MP FOREX ADVISORY

Posts Tagged ‘profits’

Today we entered short positions in the GBP/USD, the USD/JPY, and the EUR/USD, and we generated profits in all three pairs.  Today was yet another extremely volatile day with both the GBP/USD and the USD/JPY more than doubling  their respective recent daily average price movement. 

Today, we entered positions in the USD/JPY and the AUD/NZD, generating several small profits on both pairs.  Both currency pairs set up very well for our trading system; however, the US President’s Day Holiday kept trading volume and volatility levels relatively low.  We closed out of the AUD/NZD trade early in order to avoid the PPI Input report coming out of New Zealand at 4:45 ET.   We also have the Monetary Policy Meeting Minutes coming out of Australia at 7:30 ET.     

This Forex Trading System is a range trading system that is designed to capture a series of small but consistent gains during the afternoon trading hours when the market is tame and far more predictable. Most currency traders refrain from trading during the hours between 17:00 GMT and 23:00 GMT simply because the market tends to be very non-volatile and boring during these hours. However, what most traders fail to realize is that there is a tremendous opportunity in trading during this time period. In the midst of the apparent boredom of a sideways range trading pattern lies a predictability and a rhythm that should be the envy of any good speculator!  In essence, we are exchanging excitement and volatility for predictability, and predictability is far more valuable when it comes to trading.

The goal is not to be entertained by the market but rather to use it as a mechanism whereby we can generate consistent profits. Generally, the market produces consistent and predictable sine waves late in the US session and before the open of the Japanese market. We have discovered that applying this Forex system during this time period provides a literal gold mine of opportunity!

The purpose of this blog is to provide updates on a daily basis of the results of this trading system and to keep you informed of significant market events that may effect the trading.

Best wishes! -

MP Forex Advisory