As an example, I have spent an hour or so analyzing the markets so far this week. On Sunday I usually do this, before the market opens on Monday. I do my homework by checking my charts, catching up with any financial news over the weekend and I make my trade plan for the week ahead.  Once I have my plan in place, I then set orders for any currency pairs that I wish to trade at the market open. We need to wait for the market to open before orders can be set, since orders cannot be placed on the platform over the weekend while the market is closed. Once my order is set, with a predetermined stop loss and take profit (target), I can then walk away from my trading platform and let the market take it’s course.

These are the current orders that I placed at the market open this week and why:

GBPUSD
Long
Daily Chart
Entry:  1.6540
Stop Loss:  1.6502
Target:  1.6822
Risk / Reward Ratio:  1:7

We are still in a channel with price looking like it will once again bounce off the lower trendline. I have my order set to buy at 1.6540 as this is also the area of 61.8% fib and 55 ema. My stop loss is set for below the 78.6% fib and the trendline. My target is set at the previous high. As you can see, this has an excellent risk to reward ratio of 1:7. So a “must set” order in my view.

You may also be able to see my trade I placed from last week. I bought after the previous touch of the trendline and have now closed half the trade with an 80 pip profit, leaving the balance to run to my ultimate target, with potentially an overall 317 pip profit. Stop is now moved to entry, meaning this is now a risk free trade

USDCHF

Short
Weekly Chart
Entry:  0.8980
Stop Loss:  0.9085
Target:  0.8700
Risk / Reward Ratio:  1:2

As you can see from this weekly chart, there is a trendline in place since the middle of last year. This trendline is also intersecting with a support / resistance line (which also happens to be a whole number) at 0.9000. Another reason to take this trade around the 0.9000 price is that it is also 61.8% fib retracement. Therefore, multiple reasons to set an order for this trade. Set and then forget.

USDJPY

Long
Weekly & Daily Chart
Entry:  102.80
Stop Loss:  101.85
Target:  105.23
Risk / Reward Ratio:  1:2.5

With a confirmed triangle break on the daily chart, I am hoping to catch the move on the pullback. In anticipation of this pullback, I have placed an order to buy at 102.80, which is just above the 200 monthly ema, & 55 daily ema. I have placed my stop loss just below the bottom line of the triangle with my target at the recent highs.

EURGBP

Short
Weekly Chart
Entry:  0.8337
Stop Loss:  0.8410
Target:  0.8090
Risk / Reward Ratio:  1:3

The EURGBP on the weekly is also in a channel. I have my order set to sell this pair at the area where the trendline, 200 ema & 55 ema intersect – ie. multiple reasons. My stop loss is placed above the trendline & above the most recent highs. My target is set for the lower trendline of the channel, which also happens to be a previous area of support & resistance.

Let’s see what price has in-store for us on these currency pairs over the next week. If any of these areas fail, I will be able to initiate my back-up plan, however, the charts shown here are my 1^st choice trade options.

Happy trading during your 4-Hour work week!

Jackie

The post Forex Trade Plan – Week Beginning 7 April 2014 appeared first on View from the Forex Office.....

Which pairs do I have on my “gift list” leading up to Christmas? Check them out below…

EURJPY
Monthly Chart
At significant level 138.15
Buy above this level & sell below

Price is currently at highs not seen since 2009. This is hugely significant and I am certainly expecting a reaction at this level. I will wait for a close above this level to buy, or if price fails at this level I will check smaller time frames for reasons to take a counter trend short.

USDJPY
Monthly Chart
Approaching monthly 200 ema at 103.00
At significant level 101.65 which goes back to April 2009

Similarly the USDJPY is approaching huge levels like the EURJPY. I will conservatively wait for a clear close above the 200 ema (the green line located at 103.00) to take a trade long. Alternatively, if price fails at this level, or earlier at the 101.65 significant level, I will look on smaller time frames for reasons to short.

EURGBP
Monthly Chart
Short below 0.8300

This pair is in a clear downtrend, so I will look to short if price closes below 0.8300, which is previous support and is the 55 ema. Once price closes below this level there are no road blocks in the way, so I expect price to retest the 0.7755 area, potentially some 545 pips profit. Alternatively if price fails to close below 0.8300, look on smaller time frames for an entry to go long and catch a bounce back up.

USDCAD
Monthly Chart
Long above 1.0650

Price is approaching a level not seen since October last year. If it breaks this level at 1.0650 and closes above, I will be looking for entries on smaller time frames to enter long. There is nothing but air above this level, so price has the potential to get all the way to 1.1650 ie. 1,000 pips!! How would that be for a welcome New Year’s gift?

Enjoy the lead up to Christmas and here’s hoping we can all get a share of the pips for some welcome holiday spending money

Jackie

The post Santa Claus Rally appeared first on View from the Forex Office.....

