Trade Update - GBP/USD Short CLOSED

Update 05-06-08 11:30 pm:
This was an excellent trade to be in. Price moved sideways for a while when the volume was low, and once the Asian and European session got underway, the pair just tanked. I initially had a 30 pip target on this pair, but the pair was showing some strong trend down. So i kept modifying the target 10 pips down at a time. At one point, the price moved down so quick that before I could change, my target was hit. Thats a shame because I could have really rode this pair for some huge gains.


Trade Results:
Date: 05-06-08 11:30 pm
Result: Pair hit modified target point.
Total Pips: +500
Profit/Loss: $486.10
Rating: 5

Reason/Setup:
Entered this trade based on the OzFX setup in H1. Looks like that is the only setup that is working for me lately. As can be seen from the chart, the the indicators show a nice trend down. Both the AC and AO have multiple red bars, and the Stoch has crossed below the 0 line and is moving down.

The concern however is the price action. The previous candles have been anemic even though they have moved down. Let us see if they can continue to move down further.


Trade Details:
Date: 05-06-08 12:20 pm
Entry: 1.97248
Lots: 10
Stop: 1.97548
Target: 1.96948

Trade Update - GBP/CHF Short CLOSED

Update 05-06-08 12:40 pm:
Once again removing the stop did not get me anything but a bigger loss. I need to learn to just accept that I am wrong and cut my loss. Over all a bad trade as I made all kinds of mistakes.


Trade Results:
Date: 05-06-08 12:40 pm
Result: Manually closed the trade.
Total Pips: -1480
Profit/Loss: $1407.39
Rating: 1

This pair is now my worst performing pair. Every trade I have entered this pair had been big losers. I better stay away from this one for a while.

Update 05-06-08 7:40 am:
Once again I have succumbed to the temptation of removing my stop point. This pair has moved against me as soon as I entered the trade. But prior history shows that it did move back down after couple of up candles. Lets see if that happens.

Reason/Setup:
I dont know what exactly I was thinking when I entered this trade. I have already made a number of mistakes. The trade was base don the Elite setup on H4. But I did not wait for the setup to give me a valid signal and instead entered it pre-maturely. On a volatile pair like this one, thats going to cost me. I think I was just carried away by my other trades which was going well and entered this without thinking.

Another mistake I made was to enter with 10 lots. On volatile pairs like this one, I tend to have wider stops and targets which means the position size is less. But I forgot about that and entered with 10 lots. Now if I go on to lose this trade, its going to be a significant loss.


Trade Details:
Date: 05-06-08 7:20 am
Entry: 2.06105
Lots: 10
Stop Loss: 2.06855
Target: 2.05555

Trade Update - USD/CHF Short CLOSED

Update 05-06-08 11:45 am:
Well the premature entry dd not work out. When I entered the trade, it moved in my favor for a short while before reversing direction. After that it was just a straight move up to hit my stop.


Trade Results:
Date: 05-06-08 10:00 am
Result: Pair hit stop.
Total Pips: -500
Profit/Loss: $477.12
Rating: 2

This is yet another reason why it is worth it to wait for the confirming candle before entering the trade. I was too impatience and say the price move lower. And as it usually happens, I jumped in at the end of the trend and got crushed.

Reason/Setup:
Entered this trade based on the Elite setup on H4. The entry might be a little pre-mature as the signal is still not valid. But the trend is strong, and I wanted to get in a bit early. Lets see if this works out to my favor.



Trade Details:
Date: 05-06-08 7:15 am
Entry: 1.04418
Lots: 10
Stop Loss: 10.4918
Target: 1.03918

Trade Update - USD/JPY Short CLOSED

Update 05-06-08 11:45 am:
This one, I followed the signals, but I still got stopped. I waited for the confirmation candle before entering the trade. I placed stop wide enough. So I don't think I can find anything wrong with this trade Just one of those unfortunate ones. Pair did more a bit in my direction before revering trend.


