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In one of my last posts, I mentioned that I was using Google Alerts to stay on top of the goings on in the forex market. However, the list of blog posts that they have in those updates are absolutely terrible. Granted, I am only searching for the keyword “forex” but I would have thought that there would be a few good blog posts.
All of the blogs in the list were spam blogs and some of the posts did not even make sense. They were just a random assortment of words strewn together.
Therefore, I decided to check my bookmarks and give you a list of other forex bloggers out there who are actually writing good material. I visit them from time to time and you may want to also.
- Forex Spirit – Colin McGinley also blogs about his trading and gives some good tips on tech and other trading related info. He does some great reviews of his trading results and how he can improve.
- Trader Gav – I can’t find a last name on this guy but Gavin also posts some great articles on how he trades and what he is up to.
- Raghee Horner – This is the blog of trader and author of the same name. Being that she really is a professional trader, she always has some interesting insight into the markets and shares her trades from time to time. She has some interesting hobbies and shares them from time to time, so it keeps things interesting.
- Ryan O’Keefe – Another full time trader. He trades off the daily charts and this leads to infrequent trades and equally infrequent blog posts but when he does post, it certainly does NOT suck. He recently wrote a book that I want to read.
- Kathy Lien – I’m not that big into fundamental analysis, but it is good to find out what is going on from time to time. Kathy is a very talented analyst and provides some great information on the news that affects the currency markets.
So there are a few of the other blogs that I read. It is good to get different points of view and there have been times when I have read their blogs and discovered things that helped my own trading.
Click here to continue reading 5 Other Forex Blogs That Don’t Suck >>
 Click above to enlarge Here is another nice little London Trade.
Price hit a previous resistance level at the beginning of the London session, accompanied by and overbought situation on the Stochastics.
I actually entered a little late because I missed the true reversal pattern.
As you can see on the chart, I exited both positions way too early and missed out on another 90 pips or so.
Why did I close them out early? Again, it was because I being too conservative. If I had followed the plan that I have been backtesting, it would have been a good trade.
Click here to continue reading July 16, 2010 EURJPY London Trade >>
 Click above to enlarge Whew, I haven’t traded for awhile huh?
As soon as I saw this setup, I had to jump on it. My backtesting has shown that once this setup occurs, there is a very good chance that price as hit a turning point.
There was a chopstick formation where there were two long wicked candles to the downside. This usually signals a move back up.
Therefore, I jumped in long, but I only took 1 position. The usual London trade rules call for two positions, setting the take profit on one at 20 pips and letting the second one run.
Why did I do this?
Click here to continue reading July 15, 2010 EURJPY London Trade >>
 Green Fairies are scary. I have put my trust in a few over the years and although I learned a lot of lessons, it has usually ended in heartache.
In the beginning, they are hard to resist. The lure of their charms promise gorgeous sunrises and excite your imagination. Their claims are fantastic and can be backed up by many people who have fallen under their spells.
Huh? By now, you must be thinking that I am talking about this Green Fairy. Although I sound like I am out of my mind, I am not talking about the Green Muse and I have no intentions of cutting off my ear.
The Green Fairies that I am talking about come in different species. They take the form of multilevel marketing, real estate investing, internet marketing, business franchises and even forex trading. There are countless species and sub species that all promise freedom on so many levels.
All of these areas do have tremendous legitimate opportunities and can provide you a train ride to the city of Financial Freedom. But if I am telling you to stay away from Green Fairies and forex trading is one of them, what gives?
Well, what makes a business opportunity a Green Fairy is
Click here to continue reading Beware of the Green Fairy >>
Hello Everyone,
Sorry for the disorganization the past few days, but I moved this blog to another website host and I am still tying up loose ends. Moving over three years of posts, photos and files has proven to be a little more complicated that I thought.
My hope is that this change will lead to a more reliable website and faster loading times. My previous host was slow, went down quite a bit and they jacked up my hosting costs, so it was time to go. Anyway, it might be another couple days before I can get everything tested and back to normal, but I will continue blogging.
How is your trading going? What is on your mind? Feel free to leave a comment below.
Thanks for visiting!
Hugh
This London Trade was a little frustrating.
 Click above to enlarge The trade was profitable for a little while, but then it started moving against me. I decided to close it out and go to sleep.
I was a little disheartened by the previous losing trades, so I didn’t want the loss to get any bigger. It was probably just as well because price proceeded to jump up later.
The final result was a -0.5% loss on the trade.
If you are looking for ways to keep up with the latest events on the internet, this can be a good way to keep up with current events. Google will send you an email as it happens, daily or weekly. Just enter the search term that you want to stay up to date on and you will get an email with the latest website, blog and news updates.
It is a free service. Click here to check it out. I use it to keep up to date on what is going on in the forex market but you can use it to keep up on any topic.
This was another tough one.
 Click above to enlarge Price was really choppy and went nowhere. I was looking for a breakout, but never got it.
I thought that since there was such a large run up in price, there was bound to be some retracement. But it never came.
The result was a -1.8% loss on the account.
Another London Trade.
 Click above to enlarge The setup on this one looked good. There was a long wick on the candlestick and there was a good chance of price dropping.
However, it was not to be. Price jumped up before dropping later.
My stop was hit again and it resulted in a -2.5% loss.
 I have been doing a lot of backtesting with an automated testing script in Forex Tester 2. At certain points however, I was getting errors and I was not able to continue testing.
This was pretty frustrating and I tried reloading the data and building the ticks again. That didn’t work and I tried restarting the computer but that didn’t work either.
I didn’t want to reinstall the program, but it got to the point where I thought I might. Luckily, I finally figured it out.
Here is what I did:
Click here to continue reading Forex Tester 2 Tips: Clearing Errors >>
Here is a London Trade with the EURUSD.
 Click above to enlarge Price looked like it would head back down, so I took a short position on this trade. Things were looking good, then there was some news or something that caused the market to jump up.
When I looked on the calendar, there was nothing that should have caused the jump in price. There wasn’t much I could do, I could only take the loss and move on.
The final result was a -1.7% loss.
Here is another London Trade, so far so good.
 Click above for larger image As soon as the London Session started, price dipped down and the Stochastics was over sold. This was a good buy signal. I waited for the 15 minute candle to close and I put in two buy orders.
As you can see, price dropped down and took out my stop loss. The result was a -2.5% loss.
Yesterday was a little disappointing because I had a good trade to start with, then I took a marginal one that wiped out all the profits. Well, tonight I decided to learn from that and I just stuck to the first trade, no matter how tempting it was to take another trade.
Here is the chart:
 Click above to enlarge As you can see, I waited for the reversal candle pattern. Since the Stochastic was oversold, that was the trigger to go long after the reversal pattern. I took the money just before it reversed hard.
The final result was a +1.1% gain on the account.
Crap, I ended up giving it all back. I should have just let the first trade go so that I ended up with a profit. Here is the chart. Pretty much the same thing as the last trade, but in reverse.
 Click above to enlarge As you can see in the chart, the Stochastics was overbought and price action seemed to be meeting some stiff resistance so I decided to go short. This time I only traded one lot because if I was wrong, I knew that I would at least be at breakeven.
I was wrong and lost everything that I gained earlier in the evening. The trade ended in -1.1%.
In hindsight, we were already pretty far into the London session (green line) and was almost into the NY overlap (red line). I should have left well enough alone. In addition, price action was choppy and a breakout trade would have been a better bet instead of a range bounce trade.
This was a case of chasing and was completely unnecessary. It is a good thing that I only traded one lot.
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