A forex trade
Someone mentioned in our Trading Room that we should have more posts here and more often. Especially Black Dog Trades. I couldn't agree more but the problem, as usual, is always time as there never seems to be enough. One small way to get around this problem is to post the occasional trade that I manage to squeeze in during the week.
Things are looking up though as I am beginning to find the time for at least one trade per day. depending on the state of the markets of course. Some of the boys in our Trading Room are doing quite well lately on the indices and often oil.
My trading starts in earnest in the New year as I would really like to have this website as near to completion as possible before I can relax. Not far off now.
Well, this is actually an old trade on this particular day which happened to be a Friday where I struggled to manage two trades time-wise.
The earlier trade being on the EURJPY M15 for a nice 21 pips trading down to the BRN support level. This trade was about 10:30 my time, afterwards I closed the charts, so as not to be distracted with what I was doing, so I could open them up again when the NY session started.
For people reading this who have no idea what the BRN is, it's a handy dandy little tool that we use every day which is a magnet for price. A good area to set targets. We'll possibly have a blog post on this at some time in the future.
Anyway, back to Friday's trade above.
This was the second of that day's two trades which was the AUDUSD M15 and generated a lovely 35 pips before I knocked off for the weekend. There was a second AU trade signalled later but it's not often I enter trades that late in the day.
So what contributed to the trading decision?
This trade was taken using our MTF2 strategy which presents more frequent opportunities than our Black Dog Basic. From the New Year I will be using what I think is the best strategy in the entire universe, if not further afield - our BDMax-1.
Nevertheless, our LT indicator was telling me that short trades ONLY from the appearance of the first red arrow and not to even think about long trades though I opened the chart some time later (at about the third red arrow). This left me with the matter of finding a good entry point. We also have an excellent means of achieving this too which is described fully inside the members area in Module 4.
Stop size and target price are also suggested by our tool although the target I had in mind was at a previous support level 35 pips away. With these set I was dragged out shopping!
Now I do have ultimate confidence in the Black Dog strategy but I was still in a rush to get back to see how things had developed - I needn't have worried.
Things to bear in mind:
The trading decision can be made in a very short time with practice, ten seconds or less, though the higher the time frame that you trade, the more time you will have. Not to mention a generous serving of Patience and Discipline.
Let's hope that we have more Black Dog trades like this one once the holiday period is out of the way.
And - if I don't see you beforehand - Seasons Greetings to all traders.