Start dreaming, and read on There are many people making a great full-time income working just an hour or so a day some even less from home trading FOREX. They are no smarter than you are, and they come from all walks of life waitress, bankers, bakers, doctors, janitors, teachers, barbers, taxi drivers, store clerks etc. Be sure to do it today otherwise you ll delay learning how to make lots of money really easily you don t want to stay in your current financial situation, do you?
You ve heard the saying, it takes money to make money. Well it s true, and generally the more money you have the more money you ll make. But don t worry; you re about to learn a clever way to make a whole lot of money starting with very little. Well, you could certainly start with more. If any of the term used in this ereport are unfamiliar to you then go to 4 and get the FREE e-course. You will get everything you need to understand clearly.
Remember, if you don t understand something then pursue learning about it learning about FOREX can completely change your financial situation, and so it s really quite simple to learn to do. Just to make sure you understand I m going to briefly explain lot sizes. When you are trading a mini account the lot sizes are 10, What this means is by trading one mini lot you are trading 10, worth of currency i.
US Dollar. This is what you want, isn t it? First of all you need to have a trading strategy you need to know what to look for and how to trade to make money. If you haven t got a good trading strategy, or are open to learning new techniques then go to to learn. The rest of this ereport assumes that you already have a trading strategy, and we ll only look at the strategy of how to grow your money.
Remember, it s important to know what you are doing. Paying a little bit for an education will improve your chances of making a full-time income as a FOREX trader. Do yourself a favor and make sure to get some training. This growth strategy works by increasing how many lots you trade depending on how much money you have in your account.
As you trade you only trade the number of lots permitted; never more, however you may trade less lots than prescribed if you so choose. We ll discuss why later. If you win on your trades and gain money then that s great. At this point you will be trading two mini lots on your trades. Now you will begin to be earning money twice as fast compared to before. If for some reason you choose i. Now you are allowed to trade three mini lots on your trade, but can of course trade less if you want to.
By now you should understand how this strategy works. Look at the following chart to see the progression of your account. You can now trade regular lots rather than mini lots. This is usually done by sending them a fax requesting the change, and takes about a day for the change to take place. Remember that just because you can do something doesn t mean you should do something.
It s better to be more conservative and have a better chance of succeeding over the long haul. The strategy is set as it is because if you were to move up to a regular account too soon and had a couple of loosing trades then you would have whipped out a significant portion of your account.
Following this step-by-step strategy is much safer. They now offer the same great spreads to their mini customers as they do to their regular customers. Furthermore it is beneficial to remain with a mini account for other reasons that are explained in my other ebooks.
At this point you are making a great income. Remember, you could easily capture pips a week if you know what you re doing, so remember to go to to learn. Remember, in the real world you ll have good weeks and bad weeks. After a while I started to get bored, and decided I needed to do something to keep me busy. Remember this — when you get to be in the same situation look for something FUN to do. Well, I do lots of stuff in the evenings altruistic stuff, and spiritual activities — I love helping people , but my days were boring since everybody was at work.
Well, within the first week I exceeded that goal. I am truly amazed with how popular my eBook became — far beyond my expectations. I have also had the great pleasure of getting to know some of these people and am very happy to now have some awesome friends worldwide. Let this be a lesson for you. Wish for others to be successful because what you wish for others you actually wish for yourself. Make a commitment now to get yourself financially free so that you can then help others do the same thing.
With this strategy your biggest risk is just 20 pips! Again, this is amazing considering that most trades require much larger stops. When you go surfing in the ocean you swim out to where you see good waves happening. Then you attempt to catch a wave. This involves being at the right place at the right time.
Please keep this idea of surfing in the ocean in your mind while you read this eBook. Essentially I will teach you how to grab a surfboard to catch a wave in the FOREX market so that you can ride the wave all the way to the bank. I found, as many others would agree, that Fibs are really quite powerful to catch serious profits.
For example, most people if asked to add 1 and 1 might say 2. Or another solution is 3 or 4. Well if you took one man and one woman you could get 3 if they had a baby, or 4 if they had twins. Like I said earlier, I was reluctant to risk a big stop as would normally have been required to do the trade properly, so I tried to figure out a way to jump into a trade with a far smaller stop.
ROGP MAXIM TRADER FOREX
The reason you use point A for your stop is because that was the last low of the wave. Well, if you think about it, once the price has crossed point B, even by just a couple of pips, then you have just established a new high, well call it point D. In your trend, when prices dip back down point E you should then establish a higher low.
So therefore, as soon as your entry order is entered as a trade you could then change your stop to point C, as C has now been established as the last low. You couldnt program your entry order to have C as your stop because until the price crossed B you couldnt be certain what C would be it could have gone lower.
There is one important condition to using this variation. Point C must have been at least a third of the way back down from point B. This is important otherwise you stand a much higher chance of getting stopped out. You dont have to do any math, to determine this. As long as it visually looks to have retraced a third of the way back down or more then you can implement this variation.
The reasoning for this pertains to Fibonacci theory. Its important that it at least has bounced the 38 Fib level, and if its gone at least a third of the way down its good enough. If you dont understand Fibonacci theory then know that its explained later in this eBook. If your wave didnt pull back at least a third then keep your stop at point A, as in Basic Strategy Variation 1. By doing this variation you dramatically lower the risk of the trade, but you still aim for the same profit say 20 pips.
