Trading with Support and Resistance in the fx500club
Trading using support and resistance is one of the oldest methods of trading the forex currency markets profitably. Pure price action combined with support and resistance analysis is a very reliable method of spotting trades. Dan Armitage, Zak Lloyd, James Boord and Hemal Pandya are the live forex teachers in the www.fx500club.com and they will teach you how to spot key areas of support and resistance to enable you to make daily profitable trades.
I didn’t post yesterdays trades because the weather was too nice to be stuck in front of my trading station all day, however I had another great days trading using the www.fx500club.com trading strategies. Yesterday I took a few of the breakout trades that Dan armitage called in the fx500club Live Trading room and bagged some good pips by selling cable and gbp/jpy short. I also took a few 123 trades in euro/gbp and euro/usd.
Todays trades in the www.fx500club.com live online trading room were breakout trades, fast and very profitable, euro/jpy short and usd/jpy short. The chart below shows the eur/jpy trade for over 80 pips profit so far and it is not even 8 am yet. I love making money working just an hour or two a day in the comfort of my own home. The only downside is that the wife has me doing all sorts of jobs around the house all day.
Another bunched moving averages trade where the price was below all the moving averages and also the daily pivot using them as resistance above and clear air for the price to freefall below.
I had my eye on this trade before joining this mornings live session in the www.fx500club.com so it was nice to have my trade confirmed by Dan Armitage in the fx500 club Live Trading School Room. The cci 21 dropping below zero along with the white ma 4 crossing down through the 20 ma got me into this trade short at 129.93, all the other ccis representing the trend on the higher time frames were down so this was a high probability trade with the longer term trend. As I write this post it is at 128.75 and dropping like a stone. 125 pips from entry. JOB DONE!!
Have a look at the charts for some of the trades I took yesterday working with the www.fx500club.com live trading room. Euro pound was a similar setup to this mornings ej short.
Look below at the euro pound on the 15 minute chart, see how the cci5 retraced above zero before crossing below zero acting as the trigger for the short trade, notice that the cci 21 and 84 had also moved up towards the zero line before turning back down again. This was the PERFECT setup, the one to watch out for.
The chf/jpy trade was taken using slightly different rules to the two euro trades above. I was using the old resistance becomes new support rule along with the crossover of the moving averages to show me direction. The long entry was from 85.54 with my stop very tight below the old low at 85.40, the target 86.23 was an old high.
Finally a long trade in euro / usd from yesterday based on divergence on the cci21, see how the price made a lower low but the cci 21 made a higher low, this is called divergence and can be a very good trade setup. Target the previous high.
These are just a few examples of trades we are taught to take in the www.fx500club.com live online trading school. Every day now I see members posting how well they are doing by following Dan and the other forex teachers strategies in the live forex trading room. We are all benefitting from everything they teach us and for just £97 per month it is fantastic value.
Oh I forgot to mention there were probably another 150 or so pips available from trade signals that were sent out from the fx500club by email as well, I didn’t take them because I was out enjoying the sunshine.
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Always Remember.
Keep your risk as a percentage of your capital low (1%), equals stress free trading.
Always work out potential losses before potential profits.
We are paid to take risks, if you aren’t in a trade you cannot win a trade!!
Buy off support and sell off resistance.
Bank partial profits early and move your stop loss to break even as soon as you can.
I am learning how to trade these setups and indicators across all time frames with the help of the fantastic team at the www.fx500club.com They have a live forex chat room and share their charts so that you can watch them find potential trades in real time.
They also have a school for learning how to trade longer term charts at www.fxmonkeyschool.com.
The fx500club and fxmonkeyschool, forex trading school don’t just trade charts and indicators alone, they teach us to use correlation of the whole market before entering a trade. It truly is the best place to learn how to trade forex properly, safely and profitably. It’s all about the pips and about protecting your capital.
Click Here to get a FREE days entry into the fx500 club live trading room