naira4ever:

Nice one bro. I didn't see the EUR/AUD as i only want to concentrate on the majors for now. How do you see the EUR/GBP? I want to see how AU play out first before entering another trade for now, may be tonight or by next week.

EURGBP is still looking bearish. However, a break below 0.85780 is confirmation for a sell. That might happen next week. Meanwhile lets keep our hands crossed.

Patience is a virtue in forex trading

9ja4u:
Just did a chat with their support staff, she confirmed That i can use a Nigerian naira MasterCard Debit card for funding and for withdrawing. For example she said if i fund with $500 and made $400, I can withdraw the $500 through the card and the rest through Wire transfer.

Wow! that's great. But why can't they pay all your money through the same method (master debit card). Anyway, one needs to be very careful in dealing with those oyinbos when it comes to cash transaction especially card payment. They will tell you one sweet word today just to extract your cash from you and when you want to make a withdrawal, then they begin to ask for some unneccessary documents and the story will change. Just my own thoughts.......

J_alive:


EURGBP is still looking bearish. However, a break below 0.85780 is confirmation for a sell. That might happen next week. Meanwhile lets keep our hands crossed.

Patience is a virtue in forex trading

I am 1001% behind you on this . Just exactly what I analyse in the uploaded chart above. An aggressive and impatient trader may plunge in now but a patient sniper like you and I will want to see the break of that 0.8580/78 before joining the southern journey. In fact, we should expect a price action set up confirming a sell signal around that level probably by next week.
Kudos, bro.

Another better thread in the making. Well done.

efe22: Another better thread in the making. Well done.

You are welcome on board, my bros.

Naira4ever,welldone bro,From next week,mostly from sunday night,will be posting a trade setup with weekly/daily analysis.So we ride together.This year FX trader must breakeven.

What really thrills me most in swing trading is coming back after a llong working busy day at nigh and seeing your account in green pips with a loaded account. I want to first ask you guys that took that AU buy trade on monday or tuesday that how far with your overthere. I came back home to day to se AUD/USD more bullish than I expected. The pair closed bullish today 1.0383 which is above a resistance level 1.0371/60 delivering about 170 pips from entry. The first target is around 1.0435, we may see a down pull rotating downward its support before resuming its uptrend. You may take in profit now if you are ok with the current profit or wait till the target is hit.

As we discussed earlier, EUR/GBP is ripe for downward movement, I am considering selling the pair now or wait till tomorow's close below 0.8600 targeting 0.8447 and another price action set up around this level will take us to 0.8260.

GBP/USD is warming up for the long awaiting northward journey as it closed bullish today from the bullish reversal candle formed 2 days ago. I will wait for more confirmation on this pair probably after tomorow's close and enter early next week.

Good night!

naira4ever:
As we discussed earlier, EUR/GBP is ripe for downward movement, I am considering selling the pair now or wait till tomorow's close below 0.8600 targeting 0.8447 and another price action set up around this level will take us to 0.8260.

Good night!

Keep it up you are a good snipper indeed. My chart is already screaming sell on this pair. Did you see 100+ pips wasted on GBP/NZD buy? Sorry I have no chart to post because am still struggling with power and pc. Let me see how it goes.

I have a pending buy of this pairS
GBPCAD@1.54467 SL:1.53364 TP:OPEN
Gold @1501.82 SL:1576.90 TP:1600-1601.72
I stand to be corrected.
Happy pipping

efe22:

Keep it up you are a good snipper indeed. My chart is already screaming sell on this pair. Did you see 100+ pips wasted on GBP/NZD buy? Sorry I have no chart to post because am still struggling with power and pc. Let me see how it goes.

I never believe any are wasted on any pair 'cos the market is going no where, you will still find a strategic place to join and grab your own share of the market. GBP/NZD has already commenced an uptrend since 25/2/13 but pulled back to its support 1.7986 and started a fresh northward journey again. Now you can find a better entry @ a close above 1.8435, SL 1.8240 or 1.8145 (remember this pair requires big stop loss)

badoutyn: I have a pending buy of this pairS
GBPCAD@1.54467 SL:1.53364 TP:OPEN
Gold @1501.82 SL:1576.90 TP:1600-1601.72
I stand to be corrected.
Happy pipping

Yeah, GBP/CAD is yawning for long, and youa re right with the pending buy entry above 1.5447/50. I think Gold is far far above 1501.82 (your pending buy entry) already from what am seeing on my chart below. Did you see the yesterday's pin bar signalling uptrend. A break above 1599/1601.5 (safe entry) takes the pair upward 1651.60. Just my own opinion, any added comments will be appreciated. I have 3 trades running already and I don't want to add any other as I have already used my set dollar risk amount and do not want to overtrade until these 3 trades expire and closed.
Good morning to you all!

