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Friday’s live trading – Charlie’s up $1100 today…

Charlie apologies for the final minute of recording where he forgot he’d muted his mike!

Hi this is Charlie giving you Friday’s live trading. I hope you’re very well.

 

It is 7:40am. I’m looking at the Euro at the moment as I’ve got positions currently in there in a swing. I actually took one position off last night. I was logging off and then we had a spike so I took one off yesterday at the highs. I was lucky with that, I walked into my office to see a price spike.

As it currently stands we’ve got a little bit of negative momentum on the hourly charts so this Euro may actually want to come down a bit. I was hoping I was going to wake up and see that it had positive momentum and was gearing for another up move.

 

That’s not to say that it couldn’t turn but it does have a little bit of negative momentum at the moment.

 

I can’t really do anything on the long side right now, it’s a swing trade so I’m not going to just exit because we’ve got hourly negative momentum.

 

That’s where we are with the Euro. I’d rather be trading it on the long side because I’ve got a view for a higher move but at the same time the intraday charts are suggesting a bit of down side here. I’ll have a look through the charts and we’ll come back to this.

 

 

Okay I’ve just had a look through the currencies and I haven’t really got anything to go on at the moment that I’m particularly interested in so I’m just going to stay watching for now.

 

Sometimes within half an hour or so something can crop up. We have got the GDB figures out for the US this afternoon so if needs be I can just wait until then. I’ll press pause for now.

 

 

I’ve just come back, and it doesn’t look like I’m going to get any trades this morning. At the moment it’s after 8 o clock now and I’m not liking the price action too much.

 

I’m always getting asked questions about the charts because people think that I’m always using Telecharts which I am using the project with but my main charts are Esignal. So I have two PCs running three 27-inch screens and one of my PCs runs one of those screens with lots of Esignal charts.

 

So for people who wonder what charts I use, these are the ones that are on in the background, I just never have them showing because they’re on a different PC.

 

I’m not saying that you have to use something like Esignal, because you don’t. A lot of people can get away with their broker’s charts. What Esignal does give me is little things like volume, on FOREX it’s tick volume but it’s still indicated and I can still get that volume based on FXCM feed or based on other big FOREX broker feeds.

 

It gives me an indication and you don’t normally get volume through brokers’ free charts but that’s not the end of the world. It isn’t absolutely imperative to my trading, it just gives me some information now and again.

 

Kym and a lot of our other traders use them but they’re not cheap so I always say to people stick to your broker’s charts, a lot of what the broker’s charts can do is probably eight tenths of the way there. It just gives me the extra functionality I like to have so they’re useful in that regard.

 

I have lots of other charts with lots of information that I’m not going to show you but I can show you some pivots and some pivot information on there and some momentum.

 

So people always email in and ask so I use Telecharts for the broadcast and then Esignal off screen. I shall press pause for now.

 

 

Just back, it’s 9am and as you can see the Euro’s had a nice turn so it’s helping my little swing. We’ve got targets just below 1.10, just over 110 and then I’m leaving one to run but I still don’t have a day trade on and we haven’t got the positive momentum behind this move on the hourly charts so there’s not really much I can do as it stands this morning.

 

I’m off to the gym, we’ll see what happens after that.

 

 

Okay I’m about to go to the gym and what I’m going to do it put a partial hedge in just with one unit. I’m going to put a ten pip stop above it so that if we do come down at least we’re making some money on this position as the others give up some of their profit.

 

So what I’ve seen on the hourly charts is that we’ve done a double top here but we’ve still got negative momentum. That could turn and I’d rather it does and we carry on going higher so the hedge is really a hedge. If we do come down a bit then that hedge will be making a little bit of money to offset the other positions.

 

I’m not really day trading at the moment, it’s really just trading around that swing.

 

I’m keeping my eye on Cable today as well, it could well be that when the news comes out I’ll be trading Cable. I’ll press pause for now and get back to this when I come back from the gym.

 

 

I’m just back from the gym, and as you can see the Euro has come up which is good. Obviously I’ve got stopped out on that hedge for £37 but we’re doing alright here.

 

My limit order has been struck at 90 so we’ve got two units left. So we had two longs from 1.0897 to 1.0920 and that one’s just hit for 70 pips overnight. I still have two units left, one up at 1.10 and I still have to decide what to do with the final one.

 

So far so good, I’ll press pause for a minute just while I’m having a look at this.

 

 

Just back and I’ve just left these markets alone. From when I was last on the mic the Euro has pulled back and it’s bouncing again so it’s just a case of seeing what’s going to happen really.

