Live price action trade AUD/USD 8hr

Did you catch the AUD/USD price action reversal trade I shared this week?

On Wednesdays analysis I spotted two possible reversal trades, one on AUD/USD, and the other on USD/CAD. The USD/CAD trade was forming on a questionable resistance area, so I skipped it…

… Instead, I focused on the AUD/USD trade, and it worked out very well. And this time, I did something I haven’t done in a long time, I recorded the entire trade!

Did you take this trade

I know a lot of people following my analysis entered one or both of these trades. If you entered it, I would love to hear how you managed the trade. Even if you managed it badly and closed out early!

Also, if you have any questions, feel free to ask below. I try to answer every question.

How to enter trades at the right time – Training session

Well then you already know that finding a great trade setup is not enough. After you find the trade, you need to figure out where to enter. And that can be tough…

…If you enter the trade too early, you might be jumping into a false move. If you enter the trade too late, you miss out on a lot of pips.

Here is an example:

Me and Bob want to enter short on EUR/USD, we are both targeting 1.1100, with a stop at the 1.1250 level. The only difference is that I enter at 1.1200, and Bob enters at 1.1180, 20 pips after me. And that 20 pips makes a big difference. While I have a 50 pip stop, and a 100 pip target, Bob has a 70 pip stop, and a 80 pip target.

As you can see, picking the perfect entry is vital.

But the question is, how do you pick the perfect entry?

Well, in the live training session below, I show you how to do just that. And, I also show you how to:

1. My price action techniques for avoiding early entries.
2. How to place smart stops, instead of dumb stops.
3. How to place smart targets, to maximize the chance of price reaching target.
4. How to enter on retraces, in case you miss the first entry.

Daily Forex price action analysis – 2016-05-11

We have a great looking trade setup forming on EUR/USD and an average setup forming on NZD/USD. Two of yesterdays setups triggered, EUR/JPY short and USD/CAD short. I entered EUR/JPY but it is not going as well as I would have liked, I am not closing out though.

I bit off more than I could chew here. Forex4noobs has grown so much in the last year that the response to this post has surprised me. I will keep my promise to read and reply to everyone… but please be patient, this will take a while!