Friday’s live trading – Charlie smashes it with a $1300 gain this morning…
Charlie has a good run this morning as he trades with the day trading room members. If your not currently a room member, your missing out!
Hi this is Charlie giving you Friday’s live trading, I hope you’re very well.
It’s 8am, we’ve had some big moves overnight. The EUR-USD has come all the way up to Friday’s resistance highs so a bit of a pain really. Across the board the markets have moved overnight, which is a bit of a pain. Anyway, I’ll come back to this in a second.
Right, I’m going to look to go long here with a 15 pip stop to give it a bit of slack.
So I have my four units in and what I’m looking for is to see if this Euro can come back up. This trade could be over very quickly if I get stopped out as it’s in a bit of a pullback. It’s in some support which is why I bought it. I’ll just press pause.
Okay, so I have my stops in. What I’m looking at is a first target up at 1.1104. If we get there I will take one of these off to pay for the trade. 1.1104 is the 8am pivot. My stops are at 72.
We’re waiting to see if we can get up to the 8am pivot and I’ll take one unit off.
Ultimately we’re looking for a bit of a bigger bounce, so there’s some other levels as well. This could be over very quickly if it does decide to come down, I’ll press pause for now.
Right, so we are bouncing a little here, we’re getting closer to the target but we’re not there yet. What I can do is move this stop up a little bit.
We’re coming up and I’m looking to take one unit off just ahead of this pivot…
There we go, I’ve taken one unit off, if we get to the pivot then I’ll take the second unit off so we have a free ride to the end of this trade. We’re not quite there yet…
So I have now taken half. What I’m going to do now is move the stop to 78 and now I cannot lose on this trade.
So we’ve come up to the 8am pivot and it could just roll over, hence I’ve moved the stops up to 78. The entry was originally 87, we took 18 pips on one and 14 on the other, but if I get stopped out then it will be under 10 pips, so whatever happens I can’t lose on this.
Having said that, that’s not entirely what I’m looking for. I’m looking for some more upside. The next target is 1.1125 because that’s into the prior high zone, that’s if we can get there, I’m not entirely sure that we can.
Sometimes what you can do is identify areas where tradable bounces may come from, then you just have to trade manage them and take some profits off.
There is the potential of this Euro going up to 1.1150 so I’m going to hold on to one unit to see if we can get up there.
If we can, then great, that’s the four hourly 200 and 100 that are overlapping. It is a big ask at the moment because all it’s done is come up and hit this five minute 21, this could still roll over from here yet, but if it can turn then 1.1125 I’ll take the third off.
From a risk/reward perspective I could close out now, I am tempted to take another unit off into the five minute 21. I think I will.
So I’ve taken three units off and now I won’t bother with 1.1125. So now it’s going to be holding it all the way for that 1.1150, that’s all I’m looking for. The stop can be moved up another couple of pips because it’s moved so far, if it comes all the way back down there then I think it’s game over anyway.
So I’ve moved it up to 80, so whatever happens I will make £200 overall. I’ll press pause for now.
Okay, just back and I’ve been doing a lot of analysis across all the markets and the Euro’s just holding up at the moment.
This is a four hour chart and that final target at 1.1150 are the four hourly 100 and 200 moving averages, so those are the next logical targets for me, if it can get up there.
I’m just in with the final unit and it could take all day to get there, or it could just roll over.
If it does get there, I’ll take half off and still see if we can get that bit higher. We have a daily 50 MA and a 21MA up there at 1.1178, so they’re up there in that zone so that’s why I would split this final unit into 2.
Let’s have a look at the smaller timeframe and get a picture of what’s going on. I still think this Euro could struggle, let me just press pause a second.
So at the moment the Euro has got up into the 25 zone which is the zone I talked about earlier but in the end took the third unit at 21. This is a significant area for it to breach, if it can’t then it’s just going to roll all the way back down again. It’s just a case of playing a waiting and seeing game.
I’ll press pause and we’ll come back to this later.
Okay I’m back. I’m just doing a little more trade management because of how far we have come I’m going to move that stop up to 85. So on this final portion it’s just going to be two or three pips of risk. I’ll still give back all of this £167 of gain, but that’s all party and parcel, you have to try and run your winners to an extent.
From a risk/reward perspective I could come out now and it would still be a good risk/reward trade, but I’ve picked those levels to see if we could get that break up today. Maybe we’re not going to, in which case we’ll be back down to a £300 day.
We’ll always look back and think of what you could have done, but if you see the opportunity for more upside then you have to at least try and run it a portion.
Sometimes the markets aren’t giving it to you but I’ve spotted this opportunity today and the way that we’ve come up on that EUR-USD so we want to at least give it the opportunity to see if it can get up there. I’ll press pause for now.
Okay, just back and Euro has all of a sudden shot up and I was looking at 50 as a target so I better get my deal ticket ready. We’re going to start aggressively moving the stop up.
I’m going to take half off at 50 and the way I have to do it is effectively sell half of that. It happened all of a sudden.
Let’s get this stop up to 21 below this candle and we’re going to see if we can push up to that 50 zone. I’m getting ready to take half of this off.
I’m taking half of the final unit off at 53, we’ve just hit that four hour 100 MA crossing with the 200. We just hit that. Now I’ve taken half off by being long 100,000 and put a short in for 50,000. Whatever happens we’re banking a lot here.
What I need to do is change all of my orders and sort all of this out. What I’m going to do is move the stop to 25 to the low of this candle. Now I need to put the final target in, I could just run it and run it but we do have a daily 50 MA at 79 so I’ll put it in at 77. That’s on the original lot.
Now I need to put the stops and limits against this short too. So the stop against the short is 1.1177 and the limit is 1.1125, there we go.
Whatever happens either we’ll start making money and I’ll lose a little bit on the hedge, but that’s fine because I’m still net long so we’ll still make more if it can get up to 77.
Whatever happens it will be a decent day at $1200 up so far.
I’m going to move these stops to 30 now, because if it reverses I might as well come out. I’m really locking in the gains now. Now it’s just a case of seeing if the EUR-USD can carry on pushing through. So far so good, even if it does come down to 30 then it will still be about £600 for the day.
I’ll press pause for now.
Just back, we’re still going, we need to trail this stop even more to about 45 now. It’s in a nice pure momentum type move now so we’re just locking in the gains as we go.
We’re still sitting here, I’m going to move the stop up to 52. It looks like it might hit my orders while I do this, 10 more pips to go.
I’ve got to shoot off to the gym so I’m just trying to get this video done with now.
If we go back over this trade now, from the entry we didn’t know that the Euro was going to roll over so taking profits off was the right thing to do and try and run the back end. We then sat through the consolidation and waited patiently and see if we could get that breakout today. It could have hurt us but the patience has paid off on this occasion.
Like I said earlier on, if we had taken it all off earlier on only to see it break out then we’d have missed out. It had the potential today.
It might actually get there on this run… Actually I’m going to just override this, I want to get this video done. Let’s see if we can override this, we’re within three pips.
Okay, I’m out. $1300 or £851 on that trade today, a nice trade today.
I shall leave that with you, have a great weekend, back in touch next week