.15 to 56.6

Currencies to look for sells
USD/JPY Sell 98.50 to 98.57 and sell breakdown of 97.70 and sell 99.21 to 99.25
USD/CAD Sell 1.2350 to 1.2360 and aggressively at 1.2400 to 1.2408
USD/CHF Sell 1.1622 to 1.1650 and 1.1669 to 1.1700 support at 1.1413 to 1.1400

Amy, is there a way to contact you, because I have a few questions that I want to ask you and I dont want to mess up your journal

Thanks

Thanks for the tip on using MM with containment bands. I scanned a few chart there was a nice one on GBP/JPY double top at 17:18 today with a much weaker MM and outside containment bands. To top it off if was at the range projection high for the day. I would post chart but I am not sure how to yet.

Amytrade, from this quote you wrote the other day you mentioned you only took the AUD/JPy and GBP/JPY, why just those? How do you make your decision, thank you very much for your time and effort in answering questions and giving a great thread.

AUD/JPY Buy 69.00 and 68.50
AUD/USD Buy .7000 and breakout of .7139
NZD/USD Buy 0.5537 and breakout of .5650
NZD/JPY Buy 54.78 to 54.50
GBP/JPY Buy 143.50 to 143.35 and short if under 143.00
GBP/USD Buy 1.4575 to 1.4550 and breakout of 1.4700
CAD/JPY Buy breakout of 80.00 and sell 80.50 to 80.73, sell breakdown of 79.00
USD/JPY Sell 99.21 to 99.35
EUR/JPY Buy breakout of 128.00 and Sell under 127.27 and buy 126.50 to 126.34
USD/CAD Buy breakout of 128.00 and Sell under 127.27 and buy 126.50 to 126.34
EUR/USD Look for buys unless 1.2900 breaks and then short, lightly sell 1.3032
USD/CHF Sell breakdown of 1.1650 and sell 1.1780 to 1.1800
EUR/GBP Sell breakdown of .8800 and sell .8950 to .8959

I'm happy to answer any questions. I take a lot more trades than I post but like to show examples of those that best suit my style. When awake I also scalp but thats an entirely different method. I pretty much scalp using TopGun's 180 BPL method using the Power Index 5 min trend draw color only which puts this statistical trend indicator ON the bars. Strong up trends are dark green and strong downtrends are dark red. I'll take pullbacks in the strongest trends or short rallys in weakest and exit usually with 20 pip moves. I'm about 60% accurate overall in scalping trades but couldn't possibly post all my trades with those as I can do 6 to 15 a day. I do this mostly for fun and with far less trading size than the method I'm posting about here. I always was a scalper in stocks and futures so have developed that gut feel you need to make money with shorter term trading methods.

I'm happy to answer any question about my method and don't mind questions here. I don't want to give the impression that I'm always 80 to 100% winning, I'm NOT. But when wrong my losses are 10 - 12 pips and most of the time I can get out with 5-7 pip losses and many break evens. I don't post those in here. But on days I catch 150-200 pips I usually have no more than 30 pips in losses and the profits I make scalping usually cover the losses in the method here. :-)

I'm spending more time trying to get my automated systems running. That's my main goal and going pretty well. Here's my NZDUSD which netted about 60-70 pips last night.

Here's one I was wrong on at first, eventually it went up like I had projected. I didn't take too many trades last night, decided to sleep in as I'm going away for the weekend and want to be refreshed.

I would if had been up last night avoided buying my area UNTIL the increadible weakness which is so easy to see on chart went away. The weakness lessened starting at 4am so after that its SAFE to look for buys. You can then see it shot up 200 pips! :-) This chart is a perfect reason why I oh so love TopGun's unique tools. I feel they increase my winning % by at least 10 to 20%.

GBPUSD prediction worked far better and unlike the GBPJPY did NOT show incredible weakness and thus MUCH SAFER buying the area.

I didn't trade this pair until the 9am consolidation breakout for a few scalp pips, took today off for the most part but the .5625 breakout level prediction worked as plan, up almost 90 pips from there.

The weakest pair in my predictions for today was USDCHF and it was weak. I did not take this trade but want to point out one thing I LOOK FOR. Sideways consolidation near lows for at least an hour or more. When it breaks short and STOP goes right above consolidation high.

Green levels below are TG's Trading Zones they give mentor students, likely highs/lows of the day and I use them to take profits and look for counter trend moves.

Amytrade thank you for the insight to the method. I was wondering from your analysis the other day, all the pairs I believe were hit. Therefore my question was, why did you choose to trade the AUD/JPY and GBP/JPY versus any of the others. I am thinking now that you had to probably see something on your charts that caused you to not take any of the other trades. Ive never used the Top Gun charting method, but it looks like a pretty cool way to trade. Keep me posted. Thanks for the help on the earlier post.

I didnt look below the thread, before asking a question. Sorry for that. I think that those were great moves and the colored charts gave great signals. What were your thoughts on the other pairs?

I have all my charts up AND sorted using the Power Index in my hotlist window. I sort from strongest to weakest and watch the top 3 or 4 strongest pairs and on another monitor the weakest.

I will have the other pairs that aren't the strongest nor weakest on another layer but most times I have that layer turned off and don't even pay attention to them unless they hit my areas to buy/sell so really can't comment on pairs I didn't trade or rarely watched!