Now your risk to reward ratio is definitely better in your favor. The only downside to doing this is that you now have a greater chance of getting stopped out. With experience, gained through lots of practice, youll get a feel for when to use this particular variation, and when to stick with the standard way of Basic Strategy 1.
Simple but powerful. In this eBook we will look at specific applications of the above techniques, and variations to use them to capture your pips. Before we move on, let me just explain something about Brokers PIP Spreads, and give you some practice exercises to do. I intentionally left out this important concept so as not to confuse you. I wanted you to learn the basic idea of the 3 variations with as little complications as possible, but here now will add this crucial bit of information.
This is important information for you to know and to use in all your entry orders. Most brokers work basically the same way, but double check with the broker you use. First of all, keep in mind that you should use charts that are provided to you by your broker that are based on their live prices. This is important because youll find that often there may be discrepancies between brokers by a few pips.
You dont want to base your trading decisions on a different brokers prices. Check in the resource section as I provide you with links to quality charts and brokers. All brokers have spreads. A spread is the difference between the ask and the bid price. When you sell go short you bid. When you buy go long you ask. BidSell and AskBuy. The major currency pairs usually have a 3 to 5 pip spread.
Dont trade currency pairs that are more than 5 pips Most brokers proclaim that there are no commissions in FOREX trading, but really thats what the pip spread is. Check with your brokers to find out how many pips each currency pair is for you. Let me explain to you why this is important. The charts that you look at display the bid price. Lets say that at this exact moment in time the current market price shown on your charts for some currency pair is 1.
This means that if right now you wanted to sell short that this is the price you would be executed at. Lets say you wanted to buy long instead. You would then be entered at 1. Special note for mini traders. Most charts show the prices of k lots. Check the spreads for both the 10k mini and k regular currency pairs. If both mini and regular have the same spread for the currency pair then you dont have to take any extra steps. Therefore you would need to mentally subtract one extra pip from what you see on the charts.
So if the chart shows you 1. Ok, so what does this all mean in terms of how to trade the above variations Well continue assuming you have a 5 pip spread Normally, if trading big trades with stops of 30 to 80 pips then most traders dont even pay much attention to this. Lets pretend were about to attempt a trade using Variation 1 from above.
Lets say that the low was 1. The size of your entire wave is only 15 pips as seen on your charts. Lets pretend that the current market price in this moment in time is 1. If you put your entry order to go long at 1. You wouldnt want to enter yet because you havent satisfied the rules of this strategy to only buy once the price reached the price of the previous high.
What you need to do is add the spread i. You do nothing special for sells. So, from our example prices above you would then enter your entry to go long at 1. Now your risk on this trade is 20 pips. Since your limit is a sell you dont add any pips to this price.
So far we have only been discussing price moves that go up. Again, Ive explained everything for upward moves for sake of convenience, and everything I said is true for downward moves, just reversed. To make sure you understand a downward move and how you would add your spread Ill redo the example, using the same price numbers, just for the reverse.
Your high is 1. You will place an entry order to sell at 1. Your stop however is 1. Whereas in the previous example your limit was a sell so you didnt add pips, in this case your limit is now a buy so you do add your spread. Lets say you are aiming for a 20 pip profit then your limit would be at 1. Please re-read this section a few times to fully comprehend all of this. Please do the exercises. By doing them you integrate this knowledge and are better prepared for live trading.
If you have done all the exercises correctly your numbers match my numbers then you know that you understand everything. If you have errors then you know that you need to re-read this section, and attempt the exercises again. I will give you several high and low prices. First work out all these numbers pretending that they are in an up trend you are going long , and then redo all these numbers pretending that they are in a down trend you are going short.
Determine which variation 1, 2 or3 you would best use. If variation 3 would be an option then calculate the trades for both variation 1 and 2. If variation 1 would be an option then also state where the stop would be for variation 4. Calculate the entry, stop and limit for each trade. The practice questions may be found in the Resources Section, and the answers are found there too. Different traders have different philosophies about how many pips to go after. They are often position traders leaving trades over night often for days.
Usually they trade one or two lots, and use stops of around 50 to pips. There is nothing wrong with trading with any of these objectives in mind. In fact it is good to be versatile in your trading. They each have their pros and cons, but they are all good.
You will find that youll tend to have a personal preference. Me, I usually like going for around 20 pips though I often let it ride for more with trailing stops. Generally, the larger the pip target you are shooting for the greater will be the chance that the market will turn around on you before it reaches your target. Conversely, the smaller the pip target you are shooting for the greater will be the chance of the market reaching your target.
All things considered equal, there is a greater chance that youll successfully pull 20 pips out of the market than 50 pips, or even 30 pips. The further out you go the more likely it becomes that the market will change its mind. A relatively safe way to trade is to just go after small trades of 20 pips or so, but again there is nothing wrong with going after huge trades if you can safely afford the risk.
Please be sure to reread what I wrote about equity management earlier in this eBook. Above all else, never trade money you cant afford to lose. Many of you, especially those of you new to trading, may think that this is not sexy. Of course you want to catch huge moves dont we all. Dont worry Ill cover some huge moves techniques in this eBook, however most are little deals. The key word of the above paragraph is consistently.
