You could have placed the exact trade that I sent this morning, on your own, on Sunday.  If you read, and made use of the market levels that I posted in the Weekly Forecast you’d have been in a great trade!

Really, this trade was signaled this morning by almost all of my trading systems.  I traded the beautiful 30 minute Butterfly harmonic pattern, because harmonics and fibonacci are my favorite trading methods, but you could have caught this one on a head-fake system, crossover system, MACD divergence, Stochastic kiss, or any number of other systems.

None of these systems are worth squat unless they are confirming what you already have in your trading plan.  If you look at the picture below, you’ll notice thick gold lines.  These lines are placed on my charts on the weekend before trading starts, and they are levels at which I look for trade setups.  These same levels were posted to the world in my blog in the Weekly Forecast.  They will be again, pretty much every weekend.

Click the image to the left for a larger view.  You can easily filter your trades and setups by plotting the correct prices before your trading week.  This is an important step in creating your trading plan.

You’ll notice when you look at the weekly forecast that this trade was already planned and plotted out.  The entry and exit points were actually SP2 and SP3 for the GBPUSD.  These prices are places that I’d make a buy or sell if I were trading on a floor in NY, and I’m simply not interested in placing risk on an intraday basis at any other price.

Those of you who took the trade also know that I transferred your risk to the broker rather quickly.  I love transferring risk to the broker with my FK-1 orders!  At that point, only the broker can lose money on my trade and that’s a comfortable place for me to be.

Good luck out there!

Tim