You have to FOCUS when trading and I feel its pointless to watch pairs without a strong/weak trend or when they are not at or near the buy/sell levels set. Also some pairs I really believe will work and others are likely to work, I tend to not set alerts for those other pairs. If I'm awake I'll glance at them but they aren't my focus.

What do you pay for the platform you use? I looked at the website, but not for very long. Keep up the good work.

Trade Ideas: Long USD/JPY Daily
Long EUR/GBP Weekly
Long GBP/CHF H4

Very hard to predict direction for tomorrow for many reasons, some pairs have consolidated long enough they could easily breakout in any direction and other pairs trends SHOULD be exhausted but their trends could continue causing them to go higher/lower.

Because of this my usual high confidence in my analysis is iffy for tomorrow.

That being said here are the individual currency strengths/weaknesses, over .5 is bullish and under weak

Individual Pairs

CAD 0.56
CHF 0.55
JPY 0.54
AUD 0.53
EUR 0.48
USD 0.46
GBP 0.44
NZD 0.44

Because of the above its possible your EURGBP will work out but less likely GBPCHF will go down as CHF is relatively cross currency wise strong and GBP is one of weakest for tomorrow and JPY is somewhat strong where USD is more likely to be weak tomorrow which would indicate a USDJPY short and not a buy.

I wouldn't buy USDJPY until it can show some strength by going over 97.36 and GBPCHF isn't bullish until above 1.6800 and possibly resistance at 1.6828 but then may continue up. EURGBP is the best of the trades.

As for your other question I bought it outright, contact them for questions about their software as I don't work for them and don't want this forum to degenerate. I'm going to be busy working on my auto trade systems, coming very close to something I'd turn on but not quite there yet so probably won't be answering too many questions this week. Best way to learn is if I do post some charts take a gander and read explanations. I'm not going to comment on pairs I didn't trade or look at, waste of my time. Over a few weeks to months you will learn a lot from what I share here. Be patient, its the ONE key to trading that's impossible to teach.

I'm testing a new method for my trading systems and its all in VB code but will tell you the pairs I think are best for buying/selling. It would take me 30 mins to rip out the VB code and translate my exact buying/selling levels for tomorrow and am hungry and done working today.

One rule of thumb is above 20 period hourly MA look for buy opportunities and under it look for shorts. If the buys are above hourly MA better odds of success, etc

Buying
AUDUSD
EURGBP

Selling
EURJPY
USDJPY
USDCAD
GBPCAD

As I said yesterday I didn't feel too comfortable with analysis last night. There are times when the markets are almost impossible to predict and other times very easy. When markets have been consolidating its often very hard to know which way the breakout will happen. Also when markets are super strong/weak its hard to know even if they are up TOO MUCH statistically if the momentum will wane the next day and allow for counter trend trades yet its often risky to buy currencies after they've made a huge run or short them after they've fallen a lot!

Thus last night my confidence in the analysis was low due to the above factors.

If you do analysis you need a FILTER to show you in REAL TIME if your analysis was right or you were totally wrong.

MAKING MONEY IN FOREX IS NOT ABOUT BEING RIGHT!

It's much more about realizing when you're wrong and taking small losses and what I feel I do best as a trader is use tools to SHOW ME I'm wrong in my analysis BEFORE I take a trade.

That's why I use filters, in the order of importance.

1) FX Power Index - Invaluable trend tool that shows me the % of pairs that support buying/selling. To a lessor extend FX Multimap which shows the INTENSITY of the trends. If I think a strong pair from the day before will continue its trend I NEED it to show strength today. If not them I'm wrong on my analysis but I also AVOID losing trades. Simply cutting down on the number of losing trades you take is often the only thing many traders need to do to shift from losing to profitability!

2) 180 Balance Point Line - This is the activity weighted avg price for last 3 hours. If above I look mostly for buys and under it sells.

3) Hourly 20 period simple moving average. If above then the market's strong and I mostly look for buys and under neath I look for sells.

4) Higher Highs/Higher lows for buys and Lower Lows and Lower Highs for sells. This SIMPLE concept helps me avoid a lot of bad trades. If trend is up but on next move up it can't take out the HIGH that's a possible sign of a likely later reversal. Be SAFE! Wait for a higher high before you continue with those trends. Reverse for shorts.

5) CONSOLIDATIONS - Some of my biggest pip gains come after markets consolidate for awhile and then break out. This is a high probability trade and I feel one of safest trades. I use NR Breakout script in TG to find these. The USDCAD perfect example of this today. I had the USD as weak and CAD as strong and after it broke its 8 hour sideways consolidation the trend started and it fell 80 pips approx.

I hope this helps in your trading. You may wonder why I post. Many people in my trading career have HELPED me and I want to return the favor. There is such a lack sharing of WHAT WORKS on most forums. On slow days like this I also get bored and this helps me by preventing me from taking boredom trades and losing $500 to $3,000 in sideways choppy markets too, LOL. I'd rather help people and get some good Karma and at the same time avoid the losses.

The only trade I'm in now is long NZDUSD at breakout over hourly and about to get out. It's the strongest trend of those I'm watching now and a great example of once it broke HOURLY 20 period moving avg and consolidated once it broke out I was long.