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Friday’s live trading – A big winning day but intraday loser…

Charlie cashed in on an overnight swing today but his day trades overall were net down. Watch for the segment on frustration after he is stopped by a single pip – fine lines….

Hi this is Charlie giving you Friday’s live trading. It’s actually Thursday because I’m out in London on Friday.

It’s 7:42am and I’m just looking at the markets. I can’t see anything on particularly at the moment so I’m just having a bit of a watch…..

 

The only way for me to trade would be to do some scalping but I’m obviously not going to do that.

We’ve had some big moves so let’s put that into perspective. Wednesday we had some half decent moves in the markets and we had that decent move on Tuesday, then retraced, then congested overnight into Wednesday and then finally broke up again into Thursday morning. We’ve just retraced a bit overnight.

It’s possible the Euro might want to come down a bit lower, we’ve got a daily pivot down at 1.0650. We are sitting on a first test of this 21 period moving average on the hourly.

Overall I’d like to see it come down to that pivot, to 50 at least. It’s got negative momentum behind it. Sometimes if you get negative momentum but you’re into support there’s a danger that you may try and short it because you think it’s going to come lower but it doesn’t and the support holds.

That’s one thing to bear in mind when you’re using indicators with your price action. Sometimes there will be conflict and what you’re looking for are areas that I call air pockets. You’re looking for areas of clear air where the market doesn’t have any major support or resistance in the way so you know that you actually have a zone where the market is fairly free to go where you want it to.

That’s what I’m looking for all the time whether it’s on a five-minute chart or an hourly chart.

People have asked me before because I always show a five-minute chart, is that all you look at? They couldn’t be more wrong. I look at all of the time frames, all the way up to the daily charts. I am only just showing you the five-minute chart because that’s what I’m usually executing off of.

Let’s go to the GBP-USD because it’d had a fabulous move. It’s been having a really nice run for the last three days, cleaner than the Euro. It’s got some negative momentum behind it but the trend is overall up. We’ll carry on monitoring that as well.

AUD-USD overnight has had a fabulous run as well.

So all these markets have had great runs and it’s just a case of what will they do this morning?

I’ll press pause for now because I’m not seeing anything that I can actually get my teeth into.

Okay, just back. I’m looking at a support play on the EUR-USD. It’s come down to it’s hourly 50 so the intra trend is down currently but we are against support and it has come down to that pivot.

I’m just looking to see if it can touch the lower band, but as I’m speaking it is not. It may be that I’ve just missed out there so we will just see if it can have a bit of an upward move.

With any intraday trade, what you’re trying to do is get the best entry you can and very often it will come and hit the lower band. It didn’t here but I thought it was about to but it’s already bouncing up now.

You need the best entry on intraday trades because every pip does count.

I’ll press pause for now and maybe we will come back to this later.

I was just getting ready and have seen that the markets have moved so I’m having another look at the Euro.

It had that little move up and it’s come back down so I’m just waiting for it to close back in the bands here. It’s 9:18am so we’ll wait for it to close in the bands and do a dip to the lower band, put a stop below the low and we’ll see if it can have a bit more of a bounce.

I’ll just press pause.

Okay we got the close and I was waiting for a dip down to the lower band but we haven’t got it just yet.

If it doesn’t happen this time, I’m just going to call it a morning. We’ve got some news out at lunchtime so I’ll be looking to trade that instead because I’m not going to sit around here all morning.

Basically the markets have had some decent moves overnight and yesterday so they are a little bit out of sync at the moment. There’s nothing that’s really compelling for me to get my teeth into.

I’m going to press pause and come back to this later.

Okay just back. I’m going to go in long here.

It’s just come back into the lower bands. It looks like it’s just playing around really so I’ll just put two units in and I’ll put my stop down here and head off to the gym.

I’m just going to see if it bounces a bit while I’m out.

I’ll press pause for now.

Okay just back from the gym, and bad news. I put my stop below there and I can see that it’s dipped down, nicked me by a pip and then come all the way up.

When that happens, it’s really annoying I must admit. I lost £261 on this Euro trade, it’s one of those ones where you think that shouldn’t have happened.

There’s nothing you can do about it. If you get nicked, you get nicked. It’s part and parcel of trading.

You can get frustrated and it is frustrating when that sort of thing’s happened where you’ve gone out and it’s nipped you out and then run up to where you wanted it to be.

You can either allow it to all encompass you and get frustrated but the best thing you can do in these sorts of situations when you do get stopped is say at least my analysis was correct.

It puts it all into perspective. Always try and turn a frustration into a positive, or a negative into a positive with your trading. Otherwise, you allow it to wind you up and then you want to go and enact your revenge on the markets. That’s not healthy either. The positive is my analysis was correct.

Anyway, what do I do now? It’s ten past eleven, I’ll press pause and we’ll see.

It is now coming up to 1:30pm. We’ve got news coming out in a minute so we’ll be watching this and see if the Euro wants to break out. If the Euro wants to break out, I may try and catch it.

I’ll either get slam dunked very quickly or we may be able to make something if it goes.

We have got about thirty seconds to go so we’ll see.

The Euro’s had a great run, 100 pips from my entry earlier on, so that was a shame but like I said earlier on, you have to deal with those kinds of frustrations.

For now we’re just going to see what happens as the news comes out. It’s not massive news but it’s enough. We’ve got weekly unemployment figures and housing permits.

Okay let’s see where we’re going to go – up or down.

