Contents Title Copyright Acknowledgments Introduction The Thirty Days of Trading Day 1: Tuesday, January 31st Day 2: Wednesday, February 1st Day 3: Thursday, February 2nd Day Thirty Days of Forex Trading, she shares her experiences in this field by chronicling one full month of trading real money. First, Horner introduces you to the tools of the forex trade, and Thirty Days Of Forex Trading is a book that every person interested in Thirty Days Of Forex Trading should read. In Thirty Days Of Forex Trading, the author presents much-needed Part instructional guide, part trading journal, Thirty Days of Forex Trading will show you–through Horner’s firsthand examples–how to enter the forex market with confidence and 2/1/ · Thirty Days of Forex Trading.: Trades, Tactics, and Techniques. Editor (s): Raghee Horner. First published: 2 January Print ISBN: | Online ISBN: ... read more
Have you read Thirty Days Of Forex Trading yet? If not, then pick up your copy now! From Raghee Horner , this. You need the guidance of someone who has participated, and prevailed, in this type of fast-paced environment. Raghee Horner has successfully traded in the forex market for over a decade, and now, in Thirty Days of Forex Trading, she shares her experiences in this field by chronicling one full month of trading real money.
First, Horner introduces you to the tools of the forex trade, and then she moves on to show you exactly what she does, day after day, to find potentially profitable opportunities in the forex market. Read more. Product details Publisher : Wiley; First Edition, First Printing August 11, Language : English Hardcover : pages ISBN : ISBN : Item Weight : 1. Editorial Reviews From the Inside Flap The foreign exchange forex market is one of the most dynamic markets in the world.
Its flexibility and hour accessibility offer traders tremendous profit-making opportunities. But it takes more than a firm understanding of the tools and techniques of this discipline to make the most of your time in the forex market. What it really takes is the guidance of someone who has participated, and prevailed, in this type of fast-paced environment. Part instructional guide, part trading journal, Thirty Days of Forex Trading opens with a detailed discussion of all the strategies you will see play out in the coming days—the entries, the exits, and the explanations.
After introducing you to the tools of her trade, Horner moves on to show you exactly what she does, day after day, to find potentially profitable opportunities in the forex market. For example, on Wednesday, February 1, Horner explains everything from scanning for potential setups each morning to trading market overlaps.
To support the concepts found throughout this book, a companion website has also been included. In it, many of the trades executed in the book are fully analyzed, described, and talked through by the author. A daily chart, due to the fact that prices typically trade in a significant range through the entire trading day as compared to, say, the minute chart, needs some room for price fluctuation.
But this level is an important point to watch in case prices level off above this level in the coming days. The other level is the downtrend lines that represent the top of this triangle pattern. Do you see the triangle pattern—the convergence of the downtrend lines and the uptrend line?
A pierce through the upside would certainly nullify the short trade. We have two levels that clearly represent where this short trade will no longer be valid: The downtrend lines and the 1.
Does that mean we must use these levels? Then we can move to closer levels that would be relevant but we acknowledge are not ideal. This examination gives us reasons for placing our stop-loss. And it starts with understanding where the trade is no longer valid! What are our other choices?
There are other levels that I consider. So I will settle on the 1. This stop level represents a potentially significant loss if our stop is hit. Could you use the 0. Do you think these decisions are easy? They are definitely not even in the vicinity of easy. But then again, these are 72 decisions that separate the successful from the unsuccessful trader. No emotion. No fear. No greed. In fact, head over to TradeDirectFX. Next is the profit target. Frankly, this consideration is easy because there will be more than one profit target.
All we have to do is locate the support levels as prices trade lower. You must exit as prices approach a double zero price level. Just like 1. This also means that I could potentially see 1.
There is no way of knowing which one of these support levels could catch this fall and cause a reversal or bounce. This entire process is what must be done before every trade, which may begin to explain why my shortest time frame is 30 minutes. With practice, finding all three levels of a trading plan stop-loss, profit target, and entry can be done relatively quickly—and I mean within a few minutes of recognizing the initial setup.
If the Swissy sets up in the coming days, then we will go through that process with it. You should be more proactive about it. One shows the long setup; the other shows the short setup. Consider the first of the two charts: If prices break to the upside, we want to have a Fibonacci level that is drawn from the last major move down or sell-off.
