Trade Update - EUR/JPY Long CLOSED

Update 04-04-08 7am:
Another trade where I messed with the target point moving it between 20 and 50 pips. But I was lucky to set it to 30 pips before going to bed. The last up candle hit the target point before a broad Yen rally caused the pair to pullback steeply.

Total Pips: +300
Total Profit: $293.24

The Trade:
Going long the EUR/JPY pair.

System:
The trade is entered based on the Elite setup on 1 hour charts.

Reason:
On the 1 hour chart, we see the price move back up after a brief consolidation. The Euro has been on an extended uptrend against the Yen the past week, and I am trying to follow that trend. The 3 EMA has just crossed over the 34 SMA on the Elite setup. The 34 CCI has also broken above 0. I don't have the perfect entry timing, but I think I should still be able to catch the trend. I am looking for a 50 pip target point and I have the stop loss just below the 34 SMA.


Rating:
I will rate this trade a 4 star. The Euro has been on an extended uptrend against the Yen. And while a pullback is imminent, I think I will be able to catch this ride. I didn't get the entry spot on, but I am not too far from the 34 SMA.

Entry & Exit:
Lots: 10
Entry (Long): 160.517
Stop Loss: 160.117
TP: 161.017

Trade Update - GBP/USD Long CLOSED

Update 04-04-08 7am:
I am proud of this trade. Caught the trend early. Confirmed it using 2 system. Had the confidence in the setups and entered with 10 lots as I felt the risk/reward was worth it. I also did not mess with the stop loss or target points. End result is that my target point was hit overnight for my biggest profit. I need to do more of these types of trade. One or 2 a month would if you ask me. The question is do I have the patience and discipline to wait the rest of the days for a perfect setup like this?

Total Pips: +1000
Total Profit: $1000

The Trade:
Going long the GBP/USD pair.

System:
This trade was entered based on the A-MACD 4 hour setup. The trend is also confirmed by other setups.

Reason:
On the A-MACD setup, we have the 5 SMA cross over the 20 SMA. And the 34 CCI crossing above 0. We also have the AO and MACD moving towards 0.

We also have trend confirmation on other setups. On the OzFX setup on the daily chart, we have the AC turn green and the Stoch and other indicators moving up.

On the HAS setup with hourly charts, we see 2 or more blue bars on multiple time frames confirming trend.

And finally on Elite system on hourly charts, we see the 3 EMA has already broken through the 34 SMA and trending strongly higher.

A-MACD(4 hour):
OzFX(Daily):
Trend(Daily):
HAS(1 hour):
Elite(1 hour):

Rating:
I will rate this trade a 4 star. We are catching right at the start of a trend based on a 4 hour chart. Couple of drawbacks in this entry. The current candle which caused the crossover is a huge one. This might signify a pullback in price soon. And also, I did not wait for trend confirmation by trying to enter in the next candle.

I think this trade requires patience to develop. It might have short term pullback, but will move higher given some time.

Entry & Exit:
Lots: 10
Entry (Long): 1.99417
Stop Loss: 1.98417
TP: 2.00417

Trade Update - USD/CHF Long CLOSED

Update 04-02-08 9:15pm:
It took some time and even looked like it might go on to hit the stop loss, but the pair moved higher once the volume started picking up.

Total Pips: +100
Total Profit: $98.74

The Trade:
Impulse buy based on the Elite setup. Going long the USD/CHF pair.

System:
This is based on the Elite setup on 15 minute charts.

Reason:
The 3 EMA crossed over the 34 SMA. The 34 CCI also crossed over 0 indicating an entry point. However I am late getting into the trade by 2 bars. I might have missed 5-10 pips because of that. Also the longer term trend is down as can be seen by the direction of the 34 SMA.


Rating:
I will rate this trade a 2.5. This was more of an impulse buy rather than a proper entry. The trade is against the longer term trend which is not good.

Entry & Exit:
Lots: 5
Entry (Long): 1.01080
Stop Loss: 1.00580
TP: 1.01280

Trade Update - USD/CAD Short CLOSED

Update 04-04-08 10am:
I finally closed the 3rd lot for a +58 pip profit. The Dollar is getting weaker, and I am seeing a trend reversal on all the indicators. So taking whatever profits I can.

Lot 1: +50 pips
Lot 2: +100 pips
Lot 3: +58 pips

Total Pips: +208
Total Profit: $206.92

Update 04-03-08 12 noon:
The 2nd lot closed for +100 pip profit. So far we are in the money on this trade. Stop loss has now been moved to break even, and I am going to let the third lot run until the signal reverses or weakens.

Update 04-03-08 8am:
The first lot closed for +50 pip profit. The remaining 2 lots are currently trading at +48 pips.

The Trade:
Going short the USD/CAD pair.

System:
The trade is based on the A-MACD setup on the 4 hour chart.

Reason:
We have a very nice setup for the pair on the A-MACD system. Price has been trending down, and the MACD has just turned below 0. The Ao shows 2 red bars below 0 confirming the trend.

The downtrend is further confirmed by other setups. The OzFX setup on daily charts shows the Stoch heading down as well as the AO and AC showing red bars.

A-MACD(4 hour):
OzFX(daily):
Trend(daily):
HAS(4 hour):

Rating:
I will rate this trade a 4 star. Trade looks perfect on the A-MACD setup. The OzFX looks promising too except the price is above the 200 SMA.