Spreads have widened, we’re going up so I am looking to buy.

Oooh! 61, that’s a bad feel. I’ve caught it there so I’ve gone long. I was looking at my other charts off screen and that’s not the best of feels.

I’ve got my second feel at 56 so I’ve got two feels here now. Now we’re breaking. They’ve gone quite quickly.

What I want to do is scalp one of these off very quickly.

Oh no we haven’t got there. I was watching this at 64 and this is the problem when you’re doing your recording that was up 64 and I was going to scalp that off but I’m not going to scalp it just for a pip or two. We’ll have to wait now and see if it goes back up.

Now we can take one off. I got the best part of ten pips there. We’ll see if we can get a bit more of a run on this second part.

So we’ve got 79, 79’s going to be our target level so we’ll see if we can get up there.

We’ve had a bit of a run. The big problem when you’ve got a volatile candle, it only looks like a small candle but as we can see it’s 30 pips long.

We need to get a stop loss in place so I’m going to place a stop at 45 and we’ll just see. I’ve banked £86 and I’m down £80 on this one.

Whatever happens I’ll lose a bit but I’ve just protected it a little bit there because we had a nice little blip but what I’d like to see is us to follow through but the risk is that I didn’t want to put a stop all the way down here just in case this is an overall blip and we roll back down.

We’re keeping it tight and see how we go here; it looks like it’s going to come down. I’ll press pause for now.

Okay I have just been stopped on that second part. I’ll keep watching this though, if it starts to move back up again then we can give this another go.

So I made £86, lost £176. Sometimes when you’ve got a big buffer because of the gains I’ve already banked today then you can afford to give some other trades a try.

I’m going to keep watching this one. There’s a potential for it to go up to about 79. I’ll press pause for a minute.

I’m just watching this one and it looks like we could give this one another go.

I’m going to go long here. We’re only going to put one unit in this time. We’ve gone long at 30 there and I’ve put a stop down at 20 so we’re keeping it tight.

The momentum on the higher time frames is still looking okay. Sometimes with the momentum still looking alright you get a reaction back down and it will then start creeping its way back up again.

I’ve got that entry in at 1.0730, the stop’s down at 20. We’ll just see if it can go. If this one fails, that’s it. I’ve given it a go and that’s me done for the day.

The potential is there watching the momentum on the hourly time frame, it could want to follow through. Let’s just see.

I can’t do anything with the stop right now, it’s just playing around in these bands. We’ll just have to see if it can work it’s way up gradually. I’ll press pause for now.

I’ve just moved my stop up to 25 now, 25 is still very tight here but the ranges are big. If it wants to go over the coming candles, it should without nipping down. The way the price action is, it doesn’t need to blip down. It’s only a five pip stop now.

I’ll press pause for now.

Okay we can see it’s coming back down a bit now, it’s only got to come back down to 25 and it will stop me out.

It was moving up a bit but really we wanted it to follow through from there; not to back off as it is. If that’s the case then there’s no point in me being in it.

It’s just caught me down there at 25.

As far as the day trading is concerned today, not the best.

Sometimes it’s fine lines. It’s a £400 loss today. This move when I was long down here got nicked by that one pip. That’s the difference between having a £200 loss or making a £1000 or more.

Sometimes it’s just fine lines between one thing and another. Maybe I’ve got stopped here and it will run up and you’ll say Charlie your stop was too tight. Fine lines sometimes.

Not too much in it regards to trades but I have banked a lot on that swing I went into yesterday so overall quite a positive day. But as far as the intraday trades that I have taken today, they have been negative.

Enjoy your weekends.

7 Comments

  1. Karl-Reply
    April 17, 2015 at 7:07 am

    Pretty much the same thing happened to me yesterday… I share your frustration! It got me thinking about placing stops, I probably always put mine in the most obvious places so if someone is hunting stops I will always get caught. When placing stops do you take account of the hunters and go for less obvious places or do you just accept that sometimes you’ll get nicked by them?

    Cheers,
    K

    • Charlie Burton-Reply
      April 17, 2015 at 7:20 am

      I just accept it Karl otherwise losses become bigger…

  2. Sidney-Reply
    April 17, 2015 at 12:16 pm

    Hi Charlie I felt really frustrated yesterday I sold dax & 11967 it was open for five hours then stopped me out I looked at it this morning after two attempts yesterday & decided not to sell again only to see it drop 200 pips & still dropping.my set up was right but timing was out.
    I must admit I will not trade today because i will have to clear my head.

    Sidney

    • Charlie Burton-Reply
      April 17, 2015 at 12:21 pm

      Yes the markets can certainly be frustrating at times. At least your analysis was good!

  3. Manoj-Reply
    April 17, 2015 at 1:33 pm

    Hi Charlie, is this the way you generally trade news events?
    You seem to quickly decide which way the initial news spike is going and then just join in that brief momentum move then quickly get out – do you look at support/resistance levels or perhaps have a live news feed which would tell you what the data was ?

    • Charlie Burton-Reply
      April 17, 2015 at 1:43 pm

      I came out quick yesterday as I could see the big picture but the short term was less certain hence why I kept it tight and that was the right thing to do at that time. Normally if I have everything lined up I try to stay in as you will have seen on prior videos.

      hope that helps

  4. Sidney-Reply
    April 23, 2015 at 8:12 pm

    Thanks Charlie it was great I really enjoyed
    It I realise I am in the right track but I need to lower my expectations
    That’s all
    I trade every day

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