Monday 24 Jan
My filter returned 8 out of 12 pairs as potential trend following trades this morning
I have reduced this by taking out those which have already moved to the potential of their with trend move for the break out (usd chf, eur chf, eur gbp and eur jpy)
which has left me with four candidates
I am watching for entries as follows (stop level in brackets, if entry trigger printed
cable Long 1.59 65 to 1.60 10 (1.59 50)
euro Long 1.35 95 to 1.37 80 (1.35 80)
gbp jpy Long 132.10 to 132.70 (131.90)
nzd usd Short .75 80 to .75 40 (.76 00)
There is an alternative scenario, given the large up wave (euro) on Friday, that we have a big retrace on the London Open before building up again, I will therefore be very careful that I have a sound reason to take a long position as opposed to short att the levels indicated)
My filter returned 8 out of 12 pairs as potential trend following trades this morning
I have reduced this by taking out those which have already moved to the potential of their with trend move for the break out (usd chf, eur chf, eur gbp and eur jpy)
which has left me with four candidates
I am watching for entries as follows (stop level in brackets, if entry trigger printed
cable Long 1.59 65 to 1.60 10 (1.59 50)
euro Long 1.35 95 to 1.37 80 (1.35 80)
gbp jpy Long 132.10 to 132.70 (131.90)
nzd usd Short .75 80 to .75 40 (.76 00)
There is an alternative scenario, given the large up wave (euro) on Friday, that we have a big retrace on the London Open before building up again, I will therefore be very careful that I have a sound reason to take a long position as opposed to short att the levels indicated)
Re: Monday 24 Jan
I have taken euro @ 1.3590 with a 15 pip stop, on the break of the 5min inside bar at the red vertical line. However, having seen a rally it has now retraced and seems to be aligning with my second scenario, so I fully expect to be stopped out for a loss this morning
I did not get either of my criteria to move my stop up to breakeven (+20 pips or 5min candle low hold above entry level), so will incur a loss rather than the usual break even
I have taken euro @ 1.3590 with a 15 pip stop, on the break of the 5min inside bar at the red vertical line. However, having seen a rally it has now retraced and seems to be aligning with my second scenario, so I fully expect to be stopped out for a loss this morning
I did not get either of my criteria to move my stop up to breakeven (+20 pips or 5min candle low hold above entry level), so will incur a loss rather than the usual break even
Attachments
Re: usd cad Daily short (shooting star)
Stopped out for -55 pips
I didn't see any opportunity to move my stop to break even on this trade, despite dipping into profit a number of times last week
Stopped out for -55 pips
I didn't see any opportunity to move my stop to break even on this trade, despite dipping into profit a number of times last week
tues feb 1st
this morning I am watching for usd weakness, potential long on
cable
aussie
short on swissie
and gbp strength on gbp jpy
as a matter of note, yesterday I was looking at three pairs, but none of them met any entry criteria so I didnt take anything
this morning I am watching for usd weakness, potential long on
cable
aussie
short on swissie
and gbp strength on gbp jpy
as a matter of note, yesterday I was looking at three pairs, but none of them met any entry criteria so I didnt take anything
Re: tues feb 1st
1.3140 1.31 25 gpb jpy
1.60 50 1.60 25 gbp usd
1H charts attached
potential 'reaction' levels for long entries
1.3140 1.31 25 gpb jpy
1.60 50 1.60 25 gbp usd
1H charts attached
Attachments
USD CHF potential long
both of my trends (Daily and 4 hourly) are short, so I am looking for short positions
However, Jason (Triple Thread Trading) has identified a potential counter trend trade on this pair for this week
I have taken the 4H hammer printed yesterday, currently in a losing position, but if it marks the start of a trend change for this pair, the risk reward profile is excellent
both of my trends (Daily and 4 hourly) are short, so I am looking for short positions
However, Jason (Triple Thread Trading) has identified a potential counter trend trade on this pair for this week
I have taken the 4H hammer printed yesterday, currently in a losing position, but if it marks the start of a trend change for this pair, the risk reward profile is excellent
Attachments
Re: tues feb 1st
gbp jpy entered @ 1.31 50, stopped out for -50 (went to -57 before news) with 1.31 75 as the high afterwards. an entry @ 1.31 25 would have been better with the benefit of hindsight, but this strategy is supposed to see me out of the trade by 8:30, so this one was a great failure all round
gbp usd entered at 1.60 50 with a 30 pip risk, only saw -1 draw down before news announcement (gave potential +90) I moved my stop to +50, and this has just been hit, so I am net flat today
gbp jpy entered @ 1.31 50, stopped out for -50 (went to -57 before news) with 1.31 75 as the high afterwards. an entry @ 1.31 25 would have been better with the benefit of hindsight, but this strategy is supposed to see me out of the trade by 8:30, so this one was a great failure all round
