Hi there, my name is Ivan, FX trader. After studying varies sources of information for the past few years, my understanding of the FX market has improved dramatically, with this blog simply intending to share with you all a journey within my mind. When I make it to full-time trading, I know the first person I should be grateful to is an Aussie PA trader named Jonathon; He has been inspirational and an enormours influence to gauge where the money flows to. His trades can be followed at http://forexpriceactiontrader.blogspot.com/ . What price is telling you is key, as it always whispers in low or high intensity what market intentions are. I do not endorse the use of any indicators, as they are lagging in nature; analysis should be based on pure price action. Besides, other factors like sentiment, fundamentals, risk control, rock-solid discipline, thousands of hours readings charts, also make up the equation to succesfully ride the FX waves. When entry triggers are detected, I act without hesitation, letting the market do its thing. Please note, information and opinions contained in this blog are for educational purposes only and do not constitute trading recommendations, thus will not take responisbility for any losses viewers may have. Trading FX carries a high level of risk, and may not be suitable for all investors. Before deciding to invest you should carefully consider your investment objectives, level of experience, and risk appetite. You should not invest money that you cannot afford to lose.
GOLD BEOB DAILY
Follwing my first post in Gold BEOB W, this new chart shows a new opportunity to go short gold based on again another BEOB, formed at a KHL (key horizontal level), also rejecting the 50% fib retrac. area from Jan 3-7 decline. I was already risking 2% on this trade, but given the fantastic signal which corroborated the bearish momentum, I added in 1% extra risk, setting short entry for 0.5% risk at $1,376, SL 1,385.01, while the remaining 0.5% extra risk got filled in at the break of the BEOB, at 1,368.99 to be precise, SL 1,380.01. Note I normally use a buffer when taking breaks, so that increases the odds of not getting faked out by the market. At the moment of writing, I have my position open, and still have to move to BE. Please click here to read an excellent article from Johno's blog on how to play outside bars
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