 

It’s 12:40pm now, we’ve got news out at 1:30pm and that’s all I’m waiting for. I’m not sure which market I’m going to trade yet until it gets a bit closer so I’ll come back on the microphone then.

 

I’ve moved my stops up to 25 and it’s not just a case of seeing what’s going to happen. If we push on up can I just hop on board if there is an opportunity? I guess we’ll just have to wait and see. I’ll press pause for now.

 

 

Okay just back, and we have a minute to go. We’re looking at a choppy chart here and it’s the AUD. This could be the one that I’m looking to trade. If we start shooting up in the AUD and I can get in, there is a target up at 76 and then a little bit beyond that.

 

It’s only 20 pips from where we currently are, but if we do shoot up on it then I will be looking at that. I’m going to keep looking at the EUR-USD as well but it’s the AUD-USD that I might find an intraday trade on and maybe a little bit easier. I’ll press pause and we’ll be back.

 

 

Okay so just a few seconds to go, I’m going to be watching the prices to see if we go down or up…

 

…and we’re going down. So it’s USD positive so we’re going down on the Euro and on Cable. So as it currently stands there is nothing for me to do because it’s not doing what I was looking for.

 

What I am going to do is look at USD-CAD and see how that’s doing in a minute.

 

The AUD is having a bit of a reversal at the minute so let’s just watch this.

 

I’m watching USD-CAD off screen and it’s having a great little run. I’ll be watching that for the next five minutes. I want to see that five-minute candle lock in.

 

On my EUR-USD I’m just going to trail my stops up a little bit to 30. I’ll press pause just for a minute.

 

 

AUD is trying to turn so what I’m looking for is to see how we close here because if we’re coming back up I need to see the evidence of that. What I don’t want to do is get caught in a load of volatility if we’re going to end up on a spinning top or something like that.

 

Cable is holding up quite well.

 

I’m still interested in the AUD but I need to see how we’re going to close.

 

The Euro is coming up here. I haven’t done anything more with it but remember I have that limit order in at 98 and it’s right on it. It hasn’t quite got there but it’s right up there at the daily R1 pivot. We’ll see if that gets here shortly or not.

 

The AUD which I was looking to buy and then went south is picking up so let’s have a look. We can still end up with a buy here this afternoon on the AUD but it needs to break out of my bands so we’ve still got to wait a little bit. I’ll press pause for now.

 

 

Okay what I’ve done is trailed one of my stops up to 70 and it’s just closed me out at 695 so I’ve only got the final position left with a stop at 54. What happened is this one should have hit its target, it was one pip away.

 

Whatever happens the trade is protected, the stop is at 54 it looks like we’re going to start rolling over and if that is the case we’re probably going to come down and take it out but I’ll let that happen if it’s going to happen. The Euro has been very choppy for the last several hours. I’ll pause for now.

 

 

Just coming back and the Euro is going up so I’m going to see if its going to close up at its highs on the candle here and if it does then I’ll be looking to get a unit in.

 

I’ve got one unit in long at 93 and I’m going to keep this really tight on the stops down at 84. I’ll be out very quickly so this needs to follow through. The Euro’s been choppy all day. If we come down it’s going to stop me very quickly. What I need to see is a break out here so we can follow on through.

 

I’m also trailing my stop up on the position I have been in all day. I’ve moved that up to 70.

 

If I lose on this then fine, so be it, I have given it a go and that will be it but we had a nice little candle up there and I’m just seeing if we can follow through.

 

It’s coming down a little bit but this is just within the zone that it can do that. I’ll press pause for now.

 

 

Okay it’s coming down a bit, my stop is at 84 so we’ll see this disappear if we go into the 83s. We could find that it comes down to 80 and still go up again and have another crack a bit later but all the momentum is firing up and I’m seeing if we’ll get this break out.

 

If we could get a break then that’s good, we’re just below the 1.10 zone so there will be sellers coming in to the market at some extent as well. I’ll press pause for now.

 

 

It looks like we’re holding up here at the moment so we’re still in it. We’re looking into the 1.10s here so let’s see if we can get up there. I can already trail my stop up to 85 now and just as I’ve played the play button it’s stalled again. It was still right under 1.10. I’ll press pause for now.

 

 

Okay so we’re just on that 1.10 zone and just as I’ve pressed play it’s stopped again. The market knows when I press record. I’ll be looking for 1.1006 to close for so it’s not a big trade. I’ve still got that swing trade.

