EUR/CAD Long - April 07 2008

System:
Trade based on squeeze play setup on 4 hour chart.

Reason:


The squeeze indicator signaled a buy at the start of the 6pm candle. I immediately entered tis position long at 1.5976. I then placed my stop 55 pips away (not sure why) at 1.5921 and the profit target was 50 pips away at 1.6026.

Lots: 5
Entry (Long): 1.5976
Stop Loss: 1.5921
TP: 1.6026

Right from the beginning the price moved in my favor and it was just a matter of time before it hit my target point. I love entering trades like these where the price moves immediately in my direction validating the trade. The target point was hit a little past 1am on April 8th.

Total Pips: +250
Total Profit: $245.93

Rating:
I will rate this a 5 since I followed it to the book. I set the stops and TP's immediately and never changed them.

AUD/JPY Long - April 07 2008

System:
This trade is based on the squeeze play setup on a 4 hour chart.

Reason:


The squeeze indicator gave a signal that the pair was breaking out of the squeeze range. The histogram showed a blue bar, and hence I went long on this pair. The trade was entered at 6:51am at 94.93. The stop loss was 50 pips away at 94.43 and the target point at 95.53 which was 60 pips away.

Lots: 5
Entry (Long): 94.93
Stop Loss: 94.43
TP: 95.53

Soon after I entered this trade, the price moved in my favor, and I was soon up almost 35 pips. Since then the price action slowly started weakening. And finally at 12:30am on the 8th, it hit my stop loss.

Total Pips: -250
Total Profit: $245.04

Rating:
I will rate this trade a 4 star. The entry was very close to the start of the candle. I had initially set the TP at 5- pips. But when the price started moving in my direction quickly, I got greedy and moved the TP to +60 pips. It would still have not hit my original TP, but it just shows my greed in modifying the TP.

EUR/GBP Long - April 07 2008

System:
This trade is based on the TTM squeeze setup on the 4 hour chart.

Reason:


The TTM squeeze indicator fires off a signal when it sees a price breakout from the narrow bollinger band channel. here we note that the bollinger band is actually moving out of the keltner channel, and the momentum is above 0. The green dot following siccessive red dots signifies this event.

I entered the trade at 12 noon at 0.79096 (point 1). The stop is placed 50 pips away at 0.78596 and the price target is 50 pips away too at 0.79596.

Lots: 5
Entry (Long): 0.79096
Stop Loss: 0.78596
TP: 0.79596

Total Pips: +250
Total Profit: $494.53

Around mid-night of 7th, my target point was hit (point 2) and I exited my trade.

Rating:
I will rate this trade a 5 star as I followed it to the book. And I waited for the price to do its things and not meddle with the stop and target points.

Trade Update - EUR/CHF Long

The Trade:

• Pair: EUR/CHF Long
• Date: April 06 2008, 6:45pm
• Entry: 1.59287
• Lots: 5
• Stop Loss: 1.58787 (50 pips)
  
• Target: 1.59787 (50 pips)
• Reason/System Used: This trade is based on the squeeze setup on 4 hour chart. Previous history in the pair had suggested that following a signal from the squeeze indicator, the price did move up in the direction of the squeeze. So following that, I entered long this pair as soon as I got a signal from the indicator. Since the trade was based on the 4 hour chart, I placed the stop and target 50 pips away.

Result:

• Date: April 09 2008, 7:30am
• Total Pips: -250
• Profit/Loss: $248.33
• Trade Executed to plan? yes
• Rating: 5
• Outcome: As soon as I entered the trade, it soon moved in my favor and I was quickly up close to 30 pips per lot. Around that range, it had some overhear resistance, and the pair soon started moving down. On April 8th, the pair came close to hitting the stop and was just shy by a pip or two. And it proceeded to bounce of that low and tried to retest the high's again but failed. These are marked by the yellow and blue regions in the chart. Following this failed test of the highs, the pair rolled over and hit the stop loss.
• Note: This pair was also trading in a short term range which meant we were getting a setup for the box play. I also noticed that the squeeze indicator fired off a sell signal on the lower 1 hour time frame just before the large move down.
  

EUR/JPY Long - April 07 2008

Setup:
This trade was based on the box setup on the 4 hour chart. I learnt about this setup from the book "Mastering th =e Trade" by John Carter.

Reason:


A box setup happens when the stock or currency pair trades withing a range or box for a period of time. The highs and lows due to the price action determines the top and bottom of the box. Here is how we trade the box setup.

We first wait for a box to form. This happens when we have 2 highs and 2 lots to define the range. From the above chart, points 1 & 3 form the upper boundaries of the box and points 2 & 4 the lower. Once we identify point 4 and the box is formed, we allow for the price to retreat into the box by 25% of the box width. Once this happens, we place 2 orders, a buy stop and sell stop just above and below the box. We are positioning ourselves to get into the trade whichever direction the trade happens.

In this particular scenario, my buy limit order placed at 161.14 was hit at 1:20am. My stop was almost 70 pips away at 160.45 and the target point was originally the size of the box. But I changed this later on to be just 50 pips or at 161.64. After some see-sawing, my price was finally hit at 5:15pm. I also canceled my sell stop order as soon the buy stop was hit. In the above chart, the entry is shown by the red box and exit by the white box.

Lots: 10
Entry (Long): 161.14
Stop Loss: 160.45
TP: 161.64

Total Pips: +500
Total Profit: $495.40

Rating:
I will rate this trade a 4. The entry was by the book. Identified the box correctly and placed the trades and waited for it to get executed. However I meddled with the stops and target point.

Trade Update - GBP/JPY Short

The Trade: GBP/JPY Short

• System: Elite setup on 1 hour charts.
• Date: April 07 2008, 10pm
• Lots: 10
  
• Entry: 203.196
• Stop Loss: 203.59 (40 pips)
  
• Target: 202.896 (30 pips)
• Reason: Trade based on the Elite setup. The 3 EMA is moving below the 34 SMA. The CCI is also moving below 0 indicating a strong move down. I placed the stop close to the 34 SMA line and the target point 30 pips away.

Result:

• Date: April 08 2008, 11:56pm
• Total Pips: +300
• Profit/Loss: $293.25
• Trade executed to plan? Yes
• Rating: 5
• Outcome: This proved to be one of those low risk/reward play. I had in fact entered the start of a big downward move of the pair. The trend continued for another 200 pips.
  

AUD/JPY Long - April 06 2008

System:
This trade is based on the Squeeze play on 1 hour chart.

Reason:


My first trade based on the Squeeze indicator. I learnt about this setup in the book called "Mastering the Trade" by John Carter. One of the best books on trading I have read.

As per the indicator, the squeeze was triggered at 11:15pm and I entered the trade at 94.45. Both stop and target points were 50 pips apart at 93.95 and 94.95 respectively. I just setup the trade and left it to do its job. At 5:15am, when I was fast asleep, my target was hit.

Lots: 5
Entry (Long): 94.45
Stop Loss: 93.95
TP: 94.95

Total Pips: +250
Total Profit: $243.69

Rating:
I will rate this trade a 5. The entry was perfect. Setup the stops and target and never changed. Just let the charts play.