Most people who are new to trading have unrealistic expectations thinking theyre going to get thousands of pips per month. Yes, this is possible go ahead and try , but realistically youll be happy with far less. Lets say you have a job one of those things you hope to quit and can only trade part-time. This could be easily accomplished part-time if you catch 10 trades over all in a month for 20 pips. Is this realistic Yes Think about it, pips for one lot is 2, on most currency pairs.
Still not enough Trade 3 lots, or 4. The cover of this eBook states that you can catch to 3, multiple times per week. Using the techniques of this eBook you could do this in several ways. If you trade one regular lot for say 20 pips then that would be for many currency pairs , if you trade 15 lots assuming you can afford to do so then youd have 3, In this eBook Ill also show you how to catch waves to surf for bigger trades, like pips.
Ill even show you how to catch multiple waves that adds up to pips total in a wave that may only be around pips. Doing that then youd get closer to catching 3, with far fewer lots. NEVER trade more than you can safely afford to lose. Please read what I wrote about equity management. Once you learn the rest of the techniques in this eBook youll see that there are MANY great trading opportunities that happen each week.
You could easily catch a dozen a week and still have missed many others. By the time you finish reading this eBook Im sure youll agree. If all you were to do is successfully apply what you learned in that eBook with this one then youll be very happy with the results. ABOUT RISKS Please remember to exercise good equity management in all your trades, never risking more than 2 of your margin account on any single trade, however if you have a small mini account you may bend this rule to 5 or even 10 but this is very risky.
For example, if you have in your account, 2 is 6, equal to 6 pips loss. Realistically you need to be prepared to suffer 10 to 20 pip losses with this system, so obviously your risk per trade has to be a bit higher than professional traders would normally employ. Please dont trade money you cant afford to lose. Lets talk about risk-to-reward ratios.
If you were to place a trade for a 20 pip profit limit with a 20 pip stop then your ratio is one to one. If you place a trade for 30 pip limit with a 20 pips top then your ratio is A 40 pip limit with a 20 pip stop is one to two.
Lets forget about the brokers spreads for a minute. If you were to trade with a ratio then after a hundred trades you should theoretically have around the same amount of money left in your account. This would be kind of similar if you went to the casino and played red or black on a roulette table but please dont confuse FOREX trading as being gambling.
So in truth, if you were to trade based on a coin toss youd ultimately be losing money. So how do we place the odds back in your favor You do this by trading a strategy such as what is in this eBook that capitalizes on High Probabilities. So youd have captured 60 pips 3 x 20 pips , but lost 20 1 x 20 pips for a net of 40 pips. Remember, ALL traders lose money. The trick is to gain more than you lose.
Now when you start trading to capture larger pips, such as when trading a ratio like you would do with Variation 2, then statistically the odds start working against you for winning this trade, but by using High Probability strategies you again shift the odds back into your favor. Lets say that you only catch 50 wins though you should be able to do better than that.
Half of the trades you win, and half you lose. So if you made 4 trades, and assuming that 2 of them won, and 2 lost then look at what happened. You made 80 pips 2 x 40 pips , lost 40 pips 2 x 20 pips , for a net of 40 pips. Remember, you are not after humongous gains. Dont bet the farm all your money on a single trade. I highly stress to you now the importance of practicing what you are about to learn in a demo account before you trade with real money.
Please demo trade for a solid month before trading with real money. These techniques are subjective. By demo trading you will learn a lot. The time you spend demo trading you are training yourself to be a better trader. You WILL make mistakes, and you will learn from them.
At the beginning you may even find that youll lose demo money better than losing real money. Only move to real money trading once youve had a month of consistent profits. If you are not making money in a demo account then you will not magically start making money in a real account.
I would highly recommend that after demo trading practice that you move to a mini account before a regular account. Your mentality will change when you move from demo to real money, so continue practicing for at least another month with your mini account. As with any skill you will improve with practice. This is extremely important. If you ever have two trades that result in losses back to back in a single day then shut down your computer and stop trading for the rest of the day.
Yes, you may end up missing a great trading opportunity, but youre far more likely to save yourself from more losses. The most important skill for you to develop as a trader is to be unemotional about your trades. Most people new to trading will start making huge mistakes when they start getting emotional after losing money. When you are upset after losses you will begin to do irrational trades and end up losing even more.
Youll try to catch back what you lost. Youll consider trading double your regular lots to get back to break even. Youll trade without following the proper steps of your trading strategy. You will curse the markets, and second-guess yourself, thinking that trading isnt for you. Youll make stupid mistakes trying to take vengeance on the market. Ultimately youll end up losing even more, and will feel like a big time failure. People have wiped out significant amounts of their accounts on a bad day for this reason myself included.
It then takes a long time to recover from your huge one-day losses. The best thing to do, and this is the 1 Rule, is to shut down your computer and forget about trading for the rest of the day if you have two losses in a row. Take a walk, clear your head, and do something completely unrelated to trading dont go drinking. Tomorrow is another day for you to make money. Never employ these strategies just before a Fundamental Announcement.
