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This site is currently inactive as I have decided to move away from exclusively trading Forex in 2010 and as such will not be taking on new coaching clients in this area.

 



I have resumed my focus on coaching as a stock market mentor where I run a success guaranteed stock trading mentorship program

 



Additionally, you can now get access to what I consider to be the best stock options daily trade alert service.

 



Of course, I am biased and with a success rate fluctuating between 68.2% and 72.4% it is hard not to be biased.

 



If you do want to follow along with what I am doing every day you can get access to my daily stock market report 

 

 

You can read the step-by-step Bollinger Band Trading Strategy Guide - this is my main active trading strategy



Until next time


happy trading 


Mr Phil Newton or on LinkedIn Phil Newton trader

Simple Price Action Trading Locations | Week commencing 2nd May '11

Phil Newton's picture

Hi Folks,

Looking back on last weeks trading after some enforced down time due to multiple holidays and an even short trading week than normal. It appears that the decision to step aside and take some rest was certainly a good decision to make.

Most of the movements seen were either not at a location of interest or counter directional and would have been a sit on the sidelines anyway from the strategies point of view. A good decision all around.

What movements there were would have been tradable were dubious and for most folks might not have been realistic due to the time of the start of the movements. So again realistically not that much available last week and I'm personally happy with the decision that we made to stand down (as well as get some much needed rest myself)

Thank you also to everyone who sent me well wishes and while I was at the desk intermittently through the week the charts were off, trading brain was disengaged and I managed to relax a little. Still not a 100% but then who ever is? lol.

We can see on the charts below that there is a new chop zone to consider on EURUSD GBPUSD EURJPY coming into the new weeks trading as well as the updated levels of interest. Starting the week off neutral (dependant on where the opening levels are as well) on EURUSD GBPUSD and short direction bias on EURJPY.

Price action is also near some levels of interest so there should be some action at the start of business this week. It will also be interesting to see how the markets react to escalating situation in Libya.



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