Live Currency Teachers

The Live Currencey traders and live online currency tutors Dan Armitage, James Boord, Zak Lloyd and Hemal Pandya in the www.fx500club.com picked out a bunch of winning trades in todays London markets opening session.  I took a few but have just described my swissy trade below.

If you want to be a winner at trading forex then read on a little of take the free trail membership in the www.fx500club.com at just £97 a month for full membership it is fantastic value.

I had been studying the charts over the weekend and had a few currencey pairs earmarked to warch for this mornings London open. The overnight price action looked promising so I decided to take this Swissy trade. I don’t usually trade the 5 minute charts because the price action is generally a little erratic, however it’s a heatwave here and I like to make the best of the weather so short term trading is perfect for in and out trades and loads of sunbathing and swimming.

Once I had joined the mornings session in the www.fx500club.com live online trading room and trading school Dan Armitage confirmed my price action analysis with his morning rundown of the fx500clubs daily trade setups.

As you can see from my chart the price had broken through resistance at 1.0850 and the moved back down to test it, this price action is described as old resistance becomes new support.

I used the cci 21 crossing from below zero to above zero to enter the long trade at 1.0859 and put my stoploss at 1.0840, first target was an old high and just below the figure 1.0900, tp 1.0890.

There were other short term trades today , I took 35 pips shorting eur/gbp, and I have just closed half a long position on Cable for 32 pips so all in all todays price action was very profitable for me.

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Always Remember.

Keep your risk as a percentage of your capital low (1%), equals stress free trading.

Always work out potential losses before potential profits.

We are paid to take risks, if you aren’t in a trade you cannot win a trade!!

Buy off support and sell off resistance.

Bank partial profits early and move your stop loss to break even as soon as you can.

I am learning how to trade these setups and indicators across all time frames with the help of the fantastic team at the www.fx500club.com They have a live forex chat room and share their charts so that you can watch them find potential trades in real time.

They also have a school for learning how to trade longer term charts at www.fxmonkeyschool.com.

The fx500club and fxmonkeyschool, forex trading school don’t just trade charts and indicators alone, they teach us to use correlation of the whole market before entering a trade. It truly is the best place to learn how to trade forex properly, safely and profitably. It’s all about the pips and about protecting your capital.

Click Here to get a FREE days entry into the fx500 club live trading room