Update 03-20-08 10am:
Its a pity that we got stopped out of this trade. I had set the stop at the ATR limit, and i just barely managed to hit it, and now, the pair has moved higher, above my entry point. So I need to figure out how to better place stop loss points.
Update 03-20-08 7am:
Even though the signals were proper, this pair struggled right from the beginning. It might be related to the general weakness of the Euro we have been seeing all day. In the end, all 3 lots hit their stop loss and closed.
Total Pips: -390
Total Profit: $356.23
The Trade:
Continuing with the other Euro trades I have entered, I am going long the EUR/AUD pair.
System:
This trade is based on the HAS system on 4 hour charts.
Reason:
The reason is similar to the EUR/CAD trade. This pair has been in a steady uptrend for weeks. And after a brief pullback, its trading higher again. As per the modified HAS system I am following, I see the price trending up as well as 2 blue candles confirming the trend. The AO also shows 2 green bars above 0 for further confirmation.
Rating:
As with previous trades, I rate this a 4.5. All indicators confirm the trend across multiple time frame. Entering the trade as soon as the 2nd candle showed up.
Entry & Exit:
Lots: 3
Entry (Long): 1.7146
Stop Loss: 1.7016 (130 pip SL because of bigger ATR)
TP1: 1.7196
TP2: 1.7246
Trade Update - EUR/AUD Long CLOSED
Trade Update - GBP/JPY Short CLOSED
Update 03-19-08 9pm:
The final lot hit the stop loss. I could have closed the final lot at over 100 pips, but I decided to hold on for larger gains. And that never happened. But that happens. No point in playing safe. You have to swing for the fences sometimes. Over all a good trade.
Lot 1: +50 pips
Lot 2: +100 pips
Lot 3: 0 pips
Total Pips: +150
Total Profit: $151.41
Update 03-19-08 4pm:
This call has been on the money so far. We have closed the first 2 lots for +50 pips and +100 pips respectively. The their lot is still open and the trend is still valid. So i am holding on to it. Stop loss has now been moved to break even.
The Trade:
Going short the GBP/JPY pair.
System:
The trade is based on the HAS system on 4 hour charts.
Reason:
Inflationary & recession pressures. After some upside General weakness of the Cable across the board after the release of the MPC meeting minutes.consolidation, price beginning to move down again. We have 2 red candles on multiple TF's confirming trend.
Rating:
I give this trade a 4 star rating mainly because it confirms to the long term trend. Only the M5 time frame is showing some short term upside consolidation.
Entry & Exit:
Lots: 3
Entry (Short): 196.77
Stop Loss: 197.77
TP1: 196.27
TP2: 195.77
Trade Update - EUR/CAD Long CLOSED
Update 03-20-08 7:30am:
The 3rd lot finally hit the stop loss. Earlier the 2nd lot hit its TP of +100 pips and SL was moved to BE.
Lot 1: +50 pips
Lot 2: +100 pips
Lot 3: 0 pips
Total Pips: +150
Total Profit: $146.62
Update 03-19-08 4pm:
Our first lot has hit its profit target of +50 pips. Holding on the remaining 2 lots as the trend is still valid.
The Trade:
Continuing with the Euro's strength, I am going long this pair.
System:
This is based on the modified HAS system on 4 hour charts.
Reason:
The Euro has been showing strength against other currencies. Its already made an appreciable move against the Loonie, but there might still be some way to go. I see 2 blue candles giving confirmation to the trend on multiple time frames. I also have the AO indicator show a green bar above zero indicating an upswing.
I had gone short this pair yesterday and made loss in that position, but that was based on the short 1 hour chart. This is a longer trend and follows the daily and weekly trends.
Rating:
I will give this a 4.5 star due to the following reasons.
- The Euro has been on a steady uptrend against the Loonie for the last several weeks.
- After a brief pull back, its back rallying.
- All TF's seem to confirm the trend from M5 to MN.
Lots: 3
Entry (Long): 1.5781
Stop Loss: 1.5681
TP1: 1.5831
TP2: 1.5881
Trade Update - GBP/CHF Short CLOSED
Update 03-20-08 7am:
This was one of those weird trades. after the first lot hit its target point, the price started moving side ways. Until the Sterling gained strength and the remaining 2 lots hit its stop loss.