Below is my 3 current trades that are still positively running on one of my live trading accounts. There is no intention of closing any of these trades this week besides, I am earning positive swap on those trades as you can see below. Based on my analysis on the weekly TF, I will leave the trades open till next week but any contrary show on the chart will prompt the closure of these trades:

USD/CAD is strongly bearish on weekly TF already broken the daily support 1.0216 and heading towards the near term support around 1.0100 (there could be a price action set up around this 1.0100 to the upside or for further continuation of the downside).

AUD/USD is strongly bullish on weeklt TF, we could see a further upward movement next week pushing up to the near term weekly resistance of 1.0475 though, 1.0435 is targeted profit.

EUR/GBP also seem bearish on the weekly TF (I just entered the trade last night) and it could be puledl down 0.8489, a near term support on the weekly TF. The break of this leve to the downside next week may weaken the pair the more and take us 0.8264 or lower.

Note: As a swing trader, emotion (fear of loss/risk) should be under your control with application of sound money management and simplicity.
I am a trend rider. lol!

Please, any contrary opinion or additionals are welcome

naira4ever: Below is my 3 current trades that are still positively running on one of my live trading accounts. There is no intention of closing any of these trades this week besides, I am earning positive swap on those trades as you can see below. Based on my analysis on the weekly TF, I will leave the trades open till next week but any contrary show on the chart will prompt the closure of these trades:

USD/CAD is strongly bearish on weekly TF already broken the daily support 1.0216 and heading towards the near term support around 1.0100 (there could be a price action set up around this 1.0100 to the upside or for further continuation of the downside).

AUD/USD is strongly bullish on weeklt TF, we could see a further upward movement next week pushing up to the near term weekly resistance of 1.0475 though, 1.0435 is targeted profit.

EUR/GBP also seem bearish on the weekly TF (I just entered the trade last night) and it could be puledl down 0.8489, a near term support on the weekly TF. The break of this leve to the downside next week may weaken the pair the more and take us 0.8264 or lower.

Note: As a swing trader, emotion (fear of loss/risk) should be under your control with application of sound money management and simplicity.
I am a trend rider. lol!

Please, any contrary opinion or additionals are welcome

What do you see to GBPCHF bullish movement?

Fabville:
What do you see to GBPCHF bullish movement?

Actually, GBP generally is strong and rising against major currencies now.
GBP/CHF has started bullish journey since 25/2/13 but pulled back a little bit so that traders can rejoin the uptrend. A close above the daily resistance 1.4286/90 by today's close or early next week will be a good entry price to join the bulls with a wide stop loss around 1.4025 (just 3 pips below Tuesday's low) eyeing 1.4532 on daily TF as first target (about 240 pips). Can't upload chart now as am on mobile during the day.

Also take note of GBP/USD bullish - you may buy and set SL at the close of Tuesday's Pin bar 1.4900 or rather wait till next week monday's close.

Hi please can you help me clear the following.

In your demo account, you made almost 6k profit or so in 4 months using standard lot (lets assume your account is $30,000) no loss which is ok but someone trading short term would have already made 4x of that amount in the same period as a DAY TRADER. In intra day, you can be making 50 pips daily in 15 days multiply by 4 months = 3000 pips * $10 per pip and that is $30k profit. What do you think? I my lost?
You know in swing trading, price go up and down why our position is still open for many days but a day trader can be netting in all those up and down. hope you understand. for example I have no job currently and still searching do you think this fit me because am not a worker.

2. please how do you place your support and resistance and know the right place to put your stop loss? thanks. I noticed you placed them manually
3. how do you place your trendlines? is it the auto trendline indy?

Thanks

@learner 1
I will answer yourr questions to the best of my knowledge later today as am busy now.

All today's trade went well:Take note of the daily pin bar setting move to the downward area(Bearish)Take note the weekly close which is Bullish candle forming on weekly is still active and strong to take GU to 1.52 or more,But the price action formation on daily will see some downward moves before further upward.
Stay tune,will update my analysis here.
Cheer and Have a lovely weekend.

learner1: Hi please can you help me clear the following.

In your demo account, you made almost 6k profit or so in 4 months using standard lot (lets assume your account is $30,000) no loss which is ok but someone trading short term would have already made 4x of that amount in the same period as a DAY TRADER. In intra day, you can be making 50 pips daily in 15 days multiply by 4 months = 3000 pips * $10 per pip and that is $30k profit. What do you think? I my lost?
You know in swing trading, price go up and down why our position is still open for many days but a day trader can be netting in all those up and down. hope you understand. for example I have no job currently and still searching do you think this fit me because am not a worker.

2. please how do you place your support and resistance and know the right place to put your stop loss? thanks. I noticed you placed them manually
3. how do you place your trendlines? is it the auto trendline indy?

