Trade Update - EUR/CHF Long

Reason/Setup:
Another trade based on the OzFX setup on 4 hour chart. Today the trend seem to be that all CHF and Yen pairs are rallying. The price action on this pair is good. Strong up trend with solid volume. The indicators are also strong and show good uptrend.


Trade Details:
Date: May 12 2008, 12:15 am
Entry: 1.61554
Lots: 5
Stop: 1.60804
target: 1.62304

Trade Update - EUR/JPY Long

Reason/Setup:
Once again trade based on OzFX setup on 4 hour chart. Price action hasen't been showing much on this pair like other trades, but the indicators still show a buy. The Stoch is crossing the 0 line, and the AC and AO show multiple green bars.

I have placed the stop below the previous low, and the target is just below the 50 EMA.


Trade Details:
Date: May 12 2008, 12:10 am
Entry: 159.455
Lots: 5
Stop: 158.55
Target: 161.06

Trade Update - USD/JPY Long

Reason/Setup:
Yet another trade I entered today based on the OzFX setup on 4 hour chart. They all have very similar chart pattern. So I have a feeling, if I am wrong about even one of them, I will probably be wrong about them all since they look so similar. In this pair, the Stoch has actually crossed the 0 line and hence its a valid signal.

My concern is with the placement of the target. I have placed the stop 100 pips away, and hence the target is also 100 pips away. But the 200 EMA line is just 50 pips away and provides resistance. So I am skeptical if my target will be hit.


Trade Details:
Date: May 11 2008, 11:55 pm
Entry: 103.544
Lots: 5
Stop: 102.544
Target: 105.544

Trade Update - USD/CHF Long

Reason/Setup:
Yet another chart patters tats similar to the trade I entered today. Trade signaled by the OzFX setup on 4 hour chart. Price action looked strong with good volume. Indicator are also showing strong signal.


Trade Details:
Date: May 11 2008, 11:55 pm
Entry: 1.04918
Lots: 5
Stop: 1.0401
Target: 1.05418

Trade Update - GBP/CHF Long

Reason/Setup:
This trade is based on the OzFX setup on 4 hour chart. The chart pattern looks very similar to the GBP/JPY trade. The Stoch has not yet crossed the 0 line, but I feel the uptrend is strong. Due to the volatile nature of this pair, the stop is placed very wide, and the target is 100 pips away just below the 50 EMA.


Trade Details:
Date: May 11 2008, 11:50 pm
Entry: 2.04369
Lots: 5
Stop: 2.02685
Target: 2.05689

Trade Update - EUR/GBP Short

Reason/Setup:
This trade is signaled based on the OzFX setup on 4 hour chart. We have seen some consistent price action down on this pair on good volume. And the stoch has now crossed the 0 line, and both the AC & AO are showing multiple red bars. Will this trend continue?

BTW, this trade was marked as a long on the OzFX forum. The daily chart does show an upward trend, but its coming to an end. I feel its the start of a strong down trend.


Trade Details:
Date: May 11 2008, 11:30 pm
Entry: 0.78932
Lots: 5
Stop: 0.79329
Target: 0.78532

Trade Update - GBP/JPY Long

Update 05-12-08 12:20 am:
Soon after I entered this trade, there was a strong rally by this pair, and my buy stop order was triggered, So I have entered with trade with another 5 lots. Here are the trade details.

Date: may 12 2008, 12:20 am
Entry: 202.28
Lots: 5
Stop: 201.28
Target: 203.31

Reason/Setup:
Entered based on OzFX setup on 4 hour chart. After a huge move down,the pair is beginning to bounce back. Hopefully this is not a short relief rally before another move down. I entered with just 5 lots as the stop and target is far away. I have also placed a buy stop order halfway to the target.


Trade Details:
Date: May 11 2008, 11:30 pm
Entry: 201.503
Lots: 5
Stop: 199.72
Target: 203.31

Trade Update - GBP/JPY Short

Reason/Setup:
The pair has broken through the prior support level, and there is a good chance that we will see more down side for this pair. I am entering this trade based on the Elite setup on daily chart. I am entering with just 3 lots since the stops and targets are so far away.

The signal is also valid in the OzFX setups on daily and 4 hour charts. However this signal is old and should not be used for entry.


Trade Details:
Date: May 08 2008, 10:25 pm
Entry: 202.283
Lots: 3
Stop: 204.54
Target: 198.50

Trade Update - EUR/CHF Short

Reason/Setup:
Entered this trade based on the OzFX setup on daily charts. The price action shows a nice smooth move down. The volume on the candles are large and healthy. The indicators also signal this smooth trend down. The histograms for both AC and AO have been declining every bar, and the Stoch has now crossed below the 0 line.

To be on the safer side, I have entered with just 5 lots. Stop is placed at 1.6267 which is just below the 200 EMA. And the target is placed at 1.6037 which is just above the 50 EMA.