Lot 1: +54 pips
Lot 2 & 3: -226 pips (113 * 2)
Total Pips: -172
Total Profit: $170.88
Update 03-19-08 4pm:
The first lot has hit its profit target of +50 pips. Trend still valid and am holding on to remaining 2 lots.
The Trade:
I am going short the GBP/CHF pair. Cable showing weakness across the board.
System:
Based on the HAS system on 4 hour chart.
Reason:
Cable showing weakness across the board. Price moving down, and we got the 2nd red candle across multiple TF's confirming trend.
Rating:
4 star. All time frames pointing to down trend.
Entry & Exit:
Lots: 3
Entry (Short): 1.98342
Stop Loss: 1.99390 (wider stop loss due to ATR)
TP1: 1.97842
TP2: 1.97342
Trade Update - EUR/GBP Long CLOSED
Update 03-20-08 7am:
So this trade is so far my biggest loss for the month. The charts were perfectly okay, but overall weakness of the Euro did us in. In the charts, before the Euro nosedived, the AO turned red. Kind of like an early warning indicator where I could have cut my losses short, but I didn't.
Total Pips: -300
Total Profit: $594.06
This also means I should trade fewer lots of this pair as each pip is worth almost $2.
The Trade:
Long on the EUR/GBP pair.
System:
Based on the HAS system on the 4 hour chart.
Reason:
Price moving up. We just have the 2nd confirmation blue candle confirming our trend across multiple time frames.
Rating:
I would rate this trade 4.5 star. All indicators are aligned properly and showing the trend, from M5 all the way to MN. Only concern is the small upward consolidation in M5 time frame.
Entry & Exit:
Lots: 3
Entry (Long): 0.7893
Stop Loss: 0.7793
TP1: 0.7943
TP2: 0.7993
Trade Update - EUD/CAD Short CLOSED
Update 03-18-08 5:15pm:
I messed up the stop loss for this trade. I had initially set it to 50, but considering the 10 pip spread, i wanted to change it to 60. But I instead ended up changing it to 40 pips, and that was hit.
Total Pips: -120
Total Profit: $121.20
The Trade:
Going short the EUR/CAD pair. The Euro has fallen down against most currencies after the Fed rate cut.
System:
This is based on the HAS system on 1 hour charts.
Reason:
Based on the HAS system, the H1 and H4 time frames show 2 red candles. This confirms the downward trend. Since this is based on the 1 hour chart, we are looking to take quick profits. Stop is 50 pips away, and target points are set at 50 and 75 pips respectively.
Rating:
I will rate this trade a 3.5 due to the following reasons.
- Trade is short term and against the main long term trend.
- We were able to get into the trade just when the H4 time frame showed 2 candled. This should hopefully be a good entry point.
Lots: 3
Entry (Short): 1.5486
Stop Loss: 1.5536
TP1: 1.5436
TP2: 1.5411
Trade Update - USD/JPY Long CLOSED
Update 03-18-08 5pm:
The remaining lots hit the stop loss and we closed our position. I do however feel that the price will continue up at least until tomorrow, so I will keep an eye on this pair.
Lot 1 (closed at 3:20pm): +67 pips
Lot 2 & 3: 0 pips (hit SL)
Total Pips: +67
Total Profit: $66.47
Update 03-18-08 3:20pm:
Our first target has hit its target point, and we have locked in +67 pips profit. SL is now moved to BE.
The Trade:
Once again we are riding the dollar rally here. Going long the USD/JPY pair for a quick profit taking.
System:
Based on the HAS system on 1 hour chart.
Reason:
Dollar rally due to less than expected fed rate cut. Chart shows 2 or more blue candles upto the 4 hour time frame on the 1 hour chart.
Once again this is a short term trend play. Need to take profits soon and exit.
Rating:
I rate this trade 3.5 since its a short term play and I am just piggybacking the momentum. The trade is against the long term trend.
Entry & Exit:
Lots: 3
Entry (Long): 99.686
Stop Loss: 98.936
TP1: 100.186
TP2: 100.436