Fibonacci levels presuppose a reversal, so they project levels that prices will have to 75 overcome as they reverse direction. So by drawing the Fibonacci level from the last major down move Figure 1.
Conversely, if we use the last major move up Figure 1. When you trade stocks or futures, because of the daily, defined trading time you know that you can track and set up trading opportunities right from the open. But there is no daily open in the forex. Whenever you see a setup on any chart you must ask yourself: What preceded it? I liken it to watching a movie.
Did you miss a major plot point? Did you miss a major character development scene? There are a number of things you may have missed because the movie started 30 minutes before you began watching it. You lose a certain degree of understanding and framework because of this. Trading the forex works the same way. If the movie is on your DVD player, the fix is simple: Rewind and play it back.
Well, we can do something very similar on our charts. eSignal does, and I utilize the replay mode daily. In fact, all my charts are in permanent replay mode so I never forget to rewind the charts while I am setting up a potential trade. And folks, you can use whatever 77 charting platform you like. It would be like you and me having a discussion about buying a car and not mentioning large automakers like Ford or Honda.
eSignal is the largest, so naturally it is going to be in a conversation about charting platforms. A good rule of thumb when rewinding a chart is to rewind two to three hours on a minute chart, 10 to 12 hours on a minute chart, and two to three days on and minute charts. On a daily chart, a week is a good amount of time to rewind.
But the best approach when rewinding is to jump back to the last point at which you observed price action or did your chart analysis. The A. Construction Spending number as well as the Institute for Supply Management ISM will inject some volatility this morning, and the Crude Inventories number will be released at A. FIGURE 2. I have no hesitation taking a confirmed setup before an economic release. I just want you to be aware of a couple of points. First, the release will create volatility, which brings up my second point.
I have to be ready to use a second stop, which is used only if my entry is immediately 79 before a report. However, I remove my stop-loss orders for 60 seconds right after the release to keep from getting stopped out just due to volatility, which as a rule needs about a minute to settle down. The basis behind this time-based stop is that reports will inject emotion but after the initial emotional reaction, most often prices resume their prior trend. After 60 seconds and if prices are at or beyond my stop-loss, I will execute the stop and get out.
In this case I am taking a larger hit than the initial stop-loss price represented. Trade during hot zones only if you are able to accept the volatility of the release time.
With the host of economics hitting the airwaves today I will focus on the and minute charts for setups. If not, watch a few releases, note the price action, and then you can begin to understand how these hot zones work. Use pivot points, a simple calculation that is valid for one trading session.
The math is pretty simple. You add together the high, low, and close from the previous session and divide the total by 3 to generate the pivot point PP : 80 FIGURE 2. You can head over to TradeDirectFX. com and see the economic releases that I want to be aware of. As a chartist, though, it still serves me to know when these hot zones will occur.
Does that make sense? Today will have the Initial Claims number coming out at A. Of our six majors it accounts for the most volume. FIGURE 3. The stop-loss on either setup could 84 initially be placed at the bottom line of the Wave. But remember that if we are still long going into the Initial Claims release and this applies to any release we will make sure our profit target orders are in place using limit orders.
We will remove the stop-loss for 60 seconds after the release time and let prices absorb the news. As it turns out, the A. The Wave is continuing sideways, and that means that I will still watch the triangle pattern for a breakout or breakdown. See Day 20 and Day 24 for discussions of the three Rs concept.
in Figure 3. The 1. The pivot point PP and the 1. Remember that as prices trade higher, we must scale out of the trade. This is one of the most significant reports in terms of fundamental reaction. I can only think of the FOMC decision as having more impact, so I have fastened my seat belt and am ready for the day. dollar to start the morning.
I want to focus on the shortest-term time frame, which for us is the minute, and the longest time frame, the daily chart. We should do this if for no other reason than that trading forex, the majors specifically, is all about our judgment on the strength or weakness of the U. I use the U. Dollar Index Cash to do this. Anytime prices have established themselves above the Wave, I call this the strong side.
A close above the Wave is enough to prove this to me, and continued trading and closes above the Wave strengthen this belief. So while we never carry a bias, prices are on the strong side of the Wave in the minute chart.
FIGURE 4. There is a horizontal resistance level just above that has been pierced, and the MACD histogram is above the zero line. So while prices are not on the strong side of this Wave like they are on the minute chart, the daily has shown its first signs of strength with the piercing of the resistance level.