Thanks

First, the start up capital in that demo account was $3,000 (see below) and it was close to double in 4 months bringing the balance to $8,000+. Being a day trader or a long-term trader depends on individuals as a matter of choice, trading psychology, availability of time and convenience. I can’t really remember how many demo accounts I have blown off and losses I have made on live accounts when I was trading intra-day. Many traders that trade intra-day at times, give (lose) back to the market almost all or a reasonable percentage of the profit they earlier made especially during turbulent period, unexpected news and economic events due to noisy and erratic price movement during the day. Below is the live account standing as at this night (this week close), you will see that as at this Friday close I have gained more than 290 pips from the 2 trades . UC: 90 pips, AU: 200 pips totalling 290 pips from 2 major pairs with just a 20 minutes daily (end of day) analysis. Now, as a trader who is supposedly making 50 pips (not guaranteed, as there could be several losses) a day, may be from 3 – 5 pairs for 5 days will have 250 pips from stressing and straining his eyes on the computer morning till evening and at times having sleepless nights haunting and looking for pips compared to a swing trader that only check his trades once in a day (end of day trading) getting almost the same results. You can tell the difference between these 2 traders. You don’t need 10 trades to be profitable, 1 or 2 trades a moth as long-term trader can skyrocket your account as seen in that demo account. I just hate day-trading – You must read http://www.learntotradethemarket.com/forex-articles/why-i-hate-day-trading
If you are doing nothing (unemployed) and have all the time, with a good strategy that has 65% – 70% winning rate, you will still make a fortune as a day trader.

I placed support and resistance manually sighting previous levels or areas where price have stalled in the past. Support and resistance are not a specific point per se but a zone where price have touched and bounced off in the past and we believe that price (history) will repeat itself when it gets to the same zone in the future. The trend line is from the chart (trading platform). I look for at least 2 – 3 higher lows to connect in an uptrend and 2 – 3 lower highs to connect in a downtrend.

Summarily, either as a day trader or swing trader, you need a good strategy, stick to your trading method, talk to your price chart and listen patiently to what price chart in conformity with your trading strategy is telling you. Control your emotions, do not be greedy and remove the erroneous idea of getting rich quickly overnight with a little accout balance.
Have a wonderful weekend!

SUBSCRIBED!

Thanks bro for that. I subscribe fully to this thread to see any long term trade on board and verifying with my chart if I may enter the trade. You are doing well here so please don't quit soon. It will help build my confidence if my analysis lined up with yours. Thanks

learner1: Thanks bro for that. I subscribe fully to this thread to see any long term trade on board and verifying with my chart if I may enter the trade. You are doing well here so please don't quit soon. It will help build my confidence if my analysis lined up with yours. Thanks

You are wlcome , sir. May the good Lord lead us to the green pastures and grant us green pips always.

I came across this wonderful long-term trading strategy while I was browsing this morning and after going through it, I think I should share it with you guys. I have attched the pdf formeat, just click on the link below to download the 123 startegy.pdf (below my signature) when it opens, save it on your desktop to read and study it at your convinience. Please I would like you to air and share your reactions, comments and/or inquiries about the strategy.

naira4ever: I came across this wonderful long-term trading strategy while I was browsing this morning and after going through it, I think I should share it with you guys. I have attched the pdf formeat, just click on the link below to download the 123 startegy.pdf (below my signature) when it opens, save it on your desktop to read and study it at your convinience. Please I would like you to air and share your reactions, comments and/or inquiries about the strategy.

Is it not triangle set up? It's a nice one.

Good morning all,

I slept off last night before the market opened. I woke up this morning by His Grace to find 'gaps' in some of these currency pairs as the market opened. I thanked God the 'gaps' did not have any significant bad effect on all of my open trades except the AUD/USD which opened lower than the last week close price (reduced my profit by 40+ pips from 200 pips) but I was still in good profit, anyway. The EUR/GBP was a kind of blessing to my open 'sell' orde as the market opened lower than the Friday's close and raised my profit up by 5x. I had -ve balance on EUR/GBP as at Friday's close but this morning, it turned positive.
Now I have closed all my open trades and took in about 15% (250+ pips from th 3 trades) profit to my account balance. I would like to see how the market will react to the 'gaps' either it follows the 'gaps' direction or move in opposite direction and I will also look for price action set ups in some strategic levels in the market between today and tomorow' close. Stepping aside now and watching from the sideline.
Cheers!