As this eBook is bundled with eBook 1 Explosive Profits as bonus reading material, which talks extensively about Fundamental Announcements, I wont cover this topic here, except to provide you with this caution.
Before you start trading for the day be sure to look at a Fundamental Announcements calendar links provided in Resources Section. Be aware of what news is expected to be released and when. This way if the market moves against you youll be stopped out, but if it moves in your favor youll catch some nice extra profits repeating myself to stress the point of checking with your broker about this.
If you are not careful about those Fundamental Announcements then you could end up being nuked by them, so beware. This applies to ANY trading strategy you use. When in doubt stay out. This means that if you feel uncertain about a trade then dont trade. You dont have to trade everyday. In fact its not a good idea to trade everyday because there are days that the market hardly does anything interesting.
If you dont see any good trading opportunities then simply pass on trading. Trading just for the sake of trading is just plain stupid. Wait for a good opportunity to come up. Youll be well rewarded for your patience. Dont marry a trade. Be willing to change directions.
Sometimes you may think that the market should go in a particular direction. Sometimes the market will seem to defy you by doing something different. When the reasons change, whatever indication you thought you saw, then go with the change rather than insisting that it should be your way.
Keep your mind open to seeing what is going on, as you may realize that everything now looks good to trade in the opposite direction. Only by being flexible, mentally, could you catch an excellent trade that may be opposed to your original analysis but of course your new decision must be based on a good strategy.
Most of the other applications are founded upon Micro Trends. What is a Micro Trend As we already covered earlier, trends occur in all time frames. A micro trend is simply a small trend that that typically lasts just a few hours, and are often really just movements of a larger market pattern. Micro trends are usually viewed in a small candle chart view, most often in a 5 minute chart.
To get a closer look to better see what is happening with the price movements you could look at a 1 minute chart, but usually youll use 5 minute charts. As just stated, a micro trend is really a movement of the market from a bigger view.
If you look at an hourly chart you often see two, three or more candles that keep moving up or down , that move 50 or more pips. From an hourly chart view it may look impressive, but usually it appears rather unimpressive in contrast to all the other price movements you see on the chart.
It could just be a zig in a zigzagging sideways market. It could just be a retracement pull back of a large fibonacci swing. It could be just about anything of a price movement pattern as seen on a larger view. Regardless of what is the big picture reason for this move youll see them happen very often many times a week on all currency pairs. The specific techniques that are coming up shortly will teach you specifically what to look for to help you determine where to jump into a wave to surf it for profits.
But lets look at a micro trend a little more. Here is a little review. A trend is usually identified by prices that make higher highs and higher lows for an up trend, or conversely, lower lows and lower highs for a down trend. A trend line can usually be drawn when you have 3 or more points that line up more or less for support up trend or for resistance down trend.
What you are looking for to use this system is a Micro Trend. Once you see a Micro Trend then you look for a suitable wave to Surf using one of the three variations discussed above. We will look at specific situations that often arise that you can use the Surfing approach with shortly. It is useful to look at larger time frame charts to see the bigger perspective of what is going on.
When doing your technical analysis it is best to start by looking at the Daily candle charts over past 3 years is what I like to look at, but one year is good. Here you will get a good impression of what the overall trend is. Then you zoom in to the Hourly charts over 30 days. Here youll be able to spot some of the things youll learn to look for later in the eBook. It is good practice to start your trading day off by looking at the Daily Hourly charts to keep these perspectives in mind.
Then you zoom in to the 5 minute charts. This is where you will spend the bulk of your time with this strategy. Most of the waves youll be jumping into will be clearly seen on this chart view. What I really want to explain to you now is the importance of using 1 minute candle charts in specific situations. Again, most of the time you will clearly see the waves you will want to Surf on the 5 minute candles. This is because most of the time the market is moving slow enough for you to clearly see the waves.
There are however times when the market is moving rapidly, and the 5 minute candles dont clearly show the waves you want to Surf. Lets say you see a series of candles on 5 minute charts that look more or less like this: Lets say these candles are moving quite well, in that each of the above candles spanned 10 to 15 pips or so. Obviously youd want to Surf this, but how Just by looking at this it appears, at first glance, that there arent any waves to jump in on, but if you look closer you can see that there are.
Notice the wicks of the candles the skinny parts. The fact that you can see them tells you that the prices have been bouncing around, going up, down, and back up. What you do is you switch to a 1 minute candle view. Each of the above four candles would then be represented by 5 individual 1 minute candles youd be looking at 20 candles in total. Chances are that youll now see the price rising, falling, and rising again in what now will appear more like waves.
When you spot what appears to be a suitable wave then you can more easily jump in on a trade. The following two charts show you how you see more details in a 1 minute chart as opposed to a 5 minute chart. The arrows show you where to look to see the differences. Both charts are of the same currency pair over the same time span. First is the 5 minute chart, second is the 1 minute chart. You search for these reasons using various Technical Analysis tools.
If you are knowledgeable and experienced with Technical Analysis methods then you should easily be able to identify more opportunities. If you are completely new to Technical Analysis then dont worry, Ill teach you enough here in this eBook to be able to use the Surfing technique profitably. In this eBook Ill teach you how to recognize High Probability trading opportunities that are similar to other Technical Analysis methods you may have or may not have already learned.