Whereas this may be absolutely nothing after the Non-Farm Payroll number comes out, I will trust the price action as any chartist would do and say that the U. dollar is strong as we are approaching the NFP release. The U. Dollar Index Cash chart. dollar is neutral. Price comes first, then the indicator. dollar move in opposite directions almost tick for tick. If the U. The negative correlation is tight. dollar move together almost tick for tick. Dollar Index Cash daily chart.
The Swissy has broken up through some significant resistance. The MACD histogram has been above the zero line for several days, so even though the Wave is flat, price action has shown that there is new strength and buyers are coming into the market.
Psychological levels have a way of attracting order flow. Above the 1. This works the other way around, too. The resistance that waits at and just below 1.
Prices will resist going higher until there are no longer any more sellers at 1. If sellers stay at the 1. Many traders erroneously believe that the report itself will yield not only the overriding opinion of the market but also the trade trigger.
As A. nears the Swissy breaks up through a downtrend line at 1. The euro is conversely getting weak and breaking down through uptrend support at 1. This is not an uncommon scenario at all as we approach any report, not just the NFP. So do not think of this as an exception, and moreover, get used to recognizing it and reacting to it.
Figures 4. We knew where our profit targets are back at this morning, so the limit orders to exit should already be in place. If we are in any trade as the economic news is being released, remember that each stop must be changed to a second stop before the release.
How soon before the release? A good rule of thumb is seven to ten minutes. See Figure 4. This is because we can afford to be choosy! With 48 new candles each trading session, setups on minute charts will occur with great frequency.
As we move away from the shortest time frame we can deviate from this strict interpretation. On a daily chart, since we are going to get only new candles a year, we cannot afford to be quite as particular. Our stop-loss can be placed at the breakdown candle high, which coincides with the 0. And while prices have established themselves below the 0. The price level of 0. Profit targets are waiting at the 1. By exiting at 1. After noon the only market open is the U. There will be no Sydney open, nor Tokyo, Hong Kong, or Singapore, so after noon on Friday I recommend that you head out of the office and start the weekend early.
Think of it as a forex trader perk! The Hong Kong open is also becoming more and more relevant. By the way, just so you know, I already checked: There are no significant U. market reports today. And since my waking and thus trading hours are on most days no earlier than A. EST, the reports of other countries are not hot zones I usually have to contend with. However, if I am up much earlier I will certainly make sure that I am aware of hot zones in other countries. My trading platform lists them all.
See Figure 5. FIGURE 5. But the absence of volatility that surrounds economic reports will make for typically a quieter trading day. Sometimes these are setups and trades in the same direction and sometimes these trades are in opposing directions. The only way to do this is to have two accounts. These can be with the same broker. This is not a big deal at all. In Figure 5. This is the swing trading telltale. This is the most important element of the trade!
Then we wait. Shortly after A. The trade we are examining was triggered first at A. and then again at A. You need to figure out what is reasonable to you. Maybe A. EST is a realistic time for you to be awake and in that case, take the entry! Sydney, Tokyo, Hong Kong, and Singapore are open, and London will be active in less than an hour. For order execution, you can use a limit order here. Placing a limit order will allow you to park a short entry that will wait until prices trade up to the 0.
This is the best way to position yourself for swing trades. This is not the case for momentum entries. Although we have already covered order types, I believe repetition is the mother of skill. While the limit order positions us well for entries that are based on corrections, limit orders are not suited for momentum entries. You must use stops or market orders. Do not make the error of thinking that stops are merely a risk management order type.
Although that is what they are certainly synonymous with, their function is much more multifaceted than that! If you want to be proactive about entering swing trades, use limit orders. If you want to be proactive about positioning yourself for momentum entries, use stop orders. But if your confirmation is already in place, then being proactive makes sense because at times, even if you are watching your charts like a hawk, prices will move fast and trades will be triggered like lightning strikes and that proactive order will be your only chance.
As the morning progresses and we near the U. market open, the Canada also has my attention this morning, the minute chart in particular. Prices had broken up through the downtrend line one candle earlier, but take a look at the MACD histogram: It was below the zero line and thus did not confirm the trade.
If you think I ever bend this rule, think again. candle, gave me a second-chance entry with a pierce up through the downtrend line. The MACD histogram has gone positive and has plotted above the zero line. All systems are go! This breakout is further confirmed by the 0. One logical point for a stop-loss and the point at which the trade is no longer valid is the uptrend line, which is the other side of the triangle pattern we have here.
