Trade Update - EUR/JPY Short CLOSED

Update 03-30-08 4:45pm:
Closed this trade and took my quick profits.

Total Pips: +112
Total Profit: $113/13

The Trade:
Going short the EUR/JPY pair.

System:
Based on the Elite system on 1 hour charts.

Reason:
Again purely technical. Just test driving the new system. Cross down of the 3EMA-34SMA line. And CCI moving below zero.


Rating:
I entered this trade a little late and missed few pips. So this would have to rated a 3.5 star.

Entry & Exit:
Lots: 3
Entry (Short): 156.82
Stop Loss: 157.82

Trade Update - USD/JPY Short CLOSED

Update 03-30-08 4:45pm:
Took my profits and closed the trade.

Total Pips: +116
Total Profits: $117.06

The Trade:
Short the USD/JPY Pair.

System:
Based on the Elite system on 1 hour charts.

Reason:
Purely technical. 3EMA crossing below 34 SMA. CCI crossed below 0 and shows healthy signal.


Rating:
I managed to get into this trade relatively early. Would rate this a 5 star.

Entry & Exit:
Lots: 3
Entry (Short): 99.565
Stop Loss: 100.565

Trade Update - EUR/CAD Short CLOSED

Update 03-28-08 10am:
I ended up closing this position as the signal had turned. The loss could have been smaller had I entered the trade earlier. The good thing about this trade is that when the signal reverses, the loss is minimal as we are using the 3EMA which very closely follows the price action. But the important part is to enter as soon as its signaled.

Total Pips: -138 (46 * 3)
Total Profit: $135.39

The Trade:
Going short the EUR/CAD pair.

System:
This is based on the signal from Elite system on 1 hour charts.

Reason:
While I currently have a long position opened in this pair, its been seeing short term pull back. So as a hedge, I am also going short this pair. I also have the 3 EMA crossing below the 34 SMA and the CCI crossing below 0, which is a valid signal for the Elite system.


Rating:
I would rate this trade a 3.5 star mainly because I entered the trade late. The bar was already formed and I have missed out on 10-15 pips.

Entry & Exit:
Entry (Short): 1.6022
Stop Loss: 1.6122

Trade Update - EUR/CHF Long CLOSED

Update 03-28-08 8am:
The CCI line fell below the 100 level. So time to take profits. We made about +17 pips per lot.

Total Pips: +50
Total Profit: $50

The Trade:
I found a new trading system on the ForexFactory forum by Waterflame called Elite. It seems like a very simple system and I decided to give it a try. Going long the EUR/CHF pair.

System:
This is based on the Elite system on 1 hour charts.

Reason:
Signaled by the Elite system. The 3 EMA is crossing over the 42 SMA. and the CCI is also crossing above 0 to indicate entry point.


Rating:
Since this is a new system, I don't think the rating would be correct (not that the trades I rate high have been good anyway). But I would rate this a 5 star just because its exactly as per the system.

Entry & Exit:
Lots: 3
Entry (Long): 1.5698
Stop Loss: 1.5798

Trade Update - GBP/CHF Short CLOSED

Update 03-27-08 7am:
The remaining 2 lots reversed and hit the stop loss. Very disappointing.

Lot 1: +59 pips
Lot 2 & 3: -240 pips (120 * 2)

Total Pips: -181
Total Profit: $180.60

Update 03-26-08 9pm:
Lot 1 closed for +59 pip profit. Remaining lots currently trading at +54 pips.

Trade:
Shorting the GBP/CHF pair.

System:
This trade was mentioned in the OzFX forum using the AES technique. Its based on daily charts. I also got the same signal using the A-MACD system on 4 hour charts. I also have the HAS system give the signal (delayed though as we missed it by 2-3 bars).

Reason:
As far as I know, purely technical. On the OzFX system, we see that AC has shown 2 red bars and the Stoch, RSI and %R indicators are moving downward. On the A-MACD system, we see the MACD and AO have crossed below zero. And I have 2 red bars on the AO below 0.


Rating:
Since the spread for this pair is great, I will rate this a 4 star. The trade is in line with the long term trend and price is below the 200 SMA. And considering the signal is valid on 3 systems, I think its a good bet.

Entry & Exit:
Lots: 3
Entry (Short): 1.99171
Stop Loss: 2.00371
TP1: 1.98671
TP2: 1.98171

Trade Idea - EUR/AUD Long

Update 03-27-08 12 noon:
Its a good thing that I didn't enter this trade. I would have been stopped out for yet another loss.

Idea:
The EUR/CAD long trade has been doing well, and the EUR/AUD pair too has moved up at the same time. This trade is not signaled by the A-MACD system and was previously signaled by the HAS system.


Possible entry price: 1.7251

Trade Update - EUR/GBP Long CLOSED

Update 03-30-08 9pm:
Yes another trade I closed out today as I felt it was moving down. But I noticed that after I closed the trade, it had moved up by about +17 pips as of this entry.

Total Pips: +57
Total Profit: $113.68

The Trade:
Going long the EUR/GBP pair.

System:
This is based on the A-MACD system on 4 hour charts.

Reason:
Signaled by the A-MACD system. Price has been on steady increase. After a brief pull back. its back to the long term uptrend. We have crossover for both MACD and AO above 0. And we have 2 or more green bars on the AO.


Rating:
I would rate this trade a 4 star. Its in line with the long term trend. The indicators line up well.

Entry & Exit:
Lots: 3
Entry (Long): 0.7884
Stop Loss: 0.7784
TP1: 0.7934
TP2: 0.7959