Learn How to Trade the Pound against the Japanese Yen using the www.fx500club.com methods

I’m not trading the british pound japanese yen much at the moment so I thought I would post these two trades I took this morning. The trading strategy works the same for every currency pair and all the commodities and indices …enjoy. gbp/jpy trading strategies

One thing I have learned about trading is that you NEVER STOP LEARNING. I hate sitting around wasting time looking at charts all day, it’s also not so good for your profitability because if you have to search for trades then mistakes get made, best to get in and out quick, have a plan and trade that plan. Dan Armitage teaches us this in the www.fx500club.com Online Trading School.

So what have I learned that’s new? Well for me it has become more obvious that the Frankfurt Financial Market boys get in a little earlier than the London Financial Markets open and it seems the Frankfurt boys move the markets one way only to be reversed by the London Traders. I am seeing this more and more often. So today I had a little go at trading purely technical setups using the bunched moving averages strategy ( the fx500club, 123 setup ) . Have a look at the GBP JPY trade I took this morning before the London markets opened.

I am liking these setups alot because they are generally very quick, taken off the 5 minute charts, the stop losses generally very small and the profit targets good eneough to make the reward risk very acceptable, more often that not 2 or 3 to 1, risk 15 pips to make 30 or 40. These type of trades happen fast so if they go against you you are generally out within a few candles.

This is just a variation on many of the trading strategies taught to us in the www.fx500club.com and www.fxmonkeyschool.com.

So for todays trade the first thing I wait for is the  5 minute 20 ema to cross the 5 minute 50 sma (the pale blue arrow is an alert I have setup), then I wait for the moving averages to become bunched up / close together. I then wait for the price to break through all the moving averages and begin to use them as support. Then it is just a question of using the cci indicators to get the best entry.

I entered the trade long at 157.17, my stoploss at 157.00 the previous low and old resistance became new support, my target was an old high 157.61, gj always moves quite aggressively so I try to lock in half profit at 20 or so pips and let the rest run to target.

The chart below shows how the price reversed once the London markets opened. Notice the pink downwards arrow is alerting me to the 20 ema ( exponential moving average ) crossing the 50 sma ( simple moving average ) Normally a good sign to take a short trade once the mas all bunch up again but not today as we have the weekley pivot ( wp) , directly below us.

 This is just another way of trading old resistance becomes new support or vice versa for short trades, but using the moving averages as added confirmation of the price action.

See also my chart below, see how similar the AUD/JPY trade setup was this morning, I took this from my alert as well. There were alot more setups like this this morning and they all would have made nice safe profits and all before 7.30 am, not a bad days work, in at 6am finished by 7.30.

 Please note I apply alot of other strategies before taking these trades, long term trend direction, fibonacci levels and market correllation, all trading techniques I am learning in the live online trading school with the www.fx500club.com

Just £97 a month gets you into the www.fx500cub.com daily live online trading school where Dan Armitage, James Boord, Zak Lloyd and Hemal Pandya will teach you how to trade forex using setups like I have described above.

Click Here to get a FREE days entry into the fx500 club live trading room

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

Amazing, I only found this place yesterday, the concept is truly amazing.

This is how it works. The website has hundreds of professional forex traders as participating members, these traders all have their profiles and trading methods along with their results for you to view and decide who you would like to trade for you.

The traders and the website make money by sharing the forex brokers spread on any trades they make on behalf of the websites members, this means NO CHARGES FOR YOU! 

I have posted the websites frequently asked questions so that you can see exactly how it works. Or checkout the website here.

Sorry for the infrequent post here but I am so busy making trades that I am struggling to keep up with posting, as I have mentioned the reason for making these notes was to improve my understanding of the charts, well it’s working and I heartily recommend anyone learning to trade does the same. 

This trade was a pure gimme, it just begged to be taken. Zak, Dan, James  and Anders would be proud of me. There was a descending trendline from the four hour chart acting as resistance with four points of contact. It was testing daily resistance 1 and the psychological round number 142.00. It was also oversold on the 15 minute chart and ready for a pullback. I shorted it at 141.80 with a stoploss above 142.25. It dropped like a stone. Yippee, thankyou the www.fx500club.com I love you guys.

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.

Dan Armitage and the team at www.fx500club.com and the www.fxmonkeyschool.com have been concentrating on teaching us how to trade the hourly charts using the daily and 4 hourly to determin the direction of the trend. This is great for me because it really helps me understand how to trade the shorter pullbacks and retracements on the 5 and 15 minute charts.

I Learned 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.

Traded short because it was looking overbought and deffinately ready for a bit of profit taking. The cci trigger crossing zero along with the stocastics being above the 80 made this look good to the downside. It eventually ran out of steam to the downside at 145.80, 500 pips away from my entry. I still think this is a retracement on the 4hour up trend so this could drop to the weekly pivot around the 143.80 area before turning back up, we’ll see.

Dan Armitage and the team at www.fx500club.com and the www.fxmonkeyschool.com have been concentrating on teaching us how to trade the hourly charts using the daily and 4 hourly to determin the direction of the trend. This is great for me because it really helps me understand how to trade the shorter pullbacks and retracements on the 5 and 15 minute charts.

I Learned 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.

Two possible entries here, the second safer than the first but with a larger stop loss.

Dan is teaching us to be more open minded and adventurous with our trading, rather than waiting for the safest setup with all the indicators etc aligned, go for breakouts and reversals off double tops etc, unfortunately the triggers will not always show clear entries with these opportunities.

For the later entry at 10.15 the setup was perfect, all the ma’s below us, we had broken the descending trendline, two golden crosses the thick red over the thick blue and also the thin pink over the thin pale blue, it just doesn’t get any better.

I Learned 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.

Two possible long entries on this pound yen chart. The first at 00.45 was more risky but had a tighter stoploss place below the red hourly 20 moving average, the second was at 06.00 after the price had broken through the resistance of the moving averages and had come back to test the pink 15 min 20 ma. Th cci21, cci7 trigger and the candles changing from red to green signaled a long trade.

I Learned 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 fx500 club and 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.

As you know I am learneing to improve my forex training at the www.fx500club.com and the www.fxmonkeyschool.com. Well our lesson today in long term trading covered alternative entry methods for long term trades.

This gbp/jpy trade off the 4hr chart was shown to us by Zak, the fxpimp. It was a short taken from the bounce off the double top and wr1, OMG what a trade, and it turns out quite a few of the more experienced traders in our school had quietly nailed this trade and were between 300 and 900 pips in profit.

Way to go and deffinately a setup i will be watching for in the future. Entry 140.71, 100 pip stop loss safe behind weekly resistance 1, 1st target 135.65, 500 pips away, nice risk reward, 5 to 1 ratio.

All the red crosses on the way down show possible short entries using resistance off of the pink daily pivot line.

I Learned 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 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 fx500 club and 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.