Trade Update - USD/JPY Long CLOSED

Update 05-06-08 9:30 pm:
Yes another losing trade. I just can't seem to get out of this rut. Maybe I should just stop trading for some time and analyze what I am doing wrong.

Maybe I should try entering the trade opposite to what I feel the trend is. Like if I feel i should go long, I should probably go short. I am going to try this next trade just to see if it works.


Trade Results:
Date: 05-06-08 9:00 pm
Result: Pair hit stop
Total Pips: -300
Profit/Loss: $282.62
Rating: 4

Reason/Setup:
Entered this trade based on the Elite setup in 1 hour chart. The price has been steadily moving up, and has crossed over the 34 SMA. The CCI is also above 0, and shows a good strong trend upwards. I have set the stop and target 30 pips away.


Trade Details:
Date: 05-06-08 5:25 pm
Entry: 104.969
Lots: 10
Stop Loss: 104.669
Target: 105.269

Trade Update - EUR/CAD Short CLOSED

Update 05-07-08 7:00 am
This was another good trade to enter, one of the few this week. The price moved in my direction as soon as I entered the trade and went on to hit my target. Good I just had a 100 pip target as the pair soon reversed direction and closed close to where I entered.


Trade Results:
Date: 05-07-08 5:50 am
Result: Pair hit target
Total Pips: +500
Profit/Loss: $499.03
Rating: 5

Reason/Setup:
Trade entered based on the OzFX setup on daily chart. I was late with the entry by couple of hours, and have missed out on a nice 25 pip move. Considering the huge spread for this pair, that might be crucial.

I entered with just 5 lots to give me room for a 100 pip stop and target. This trade is also recommended by the OzFX forum based on the AES signal.


Trade Details:
Date: 05-06-08 5:10 pm
Entry: 1.5539
Lots: 5
Stop Loss: 1.5639
Target: 1.5439

Trade Update - EUR/JPY Long CLOSED

Update 05-06-08 9:00 am
This trade went against me right from the start. I got in pretty much close to the top. And soon, the trend reversed. And the fact that I had a 100 pip stop and target did not help and just increased my loss.


Trade Results:
Date: 05-07-08 9:00 am
Result: Pair hit stop.
Total Pips: -969
Profit/Loss: $919.83
Rating: 3

Reason/Setup:
I entered this trade based on the OzFX setup. And it was signaled on both the 4 hour chart and daily chart. On the daily chart, the Stoch lines are wide and heading up, but is currently closing in on over sold area. On the H4 time frame, the signal indicate a perfect entry.

I think this is a good trade to enter as its not too often that you get the same signal on 2 different time frames. Pity I was a bit late with the entry and missed out on 15 pips. I have the stop and target 100 pips away to give some room for this trade to develop.



Trade Details:
Date: 05-06-08 4:30 pm
Entry: 162.869
Lots: 10
Stop Loss: 161.90
Target: 163.869

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