gbp usd entered at 1.60 50 with a 30 pip risk, only saw -1 draw down before news announcement (gave potential +90) I moved my stop to +50, and this has just been hit, so I am net flat today
Wed Feb 2nd
Of the 6 pairs returned from my filter, I have taken a long position on eur jpy
the hourly chart is showing former resistance has turned in to support for the asian session, also the 61.8% retracement of the previous down move (if it has got through the 50% and 61.8% fib levels I don't expect it to turn back down)
The 15m (and 5m chart) give a tight stop at their recent support level of 112.75 (-15 pips)
Of the 6 pairs returned from my filter, I have taken a long position on eur jpy
the hourly chart is showing former resistance has turned in to support for the asian session, also the 61.8% retracement of the previous down move (if it has got through the 50% and 61.8% fib levels I don't expect it to turn back down)
The 15m (and 5m chart) give a tight stop at their recent support level of 112.75 (-15 pips)
Attachments
aud usd 15m set up to strong up trend
My daily and 4H trends are long, the 1H and below are also long
In an attempt to get into this stream of risk appetite, I have identified a 15m candle which has hammer like qualities
lets see if it is luckier than eur jpy earlier
my aim is to move to break even if I get to a positive 20pips (risk reward of 1:1 with this trade and then trail my stop higher)
My daily and 4H trends are long, the 1H and below are also long
In an attempt to get into this stream of risk appetite, I have identified a 15m candle which has hammer like qualities
lets see if it is luckier than eur jpy earlier
my aim is to move to break even if I get to a positive 20pips (risk reward of 1:1 with this trade and then trail my stop higher)
Attachments
Re: Thursday 3rd February
cable Long @ 1.62 00 (stop -15, now to break even)
eur gpb Short @ 0.85 10 (stop -20)
Entry levels not seen. High risk strategy traded breakouts on £ pairs
cable Long @ 1.62 00 (stop -15, now to break even)
eur gpb Short @ 0.85 10 (stop -20)
Attachments
Re: Thursday 3rd February
I moved my eur gbp stop to break even ahead of the news, it was hit by about 3 pips before sailing off in my intended direction 2 minutes ahead of the official release time!
Fortunately my cable trade just missed taking itself out at break even, so I am hoping for a +100 pip trade from it
I moved my eur gbp stop to break even ahead of the news, it was hit by about 3 pips before sailing off in my intended direction 2 minutes ahead of the official release time!
Fortunately my cable trade just missed taking itself out at break even, so I am hoping for a +100 pip trade from it
Re: Thursday 3rd February
Cable now also stopped out for break even (saw +50 pips at max)
Cable now also stopped out for break even (saw +50 pips at max)
Fri 4th Feb
My filter returned 4 pairs for this morning, 2 of which are short euro
usd chf Long
eur gbp Short
eur jpy Short
aus jpy Long
I ruled out the ozzie, as it is at the top of an 'up wave', on the 4H chart and may be about to retrace
The eur gbp is trading in a nice Asian range, and I have taken the break to the short side with a 25 pip stop
My filter returned 4 pairs for this morning, 2 of which are short euro
usd chf Long
eur gbp Short
eur jpy Short
aus jpy Long
I ruled out the ozzie, as it is at the top of an 'up wave', on the 4H chart and may be about to retrace
The eur gbp is trading in a nice Asian range, and I have taken the break to the short side with a 25 pip stop
Attachments
Tues Feb 1th '11
My filter returned 5 potential pairs for the asian break out
usd jpy Long
eur jpy Long
gbp jpy Long
nzd usd Short
aud jpy Long
from the 4H and 1H charts (and 5min)
I noticed on the 5min eur and gbp jpy pairs an ascending channel had formed, so I attemtped to trade both of these, when a candle that indicated lower prices (at the bottom of the channel) were being rejected
I got these on both pairs (highlighted) and traded them on both pairs (orders opened at red vertical lines). Both now have stops moved to bread even (eur was 15pip stop and gbp was 20, both being 1 pip or so below the low of my 'trigger' candles)
My filter returned 5 potential pairs for the asian break out
usd jpy Long
eur jpy Long
gbp jpy Long
nzd usd Short
aud jpy Long
from the 4H and 1H charts (and 5min)
I noticed on the 5min eur and gbp jpy pairs an ascending channel had formed, so I attemtped to trade both of these, when a candle that indicated lower prices (at the bottom of the channel) were being rejected
I got these on both pairs (highlighted) and traded them on both pairs (orders opened at red vertical lines). Both now have stops moved to bread even (eur was 15pip stop and gbp was 20, both being 1 pip or so below the low of my 'trigger' candles)
Attachments
Re: Tues Feb 1th '11
UK news took break even for gbp jpy (had seen a max of +75) and eur jpy for +28 (trailing stop, had seen +52)
Obviously with hind sight I should have got out at the 'top' before the news release, but still one profit and one break even is better than al break even or a loss
UK news took break even for gbp jpy (had seen a max of +75) and eur jpy for +28 (trailing stop, had seen +52)
Obviously with hind sight I should have got out at the 'top' before the news release, but still one profit and one break even is better than al break even or a loss