The significant difference is that I teach you a different way to jump into your trade that is usually far safer for you in terms of pips risked. This section of the eBook will explore reasons to notice that you have a high chance for a trading opportunity. Later we will look for reasons that your Micro Trend may be coming to an end, so that youll be sure to be out before that point.
On these charts draw your long term trend lines and look for shorter term trends closer to todays candle. Also look to see if you can spot any fibonacci action well talk about Fibs a little more soon. Feel free at this point to employ any other Technical Analysis methods you feel comfortable using. What you are doing is you are searching for reasons why the market could turn at certain points i.
From this large view you are not looking for actual trading opportunities, but it is good to note places where you expect the market may turn around. At those times you want to be trading in the right direction. Once you have your trend lines and resistance or support levels drawn from whatever Technical Analysis methods then you want to zoom in on your charts by changing to a 1 Hour candle view over 30 days.
Here you repeat the process again drawing your trend lines, looking for Fib levels, or other Technical Analysis indications. You may notice that from this view you can see that the market is trending up, down, or even sideways and well talk about sideways movement as one of the strategies.
At this point you want to notice the points where the price may meet with a trend line or other potential reverse levels as this will give you good indications of roughly where you may soon be entering your trades. Once you have completed your analysis looking at the Hourly charts then you zoom in even further to the 5 Minute candle charts over 5 days. Here you again repeat the process looking for all the things mentioned above, but you also look for other things that will be explained shortly i.
In your Hourly chart view, if you spot a nicely defined trend line up or down, but in our example well discuss an up trend then you can look for a wave to catch once you have a confirmation that the market has successfully bounced that trend line. The standard way most traders have learned to trade a trend line bounce is to place an order roughly where the price should meet the trend line, and to place a stop at the last significant low in an up trend , usually where it last hit the trend line.
Most often the required stop for such a trade would be well over pips. Some folks may place their stops say 60 pips beyond the trend line because the normal stop may be too big of a risk for them, but technically this is even more risky greater chance of getting stopped out even if the trade would have worked out. Patience is a virtue in conjunction with the Surfing strategy.
What you want to do is to wait until you have a confirmation that the market has bounced the trend line, and then look to catch a suitable wave to Surf. Later in this eBook we will review Reversal Signals to help you identify such reversals. Once you have your confirmation that the market is beginning to trend in the new direction bounced the trend line then employ one of the three variations you learned at the beginning of the eBook to catch a wave. Remember that the closer to the beginning of the trend you can get in the higher the probability that the trend will continue far enough for you to draw profits.
The farther along a trend you go the higher the probability becomes that the trend will reverse on you. So attempt to catch a suitable wave as early as possible. When you are new to trading the FOREX Surfing strategy then it is best for you to simply catch your 20 or so pips and then exit your trade for a nice and easy profit.
Once you have a little more experience then you might want to consider letting your trade ride for bigger profits going for pips to hundreds , or even pyramid your gains. Well cover both of these topics a little later in the eBook.
Actually there are three, but Ill explain what I mean to be a Trading Session of which there are two. Lets discuss Market Overlaps, and then well return to this trading opportunity. Market Overlap Because the world is round, different places around the world experience different times.
Half way around the world from somewhere where it is daytime is nighttime. This is obvious. Generally speaking, those are the best times to trade, and all other times simply close your computer. Most significant price moves happen only during these times, and outside of these times the markets mostly consolidate, meaning very little price action happens, just some narrow bouncing sideways movement, and its usually a big waste of time trading then.
During the weekend the markets are closed, but world events still happen that affect the price of a currency pair. When the markets reopen on Monday morning Asian times , Sunday evening in North America, the price usually gaps meaning your stops could be completely missed resulting in huge losses.
So never ever EVER leave a trade open through a weekend. If you have any open trades simply close them manually around noon or 1pm EST on Friday. Yes, following this advice may result in lost profit opportunities, but it far more than compensates for lost money in your account if you are on the wrong side of a big move. The only exception with this is if your broker guarantees your stop without slippage over the weekend.
Most brokers dont, though there are a few that do, but generally it is a best practice to avoid leaving trades open through a weekend. Overnight Interest Remember, if you leave your open position over night then you are charged interest. Your brokerage should explain this in more detail for you check to find out at what time the rollover happens for you. Remember that leaving overnight positions open on Wednesdays cost you triple interest. This is just a reminder about interest charges, however if you are in a profitable trade then this is negligible.
It is best to focus on currency pairs that have their parent country actively trading during the session. As a general rule but you can break this rule stay away from the Asian currencies during this time. Ok, back to explaining Opportunity 2. What you will notice is that often a currency pair will trend in a particular direction up or down through a trading session T-AE or T-EN. Sometimes it will just move sideways within a narrow range say 50 pips particularly if the market is waiting for some upcoming Fundamental Announcement.
Sometimes it will move in a particular direction and then midway through the session it will reverse usually due to a Fundamental Announcement. What you are looking for is a Micro Trend to establish itself during the early part of the session. The trend may be moving fast or slow. Look for a suitable wave to jump in on one of the three Variations you learned early in this eBook. Go for small pips say 20 pips once, or even twice, during this trading session to make your profits and get out.