 

1.1008 is a four hour 50MA so if get towards that 08 I’m not going to be too picky if we get close then I’ll probably be looking to take it off but at the moment there’s a battle going on as we’re sitting around this 1.10. It has hit 1.10 but it’s not managing to break through just yet…

 

12 Comments

  1. Socaci-Reply
    May 29, 2015 at 4:28 pm

    Nice swing trade, it wasn’t a good market for intraday trading, but cable had a god run in the morning, missed it 🙁

    • Charlie Burton-Reply
      May 29, 2015 at 5:00 pm

      yes I was actually surprised cable had the run down this am that it had and agreed, not great markets today really although CAD did well after the news….

  2. Dan-Reply
    May 29, 2015 at 6:53 pm

    Hi Charlie,

    Really enjoy the vids great insight into how you trade thanks! From previous posts you mentioned how when you started you ran your account up to c 250k before blowing your account. I ve started trading but with only a small amount (circa 3k) and although I know its probably better to learn the ropes with a smaller account I kind of feel that I am a bit under capitalised. I am fully aware that youre not going to run an account like that up to 50k anytime soon. Suppose what I am trying to ask is what would you consider a decent amount to start with once I get the basics of it. I know its all relative but any advice would be much appreciated! Thanks.

    Danny.

    • Charlie Burton-Reply
      May 29, 2015 at 7:00 pm

      Hi Danny,

      Yes how longs a piece of string! Basically any amount that you can afford to trade with is the right amount but I know that’s not the answer you’re looking for!

      But yes if you can get anything approach 10k then that’s a good start….

      Charlie

    • Mark Garland-Reply
      June 3, 2015 at 10:10 pm

      Danny, you are not under capitalised. You can make good money risking 1-2% per trade and have enough capital to trade all instruments. When I say good money, you won’t make enough to live off, but you can make a nice amount on the side and an amount that is satisfying enough that it feels worth doing, rather than trading for pennies with micro’s…

      As long as you manage your risk having £3k is the same as 10-20k. Just your £ returns won’t be as high.
      Once you can trade consistantly, you can compound up and with a 10-20k account can get nice returns depending on your skill level.

      Just remember, RISK MANAGEMENT. Comes first, the trading comes after that.

  3. Dan-Reply
    May 30, 2015 at 10:54 pm

    Ha yeah I know was going to say myself really depends on the person’s situation. One other thing I wanted to get your view on was drawing trand lines and if you do so yourself or do you just use the indicators such as MAs, pivots and bands…. Cheers!

    • Charlie Burton-Reply
      May 31, 2015 at 11:32 am

      Yes I do put trend channels on but not all the time

  4. Zander-Reply
    May 31, 2015 at 4:09 pm

    Hi Charlie

    I’m brand spanking new in the trading game, don’t have any live accounts yet just demos and will only hav around 1k of capital when I do. I absolutely love watching your trades, I’ve been looking at different trading tutors and u defo explain the trades the best ( although more detail on your setup and entry would be great ) . Do u know of anyone you’ve taught who has started with a relitavely minute amount of capital and grew the account to the tens of thousands and what would be the best peice of advice to a prospective full time day trader who really enjoys trading and learning all the intracacies therein ? 🙂

    • Charlie Burton-Reply
      May 31, 2015 at 4:41 pm

      Thanks for your comment, it’s always appreciated. Obviously I don’t go into exact detail in the videos as that info is what our members get. Yes we had a trader last year turn 1k into 10k so yes it can be done. But more realistically for the majority is to just get good at trading and then build your account over time. So my advice would be to manage your expectations, think of this as a long term process of learning and not a get rich quick scheme. I would also recommend joining our community in order to properly learn. Too many traders try to do it on their own and fall over as a result.

      Anyway, hope that helps.

      Charlie

  5. Zander-Reply
    May 31, 2015 at 5:10 pm

    Yes that’s great , thanks, I plan to join soon and have my heart set on joining ezeetrader as the videos are exceptional especially the way of explaining trades while actually trading is imo unrivalled in scope and excitement. A documentary would be great maybe a challenge as the premis ( 5k – 20k in 12 months) whilst talking about the greatest trades ever from the likes of John Paulson , Jesse Livermore and the like in between exciting trade sequences that would bring highs and lows and be a great watch, and as people don’t really know mug about trading and how exciting and fulfilling it is would be a great platform for ezeetrader . Sorry if I’m out of line or over the mark I just think if anyone trading tutors have a chance of really reaching the populous in an interesting and enlightening its ezeetrader and ur way of describing the mysteriously enriching world that is day trading. Even more live trading uploads would be excellent. 🙂

    • Charlie Burton-Reply
      May 31, 2015 at 5:23 pm

      remember to check out the back catalogue on our YouTube channel – there’s three years worth of Friday live trading video’s on there!

  6. Zander-Reply
    May 31, 2015 at 5:46 pm

    🙂

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