[currencymeter]

Hi
I would like to start trading with some of you here.
I enjoy long-term trading and I want to share my strategy here for long-term trading.
I trade Forex for a living and I am also an MT4, C++ programmer.
I currently have a few accounts that are trading long term on the following pairs:
GBPJPY
EURJPY
GBPUSD

These accounts have been running strong on these pairs since February 2009

Is this thread, I will mainly be focusing on GBPUSD
Here is how we will do it:
You may have to open 2 demo accounts for this.
One account will be devoted to the long-term trading and the other will be devoted to short term day trades.

I will tell you when would be a good time to get into the long-term trade. Once this trade is triggered, we will not touch it at all, except when I tell you to.

It will get scary, but I want you to hang with me.

In the other account, we will trade the short term trades. This trade is for one day or a couple of hours.

Here is the trading rules:

Please, start your demo account with $10000.
Total risk is 4%
start each trade with 2%
Only 2 trades should open at a time.
Second trade should be closed once it reach the price of first trade.

Here is an Investment calculator (request free copy of this)


Please share with us your trade results as we would love to know how you are doing.

[currencymeter]

Let's talk a moment about GBPUSD. We want to see how we are going to trade this for the long term before we really get into the trades.
Looking at the chart we notice that this pair is in a long term uptrend. It starts at the beginning of March this year and has been climbing up since. It has moved over 3000 point and it will continue to move. We expect to capture another 1000 to 2000 points on this pair.

A few weeks ago, it moves down about 800 pips.
Now it is getting pack online again.
Now, we need to know the right timing to get back in and ride it up.
This is what must be done on every currency pairs before trading it.

Base on the above information I gave you, you almost have enough information to start trading.
Weekly chart is giving up the long-term trend and it is up.
The Daily chart has start so align itself with the Weekly.
4 Hour is already up and is separated base on our indicator.
As far as the long term goes anyone can get into it now by placing a pending BUY trade at 1.6418



For this trade, we will only expose 2% of the total account into the market.
The extra 2% will be applied if the market moves against us.
This should be a mini lot at about $1 a point.
.

[currencymeter]

The longterm trade has been triggered. Mine has been triggered 1.6417 for a buy as indicated earlier note. This is a long-term trend so feel free to get.
If the price move over 100 pips, we will issue a new entry point. If price move against us 100 pips, we will issue new ebtry pint as well.

2% has been assigned on this trade. Pip value is $1

[currencymeter]

We also have the GBPJPY that seems to be moving as well and has a great up trend potential.

EURJPY moving up as well due to the GBP strength.

It have dropping very hard for the past week ansd is now looking for the continuation on the long-term uptrend.

[Takiii]

You're teaching people to double up?

[currencymeter]

There was not too much movement today due to the bank holidays in the United states. We will start trading tomorrow during the london Session.

[currencymeter]

Here is the status of the trade as indicated above.
We entered GBPUSD at 1.6417. It went up about 15 pips on our favor and dropped about 85 pips. Since only half of our risk level was vested in the market, I let the price drop and stayed with the position. As soon as I hit support according to our indicators, I entered with the other half. We are not doubling a lost as some may have wanted to believe. We are buying at a better price still remain within our risk level. Since we know what we are doing, the market reverse back as expected and we are up 204 pips on the second lot and 141 pips on the first lot.
I am going to cash the second lot. Move my stop to 80 pips positive on the first lot and let it ride.


Here is the status so far:

[currencymeter]

For those of you that missed the last entry, we are still following this pair and we will be issuing another entry later. We axpect the pair the continue up after the brief pullback.
There is a risky long entry at 1.6682. This could be for a very small gain of about 30 to 40 pips.
I will not risk this.
Leter.

[currencymeter]

GBPUSD continue to pullback down. I am already out of both trades with great gain.
I am waitting for a bounce at 1.6484. This may be where I will buy it again if my indicator gives me the signal to buy it. Also tonight is the GBP news. This will determine also where the price will likely mive for the next couple of the days. I will wait until then to make a trading decision. But overall, the long term uptrend is still intact and has not change yet.
The news will be around 23.00

Here is the what the news will be about and see how it can affect the pair we we are trading:

Upcoming News
Nationwide Consumer Confidence
Description:
Survey that queries economic participants on their current and future expectations for the UK economy. Rising consumer confidence generally precedes increased consumer spending, which drives both economic growth and inflation. The figure is released at the start of each month, making Nationwide Consumer Confidence a timely measure of consumer sentiment now and in the immediate future.

The headline figure is the index value for the Nationwide Consumer Confidence Index, where the May 2004 figure is 100.

Source of report: Nationwide Building Society
Web address: http://nationwide.co.uk/default.htm
Frequency: monthly, on the Wednesday before the Monetary Policy Committee announces its Base Rate decision

[currencymeter]

I am ready to give GBPUSD another shot tonight. I am entering GBPUSD if price bounce form the daily pivot at 1.6467 for the first 2% of my account.