Update 03-04-08 1pm:
After holding on to this position for a week now, and having seen the position fluctuate between -70 pips and +80 pips, I have decided to close this trade for a loss.. The main reason is that the signal has reversed according to the babypips system.
Trades closed at 99.53.
Total Pips:
Total Profit:
Update 02-29-08 7:30am:
The Swissy hasn't fallen against the Yen like the other majors have. At the peak, our gain in ths trade was probably close to 45pips, but currently it stands at a +5 pip gain. Not very valuable.
The Trade:
This trade is based on the babypips system on the 4 hour chart. Continuing the trend we have seen earlier, the Swissy has been lower against the yen. And since the indicators were starting to line up for this one, I decided to pull the trigger.
Lots - 2
Entry (Short) - 99.64
Stop Loss - 100.64
TP - 98.64
Trade Update - CHF/JPY Short CLOSED
Trade Update - EUR/JPY Short CLOSED
Update 02-29-08 10am:
So the 3rd lot finally hit the trailing stop and we have closed all our positions. The final results are as follows.
Lot1: +50 pips
Lot2: +100 pips
Lot3: +64 pips
Total Pips: +214
Total Profit: $205.81
Update 02-29-08 7:30am:
So far we have hit the 2 target points for +50 and +100 pip profits. The third lot is currently trading at +71 pips as we speak. Stop loss now has been moved to break even.
The Trade:
I am just following the recommendation from the OzFX forum for this trade. The Yen seem to be trading higher against all majors, so I thought this would be good for some quick profits. On the technical side, the AO still showing a green bar for me, but still decided to give this a shot.
Lots - 3
Entry (Short) - 158.9450
Stop Loss - 159.6950
TP1 - 158.445
TP2 - 157.945
Trade Update - GBP/JPY Short CLOSED
Update 02-29-08:
Good day for our open positions. Most have then have closed for good profits. Our 3 lots closed with the following profits.
Lot 1 (closed at 6:40pm 2/28) : +41 pips
Lot 2 (closed at 6:50pm 2/28) : +92 pips
Lot 3 hit trailing stop at 6:25am: +188 pips
T0tal Pips: +321
Total Profit: $385.08
Update 02-28-08 5pm:
Some wild moves. Just minutes into opening this position, the Yen moved higher across all currencies. Not sure of the reason for this sudden move, but both my target points were hit. I gained 40 pips in one lot and 91 pips with the 2nd lot (I need to set my TP's better). Stop loss has now been moved to break even. And I still have a lot open with a +55 pip gain.
The Trade:
Once again we are entering one of our previous trades. The charts still look good on this one, so I am going to take the risk and enter it again. As before, the AC & AO is showing red, and the Stoch & RSI are trending lower. The price is also well below the 200 SMA. I think we will see some movement to the 207-206 range for this pair.
Lots - 3
Entry (Short) - 209.4180
Stop Loss - 210.4180
TP1 - 209.010
TP2 - 208.504
Trade Update - GBP/CAD Short CLOSED
Update 02-28-08 8pm:
As expected, we made a loss on this trade. Lesson: Double check the charts & patters including the date & time before placing a trade.
Total Pips: -154 (51.3 * 3)
Total Loss: $157.20
Update 02-28-08 6pm:
I just realized that I may have made a mistake with this trade. I was looking at the chart from MetaTrader for this trade, and I didn't notice that the chart was not current. For some reason, MT4 does not have real time data for this pair. And the charts in DealBook does not show the same technicals. So lets see how it ends up.
The Trade:
So I have once again decided to enter this trade short. The signal was obtained using the OzFX system. But this time, I used a different charting software (the chart seem to be different on each). The signal was obtained on the daily chart.
Lots - 3
Entry (Short) - 1.94183
Stop Loss - 1.95183
TP1 - 1.93773
TP2 - 1.93283
Trade Update - GBP/CAD Short - CLOSED
Update 02-28-08:
It was a good call on the GBP/CHF pair. of our positions closed at the 42 pips and 92 pip target points (I made a mistake setting the TPs. Should have been 50 and 100), and the third one hit our stop loss.
Lot 1 (closed at 12:02am) : +42 pips (Stop loss moved to break even)
Lot 2 (closed at 12:25am) : +92 pips
Lot 3 (closed at 07:24am) Stop loss.
Total Pips: +134 pips
Total Profit: $136.88
The Trade:
This is using the OzFX system on the GBP/CHF daily chart. The technicals are lining up nicely for a short when you use only the OzFX system. The price is below 200 SMA, AO & AC turning red and the Stochastic is trending lower. However the main concern is the top & lower resistance as shown in the chart. If the price doesn't break 1.9400 level, we might be in quiet a bit of trouble in this trade. Maybe we should have waited for confirmation before placing the trade. Oh well..
Lots Oened - 3
Entry (Short) - 1.94596
Stop Loss - 1.95196
TP1 - 1.94176
TP2 - 1.93676
Trade Idea - GBP/CHF Short
Todays signal from the OzFX forum was to short GBP/CHF. The chart is below.
The price is way below the 200 SMA and has been in downtrend for quiet some time. All the other indicators (AC, AO & Stochastic) are also trending down. However I am going to skip this trade as the Stochastic is already in oversold condition. Lets see if this is a good call.
Short Entry Price - 2.1075
Trade Update - USD/CAD Long - CLOSED
Update 02-28-08:
So what happens when you break the rules? YOU LOSE MONEY. USD/CAD continued its trend lower, and I did not want to waste more time testing my theory, so I closed the position at 0.9782
Trade Result: -72 pips (36 * 2)
Amount Lost: $71.22
The Trade:
This trade is based on the OzFX system using the 4 hour charts. Both the AC & the AO are showing green bars, and the stochastic is also turning up, indicating a rally up. However the price is way below the 200 SMA, and its against the rules. Oh well, rules are meant to be broken. Lets see how the trade plays out.
Lots - 2
Entry Time - 5pm MST
Entry (Long) - 0.9818
Stop Loss - 0.9757
TP - 0.9977
Trade Update - GBP/JPY Short - CLOSED
Update: 02-28-08 9:50am
Our positions hit their target point and sold for a nice profit. Too bad the TP was too low as the pair is poised to go lower according to the charts.
Total Pips: +206 (103 * 2)
Total Profit $ 191.88
Update: 02-28-08
As of 7:30am, we have an unrealized gain of +40 pips. Holding on to the position.
The Trade:
We got the signal in the 4 hour chart. The MACD just turned negative, and the 5 SMA is just crossing below the 10 SMA. The rest of the indicators are also showing a nice downward trend.
Lots - 2
Entry Time - 1:46 MST
Entry (Short) - 210.87
Stop - 212.02
TP - 209.84
Note: There seem to be some difference when viewing the same chart with the same time frame with different indicators in Dealbook. In another of my carts, the GBP/JPY had already entered oversold condition at the time of entry.