With this strategy it is imperatively important to remember Trading Rule 2, to be aware of when Fundamental Announcements are expected to occur and to not be using this trading method at that time. Use the techniques you learned in eBook 1 Explosive Profits to capitalize on Fundamental Announcements. However, as most of you know from experience, a lot of your trading attempts result in a dud.
A few of you wrote me to tell my your observation that after a dud the market often ends up trending. Some of you asked me how to catch these price moves, and here I will show you what to do after a dud. About 10 to 15 minutes after the Fundamental Announcement occurred after a dud occurred youll frequently notice that the prices have already begun to trend in a particular direction.
As long as there have been a couple of waves making higher highs and higher lows for an up trend reverse of course for a down trend then look to enter on a wave using one of the three entry variations taught near the beginning of this eBook. Some times the trend will be moving fast steep , or slow. After you have seen many such Micro Trends then you will begin to get a feel for how well this particular move may move.
If it is moving slow then go for 20 or so pips. If you find that it is moving strongly then you can either go for just the 20 pips, or you can let your trade ride, or attempt to pyramid your gains explained later in this eBook. For this strategy you want to be looking at one-minute candle charts. Right after a price explosion resulting from a Fundamental News release read the eBook Explosive Profits, included with this package, to learn how to find these opportunities there is usually a moment lasting typically just a few minutes where the price has dropped back a bit.
Now you have to act fast to catch this because it can quickly shoot up. What you do is you place your entry order at the top assuming an upwards moving price, bottom for down , just like you would normally to surf a price wave. Dont ever enter a trade without a stop, especially when using this particular strategy. Usually a 20 pip stop should be good. You can either set your limit for 20 or 30 pips, or better you can trail your stop to see how far youll end up going on this trade.
Really, this is a situation that youd prefer to do trailing stops rather than just setting a limit, because youre chances could be good to score way more pips. What about Whips Well, whip nothing. If you placed your entry order on the top of a whip then that means that nothing will happen, and so you experience no loss Here are a couple of one-minute charts of Fundamental Explosions that were great candidates for such trades.
If you look at historical charts youll see that this particular situation happens frequently. Now when you look at the next two charts, not only will you see the opportunity that is discussed in this section, you should also see that there are many other waves you could catch. Later in this eBook Ill teach you how to Compound your Gains to pull say pips out of these kinds of moves, even if it continues for less than pips.
I have really enjoyed using this particular strategy with some awesome gains. This is not a strategy that youll catch everyday, but youll see that these kinds of moves happen several times a month. Even catching one or two such trades per month could result in a handsome monthly income for you.
Youll feel pretty darn proud of yourself when you successfully catch one of these. Some traders make great profits trading triangles alone. The idea is similar to what you may or may not already know, with a few twists specifically for Surfing. Triangles develop as a kind of consolidation pattern sideways movement. Prices make a series of lower highs, and higher lows read this sentence again to notice the difference. If you draw a trend line along the tops, and along the bottoms, you will notice that the lines converge together, forming a triangle.
Take a look at the following chart to see what I mean. The general theory of triangles is that once prices penetrate the lines of the triangle then the market tends to continue in that direction. Once you spot a triangle in progress then there are two ways you can trade them in the Surfing strategy. With either approach youre best to go for your 20 or so pips. Catch some nice and easy profits. Strategy 1 This is quite simply to watch the triangle in progress.
Once it crosses the line of the triangle then look for a wave to Surf using one of the three Variations taught earlier in this eBook. The problem with this trading variation is that often once the price penetrates the triangle lines it often moves 20 pips or so quickly, not giving you a good chance to catch a small wave. Another thing to watch out for are false breakouts. Look at the above chart, at Triangle 2. There you see a breakout going up.
I attempted this trade by placing an entry order using Basic Variation 1, but nothing happened dud as it turned around. I caught it later on the way down. Strategy 2 This one is a little bit more complex, but is Higher Probability for you to catch your 20 to 30 pips on a triangle. What you do is you look at the high and the low of a swing that reaches pretty close at least to the triangle lines, near the middle of the triangle.
You then place two entry orders kind of like what you did in eBook 1. You place a buy entry order at the price of the top of the zigzag near the middle of the triangle plus your brokers spread. You also place a sell entry order at the price of the bottom of the zigzag near the middle of the triangle without any extra pips. The middle of most of your triangles seen in 5 Minute candle charts ideally should be less than about 30 pips wide.
Simply use the size of the middle of your triangle for your stop, but if it is over 20 pips but no larger than 35 pips then simply use a 20 pip stop. As the market continues in the triangle the zigzags will get smaller and tighter, until it eventually breaks the triangle lines.
Once it breaks through it will most often continue in that direction. It will soon pass through one of your entry orders. At this point cancel your other entry order. Prices should continue in your direction to limit you out for 20 to 30 pips easily. Sometimes you will encounter other kinds of triangles. Here we will look at the other kinds of triangles you may encounter in 5 Minute candle views.
In a Flat Bottom the highs get progressively lower, while the lows remain relatively the same. In a Flat Top the lows get progressively higher, while the highs remain relatively the same. In a Descending triangle, both the highs and the lows get progressively lower, and conversely in an Ascending triangle both the highs and the lows get progressively higher.
