Forex Trading Recap: 11 September +104 Pips

So are the sluggish days of summer trading over?  Hard to say yet, but I like to think of this type of movement as a very, very positive sign.  Considering all the additional QE3 talk we could be in for some very interesting markets in the weeks/months ahead.

After a range-bound market yesterday we say things really open up prior to London today.  Frankfurt is known for quick reversals and I love trading them for the typical 10-15 pips they offer.  Occasionally though you get ones like the first trade today that just take off and don't look back.  When most traders are just getting ready at London Open, it's nice to already have 30+ pips in the bank.

After that it was all about continuing to push with the bigger overall moves.  If a counter-trend setup that fit our rules had come up I would have taken it (even if for only a smaller scalp) but today nothing with the extra evidence and patterns we look for did.  So trading effectively today was all about waiting for the trades that fit our rules and entering on the shift of short-term momentum with an appropriate price pattern.

The markets may look different one day to the next but the setups themselves are quite repeatable if you know what to look for and have well-defined rules to work with.  Not every day will be a 100+ pip home run but once you have been trading for a while the losing days should be few and far between and at that point it's really daily/weekly consistency, not huge pip totals, that rule for long-lasting trading success.

Be sure to check out my Samurai Forex Trading Recap for today in the video below, where I go over exactly how I traded today including entries, management, and exits:


AverageJoe said...

Nice job on getting out before the downturn. Many traders stay in too long trying to squeeze out every dime and lose tons of cash.

The Samurai Trader said...

Thanks. Yeah, it's a fine balance between staying in for the ride and getting out without giving too much back. The more I trade the better I get at it but I still make mistakes almost every day.

If you're talking about the first long at mid-Frankfurt then that's a good example. Could have had more but I was hoping 2800 might protect my position. Also London Open is often a key turn time. In this case I bailed early but still with good pips.

The second long during New York that really ran was way easier to manage, as there wasn't really any of the topping patterns we look for in Elite Range Bar Trading until pretty much the end of the run so I caught almost all of it. Was quite pleased about that one.

FOREX market said...

Hi, This is a good post, indeed a great job. You must have done good research for the work, i appreciate your efforts.. Looking for more updates from your side. Thanks

The Samurai Trader said...

Thanks FOREX!

You're right in that I've done loads of research on this stuff over the years. Most of it was in the early days as I was really get my feet under me with range bars but I'll be honest - as a trader the research never truly ends.

As for updates I am hoping to get more out soon. I've been away all week doing some consulting work so the blog posts have been on the backburner but I definitely plan to get more recaps and also some more detailed articles on Range Bar Trading out soon!

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