Selling USD/CAD @ mkt price if it closes below the resistance 1.0233 for like 100 pips, SL around 1.0255

I am so, so happy with the responses we are getting here, please keep it up and keep posting to make this thread remain alive on the first page of ‘Business’ section. This is for the benefit of those of us that do not have the opportunity of checking our PCs during the day to open and close trades. Let us learn from one another how we analyse, get signals and trade at the close of the day or before a new trading day opens. Whenever I go through this forum, I see a lot forex threads with many intra-day traders posting different chart analysis, news trading analysis and a lot of both valid and invalid trade alerts, I wonder if there are Long-term traders at all and I started thinking if one can really make any headway or be successful and profitable in forex without being actively present in the market during the day, starring my face on the computer from morning to evening, monitoring and watching every pip movement on the chart and analysing all economics news and events going around the globe every 5, 15, 30 minutes, or hourly. I begin to wonder if the likes of Warren Edward Buffet and George Soros used to stay glued to their computers all day, weeks and months before they could achieve such success and fame in this business.
This is what prompted the opening of this thread and with what I am seeing here, I am not alone in this type of trading and I strongly urge others to share their opinions on every currency pair that signalling a trading opportunity on a Long-term trading basis particularly from daily time frame or higher. I hereby encourage all position and swing traders on this forum to lift this thread up and let's continue to hold on to our sniper-styled trading strategies.

naira4ever: I am so, so happy with the responses we are getting here, please keep it up and keep posting to make this thread remain alive on the first page of ‘Business’ section. This is for the benefit of those of us that do not have the opportunity of checking our PCs during the day to open and close trades. Let us learn from one another how we analyse, get signals and trade at the close of the day or before a new trading day opens. Whenever I go through this forum, I see a lot forex threads with many intra-day traders posting different chart analysis, news trading analysis and a lot of both valid and invalid trade alerts, I wonder if there are Long-term traders at all and I started thinking if one can really make any headway or be successful and profitable in forex without being actively present in the market during the day, starring my face on the computer from morning to evening, monitoring and watching every pip movement on the chart and analysing all economics news and events going around the globe every 5, 15, 30 minutes, or hourly. I begin to wonder if the likes of Warren Edward Buffet and George Soros used to stay glued to their computers all day, weeks and months before they could achieve such success and fame in this business.
This is what prompted the opening of this thread and with what I am seeing here, I am not alone in this type of trading and I strongly urge others to share their opinions on every currency pair that signalling a trading opportunity on a Long-term trading basis particularly from daily time frame or higher. I hereby encourage all position and swing traders on this forum to lift this thread up and let's continue to hold on to our sniper-styled trading strategies.

Although i am a newbie in forex trading. Just about a year in both Demo and Real account trading. I am also a swing trader. I enjoy it so well. Swing trading affords you to trade and also have time to do some other pressing issues with rest of mind. All you need is proper analysis and patience. I believe it is the best way to trade. I use 4H and D1. I analyze from D1 but use H4 to enter my trade so as to get into the groove early enough. I trade with the trend. It's always interesting to enter a trade and after about 3 - 5 trading days, you open your account and find that your target have been met and profit is in your account. It is really enjoyable but not a bed of roses.

@Fabville
True talk! A common saying in the trading world is that swing traders are like lions that lay in wait for the "easy prey". The easy prey in the world of forex trading only comes to those traders who know exactly what they are looking for, and who also can wait PATIENTLY until what they are looking for present itself to them.

I am begiining to feel scared by the comments/complaints of fraudulent activities by instaforex all over the internet. Though I hav been with them since 2011 i ahve not had major problem except if I deposit with card they will not pay me both my capital and the profit upon withdrawal. The fact that they are not regulated except their local (Russian) trading laws is enough to push one away. I have tried xemarkets, fxcc and others but their withdrawal process is slow.
Please traders in the house, which broker is better (i won't say 'the best') and what are you reasons for the recommendation? Please don't include bonus offer but their service efficiency & transparency level in terms of trade execution & accountability. Thanks for your response in advance.

Below was my response in another thread yesterday. This is not an endorsement or convinction to bestow your trust on any broker which ironically also means you can't be a forex trader lol. Truth is the ones on my quote are far better than the accused and they posses all the qualities you asked for. Wish you all the best.

efe22:

WORD. High leverage, bonus and other ease of deposits/withdrawals options are what attracts some Nigerians traders to these thiefing brokers. How many of us for example uses Oanda, Pepperstone and even Hotforex etc? Hotforex has been my choice for capital reason. Short cut dey run belle sometimes. Run away from Instaforex and other fishy brokers now!

@naira4ever
what is d best time to trade in nigeria as a swing trader?

santuse: @naira4ever
what is d best time to trade in nigeria as a swing trader?

The best time to trade (not only in Nigeria) as a swing trader is when your edge is present and sighted in the market. You must know what you are looking for (i.e you should have a trading strategy/plan) on the price chart taking the 4 hr and daily TF seriously. Mostly trading edge is sighted towards New York close and London open (When price direction is taking shape with less or no market noise) on the 4 hr chart in conformity with the daily time frame.
Summarily as a swing trader, trade end of the day around 10 - 11 pm Nigerian time or early hours of 6 - 7 am in Nigeria.