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The Coffee Shop Trader – Things You Should Know

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coffee-shop-tradersBeing a professional forex trader has some pretty awesome advantages. One of those advantages is being able to trade anywhere there’s an internet connection. Many traders are familiar with the idea of trading from a local or out of town coffee shop that offers free wi-fi. It’s an amazing convenience that didn’t exist all that long ago. Trading from the coffee shop is cool, but there are some very important things that you as a trader with a live (real money) account need to be aware of. We’re talking about computer transmission security. There are a few safe ways to securely connect to the internet from the coffee shop.

Trading from a coffee shop, a friends house, or in my case the beach on Maui, is what I believe is the best part of price action trading. With price action trading you don’t need a wall of 12 flat screen monitors of various sizes or a large flat screen television screaming the latest financial news. I can grab my laptop and head on out to where ever I want to be. I’m a minimalist, which is why price action trading suits me so well. Clean charts with no distractions on them. Read More

NZD/USD Pin Bar Trade

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I wanted to take a look at a NZD/USD trade that was made earlier last week. It was an entry that was made off a pin bar from the D1 chart. The pin bar is 3 candles to the left from the last candle. As it turned out there were two entries available for this trade. One is where I got in, which was on a sell limit above the current price when I saw it. The second and most reduced risk trade was at the 50% retrace of the bearish pin bar. That entry candle (the day after the bear pin bar) turned into a strong bull bar. Not to worry. The thing to look for with that subsequent bull bar is did it make a higher high and higher low or form an engulfing candle? No, it did not. That gave me reasonable confidence that this trade would move back into profit the next day, which it did.

The next day, which is the final candle shown on this chart, hit it’s profit target and closed on a stop loss limit order. There was nothing too fancy or worrisome about this trade. I was in it no matter what happened. It was either going to go to profit or get stopped out. I was completely accepting of the risk involved with the trade.
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Let It Cook – Give Your Trade Time to Hit It’s Target

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This is a very important lesson on your way to becoming a seasoned and experienced forex trader.
We’ve all been there. We’ve prepared for the day ahead, analyzed our charts and have our broker platform ready to go. The perfect(or close to it) trade has presented itself for entry. The risk to reward is within our tolerance. The candle closes and we place the trade. We close our charts and decide to check back before the close of the current H4 candle. When we return, we find we’re at least 50% into our stop loss and our stomach does the uneasy move. What’s going on here?

In a nutshell, we have nothing to worry about.

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Preparation is a Key to Success

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Being prepared for your trading day is something that is as important as knowing the setups you’re looking to find. Each day we as traders are buffeted with an immense amount of data. Everything from global economic releases to the myriad charts we must analyze. How do we wrap our heads around it?

Here are some steps to preparing for the day.

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Live AUD/USD Trade Analysis from 2012

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Hey Traders,

I want to quickly review an AUD/USD trade I had taken early last week. It started off as a pin bar on the D1 chart for a short entry. In the image of the final close of the trade, please ignore the Fibonacci levels. I was looking for another confluent area and I sometimes forget to remove the levels. The trade quickly moved into profits by the end of the next day. But on the third day, the market created a doji (for all intents and purposes) which is a sign of indecision. No worries. I was going to let this play out as I was looking for a 2:1 reward to risk payoff. On the third day, price followed through and hit the target. All in all, a well traded short positon on the AUD/USD pair.

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