One Trade a Week

[isatrader]

tradeAweek the AUDUSD finally hit your target of 1.0820 so you are short. Here's the full trade details:

Trade Details:
AUDUSD (FX:AUDUSD)
Direction: Short
Entry: 1.0820
Stop: 1.092
Target: 1.032

Percentage Risk: 0.92% (-1.03% ATR Adjusted)
Target Gain: 4.84% (5.46% ATR Adjusted)

Risk Ratio: 5.24

Daily ATR(200): 0.0096 (0.89%)
Weekly ATR(52): 0.0296 (2.74%)

ATR Targets
-1x ATR: 1.0916
1x ATR: 1.0724
1.5x ATR: 1.0676
2x ATR: 1.0628

Good luck

 

[tradeAweek]

Thank you isa.

Strong correlation in all risk assets - Silver, Gold, AUDUSD, SPX. Seems like a corrective rally and could end very soon, before the end of the day or early tomorrow (IMHO of course).

 

[isatrader]

Positions Update

Evening everyone. It's been a very good day for a few people in the group. TradeTheEasyWay's silver trade reached a high of 38.82 today, so that's just 8 points from his target. But at the current price he's still got a record percentage gain in the group of 3.15% ATR adjusted, but that's not banked yet. So we'll see if it can get any higher in the next few days. Another strong performer is CityTrader90 whose USDCAD trade is doing well and Pat nailed the low tick of the day to exit his ITV trade. Keep it up everyone.

Attached is the positions update spreadsheet

 

[Canto1922]

Hope you're enjoying your new Mac Isa. I was a loyal Mac user until about 10 years ago when I got tired of running very slow virtual Windows software & translators etc & moved to PC. I'm sure it's all very different these days but tempting as it is, I can't face switching back.

Holding on to Palladium ETF for now - see what tomorrow brings! Thanks for keeping this great thread going.

 

[isatrader]

Hope you're enjoying your new Mac Isa. I was a loyal Mac user until about 10 years ago when I got tired of running very slow virtual Windows software & translators etc & moved to PC. I'm sure it's all very different these days but tempting as it is, I can't face switching back.

Holding on to Palladium ETF for now - see what tomorrow brings! Thanks for keeping this great thread going.

Thanks Canto, I'm glad you're enjoying the thread. I think the group is a really good mix at the moment.

I haven't had a chance to enjoy the new iMac yet as am flat out with my design work for a council magazine I do. So just got it up and running today and have started loading my software. But is very pleasing to the eye and I have to have it for my work as all designers use macs although they don't necessarily have to anymore, as you can get the software on a PC these days, but is a preference in the industry to use macs and I need to be able to share files. Generally most print designers are PC haters and web designers are generally mac haters. You can guess which side I'm on by my recent purchase. :cheesy:

 

[TradeTheEasyWay]

HI Guys,

I seem to be counter here to a few of you. The US$ index has had 2 lower closes this week including a rev bar so I think metals and oil will run - S&P is looking bullish. I don't think the US$ can climb here but Mr Market will show their hand tomorrow.

BIG day tomorrow with US & UK trade balance so tomorrow is key.

Good luck Guys.

Mike

 

[isatrader]

Good video as always Mike. I'm definitely on the other side of it this week though as I'm well in the bear camp on the majority of my trades. The dollar looks like the key to me, so am watching carefully as the negotiations between the US and China could change the dynamic on that as the Chinese are going to be none to happy about the recent collapse in the dollar so could be interesting. Plus am watching gold as seems to be stalling at the 50% retracement level around 1520.

 

[isatrader]

Morning everyone. Mike your silver trade has reached your target of 38.9 so here's the closing trade details:

Closing Trade

Silver (July Contract)
Direction: Long
Entry: 35.28
Exit: 38.9

Percentage Gain: 10.26%

ATR Adjusted Percentage Gain: 3.55%

Trade Grade: A+

Well done Mike, an excellent trade :clap:

 

[TradeTheEasyWay]

Thanks, I had to rebuild my rating in this thread with a few trades that didn't work out in the time limit or didn't get filled.

A lot of my weekly positions are taken after the Monday close to get direction for the week so I've struggled recently in my postings as a result.

Good luck everyone.

Mike

 

[isatrader]

Thanks, I had to rebuild my rating in this thread with a few trades that didn't work out in the time limit or didn't get filled.

A lot of my weekly positions are taken after the Monday close to get direction for the week so I've struggled recently in my postings as a result.

Good luck everyone.

Mike

I noticed you'd gone for more volatile picks the last few weeks or so, but this weeks gain brings you back up to +0.68% for this quarter and you finished last quarter at +3.91% so you are doing very well overall still as your draw downs are always small. I've also noticed that you've stopped picking currencies lately as your weekly pick, but that was where I thought you were most successful last quarter. Any reason for the change?

 

[isatrader]

Gold looks like it's making it's move I mentioned yesterday. Hopefully this can drag my Palladium pick down with it to get the win this week.

Attached 2 hour chart showing the bearish wedge to the 50% fib level

 

[isatrader]

Positions Update

A quick positions update for everyone. Some really strong gains this week so far but is going to be hard to catch Mikes closed silver trade. I've attached the spreadsheet and the thumbnails. Look at Gold and Silver. In the words of SlipperyC on many occasions. T.I.M.B.E.R

 

[SlipperyC]

Go Mike!

 

[TradeTheEasyWay]

I trade oil and currencies every day and swing trade UK & US stocks but if I'm going to trade currencies here I want a really great set up at the weekend and so often currencies set up well after the mid week data announcements. It's like the euro now, it's a brilliant short on a pull back, made a weeks money on oil and eurjpy / audjpy shorts today and of course the climactic break up in gbpusd after Merv spoke this morning. But come the weekend we will be mid move in the euro and I just don't enter mid move.

Mike

 

[isatrader]

Fair enough. That is the point of the thread after all, to find high conviction set ups so if it isn't there at the weekend then you won't trade it. I think from a selfish point of view that I was enjoying following yours and chilltraders currency trades each week as I don't trade forex myself but was finding them a good education on the subject and was starting to get a feel for the set ups and trade management. I guess I'll have to take your forex course one day once I want to dip my toe in that area.

 

[isatrader]

Big move down in the AUDUSD tradeAweek after the bad jobs data just out in Oz. Looks like Mike might have some competition for the win this week after all as you're currently up 2.28% ATR adjusted.

 

[tradeAweek]

So far so good. Moving stop to today's high at 1.0712

 

[isatrader]

So far so good. Moving stop to today's high at 1.0712

Ok, no worries I'll update it for you. FYI to beat Mikes 3.55% ATR adjusted gain you need to close at or below 1.0489

 

[tradeAweek]

@isatrader,

I don't trade Palladium. But I was curious and did my wave analysis to determine where it's possibly headed. I have attached my weekly and daily wave counts for amusement .Near team, I believe 697 is support. If broken, 640 could be the next support. Long term, I believe we will see a new high over 860 before end of year.

 

[isatrader]

@isatrader,

I don't trade Palladium. But I was curious and did my wave analysis to determine where it's possibly headed. I have attached my weekly and daily wave counts for amusement .Near team, I believe 697 is support. If broken, 640 could be the next support. Long term, I believe we will see a new high over 860 before end of year.

Thanks tradeAweek. You could be right, but I hope you are wrong in the short term as I think this has a good chance of retesting the 550 breakout level in the next few months which would make me a tidy profit I added to my position on this by shorting Gold over night from 1504.5 when it retested the broken support. So just closed that for a nice 1.02% ATR adjusted profit which was a good start to the day.