Morning,

I have received a number of request about trading the forex. Although I have never traded the forex, I have come across a Forex Trading System that looked interesting. There are several reasons I think that this system might make sense. Here they are:

As you know, I use exponential moving averages as part of my trading strategy. This system uses 5 exponential moving averages.

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Afternoon,

My computer went haywire today so I did not get to trade. I will point some of the trades that I saw during the day. This brings me to a very important point. If you are not 100% either physically or mentally, DO NOT TRADE! I was distracted by the fact that my charts were way behind and decided to trade SIM vs my real account. Very frustrating but better than losing money. I finally got every thing working after my trade cutoff time so should be back up and running tomorrow. Also, remember that Friday is the 4th of July in the United States and the US markets will be closed. The market may be a bit more difficult to trade for the next couple of days. Be careful. Now on to the update.

The Russell 2000 gaped down today and stopped at the 161% fib area as measured from the TS pivot at 15:00 CST up to the TS pivot at 12:24 pm CST. There were 3 IVB (inside vertical bar)  that happened. The one that triggered was at 8:48 am CST with a long entry of 682.80. There was a report at 9 am CST. At the time of the report, the trade was up 1 point. The stop was moved to break even. The report was favorable and the trade made the objective. Moving the trade to break even allowed the report to come out. If the report was bad, the trade would have stopped out around break even. If the report was good (as in this case), the trade was allowed to make the objective.  There was a double IVB at Woodies Pivot. Short entry was at 9:09 am CST with a short entry of 686.10. Here is the chart for trades 1 and 2.

Trade 1 and 2

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Afternoon,

Thought for the day:

It is literally true that you can succeed best and quickest by helping others to succeed.
– Napoleon Hill

Value Area for tomorrow:

693.50 - 699.80

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Monday’s Value Area  -  693.80 - 698.30

Afternoon,

I am sorry that I was unable to do the post for yesterday (Thursday).  I am working on a trading room/mentoring program that will be available in the near future for a limited number of my readers. I am currently working through the technology issues with a few of my “techie” readers. We have finally found a desktop sharing platform that I am comfortable with and have a few more days of testing before I am ready so stay tuned. So on to the update.

The market opened flat today (Friday) but did not stay flat. It proceeded top  drop straight down, rallied straight up before stopping right at the VA (value area) high to the tick. There was an inside vertical bar that formed right at that area at 9:09 am CST with a short entry of 699.70. Woodies Pivot and the 56 EMA was right below the entry. The price paused at the 56 EMA so I took a small profit of 8 ticks. The price continued down and paused at the VA low before railing strongly and forming another IVB (inside vertical bar). Unfortunately, I could not find a strong enough resistance area to take the short trade. That trade would have made the objective if I could have found a reason to take it. The novice trader would have beat themselves up over missing that trade. Once I make a decision to take (or in this case pass) on a trade, I go on to the next trade. The fact that the trade worked make no difference to me after I have made the decision not to trade. Dwelling over not taking the trade is detrimental to your mind set and very costly in psychological capital. Learning this on concept will make you a better trader. Her is the chart for trade 1.

Trade 1

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