Trader123's trading idea

[trader123]

EURGBP should continue to trade sideways

European data has turned downturn, UK data has continued to be weak, so EURGBP should continue to trade in range.

Daily stochastics is pointing up for EURGBP.

Bought 20,000 EURGBP at 0.7878
Stop level at 0.7820
Target level at 0.7950

Chart: Forex and Binary Trading: EURGBP should continue to trade sideways

[trader123]

The US Nonfarm Payroll report came in slightly better than analyst forecasts, with the Bureau of Labor Statistics reporting that payrolls fell by 51,000 jobs in July, above median estimates of a 75k drop.

This better than expected data has helped to support USDJPY.

USDJPY uptrend channel maintains, chances of it going back up to 108.00 at the middle of the channel is high.

I hold long position in USDJPY at 108.22, stop level at 107.20, target level at 111.00.

Trading is just like any other skill, it takes time and effort to learn this craft. If you think you can master the act of trading by just reading some books and attending some seminars, then you are in for a big disapointing. Practice is the key.

[trader123]

EURGBP strongly rebounds

U.K. pound fell against the euro for a third day and dropped versus the dollar.

The pound had its biggest weekly drop against the dollar last week since mid-June as manufacturing business shrank by the most in a decade, adding to evidence a recession is looming.

The faltering economy will weaken the pound to $1.90 and to 80 pence per euro by year-end, according to the median forecast of analysts and strategists surveyed by Bloomberg. The yield on the 10-year note will end the year at 4.87 percent, according to a separate survey.

Last Friday I had bought 20,000 EURGBP at 0.7878, stop level at 0.7820, target level at 0.7950. Current rate is 0.7916, unrealised profit is US$141.48.

[trader123]

AUDUSD looks oversold

Techically AUDUSD looks oversold based on stochastics, with good support at around 0.9300.

Short term chart shows that AUDUSD is picking up from a base of 0.9280.

Market expects Reserve Bank of Australia to keep its benchmarket rate at 7.25% tomorrow. I predict RBA to keep interest rate the same. So I expect AUDUSD to move higher after the announcement.

Bought 20,000 AUDUSD at 0.9334
Stop level at 0.9260
Target level at 0.9450

[trader123]

Originally Posted by trader123

EURGBP strongly rebounds

U.K. pound fell against the euro for a third day and dropped versus the dollar.

The pound had its biggest weekly drop against the dollar last week since mid-June as manufacturing business shrank by the most in a decade, adding to evidence a recession is looming.

The faltering economy will weaken the pound to $1.90 and to 80 pence per euro by year-end, according to the median forecast of analysts and strategists surveyed by Bloomberg. The yield on the 10-year note will end the year at 4.87 percent, according to a separate survey.

Last Friday I had bought 20,000 EURGBP at 0.7878, stop level at 0.7820, target level at 0.7950. Current rate is 0.7916, unrealised profit is US$141.48.

Last Friday I had bought 20,000 EURGBP at 0.7878, stop level at 0.7820, target level at 0.7950.

EURGBP moves up after I had bought this currency pairs. But EURGBP uptrends look weak and looks like its going down further. Took profit at 0.7922, realised profit is US$166.89.

I believe EURGBP sideway trading will continue, so I will be interest to trade EURGBP again if it moves nearer to the support level 0.7840 or resistance level 0.8020.

[trader123]

[quote=trader123;60415]AUDUSD looks oversold

Techically AUDUSD looks oversold based on stochastics, with good support at around 0.9300.

Short term chart shows that AUDUSD is picking up from a base of 0.9280.

Market expects Reserve Bank of Australia to keep its benchmarket rate at 7.25% tomorrow. I predict RBA to keep interest rate the same. So I expect AUDUSD to move higher after the announcement.

Bought 20,000 AUDUSD at 0.9334
Stop level at 0.9260
Target level at 0.9450

Yesterday I had bought 20,000 AUDUSD at 0.9334, stop level at 0.9260, target level at 0.9450.

Crude oil price has plunged last night pulling AUDUSD lower. After RBA announced interest rate unchanged, AUDUSD plunged and hit my stop.

Realised loss is US$148.00.

[trader123]

[quote=trader123;60114]The US Nonfarm Payroll report came in slightly better than analyst forecasts, with the Bureau of Labor Statistics reporting that payrolls fell by 51,000 jobs in July, above median estimates of a 75k drop.

This better than expected data has helped to support USDJPY.

USDJPY uptrend channel maintains, chances of it going back up to 108.00 at the middle of the channel is high.

I hold long position in USDJPY at 108.22, stop level at 107.20, target level at 111.00.

Trading is just like any other skill, it takes time and effort to learn this craft. If you think you can master the act of trading by just reading some books and attending some seminars, then you are in for a big disapointing. Practice is the key.

I had long position in USDJPY at 108.22, stop level at 107.20, target level at 111.00.

Strong resistance at 108.30 prevents USDJPY from moving up higher, so decide to take profit. Realised profit is US$73.01.

[trader123]

My Trading System

The key word for my trading strategy is back-testing. If back-testing result shows that this indicator has proven to be successful and profitable, I will be interested to use this indicator in my trading.

Previously I have done back-testing based on 2 years period. I had used the indicators for my trading and this system had helped me to double my account balance. But the success rate has fallen for the past few weeeks, so I decide to improve my system.

This time I had done back-testing based on 1 year period as well. I will enter a trade only when both 1 year indicator and 2 year indicator are pointing in the same signal (buy or sell).

Currencies Pairs : Indicator for 1 year / Indicator for 2 year
USDJPY : Parabolic / MACD
USDCHF : Stochastics / Stochastics
USDCAD : Comm Channel / Parabolic
AUDUSD : Bollinger / Bollinger
EURGBP : Stochastics / Comm Channel
NZDUSD :Comm Channel / Bollinger

I had used ForexYard platform for my own trading, I had only done my testing on currencies pairs that have spreads of 4 pips or less. If you are interested to ask me to do testing for other currency pairs, send an email to me at metal.commodity@gmail.com.

[trader123]

Two indicators signal buy for USDJPY

Two of the proven indicator for USDJPY is Parabolic and MACD, currently both indicators are signalling buy.

But I have to warn my readers that FOMC is going to announce their interest rate decision at 18.15 GMT Time, so we have to expect volatility.

Bought 20,000 USDJPY at 107.86
Stop level at 107.00
Target level at 108.60

[trader123]

Originally Posted by trader123

Two indicators signal buy for USDJPY

Two of the proven indicator for USDJPY is Parabolic and MACD, currently both indicators are signalling buy.

But I have to warn my readers that FOMC is going to announce their interest rate decision at 18.15 GMT Time, so we have to expect volatility.

Bought 20,000 USDJPY at 107.86
Stop level at 107.00
Target level at 108.60

Target level 108.60 is reached, profit is US$136.