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

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