Pleased to say the last two trades closed with a nice profit and I've opened a new one based on the retracement to the 0.9000 area. I'll let the video speak for itself as I've also covered some of my thinking on how I manage running trades to lock my profits in.
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Tuesday 16 February 2010
AUDUSD 16 Feb 2010
I've added another trade to the existing position, which has some profit locked in now. We are close to a Resistance area but I felt it was worth looking for a run up to that level with the promise of a breakout above it.
There is some Support being created after the big run up to.8957 so this may appear to be risky but I have often found this to be profitable in the past.
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There is some Support being created after the big run up to.8957 so this may appear to be risky but I have often found this to be profitable in the past.
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Thursday 11 February 2010
Nice little winner....
A tidy 74 pip winner on the last AUDUSD trade and only a small position but while the market is still in flux there's no point being too aggressive.
I'll be looking to see if price can climb and hold above the Daily close at 0.8868 so, for now, I'll leave the pending Buy Stop in place.
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I'll be looking to see if price can climb and hold above the Daily close at 0.8868 so, for now, I'll leave the pending Buy Stop in place.
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Wednesday 10 February 2010
AUDUSD Trades 9/10 Feb 2010
Better late than never, here's an explanation of the last winning trade on this pair and an explanation of the pending orders currently in place.
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Friday 5 February 2010
USDCAD Short 5 Feb 2010
I won't bore you with the thinking on this one as it's all in the video.
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Thursday 4 February 2010
I forgot about this one
I've had this in my bookmarks for a while and tripped over it tonight. It should give you a chuckle, though.
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EURUSD 3 Feb 2010 (Closed)
Having seen a succession of Closes below the Potential Support line, it was time to get out and wait for NFP. This is the way I have normally controlled my exposure on long-term trades and until we have seen the way the market reacts to tomorrow's announcement it seemed sensible to pull the plug on this trade and re-focus after the dust has settled.
Historically, I've tended to ignore NFP on these types of trades and even taken small add-in ones when I feel I have an angle on where the market is heading. The key difference is that, last year, I had a clear idea of market direction and would normally be holding onto trades that had good profits already locked in. This one was different; not only was it in drawdown but there is still a negative bias on this pair and until the EEC decides on how to handle Greece's deficit, and those of the other small European nations, it might be a struggle to really discover where the market thinks the bottom has been hit.
The US economy seems to be showing signs of recovery and maybe the market feels that the appetite for risk is suffering from indigestion at the moment, but I'm certain that at some point this year the decline of the Dollar (long term) will rear its ugly head again; as always, it's the timing that's crucial.
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Historically, I've tended to ignore NFP on these types of trades and even taken small add-in ones when I feel I have an angle on where the market is heading. The key difference is that, last year, I had a clear idea of market direction and would normally be holding onto trades that had good profits already locked in. This one was different; not only was it in drawdown but there is still a negative bias on this pair and until the EEC decides on how to handle Greece's deficit, and those of the other small European nations, it might be a struggle to really discover where the market thinks the bottom has been hit.
The US economy seems to be showing signs of recovery and maybe the market feels that the appetite for risk is suffering from indigestion at the moment, but I'm certain that at some point this year the decline of the Dollar (long term) will rear its ugly head again; as always, it's the timing that's crucial.
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Wednesday 3 February 2010
EURUSD 3 Feb 2010
Having taken a break to clear my mind, I've come back to trading with fresh enthusiasm and will be relying on my old methodology.
This video should give you a clearer idea of where my strengths as a trader lie, rather than the ill-conceived scrambling around the 1-hr charts that overtook me during the Christmas period.
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This video should give you a clearer idea of where my strengths as a trader lie, rather than the ill-conceived scrambling around the 1-hr charts that overtook me during the Christmas period.
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