Breaking News: Introducing your new mentors!

Hello everyone,

I hope you are all well. Following on from my previous post, here is a brief video introducing Layla and Chloe, who are the two experienced traders who have kindly offered to take over the running of this blog. It is only a minute or two long, so have a quick look and introduce yourselves to the ladies; You can get to know them a little better from their bios on the ‘about’ page and the Q&A below.

And, now that you have been introduced, you can look forward to some great content, including more regular technical analysis, articles, videos, support and mentoring. I will be following the blog as well.

We have also decided to change the name of the blog – so look out for that shortly!

Q&A with Chloe & Layla

Why did you start trading?

C: To make money. I wanted to change career and have a bigger earning potential and more freedom.

L: Like most people, to make money. I also wanted to change career and increase my earning capacity.

How did you start trading?

C: I attended an initial course, but this was followed up by a lot of self-study and coaching. It certainly wasn’t an easy process.

L: I paid a large sum of money for trading education which promised a great deal but in many ways, failed to deliver. I then pursued an intensive period of investigation and study.

Why do you like trading?

C: It gives me the freedom to do a great deal of things I wouldn’t otherwise be able to do.

L: I can become completely absorbed in chart analysis and lose all sense of time. The process of deciphering symbols and clues appeals to my analytical nature and preoccupation with detail.

What have been the most difficult aspects?

C: Accepting losses as a normal part of trading, and overcoming emotional attachment to money.

L: Thinking I’d nailed it and then realizing there was still more to do in terms of both my technical understanding and in overcoming my psychological weaknesses.

What have you found most useful along your learning journey?

C: I had a fantastic trading coach who helped me immeasurably, both with my technical understanding and psychological development as well as being a motivational and encouraging influence.

L: I too had an exceptional coach who took my extensive but disorganized knowledge and gave it structure, logic and clarity by enforcing concise trade plans and checklists.

What have you discovered about yourself through trading?

C: Trading is a highly emotive process, so will inevitably draw out some less than attractive character traits. However in overcoming these, I discovered resilience, focus, tenacity and an overwhelming desire to succeed.

L: As with any testing experience, providing you can get through it, you will discover positive character traits you didn’t know you had. For this alone, learning to trade has been well worth it.

What do you enjoy most about coaching?

C: I love being able to help people reach their goals.

L: Coaching isn’t easy, but it is exceptionally rewarding when a student ‘gets it’. It also continues my own learning experience.

What are your strengths?

C: I have a thorough and meticulous approach to most things, including analysis. I am also patient and observant.

L: I have a great deal of patience and am naturally curious, so I like to really understand how something works. I enjoy the process of analysis.

What skills from your previous career have been useful in your trading?

C: Having been a scientist, I have a very analytical and methodical approach to trading.

L: Although this might not sound related, my background in art has given me great visual abilities for interpreting charts and market patterns.

What is your trading style?

C: Simple, rules-based and patient.

L: The only way is to use a set of repeatable, uncomplicated rules, these may be on paper but over time they become locked in your mind.

What is your specialism?

C: Trading price action with the trend and timeframe correlation – looking for more specific entries on lower timeframes based on price action setups on the higher timeframes.

L: Trend trading with higher time frame confirmation and price action signals.

For any of you on the property ladder

Hi guys,

If, like me, some of you are also buying and developing properties to create a nest-egg, a friend of mine is offering boutique project-management services in and around the London areas, including small-to-large building projects, interior design, and just good old management services.

Personally, I need services such as finding me tenants, collecting deposits and all the small administration pains that need taken care of, and you may need that too.

This is ideal if you want to increase the value of your property, or are limited for time to manage your own portfolio- I love this idea! Contact Lauren if you have any questions at all,

http://www.andikaconsulting.co.uk/

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Summary of the charts from today’s analysis:

Pending outcome of US Fed’s discussion of tapering over Tuesday and Wednesday this week:

EURUSD LONG

GBPUSD LONG

USDCHF SHORT

AUDUSD SHORT (WEAK AUS)

NZDUSD (AVOID- RANGING CURRENTLY)

NZDCHF (SAME AS NZDUSD ABOVE)

XAU – MORE BEARISH THAN BULLISH

USDJPY LONG

EURJPY LONG

GBPJPY LONG? (CHECK FOR GBP WEAKNESS IN OTHER GBP CHARTS)

AUDJPY – DO NOT TRADE! NO TREND, AND RANGING.

NZDJPY LONG – TRADE ONLY WITH EXTREME CAUTION – SHORT TARGETS.

NZDCAD – SAME AS NZDJPY ABOVE

CHFJPY LONG

CADJPY – WAIT FOR RANGE TO BREAK TO UPSIDE.

EURGBP

EURCHF TRADE DOWN TO 1.2130 ONLY

EURAUD LONG

EURNZD (AVOID)

GBPCHF BEARISH, BUT AT BOTTOM OF RANGE?

GBPAUD LONG

GBPNZD LONG – AROUND 1.9600, BUT NOT BEST CHART

GBPCAD LONG – SETUP IMMINENT – TODAY, TOMORROW

AUDCHF SHORT

AUDCAD SHORT

AUDNZD SHORT

ALL CAD PAIRS TRENDING TO THE UPSIDE- CAUTION ONLY ON WEEKLY RETRACEMENTS DUE.

An example of a 1-page Trading Plan

Here is an example of one of my personal trading plans used in the past. I hope this helps you in your own journey.

TIMEFRAMES TRADED:

Daily i.e. EOD primarily, 240min secondarily (not as common)
 
CHARTS:
All items offered in the account, but are filtered by trending or ranging setup conditions below.
 
PRIMARY TRADES:
TRENDING CHARTS
ENTRY CRITERIA:
5-10 pips + spread above/below setup bar
1.       Higher or lower highs/lows
2.       Price action signals
3.       Horizontal level of Support/Resistance
4.       Interaction with Moving Averages
5.       MACD Divergence/Convergence
7.       Trendlines
9.       Classic chart patterns i.e. Head and Shoulders and Double tops/bottoms.
 
STOP MANAGEMENT:
5-10 pips below/above broker’s bar (may be wider if near key level or moving average, or if consolidating recently)
Trail from day 3, by 10 pips.  (End of Day 1 = setup, End of Day 2 = trigger, End of Day 3 = update stop)
 
No hedging!!!!
 
PROFIT (ORDER) MANAGEMENT:
Any of the following, max risk for total of all open trades must be less than or equal to 0.5-1.5%.
(RA) = Risk Amount, includes SCALING OUT STRATEGIES only.
·         1 order, trailing until stopped out. (RA/1)
·         2 orders, 1st takes profit at 1:1, 2nd trailing until stopped out.(RA/2)
·         3 orders, 1st takes profit at 1:1, 2nd takes profit at 1:2, 3rd trailing until stopped out. (RA/3)
·         4 orders, 1st takes profit at 1:1, 2nd takes profit at 1:2, 3rd takes profit at 1:3, 4th trailing until stopped out. (RA/4)