Trade Result:
Date: 05-06-08 9:00 am
Result: Pair hit stop.
Total Pips: -500
Profit/Loss: $476.55
Rating: 5

Maybe there are couple of points to learn here. First off, a 50 pip stop is probably too small for this time frame. And next, maybe I shouldn't enter trade at the beginning of a major session. I entered these trades when the US session was just starting. Markets tend to be volatile in the first 1 hour, and I should probably stay away.

Reason/Setup:
This trade was signaled on the Elite setup on H4. The timing and entry were near perfect. I got in close to the start of the new candle. I think this will be a good trade. The stop and target are placed 50 pips away.


Trade Details:
Date: 05-05-08 7:00 am
Entry: 104.288
Lots: 10
Stop Loss: 104.788
Target: 103.788

Trae Update - EUR/USD Long CLOSED

Update 05-06-08 6:00 pm:
Entering the trade late definitely did not help. Entering the trade late caused me to enter it close to the highs of the candle. Which meant that the stop was now just below the 34 SMA line and did not have much leeway.

As it usually happens, the price reversed as soon as I entered, and I got stopped out.


Trade Results:
Date: 05-06-08 5:00 pm
Result: Pair hit stop.
Total Pips: -500
Profit/Loss: $498
Rating: 3

Reason/Setup:
I entered this trade based on the Elite setup on H4. I have been watching this setup for a while, and while I was sleeping, the moving averages finally crossed. So I was a bit late in entering the trade and missed out on 25 pips. But the trend is still strong, and I feel this will be a good trade.

I have placed the stop 50 pips away which is just below the 34 SMA line. And the target is 50 pips away at one of the Fibs levels.


Trade Details:
Date: 05-06-08 7:00 am
Entry: 1.55608
Lots: 10
Stop Loss: 1.55108
Target: 1.56108

Trade Update - EUR/GBP Long CLOSED

Update 05-07-08 7:00 am:
This trade too a long time to develop. I massed around with the target point couple of time before settling down at the original 30 pips. And finally around mid night the target was hit. From the chart it seem that even a target of 40 or 50 pips would have been hit, but I am not going to get greedy and miss out on a good trade.


Trade Results:
Date: 0507-08 12:05 am
Result: Pair hit target.
Total Pips: +300
Profit/Loss: $294.17
Rating: 5

Update 05-06-08 7:15 am:
The pair is now rallying and looking to hit my target point. I have moved the target by 10 pips from 0.78961 to 0.79061. Lets hope this move does not bite me in the ass.

Reason/Setup:
I have been watching this pair for couple of hours now. Both the price and 3 EMA had crossed above he 34 SMA few hours ago. But the price action did not seem strong for an entry. And the wait was probably justified as the price moved down. But now that the price seem to have stabilized and starting to move back up, this might be a good time to enter long this pair.

Since each pip on this pair is worth almost $2, I entered with just 5 lots. Both stop and target is 30 pips away.

This trade by the way, is based on the Elite setup on 4 hour chart.


Trade Details:
Date: 05-05-08 6:15 pm
Entry: 0.78661
Lots: 5
Stop Loss: 0.78361
Target: 0.78961

Trade Update - EUR/JPY Long CLOSED

Update 05-05-08 6:10 pm:
As soon as I close the position, the price runs up again. This is the fate of my FX trading career. Always on the wrong side of the trade. I need some patience to prevent me from getting killed.

Update 05-05-08 6:05 pm:
What an unwanted trade. I just could not resist getting into a trade and jut sitting tight with the position I have. Within minutes, the position went against me, and I had to close it manually. I did not wait until the stop was hit.

Total Pips: -166
Profit/Loss: $158.47
Rating: 2

Reason/Setup:
I already have a short trade on this pair, but on the H4 chart. But now the Elite and HAS system has signaled a buy for this pair on the H1 time frame. So I am entering this trade as a hedge to the other one. Lets see how it goes. The stop is 40 pips away and the target is 30 pips away.



Trade Details:
Date: 05-05-08 5:45 pm
Entry: 162.719
Lots: 7
Stop Loss: 162.319
Target: 163.019