A pierce of this line would register a breakdown. Using that level as a starting point, where are the other support levels that might afford a more closely positioned stop for this entry? Keep in mind that this is a minute chart and the stop must be able to handle the ebb and flow of three hours of trading per candle.
The breakout candle has a low that is at the middle line of the Wave, which is also plotting just below the psychological level of 1. The 0. The profit targets for this trade are as follows—and of course each profit target is a price point at which we must scale out of our position.
How much of the position you choose to scale out of is up to you and your risk tolerance, but you must scale out at the predetermined profit targets. The only exception is if profit targets are within 10 to 12 pips of one another. Keep an eye on the 0. Got it? By noon EST I am in need of either lunch or a nap. So like I said, the P. FIGURE 6. The more you celebrate your winning trades, the more you will be depressed for your losing trades.
I give my all in the ring and then I walk away from the ring. Recognize, react, repeat. There are some great pieces that are in place as well as small distinctions we want to make as traders. Oh, let me mention there was one piece that was not in place here: me. There are some price levels to watch on this chart.
Here prices have established themselves below the This level is further confirmed by the 0. The MACD histogram is negative and this confirms this pierce of the uptrend line. Let me point out a distinction that makes this setup just a little less than perfect. Anytime you have a triangle pattern, which is what we have here, you must take note of where prices are trading. You can visualize that the triangle is divided into middle, top, and bottom.
The middle slices right through the center of the triangle heavy line in Figure 6. Triangle patterns are the most common to momentum trading setups. Momentum trading triggers are best when there is a breakout or breakdown with some conviction behind it. This is not always the case with triangle breakouts. Because triangle patterns put a squeeze on prices, at some point there will simply be nowhere else for prices to go except through the downtrend line or through the uptrend line.
Even if prices just go sideways, eventually they will break from the confines of the triangle pattern. All I want you to be aware of is this distinction. Breakouts or breakdowns with conviction are often not going to give you much time to react. The prices will come fast and change faster.
This is where parking stop orders can allow you to proactively trade the triangle. See Figure 6. The breakdown was fast and furious. If your order was not already placed using a stop-loss, you probably did not get to place the short entry at the break of the trend line.
This chart also allows me to address another frequently asked question: What do I do when my Fibonacci levels come in close succession with little price gap in between?
This is especially true of and minute charts. Once the breakdown happened, the first support level was the 0. Remember the cushion that we use if the first price target is within 10 to 12 pips of our entry.
Well, this same thinking can be utilized for profit targets that come in close succession. The breakdown occurred at The next support level down is the 0. Because this level is within 10 to 12 pips, you have the option to ignore it. If you do ignore it because of its proximity, then the 1. Below this level the scale-out levels are obvious: The 1. Notice that the 1.
Even past the There is no single level that can be depended on to reverse prices in any move! Any one of them could have been where this drop in the yen reversed. It just happens to be that the 1.
prices finally held: more demand than supply. Again no one knows at which support level a sell-off will reverse. For that matter, no one knows where a rally will find resistance and reverse. The decision levels are already marked on your chart by psychological numbers, by Fibonacci levels, or by pivot points. There are days when I will, for one reason or another, either take the day off or take it easy. With that said, I am taking it easy today. Why this day in particular?
This was pre-Internet so there was a certain isolation a budding trader lived in. It was surreal. It feels like only yesterday that I was going to the trading expos as an attendee and now I present on stage.
Trading is something you can learn to do—and learn to do well. At A. See Figure 7. Prices have broken through the psychological level of 1. Notice that I also used the major psychological level of 1. I like this level because it gives my daily chart the wiggle room a daily chart setup needs.
Remember that you have to take into account that you are now managing your stop based on the range within which prices could trade over the course of 24 hours! Now there are two reasons that this level should hold as resistance. Because I am shorting, I will also refer to the high of the preceding candle and the breakdown candle for shorter-term resistance so guidance. My first profit target is 1. The Crude Inventories report is out today and will be released at A.
See Figures 7. FIGURE 7. You can see where the resistance and support are waiting. Also notice that while it will not generate an entry on its own, the MACD histogram is already above the zero line. This could change, of course, but as long as it is above the zero line, parking an entry at the resistance breakout above the 1. Remember that the resistance here is a downtrend line and it will continue lower as time goes on. Regardless of where it is plotting, we cannot go long below 1.