This patience can certainly pay off, as was evidenced recently with the USDJPY triangle break. You may recall my blog post on 21st October in which I was patiently waiting for a potential 980 pip move after a break of the triangle on the weekly chart. I sat on my hands and patiently waited for the break to happen. The break was confirmed the week of 3 November and I entered the trade long. Currently that trade is up some 350 pips and is still rallying. See how patience can pay off I am still in this trade and have taken some profits off the table and am leaving the remainder of the trade to run. My target is set to take the remaining profits at 103.70. Let’s see how the trade progresses…

Bring on the pips!
Jackie

The post Patience is a Virtue appeared first on View from the Forex Office.....

Salam!  Kia Ora!  Hi!  – Welcome to my blog!

Hi, my name is Jackie Coutts.  I am a born and bred New Zealander, and l like most Kiwi’s lucky enough to be living as an expat, I have been making the most of the opportunities presented.   I have travelled extensively, lived and worked in various countries, met some fabulous and colourful characters along the way, and most of all, I have always been prepared to try different things and follow opportunities as they arose.   The outcome may not have always been what I planned, however the journey was certainly eventful and I sure have learnt a lot from my numerous learning experiences and yes, mistakes, made along the way!

I hope you will bear with me as I embark on my foray into the blogging world and get to grips with this whole blogging lark.  Perhaps an ideal place to start is to tell you a bit about what I am hoping to share with you through this blog…

What I am aiming to share with you are a few lessons I have learnt, through embarking on some of these opportunities.  The majority of these will be the numerous lessons that I have learnt the hard way, from my experience as a Foreign Exchange (aka Forex) Trader.  I also hope you have some fun and a little laugh at some of the “OMG why did I do that” situations I have experienced, and I wonder if many of you will be quietly saying to yourself “I did that too!”

With my experience of more than 4 ½ years of Forex education, mentorship  and trading, there are certainly many lessons to share with you.  And after receiving many requests to pass on some of my trading knowledge, I will aim to share a few pointers with all of you beginner, learning and wannabe traders out there.  For those of you who are not new to trading, and are looking for an insight into a fellow trader’s strategies and trade plans, and perhaps moral support from someone who has no doubt experienced the same trading highs and lows as you, my blog is aimed at you too.  Above all, my vision is to provide trading mentorship and education, as well as an insight into my trading plan for the days, weeks and months ahead.

To give an eclectic feel to this blog, I may throw in some life lessons learnt along the way as well.  Whether they be financial, which will compliment your trading and wealth creation journey, or just general life lessons to aid in your personal development and empower you to be the best person you can be.

The colourful “life balance” aspect of this blog will come to you through my  sharing the odd travel highlight – any “not to be missed” wine bars, funky restaurants and cafes, or just general “gotta add to your Bucket List” places.   Travel, I would have to say, is one of my main passions and  I would love for you  to be able to share in that passion as well.

Why did I want to start this blog?  Well, honestly the  main reason for my blog is based on the wonderful philosophy of philanthropy and helping others in general.  I believe that life should always consist of win-win outcomes for all parties, not just when it suits, but consistently.  Everyone must benefit.

As a breast cancer survivor, I am thankful each and every day for just how lucky I am to still be here!  I am well aware that I could have been dealt with a much worse outcome when I was first diagnosed in August of 2009.   So, in an effort to show my gratitude for the blessing that was bestowed upon me, the most important objective I have for starting this blog is to be able to give back to cancer charities and especially to be able to provide financial assistance to the exceptional organisations undertaking the all-important Cancer Research.  If I can provide support in any way possible to cancer patients who are less fortunate than me, then it will be my privilege if I am able to make a difference.

I have been very lucky to have undertaken extensive trading education and mentorship from some of the best professional Traders in the industry.  Now,  I would like to give back to you, my readers, through passing on my knowledge to anyone who wishes to benefit.

The catch?  There is none.  I am hoping to bring to you my extensive Forex knowledge, free, through snippets in my blog.  I also have a vision for creating Forex Trading e-books and video training courses, which will be available at very affordable rates.  My aim is to ensure that my courses are accessible to everyone, with a percentage of the profits going to support cancer research.  The more affordable the training, the more people can take part and the more money will go to charity.  Everyone wins!

My philanthropy objectives are further realised through my role as an Introducing Broker (IB) for various trading brokerage companies.  My goal is to donate 50% of my IB profits to cancer research.  Exactly how this works, and how you can also become a part of this, will be detailed in further blogs.

Enough of me for now.   This is just a brief overview of me, your average Kiwi chick. An expat living abroad, with a passion for travel and trading, and a huge vision for philanthropy through Forex.

I look forward to welcoming you back to my blog in the weeks, months and years to come.  I would love to hear from you!  If you have any questions, suggestions or need any help then please feel free to contact me…

See you again soon!

Jackie

The post Salam! Kia Ora! Hi! – Welcome to my blog! appeared first on View from the Forex Office.....