Trade Details:
Date: May 08 2008, 5:30 pm
Entry: 1.61732
Lots: 5
Stop: 1.6267
Target: 1.6037

Trade Update - NZD/USD Short

Reason/Setup:
Entered this trade based on the OzFX setup on daily chart. This trade was recommended by the OzFX forum. The pair has had some good move the past couple of days, but the indicators signal the trend is still valid and healthy. But just to be on the safer side, I am going to enter with just 5 lots. Stop is 75 pips away, and target is 50 pips.


Trade Details:
Date: May 08 2008, 5:30 pm
Entry: 0.77185
Lots: 5
Stop: 0.77935
Target: 0.76685

Trade Watch - CAD/JPY Short

Reason/Setup:
This trade was recommended by the OzFX forum. The signal is from the daily chart. I did not take the trade because it didn't look very high probability to me. The AC , AO and Stoch have been flip flopping. And the price had moved down quiet a bit in the past 2 days. SO I am just going to sit in the sidelines and watch.


Trade Details:
Date: May 08 2008, 5:30 pm
Price: 102.05

Trade Update - EUR/JPY Short

Reason/Setup:
I entered this trade based on the OzFX setup on daily chart. This was also a recommendation on the OzFX forums. This pair has moved down a lot in the past couple of days, and I have been able to capture some of that move. But the trend still seem to be valid. The price is below both the 50 and 200 EMA's which is a bearish sign. The Stoch could not go on to the 80 range as it had done before indicating weakness in this pair.

Once again to be on the safer side, I have entered with just 5 lots. If the trend is confirmed, I may enter with another 5 lots. The stop currently is placed at 161.185 which is just above the 200 EMA. And the target is at 158.52, which is one of the prior resistance levels.


Trade Details:
Date: May 08 2008, 5:30 pm
Entry: 159.742
Lots: 5
Stop: 161.185
Target: 158.52

Trade Update - GBP/CHF Short

Update 05-08-08 6:00 pm:
I have changed the target to be just above the 50 EMA at 2.0448. This is also a prior resistance level and I am confident it will be hit.

Reason/Setup:
Entered this trade based on the OzFX signal on 1 hour chart. The short signal on the daily chart is still valid, and my trade yesterday was unfortunately stopped short. But this is one of those volatile pairs, and has a very high swings in each candle. I have placed my stop just above the 200 EMA on the 1 hour chart, and the target is 100 pips away.


Trade Details:
Date: May 08 2008, 6:45 am
Entry: 2.05809
Lots: 10
Stop: 2.0669
Target: 2.04809

Trade Update - GBP/USD Long

Reason/Setup:
Same reason as the EUR/USD trade. The OzFX setup on 4 hour chart signals a nice bounce. The Stoch is almost crossing over the 0 line and the AC & AO indicators have multiple red bars. Unfortunately, the price action is not as smooth as the EUR/USD pair.

As for the stop and target, they are placed right below the recent low and the 50 EMA respectively.


Trade Details:
Date: May 08 2008, 6:45 am
Entry: 1.96085
Lots: 5
Stop: 1.9497
Target: 1.9697

Trade Update - EUR/USD Long

Reason/Setup:
Entered this trade based on the OzFX setup on 4 hour chart. The indicators show a nice bounce back. I have set the stop 100 pips away, and the target just below the 50 EMA.


Trade Details:
Date: May 08 2008, 6:45 am
Entry: 1.54302
Lots: 5
Stop: 1.53302
Target: 1.5505

Trade Update - AUD/CAD Short CLOSED

Update 05-07-08 6:30 pm:
This trade did not work out that great. Again the OzFX setups that work are usually in the 4 hour time frames. The hourly and daily charts are a hit or miss. Here the price moved against me right from the beginning, and not too long after I entered the trade, I was stopped out.


Trade Results:
Date: 05-07-08 6:30 pm
Result: got stopped out.
Total Pips: -500
Profit/Loss: $494.22
Rating: 4

The trade still gets a good rating as I followed the signal and there is nothing I could do about it.

Reason/Setup:
Trade signal on the OzFX setup on daily chart. In fact, the signal was also available yesterday, but I wanted to make sure the trend is still intact. Maybe I waited too long since the pair has moved up almost 40 pips since the new candle was formed.

Another reason for entering this trade was because it was recommended by the OzFX forum. Stop and target 50 pips away.


Trade Details:
Date: May 07 2008, 5:15 pm
Entry: 0.9464
Lots: 10
Stop: 0.9514
Target: 0.9414

Trade Update - EUR/JPY Short CLOSED

Update 05-07-08 7:30 pm
Good trade to enter. And the OzFX setup is really working this week, especially in the 4 hour time frame. Too bad I got out too early on this trade, and I entered with just 5 lots. I think next time on, for OzFX setups with strong trend, I will enter with 10 lots and have a wide stop too. Those are higher probability trades.


