Trade Update - EUR/JPY Short CLOSED

Update 05-06-08 6:15 am:
I was finally right one at least one trade. The pair did fluctuate a little bit, but it finally managed to slowly move down and hit my target. A winning trade at last. Gives me some hope.


Trade Result:
Date: 05-06-08 6:15 am
Result: Pair hit target
Total Pips: +300
Profit/Loss: $287.96
Rating: 5

Update 05-05-08 5:40 pm:
Now the Elite setup on H1 now signals a buy on this pair. I am wondering if I should go long and hedge this pair since the signal is a valid one.

Reason/Setup:
Once again I entered this trade. I have been flip flopping on this pair the last couple of days, and every time I have managed to get on the wrong side of the trade. This time around, I entered this trade based on the OzFX setup on 4 hour chart. But I still have some apprehension about this trade. While the indicators point to a move down, the price action says otherwise. Previously when I entered trade like that, I got burnt.

The OzFX forum has also recommended this trade on the long side. The long term trend is for a move higher, so I am against the main trend. Considering all of that, I have entered with just 5 lots, so if I am wrong, I wont lose much. So lets see how the trade progress.

I have the stop 50 pips away just above the last resistance level and the target is 60 pips away.


Trade Details:
Date: 05-05-08 5:30 pm
Entry: 162.642
Lots: 5
Stop Loss: 163.142
Target: 162.042

Trade Update - GBP/USD Long CLOSED

Update 05-05-08 11:30 pm:
Once again I entered the trade right at the end of the trend. I don't think I know what exactly I am doing wrong here. I followed the setups and the signals. Yes I did enter it one candle early, but I would have still entered the trade the next candle due to a valid signal and still would have gotten stopped out.


Trade Result:
Date: 05-05-08 11:30 pm
Result: Pair got stopped out.
Total Pips: -300
Profit/Loss: $300
Rating: 4

Reason/Setup:
Entered this trade based on Elite setup on 1 hour chart. One could argue that I was too early in entering this trade as I did not wait for for a new candle before entering to confirm trend. But entering right when the moving averages cross allows me most room for my stop and target point. Whether its premature or not, only time will tell. As of now, I wouldn't rate this as a high probability trade, so the rating is just 3.5

Again since this is based on H1, I am also going to have a time based stop of 5 hours. If this pair doesn't do anything by 9pm, I will manually close this trade.


Trade Details:
Date: 05/05/08 4:10 pm
Entry: 1.97415
Lots: 10
Stop Loss: 1.97115
Target: 1.97715

Trade Update - EUR/JPY Short CLOSED

Update 05-05-08 2:30 pm:
Guess what? Soon after I entered this trade short, it started moving up again. And too bad I closed my previous long trades as the pair would not have hit the stop and would not be close to break even. Just not getting it right for this pair. So I am going to star away for a while.


Trade Results:
Date: May 05 2008 2:30 pm
Total Pips: -300
Profit/Loss: $300
Rating: 4

Reason/Setup:
This trade was signaled by multiple setups, both on 1 hour chart. On the OzFX setup, the price action shows good volume and the stoch is below the 0 line and heading down. And on the Elite setup, the 3 EMA has just crossed below the 34 SMA indicating a potential move down.

I did enter this trade towards the end of the candle instead of waiting until the next candle. This could prove to be a premature move. Lets see.

I am also going to try something different from this trade on. ON top of the normal stops, I am also going to have a timed stops for my trades especially the ones on lower time frames. So for this trade, I will be closing it in 4 hours if it doesn't move in my direction.



Trade Details:
Date: May 05 2008, 11:45 am
Entry: 162.326
Lots: 10
Stop Loss: 162.626
Target: 162.026

Trade Update - CHF/JPY Short CLOSED

Update 05-06-08 7:00 am:
I was premature in entering this trade. I did not wait for the trend to be confirmed, and ended up entering at the lower end of the candle. Had I wanted until the next candle for entry when the actual signal would have been given, I might have probably hit my target.