There are two main ways to trade these triangles. Strategy 1 from Opportunity 4 is the same with all of these, so just reread Strategy 1 from that section. Strategy 2 wont work as described from the above section for these types of triangles. However half of the idea does work.
For a Flat Bottom and for a Descending triangle you would place your buy entry orders the same way but not your sell entry orders which will be explained in Strategy 3 4 below. For a Flat Top and for an Ascending triangle you would place your sell entry orders the same way but not your buy entry orders which will be explained in Strategy 3 4 below.
Again, on the sloping side you would use Strategy 2 as described above. As in Strategy 2, you look at the height in pips of the middle of the triangle. Divide the number of pips in half round up if you have an odd number of pips , then place your entry order that far from the flat side. Strategy 4 For Descending Ascending This is the strategy for your entry orders on the down side of a descending triangle, and on the up side of an ascending triangle.
Simply flatten this side and essentially do Strategy 3 for this triangle. Look at the price level of the point of your triangle where the two lines converge. This now becomes the price level of your flat side. Then look at the height in pips of the middle of the triangle from your triangle trend line to the imaginary flat line. Divide the number of pips in half round up if you have an odd number of pips , then place your entry order that far from the imaginary flat side.
To be quite honest with you I dont like trading descending and ascending triangles. I havent traded them that often, and when I did my results were only so-so. Ive included it here for your information of how Ive attempted these trades, but youll find the other strategies more successful. Realistically youll do better waiting for the prices to break out of this formation and then catch a nice little wave for a 20 pip profit. Read the next section on Flags as such triangles often behave much like flags, in fact they really are flags, except the prices keep getting tighter and tighter together.
It is usually a small consolidation pattern with a distinct slant. In an upwards price move, for example, you might see a rather short period of time where prices stay within a parallel range with a distinct slant downwards. Most often when a breakout occurs the prices usually continue in the previous direction, but sometimes does break out for a reversal.
The slant usually occurs in the opposite direction of the direction the prices were originally trending. The following chart shows you some flags. Its not the best example of flags, but I chose this poorer chart as it has two flags to show you that they can be smaller and larger. Notice how with the small flag that when the price broke through the trend line it shot up nicely. If you were looking at a one-minute chart you would have probably been able to catch a small wave on its breakout as it moved 28 pips in that 5 minute candle.
The bigger one can more loosely be considered a flag. Its actually easier to see this as a flag when you zoom out a little. Anyhow, what you would have done is to place your entry order at the top there where it broke out from the trend line. If it was a false breakout you would not get entered, but as it turned out to be real you would have been entered there for a few nice pips easily 20 or 30 pips though the prices went even higher remember to go for safer easier pips.
Though flags are usually very short term phenomena in contrast to channels, read the following about Consolidation Channels as flags are closely related. You will also notice that these flags appear often on charts, but may be interpreted to be part of something else, depending on how your mental filters look at them.
For example, the chart shown in the section on Fibonacci techniques below clearly show flags when your mind is looking for them. Before I finish off with this section let me give you one more trading technique that you could do on flags. This works great for small flags to catch profits when the price just leaps up and doesnt give you a nice wave to surf before it has gone too far missed profits. This would have worked nicely on that small flag from our chart example above.
Simply place your entry order at that last high with a 20 pip stop. Then employ Basic Variation 4, where you would immediately replace your stop to the last low. A Consolidation is when your prices move sideways, in a narrow channel. This is a common thing many traders watch for as it happens often, and usually presents profitable trading opportunities.
Big consolidations usually happen in anticipation of significant Fundamental Announcements, but you will often encounter smaller ones that have no obvious reason. To frame your consolidation channel simply draw two trend lines. One along the top, the other along the bottom. The lines are usually perfectly horizontal though they sometimes could have a slight slant. Look at the following diagram. The general rule of thumb is that the width of a sideways channel will more or less equal the height of the price movement once the price eventually breaks out of the channel.
The standard way most traders trade such channels is to place an entry order above and below the channels, with a stop at the opposite side of the channel. The biggest problem most traders encounter doing the standard approach is that they get whipped by false breakouts.
Some traders will only enter a trade on a channel breakout when they see a full candle outside of the channel as this helps to avoid false breakouts. Bottom line is that youll find the surfing approach handles these situations nicely. When you see that the price has broken through the channel then just wait a bit.
The price should pull back a bit. Once it has pulled back then place your Surfing entry order. If it was a false breakout then most often you wouldnt get entered in on the trade, and you wont lose anything. But if it was a real breakout then youll get picked up on the trade once it continues advancing in price. This is known as consolidation, and this also presents a nice trading opportunity in conjunction with the surfing approach.
Its usually easiest to spot such tradable consolidations when looking at Hourly charts. Typically, youll see that prices are moving sideways, bouncing around inside a channel between 40 to 80 pips. Of course, when the price eventually breaks out of this channel it will present nice trading opportunities see the previous opportunity section Consolidation Channel Breakouts.
However while it remains inside the consolidation channel you can also play around for some nice profits. The standard way most traders would trade such a situation is very similar to how we as surfers would do it, except we have a little more refined technique, and in my opinion, we do it better.