Trade Results:
Date: 05-07-08 7:30 pm
Result: Pair hit target.
Total Pips: +500
Profit/Loss: $478.58
Rating: 5

Reason/Setup:
I entered this trade based on OzFX setup on both H4 and daily chart. On the H4 time frame, the trend has played out for multiple time frames now. But the Stochs are still wide, and I am hoping that the trend continues.

On the daily chart, the down trend is just beginning, and the Stoch has not yet crossed the 0 line. So this could be a potential risky entry where the trend might reverse.

I have the stop currently 50 pips away and the target 100 pips away.



Trade Details:
Date: May 07 2008, 2:30 pm
Entry: 161.046
Lots: 10
Stop: 161.546
Target: 160.046

Trade Update - EUR/USD Long CLOSED

Update 05-07-08 4:40 pm:
This trade just didn't work out. As soon as I entered the trade, it was down just a few pips and was holding steady there. But when the Asian session opened, the pair just started tanking along with other Dollar pairs. Not sure what exactly is influencing this. I even waited to confirm the trend before entering this pair.


Trade Results:
Date: 05-07-08 4:40 pm
Result: Pair hit stop loss.
Total Pips: -500
Profit/Loss: $494
Rating: 5

Reason/Setup:
Entered this trade based on the OzFX setup on 1 hour chart. I waited to make sure the Stoch went past the 0 line before entering the trade. Stop and target currently placed 30 pips away. No plans to change the stop, but might change the target depending on price action.


Trade Details:
Date: Mat 07 2008, 12:10 pm
Entry: 1.54052
Lots: 10
Stop: 1.53752
Target: 1.54352

Trade Update - GBP/JPY Long

Update 05-07-08 9:10 pm:
A swift surge down at the open of the Asian session resulted in my buy limit order being triggered.

My plan of action is as follows. For every 100 pips gain, I am going to enter another 5 lots and build on my current position. The stop level will also be raised accordingly when a new trade is placed.

Reason/Setup:
I am going outside of my regular setups for this trade. Its purely based on price action, support/resistance levels and trend channels. And it is all based off a daily chart.


From the chart it can be seen that the pair has been on a steady uptrend shown by the solid red trend line. And we are currently seeing a pullback to this trend line. We also notice a box pattern developing in the last 2 weeks as shown by the light brown lines.

I have set a buy limit order at the lower end of the box and the tar is the upper level of the box. As a stop, its placed just below the red trend line. If this gets broken, then I will just look to enter this pair short and play the box play setup.

If this trade works to my plans, it would be a huge multi-hundred pips play.

Trade Details:
Date: May 07 2008, 12 noon
Buy Limit: 203.54
Lots: 5
Stop: 202.28
Target: 209.00
Date Triggered: May 07 2008, 7:30 pm

Trade Update - GBP/CHF Short CLOSED

Update 05-07-08 7:00 pm:
My stops weren't big enough for this pair, and I ended up hitting it. Soon after hitting my stop, the pair proceeded to move back down. To make me feel worse, the short entry was also confirmed by the OxFX forum, and had I had the 100 pip stop as they recommend, I would still be in the game. Also the fact that I could have made almost 500 bucks on my initial trade, but I let it run down for a loss.


Trade Results:
Date: 05-07-08 7:00 pm
Result: bot trade got stopped.

Trade 1:
Total Pips: -342
Profit/Loss: $347.10

Trade 2:
Total Pips: -657
Profit/Loss: $643.20

Rating: 3

Good signal, but bad execution.

Update 05-07-08 6:00 pm:
I have not changed the stop loss for both trades to 2.0716. This is somewhere in between where the individual stop losses were. Usually when I change the stop loss, I end up losing more money. So this may not be a good move after all.

Update 05-07-08 3:30 pm:
I have changed the tar on both trades to 2.04574. This is just above the 50 EMA on the daily chart. Lets see how this works out as the target point is pretty far away.

Update 05-07-08 11:40 am:
Since this pair was moving in my direction, I decided to enter this trade again with another 5 lots. But I wanted to make sure the trend was confirmed. So I placed a sell stop order, and it was just hit. This entry was based on the Elite setup on H4. Once again, I placed the target and stop 100 pips away, but I might modify it based on how the trade plays out.


Trade Details:
Date: 05-07-08 11:30 am
Entry: 2.05846
Lots: 5
Stop: 2.06846
Target: 2.04846

Reason/Setup:
The setup used for this trade is OzFX on daily chart. I saw this signal yesterday, but I didn't take it because I have been burnt on this pair before. I also did no like the fact that the Stoch had not crossed the 0 line which means the sell signal could be a false one.

But by today morning, the pair had moved down, and now I am tempted to get into the trade. All indicators point to a continued move down. But I am still very late in entering this trade and have lost more than a 100 pips. But this is a volatile pair. Lets see which direction it moves. I entered with just 5 lots, and have the stop and target 100 pips away.


Trade Details:
Date: May 07 2008, 7:30 am
Entry: 2.06475
Lots: 5
Stop: 2.07475
Target: 2.05475