Update

I don't have any open position at the moment, watching the market closely.

Verbatim: Bank of England Statement On Bank Rate

BoE, ECB cut rates

Trading update

Just watching cautiously, since bank of England cut the interest rate by 1.5% which is the biggest ever intereste rate cut in the british history.

Trading questions

1.Why would you select this stock for your day trading?

2.What would you be looking to get short or long?

3.Where would you put the stop loss and why?

4.Where would you partial and why?

5.Where would you exit?

6.What would be your position size and why?

1.Why would you select this stock for your day trading?

2.What would you be looking to get short or long?

3.Where would you put the stop loss and why?

4.Where would you partial and why?

5.Where would you exit?

6.What would be your position size and why?

USD/CAD second entry

Another bear flag has formed,traders who missed the first entry, now will get an opportuny to short this pair.

Answers to the Questions

1. I select this stock because it is very active as you can see very high volume in the first three bars compare to the previous days first three candles volume.
2. I would be looking for long as the stock is showing strength.
3. Initial stop would be below the first swing low.
4. First Partial at 161.8% extension.
5. I would exit my position at the end of the day.
6. See my position size calculation post.

USD/CAD update

The pair reached my second target ,since it showing continuous weakness i am holding rest of the position.

Trading questions

1.Why would you select this stock for your day trading?
2.What would you be looking to get short or long?
3.Where would you put the stop loss and why?
4.Where would you partial and why?
5.Where would you exit?
6.What would be your position size and why?

CAD/USD short

After my entry, the pair dropped nicely and already reached my 1st target ,not a bad day so far.

Global investors buy stocks, spurred by lower rates

No trades today

No trading so far,lets see whats bring tomorrow.

13 Financial Frights

Trading success

Pin bar set up is one of the most high probability set ups I use, last three months I have traded 11 pin bar set ups 9 of them was successful trade,one stopped out for small lose and the other one breakeven trade. One thing I have to say here before you guys ask me any question about pin bar set up that any of my trades are not solely based on set ups formation that I put on my blog. A set up is just a part of a winning trade; there are so many things you have to know and aware of, any one with moderate experience will agree with me.

What you need to know:
a) What is the direction of the trend(I don't suggest any one to trade counter trend )
b) Any big news (economic indicators) is releasing that day.
c) Momentum of the market
d) Sentiment of the market.
e) Length of a prevailing trend.
f) Accumulation and distribution.
g) Key volume on spot.
h) Length of impulse and corrective move.
i) Volatility
j) Supply and demand (support and resistance area)
k) Position size
l) stop placement
m) Target placement

What you need to have:

a) Adequate capital
b) Business skill/management skill(It will take at least one year to grow this skill, people who offer magic solution in their trading course are actually full of shit).
c) Ability to take risk and control emotions.
d) Ability to look for detail .
e) Logical approach to any trade .
f) Discipline is the must to winning trades.
g) Experience, yes reading experience traders articles, books will help you to cut down yours learning period but there is no substitute to real experience.