You might want to pause reading here, go read that section, and then continue reading here as I wont review those topics, but will simply speak of them assuming you understand those terms. Ok, to recap, youll see prices locked in a trading range of say 40 to 80 pips this is the most typical range, but sometime youll see smaller or larger ones. When prices reach near the consolidation trend lines usually parallel horizontally, but sometimes has a slight slant you start to watch for reversal signals.
Once you have found a clear reversal signal then you would look for a suitable wave to surf. So lets say that prices have been trending somewhat upwards within your consolidation pattern. Lets say that prices reached to be near the top of the consolidation zone.
In an ideal world the price would peak right at your trend line, but in the real world it will usually peak a little below it. Sometimes itll peak a little bit above it. At that point youd place an entry order as youve learned in the previous section. What you should now see is some sort of reversal signal as taught later in this eBook. Once youve got a nice reversal signal and you are confident that prices will now move back down then look for a suitable wave to surf as prices move towards the other end of the consolidation channel.
Ok, here is an exit strategy Ive personally developed over time. I havent heard of anyone using this exact strategy for such consolidations, but Im sure that people use some similar idea. In an ideal world youd get in right on a peak that bounces exactly at one trend line, then exit the position as it goes all the way to bounce at the other trend line.
Such situations can and do happen, but youre dreaming if you think that youll be able to do this consistently. Most often the price will come somewhat near the other channel trend line, but you want to get out earlier. Its better to go for targets that will more consistently produce profits for you rather than trying to maximize the profits of your trade each time. If you try to go for maximum profits then often youll find that the market may turn around on you again and youll end up missing your target exit.
Here is the strategy Ive developed. I havent thought of a cool name for this strategy before, but maybe for future discussions with people well call this the ummmm Channel Surfing Zones Just made up the name now. Take a look at the following diagram: In this chart you will notice that there are outside red lines and inside blue lines. The green prices are there just for a visual. The red lines represent the channel trend line.
These you draw on your chart as best fit along the highs and the lows. To draw the blue lines you need to do a little simple math. Grab your calculator to help you in the resources section Ive included a Microsoft Excel spread sheet that will do all the calculations for you. First you need to calculate the distance in pips between your top and bottom trend lines.
Simply subtract the price level of the bottom trend line from the price level of the top trend line. Well call this your channel height. As stated earlier, most of the suitable consolidation channels youll encounter will typically be between 40 and 80 pips. Dont bother with small channels of less than 35 pips. Certainly try this if you encounter a channel larger than 80 pips carefully. Now you need to calculate where youll draw your blue lines.
Simply take the number of pips of the height and multiply that number on your calculator by 0. Count that many pips down from your top red line and draw a horizontal line there. Then count that many pips up from your bottom red line and draw a horizontal line there on your charts. By now your chart should resemble the diagram above with 4 lines going across. You have now segregated your consolidation channel into three zones. You now have a top 30 zone, a bottom 30 zone, and a middle 40 zone.
Lets now say that prices have moved up into the top 30 zone. You wait until you see a reversal signal, and then look for a suitable wave to jump in on the way down. It is important that your entry price be within the top 30 zone. Its ok if sometimes you enter on a wave with your entry price just inside the middle 40 zone, but avoid this as best you can.
Your stop can be either the standard stop for the wave you jumped in on, or simply place your stop at the price level of the red line. If you entered a wave within the top 30 zone then even on an 80 pip consolidation your stop will be less than 20 pips notice how Im really dedicated to trading with little stops. If the consolidation you are trading has regularly touched the red line but not crossed it then you might want to consider putting your stop a few pips beyond the red line for extra protection.
So now where do you exit Simply set your limit at the other blue lines price level. Sooner or later the price should cross the blue line on its way to the other end of the consolidation assuming you remain in the consolidation pattern. This is a nice High Probability trade. Once youve entered the market and set your stop and limit then leave your computer or trade on other currency pairs as it will usually take a while for your trade to get limited out.
Ok, so now youve made a few nice pips when prices reached the bottom 30 zone. What now Well repeat the process explained above to catch a wave going back up. If you time things right you could catch some nice profits zigzagging up down a few times before the price breaks out of the consolidation.
The pip height of the channel is 86 pips. Just looking at the chart visually how many times could you have profited from this in the past month Also notice how sometimes the price as its moving across the channel doesnt even get close to the red lines, but in every case it at least crossed the blue profit line. One more thing. Notice the penetrations Ignore the crazy Fundamental Announcement blips.
If you traded according to the rules as explained here there is only one place you would have gotten stopped out at. Its the last tiny penetration on the bottom right. For all the other penetrations you should not have yet been in on a trade since it was still trending towards the red line.
Just to give you a little contrast, this next chart Hourly view is of a consolidation that lasted just 2 days, and is only 35 pips high barely worth trading. Again, notice that magic of exiting on the blue line. While prices are inside a 30 zone top or bottom you could just place an entry order at the close blue line price, a stop at the red line price or a few pips beyond and a limit order at the other blue line. This way you dont have to work at catching waves, especially considering that in small channels the price can move into the middle 40 fast and you might have missed the chance.
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