We must wait until price breaks through 1. By they way, three to five pips is not a random number. The daily chart has already set up a short trade in the euro that price also triggered a short on the minute earlier this morning but has bounced slightly since then.
The MACD histogram confirmed the short entry and the Wave is still heading sideways. Keep an eye on the middle line of the Wave for resistance and, of course, the downtrend lines just above it. If prices go up through the downtrend lines, then this short is no longer valid. You can also choose between them. Having multiple time frames gives us this flexibility!
Figures 7. on the two minute charts. My interview see back of book is in one hour so I am going to go relax. My limit orders are in the market so my positions are managed. Realize that a move on the or minute chart can be just a small percentage within the entire range on a daily candle. Because I used the middle line of the Wave as my protective stop, I have to recheck the price of the middle line of the Wave to make any adjustments.
The Initial Claims number will be released at A. I set an alarm clock to get me up a little early so that I would have time to catch up on price action well before the release. I am lucky to be one of those people who can just wake up when I need to. But just in case I want to be ready. Initial Claims will be a market mover and I trust my charts to put me where I need to be. When you can say that and believe it, you are a chartist.
and I can use all the help I can get. I am going to continue to trail my stop down by using my prior profit targets, which were support on the way down but are now resistance as prices break down from the 1.
to the 1. See Figure 8. Both the 1. If you want to protect your profits tightly, use the 1. We have also broken down below the psychological level of 0. FIGURE 8. Question: At what price is the Canada breaking? Answer: 1. This places any entry long right at psychological resistance. The high of this candle was 1. I also want to call your attention to the horizontal resistance that is waiting at 1.
If our ideal entry is 1. Keep in mind that flat, horizontal resistance and support levels are not common. Do you see how to weight these factors together? Waiting gives us a chance to enter after two significant levels are broken! At this moment, this succession of questions probably is not going to come naturally, but eventually it will. I will be sure to revisit that chart in a couple or hours to see if the resistance level held or if we can look for a breakout entry if 1. The Swissy has already triggered an entry this morning.
The breakout is confirmed and far enough below the 1. Near-term support for a potential stop-loss is at the breakout candle low of 1.
Mind you, this will change with each new candle that plots. The Swissy has broken to the upside and traded through my 1. The high of the breakout candle is only 1. But I can rest assured that the long in the Swissy has positioned me to take advantage of the strength in the U. The setup most obviously formed earlier.
The yen is presenting an interesting dilemma for me—that is, if you consider having two different setups on the same pair a dilemma. As I scan through the charts I see that the minute chart is registering and confirming a breakdown while the minute chart is breaking to the upside. See Figures 8. If presented with this type of conflicting entry setups, as a rule take the longer-term setup.
The minute chart of the yen also has a few other distinctions that would make it a better setup besides the fact that it is the longer of the two time frames. First, the triangle pattern itself is a more balanced pattern as compared to the minute chart. The minute chart also has a better MACD histogram reading. The minute histogram, while fitting the prerequisite of being below the zero line, has been bobbing along the zero line instead of being firmly established on one side or the other.
By the way, there are two types of MACD histogram neutral readings: bobbing and treading water. I will refer to both. Bobbing typifies a histogram that is going back and forth between a positive and negative reading whereas a histogram that is treading water is just barely registering a positive reading. Figure 8. Getting a free copy of Thirty Days of FOREX Trading: Trades, Tactics, and Techniques pdf book was difficult.
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Embed code. Yes, I believe in education. Well, this same thinking can be utilized for profit targets that come in close succession. Published simultaneously in Canada. Mind you, this will change with each new candle that plots. All markets have their ebb and flow. These six pairs make up more than 90 percent of daily trading activity.Question: At what price is the Canada breaking? Since the three lines of the Wave will be on every one of your charts, you can simply glance at the Wave to get a clock angle reading. Sydney, Tokyo, Hong Kong, and Singapore are open, and London will be active in less than an hour. Breakouts or breakdowns with conviction are often not going to give you much time to thirty days of forex trading pdf. Raghee Horner has successfully traded in the forex market for over a decade, and now, thirty days of forex trading pdf, in Thirty Days of Forex Trading, she shares her experiences in this field by chronicling one full month of trading real money. The Wave in its beautiful simplicity improved my trading in ways I never thought possible. The math is pretty simple.