Entry & Exit:
Lots: 3
Entry (Short): 1.01481
Stop Loss: 1.02481
TP1: 1.00981
TP2: 1.00481

Trade Update - GBP/JPY Long CLOSED

Update 04-02-08 10:45pm:
Quiet a few ups and downs on this pair. For sometime, I thought I was going to get stopped out, but in the end, all it needed was some trading volume.

Total Pips: +500
Total Profit: $486.24

The Trade:
Going long the GBP/JPY pair. Yen has been weak against all majors.

System:
The trade was entered based on the Elite setup on 15 minute charts. The trend was confirmed by both the OzFX, HAS and A-MACD setups.

Reason:
Strong uptrend. Confirmed by 3 different setups. The OzFX setup on daily chart shows the AO and AC showing green bars, and the Stoch, RSI and %R trending up. The HAS system on 4 hour charts show blue mars on multiple time frames and same with the A-MACD system.

The trade was enetred based on the Elite setup on 15 minute charts. I noticed that when there is a price pullback on this pair for the current trend, it always bounced off the 10 SMA. So I look to enter the next candle to the candle which crossed the 10 SMA down.

Elite (M15):
A-MACD (4 hour):

Rating:
I will rate this trade a 4 star. Its been on a storng uptrend, and I see it going higher for the short term. I have a +50 pip target point for the trade.

Entry & Exit:
Lots: 10
Entry (Long): 203.679
Stop Loss: 203.179
TP: 204.179

Trade Update - EUR/JPY Long CLOSED

Update 04-02-08 11:30pm:
I re-entered this pair 2 more times based on the Elite 15 minute setup. As with other trades today, this was lagging behind for quiet a while when thevolume was low. But once the volume picked up, so did the price and I was minting money. :)

Here are the results.

Trade 2:
Total Pips: +200
Total Profit: $194.36

Trade 3:
Total Pips: +250
Total Profit: $243.13

Update 04-02-08 8am:
This trade didn't take too long to hit the target point either. Will be looking to re-enter this pair again.

Total Pips: +200
Total Profit: $194.86

The Trade:
Now for all the money I lost last month trading this pair short, I am going to make it up. Finally I realized that this pair is in a strong uptrend. So long the EUR/JPY pair.

System:
I did not get any signal for this pair except for the 15 minute Elite charts, but te trend has been confirmed by the A-MACD and HAS systems.

Reason:
I made the mistake of repeatedly shorting this pair last month as it moved almost 600 pips against me. Finally I am jumping into the long train. Am I too late? The A-MACD and HAS setups on 4 hour chart says the trend is still strong. And the 15 minute Elite setup gave me an entry signal.

Rating:
Just going with the strong uptrend to scalp 20 pips. I will rate this a 4 star.

Entry & Exit:
Lots: 10
Entry (Long): 159.948
Stop Loss: 159.448
TP: 160.148

Trade Update GBP/CHF Long CLOSED

Update 04-02-08 9:15pm:
Took a while due to low volume, but the pair raced higher(currently over 20 pips higher from my TP) once the volume picked up and hit my target point.

Total Pips: +200
Total Profit: $197.67

Update 04-02-08 6pm:
Went long this pair yet another time today. This time based on the Elite setup on 15 minute charts. I feel I got a good entry point for this pair. Just got to make sure the trend sticks.


Update 04-02-08 2:20pm:
I made yet another trade on this pair that wiped out the profits I had made from the previous 2 trades. There were 2 reasons for the loss.

One was that, I did not shop the patience and discipline to enter the trade at my pre-arranged level. Instead, when my buy limit was not triggered on the pullback (missed by less than a pip), I decided to chase the price and got in at a higher rate. This is especially bad for a pair with big spread like this one.

The other was that I failed to follow my exit rules. My observation based on the Elite setup on 15 minute chart was that the pair always managed to bounce off the 34 SMA, and that would be a good entry point. But instead, I kept holding on to the pair and not cutting my losses short when the pair continued to move below the 34 SMA. The trend had clearly been broken, and I had to cut my losses short which I didn't.

Here is a chart of the trade I entered.


And the results of my 3rd trade:

Total Pips: -346
Total Profit: $343.20

Update 04-02-08 8:15am:
I re-entered this pair again, but closed it out for a small profit before it hit my target point. I felt the risk was too great. But what I noticed was that in the Elite setup, whenever there is a pullback, it bounces off the 34 SMA. So this seems to be the idea place (and less risk) to put a buy limit order to get into the next wave.

Results of second trade:
Total Pips: +60
Total Profit: $59.18

I have put a buy limit order at 2.00559.

Update 04-02-08 7:40am:
This trade just took 10 minutes to hit its target. nice quick way to earn 200 pips. I will be looking to re-enter this trade again.

Total Pips: +200
Total Profit: $197.23

The Trade:
Still a valid signal on OzFX and A-MACD systems, and its been rallying all night. So going long this pair again.

System:
The original signal is based on the OzFX daily setup and A-MACD 4 hour setup. But this particular entry is based on the Elite setup.

Reason:
I entered this trade originally based on the signal from OzFX and A-MACD setup. Those signals are still valid and the pair is still in an uptrend. So I am just following the trend to get some small pips.



Rating:
I would rate this trade a 4 star since the main trend is still alive and strong. The only risk is that we might be entering the trade at the tail end of the trend.

Entry & Exit:
Lots: 10
Entry (Long): 2.00714
Stop Loss: 2.00514
TP: 2.00914