AUDUSD, Forex No comments yet

AUDUSD SHORT

By on May 25th, 2010

I entered AUDUSD Short at 0.81751 and stop at 0.82863 yesterday night. the rational behind this trade was almost identical to the EURUSD short trade in the previous post. trade was stopped out at 0.81274 just like the EURUSD trade and i managed to grab almost 50 Pips from this trade. What i am trying to convey here is that most people enter a trade hoping that the trade goes on their favor forever. they sit there and watch their 20, 30, 50, or even 100 Pips profit turns to losses. Don’t do this to yourself. take your profits, and wait for another opportunity. then there will be times that you will hit a home run and your trade goes on your favor for a long time. but till that time take your profit and run. Let these little profits build your account gradually.

here are the screen shots for entry and exit. hope it help you all.

Cheers.

GHTime Code(s): 1f5b5 0f7fb 54ee3 nc 
EURUSD, Forex No comments yet

EURUSD SHORT Stopped Out

By on May 25th, 2010

EURUSD short trade stopped out early this morning. i managed to grab 133Pips from this trade.

As i stated before, I move my stop to break Even plus spread as soon as it reaches +30Pips and then trail my stop using hourly heiken ashi bars. i have attached the screen shot of my exit point for clarity.

Cheers.

EURUSD HEIKEN ASHI Hourly Exit

Heiken ashi hourly exit point

GHTime Code(s): nc 
EURUSD, Forex No comments yet

EURUSD SHORT TRADE

By on May 24th, 2010

EURUSD is still in a strong Bear market and i will only enter short positions until Ichimoku tell me otherwise. US home sales report was positive and that is also a positive point for bears. Dollar index is heading to test  87.58 level again and all Ichimoku lines are bullish.

On the daily Chart, price has tested a Pivot confluence zone and failed to break that level. 4Hr chart also shows price breaking the Kumo to the downside, future Kumo has just turned bearish. however the only point of concern is the Chikou Span location which is now going through the candle 26 period ago.

I entered the position at 1.23437 with stop at 1.24875 “almost 140 pips away”. first target will be 1.2217 and then 1.2156. my plan is to move my stop to break even as soon as i reach +30 Pips.

GHTime Code(s): 8d387 
Forex, USDCHF 2 comments

USDCHF Long Trade

By on May 20th, 2010

Here is my USDCHF long trade i took on the 18th.

this pair is on a strong uptrend and everything on this pair shouts long. so to avoid the greater fool theory and at the same time benefit from this move, i decided to open a long position if the hourly Kumo was compromised to the upside. this happened on the 18th and i opened a long position at 1.1405

the 4Hr chart shows that the trend is resuming because it is bouncing up from the KJ line. Daily dollar index also shows that bulls are in control and as seen in the chart the previous Pinbar tail is eaten up by the bulls today and that is a good bullish sign for me.

As i have mentioned before i use hourly Heiken Ashi bars as my trailing method so i was using it in this trade too.

here are the charts for you to study a little bit further.

Trade was closed after 6 hours and at 1.1485 with 80 Pips of profit.

here is the screen shot of the hourly chart at the time of closing:

USDCHF HEIKEN ASHI Exit

GHTime Code(s): nc 48746 
Forex, GBPUSD No comments yet

By on May 18th, 2010

Hi every one. This is a GBPUSD trade i took on 16th May 2010 but i was unable to post it the same day. GBPUSD was in an obvious downtrend (as shown in the attached screen shots), and i decided to take a short position to ride this down move to where ever it goes. honestly i should have entered this position a little bit sooner but i was a little hesitant opening the trade due to a strong weekly pivot support level. I entered the position at 1.4390 and i was expecting a ride to 1.4076. as it is shown on the charts price broke through the support, moved down for almost 130 Pips and suddenly decided to head back above the support level. A classic head fake. Seeing this i decided to bail and got out of the trade with 79Pips profit. We all heard about “Riding the trend till the end” all over the place, but for most of the traders including me, with limited amount of budget, placing stops 300-400 Pips away from market action is a little bit too big of a risk, to overcome this problem i decided to defend my profits and build equity till i can afford those big stop places. When i reach that goal i will promise to only trade Weekly charts and will only check my trades once every week. Money management is the backbone of trading and i hope every one has one in his trading toolkit. here are the charts:

For anyone interested to see what would have happened if i stayed in the trade, please check the following chart:

Fake breakout price action

Cheers.

GHTime Code(s): 1d888 898b5 12808 nc 04f6c nc nc nc nc nc