Trade Results:
Date: May 06 2008, 1:30 am
Result: Pair hit stop.
Total Pips: -350
Profit/Loss: $341.21
Rating: 3

Reason/Setup:
I had previously entered this trade on the long side. After the pair hit my target, it reversed and has given me a sell signal on the Elite setup. This signal is based on the 1 hour chart, and the longer time frame also indicate a move down.

I am however a little skeptical on how good this signal is. But its still a valid signal, and the entry was good. The stop is placed close to the previous resistance line and its also on one of the fib levels. Target is 30 pips away since its based on the 1 hour chart.


Trade Details:
Date: May 05 2008, 7:20 am
Entry: 99.63
Lots: 10
Stop Loss: 99.98
Target: 99.33

Trade Update - EUR/USD Long CLOSED

Update 05-05-08 7:00 am:
It was a good trade to enter. Price did show some fluctuation, but it continued to steadily move up and hit my target. This trade was ideal because of the low risk. The stop was just 22 pips away and was placed on a prior support/resistance level. This is the kind of trade I need to do more often.


Trade Results:
Date: 05-05-08 1:45 am
Result: Pair hit target.
Total Pips: +395
Profit/Loss: $395
Rating: 5

Reason/Setup:
Entered based on Elite setup on 1 hour chart. 3 EMA just crossing above the 34 SMA. Could be either a perfect entry or premature entry depending on how the trade goes. But considering the trend has been for an upward consolidation, I have setup a 40 pip target and a 22 pip stop at one of the prior support/resistance levels.

Trade Details:
Date: 05-04-08 6:40 pm
Entry: 1.54585
Lots: 10
Stop Loss: 1.54357
Target: 1.5498

Trade Update - CHF/JPY Long CLOSED

Update 05-05-08 7:00 am:
I thought this trade wasn't a high probability trade. But it did end up in my favor. The charts show that it wasn't the best trade to enter, and I was lucky it went in my direction. On the Elite setup, we see the CCI is showing an anemic market. I should have stayed away from this trade. The same can be seen from the OzFX chart.



Trade Results:
Date: 05-05-08 2:15 am
Result: Pair hit target
Total Pips: +300
Profit/Loss: $287.65
Rating: 3

Reason/Setup:
Signaled by both the Elite setup and OzFX setup on1 hour chart. Little late with the entry on both.

On the Elite setup, the price action seem to be sideways, so this might be a possible upside breakout. On the OzFX setup it seems like a weak rally to the upside. The long term trend for this pair is down. So I need to get out of this trade fast.



Trade Details:
Date: 05-02-08 12:20 pm
Entry: 99.74
Lots: 10
Stop Loss: 99.44
Target: 100.04

Trade Update - EUR/CHF Short CLOSED

Update 05-02-08 2:00 pm:
Both the price action and indicator suggested its a good trade to enter. But once again the candle I entered was the last down candle, and the pair soon reversed direction and headed up. Entering the trade early would not have changed the outcome either. So it looks like for a valid signal, I have to wait until the Stoch crosses the 0 line before entering.


Trade Results:
Date: 05-02-08 1:50 pm
Result: Pair hit stop.
Total Pips: -348
Profit/Loss: $329.11
Rating: 4.5

Reason/Setup:
Entered based on OzFX setup on 1 hour chart. The price action shows multiple red candles. The AC has shown multiple red bars, and now the AO has turned red. The stoch is moving down from oversold and the lines are wide.

The only point of concern is that one of the candles is a "Doji". This indicated that there is no clear direction for the price to move and the players are undecided on the direction. But we have had 2 low candles following that. I had also entered this trade a big late. I entered close to the end of the candle, and missed close to a 12 pip move.


Trade Details:
Date: 05-02-08 11:40 am
Entry: 1.62743
Lots: 10
Stop Loss: 1.63091
Target: 1.62443