Trade Update - USD/JPY Short

The Trade: USD/JPY Short



Reason/Setup:
Yet another trade based on the OzFX setup on 1 hour charts. And like the previous trades, it uses the same premise of the weakening of all CHF & JPY pairs. And the 30 minute & 1 hour setups showing identical chart patterns and trends.

The only difference in this trade is that I entered this pair twice for 2 separate trades. I placed too small a target for my first trade, and the signal was still strong. So I entered the trade once again.

Trade Details (Trade 1):

• Date Entered: April 18 2008, 10:15am
• Entry: 104.257
• Lots: 10
• Stop Loss: No stop loss.
  
• Target: 103.957

• Date Closed: April 18 2008, 11:10am
  
• Result: Pair hit target point.
• Total Pips: +300
• Profit/Loss: $288.59
• Rating: 5

Trade Details (Trade 2):

• Date Entered: April 18 2008, 11:10am
• Entry: 103.955
• Lots: 10
• Stop Loss: No stop loss.
  
• Target: 103.755

• Date Closed: April 18 2008, 12noon
  
• Result: Pair hit target point.
• Total Pips: +200
• Profit/Loss: $192.76
• Rating: 5

Comments:
Both trade were entered for the same reason. This was the final trade of the day and what a great way to end the week.

Trade Update - EUR/JPY Short

The Trade: EUR/JPY Short



Reason/Setup:
This trade was entered based on the OzFX setup on 1 hour chart. Like the previous trades made today, this one too exhibited the perfect chart setup where the 1 hour and 30 minute indicators showed the common trend. It was easy to enter and make money in a setup like this. The reason why I am looking for just 30 pips instead of 50 pips like the other pairs is because the AC and AO have just turned in my entry candle.

Trade Details:

• Date Entered: April 18 2008, 10:10am
• Entry: 164.197
• Lots: 10
• Stop Loss: No stop loss.
  
• Target: 163.897

• Date Closed: April 18 2008, 12:20pm
  
• Result: Pair hit target point.
• Total Pips: +300
• Profit/Loss: $289.31
• Rating: 5

Comments:
As I mentioned earlier, this is one of the easiest patterns to identify and make money off. Multiple time frames showing the same strong trend is not one to be missed. Another perfect trade which went in my favor right from entry.

Trade Update - GBP/JPY Short

The Trade: GBP/JPY Short



Reason/Setup:
Like the previous trade, the 30 minute and 1 hour chart on the OzFX system seem to move in the same direction. One of those rare opportunities I need to make use of. What was different in htis trade from the previous one is that I had only 1 down candle before the candle where I entered. So I did not wait to see the trend being confirmed. But the 30 minute chart had a strong trend down which convinced me of the 1 hour following suit.

Trade Details:

• Date Entered: April 18 2008, 10:10am
• Entry: 207.761
• Lots: 10
• Stop Loss: No stop loss.
  
• Target: 207.261

• Date Closed: April 18 2008, 11:45am
  
• Result: Pair hit target point.
• Total Pips: +500
• Profit/Loss: $481.02
• Rating: 5

Comments:
Yet another good trade. I may have been a little early in entry since I did not confirm the trend. But there were number of reasons which made me enter the trade. First was the strong trend shown by the 30 minute chart. I had already seen multiple lower closes in the price action. The in the 1 hour charts, the Stochs were wide indicating strength in the move lower.

Trade Update - GBP/CHF Short

The Trade: GBP/CHF Short



Reason/Setup:
Something strange is happening currently. All the CHF and JPY pairs are pulling back, and more importantly, they all have the exact same chart patterns. I got this signal from the OzFX setup on 1 hour charts. The trend was also confirmed in the 30 minute chart.

Trade Details:

• Date Entered: April 18 2008, 10:10am
  
• Entry: 2.0393
• Lots: 10
• Stop Loss: Did not have a stop loss.
  
• Target: 2.0343

• Date Closed: April 18 2008, 11:30am
  
• Result: Pair hit target point.
• Total Pips: +500
• Profit/Loss: $490.52
• Rating: 5

Comments:
Perfect entry and perfect exit. The chart pattern was ideal for this kind of trade. Its not too often that you have multiple time frames showing the same trend. I did not have a stop loss point for this trade, but the trend was strong and I was hoping to manually stop te trade if it reverses.

Trade Update - EUR/CHF Short

The Trade:EUR/CHF Short



Reason/Setup:
I entered this trade based on the OzFX setup on 1 hour chart. However at the time of entry, the setup wasn't fully played out. The Stochs were just starting to move down, and the AC was red, but the AO wasn't. The 30 minute chart however showed a strong trend down, and that influenced my decision.

Trade Details:

• Date Entered: April 18 2008, 8:07am
• Entry: 1.61221
• Lots: 10
• Stop Loss: 1.61521
• Target: 1.60921

• Date Closed: April 18 2008, 11:15am
• Result: Closed position.
• Total Pips: +38
• Profit/Loss: $37.21
• Rating: 3

Comments:
The entry was not the best. I could have waited a little bit more for teh setup to develop before entering the trade. Hence the low rating.

As the trade progressed, It spiked lower initially and then start pulling back up. The 30 minute chart indicated that the pair was losing steam in its move lower, so I decided to stop the trade and book the remaining profits. It was also the end of the week, and I did not want to hold on to any open positions over the weekend.

Trade Update - EUR/AUD Short

The Trade: EUR/AUD Short


Reason/Setup:
The main reason for this trade is the OzFX setup on daily chart. The price action showed a nice move down, and the AC and AO indicators had turned red. I also got the sell signal from the A-MACD and Elite setups on daily charts.

Trade Details:

• Date Entered: April 17 2008, 5:30pm
• Entry: 1.6958
• Lots: 5
• Stop Loss: 1.7008
  
• Target: 1.6938 (TP was initially 100 pips. I changed this later so I can close the trade sooner_
  

• Date Closed: April 18 2008, 11:20am
  
• Result: Pair hit modified target point.
• Total Pips: +100
• Profit/Loss: $93.22
• Rating: 5

Comments:
This was a well executed trade. Too bad I didn't want to hold any open positions over the weekend. Especially considering the week I had, I just wanted to close all trades and forget about it.

But it was a good entry. The entry was perfect even on the Elite and A-MACD setups on daily charts. And finally, this trade was also recommended in the OzFX forum for the day.

Trade Update - AUD/USD Short

The Trade: AUD/USD Short


Reason/Setup:
This trade was entered based on the price action play on the 4 our chart. In this setup, I do not use any indicator, and enter trade purely based on the price action. In this particular case, after a move up, the price had formed 3 consecutive lower closes. This indicated a trend reversal and I entered the pair short. The chart shows the candle where I entered and where the target was hit. It also indicates the stop ad target levels.

Trade Details:

• Date Entered: April 17 2008, 1pm
• Entry: 0.93533
• Lots: 10
• Stop Loss: 0.94066
  
• Target: 0.92966

• Date Closed: April 18 2008, 7:10am
  
• Result: Pair hit target point.
• Total Pips: +300
• Profit/Loss: $300
• Rating: 5

Comments:
As it always happens in my trades, as soon as I entered the trade, the pair started moving against me. Fortunately for me, this time my stop loss was big enough and the pair eventually reversed its trend and moved closer to hit my stop loss.