Trader123's trading idea

EUR/JPY went below 167, so my limit order to buy back at 167 was filled. My realised profit is US$430.22.

Resistance for gold is at $935, indicator showing sell signal.

Shorted 1 lot of gold at 932.50.
Place a GTC stop at $937
Target level at $922
Value of 1 point is US$100

Gold price goes below $922, so my position is closed off at a profit. Realised profit is US$1050.

My indicator is still signaled sell for EUR/JPY on the daily chart, and hourly chart is showing that EUR/JPY is getting overbought at the moment.

Shorted 50,000 EUR/JPY at 167.07
Place a GTC stop at 167.90
Target level at 165.90

Yesterday I had shorted 50,000 EUR/JPY at 167.07, place a GTC stop at 167.90, target level at 165.90.

Reason for my bullishness in JPY is the fear factor. With bad news coming up in the financial market, this creates fear. And when fear builds up, this strengthens JPY.

Currently EUR/JPY is trading at 167.13
Unrealised loss is US$38.48

Support level at 166.17 is very strong, so I decide to take profit first.

Closed off position at 166.36
Realised profit is US$331.06

My indicator is showing buy signal. US dollar has strengthened across the board. Strong support at 1.0140 on the 10 min chart.

Bought 100,000 USD/CHF at 1.0166
Place a stop at 1.0120
Target level at 1.0215

USD/CHF went to 1.0215 so my position was closed at a profit. Realised profit is US$479.69.

I am interested to buy USD/CHF again if it falls lower as my indicator is still signaling a buy.

Strong support at 1.0140 on the 10 min chart, USDCHF moves down again.

Bought 100,000 USD/CHF again at 1.0154
Stop level at 1.0120
Target level at 1.0215

Looking at the bid on 4 charts, Oanda, NF, Alpari & CMS none of
these made 1.0215.

My order was indeed sold at 1.0215, see here:
Binary Trading: My trading account is up 102%

Yep sure “looks” that way. :lmao:

Yesterday I bought 100,000 USD/CHF again at 1.0154, stop level at 1.0120, target level at 1.0215.

USD/CHF goes above 1/0215, so my position is closed at a profit. Realised gain is US$606.16.

Strong support at 1.0140 on the 10 min chart.
USDCHF moves down again represents good opportunity to buy again.

Bought 100,000 USD/CHF the 3rd time this week, this time at 1.0153
Stop level at 1.0120
Target level at 1.0200

Fundamentally I think high yield currencies have gone up too far, they should peak temporary this week.

My daily indicator has signaled sell for NZD/USD, I have been waiting the whole day for the hourly chart to signal sell. Finally after 5 hours wait, its here.

Shorted 100,000 NZD/USD at 0.7605
Stop loss at 0.7645
Target level at 0.7570

A picture means a thousand wordshere: Binary Trading: Shorted 100,000 NZD/USD at 0.7605

Hedging my forex position using binary options:

Non-farm payroll (NFP) number is being released today at the exact same time that ECB President Trichet begins his press conference, which means that we could see unusual volatility at the morning of US hours. The ECB press conference and the Non-farm payroll report will either neutralize each other or be a toxic combination for the US dollar.

Trading the Non-farm payroll is usually very difficult given the inherent volatility of the currency pair but given the 2 big event risks � the ECB rate decision and the NFP release.

The market currently expects a bad number, so a negative non-farm payrolls report will not be enough of a surprise. The current forecast calls for 60k jobs to be shaved off US payrolls. If payrolls come any where near -90k, the dollar would collapse against the Euro as the market questions the viability of a 2008 rate hike by the Federal Reserve. If payrolls on the other hand are better than -40k, it suggests that the labor market is bad but not as bad as everyone may have feared, which would be dollar positive.

Currently I am holding 2 forex positions:

  1. Shorted 100,000 NZD/USD at 0.7605, stop at 0.7645, target level at 0.7570.
    Current price is 0.7604, unrealised gain is US$6.

  2. Bought 100,000 USD/CHF at 1.0154, stop at 1.0120, target level at 1.0200.
    Current price is 1.0159, unrealised gain is US$58.22.

Since I do not know the outcome Non-farm payroll and the ECB press conference, there are a few ways to reduce my risk:
a) I can close my positions before the announcement can miss out the opportunity to profit when my initial view is correct.
b) I can adjust my stop closer to my cost level but the great volatility from post NFP announcement can easily trigger stop to my positions.
c) I can hedge my position using binary options.

  1. Since I had shorted NZD/USD, I had bought Over for the binary option. So this means that in the situation that NZD/USD rises, I lost money from my convention forex position, at least I still win some money from my binary option.

I had bought US$80 for NZD/USD Over trade for Daily expiration, strike price is 0.7649, odds is 3. This means if NZD/USD goes above 0.7649 by 5am China time, I will win US$240. If not I will lose US$80, but I may gain much more from my forex position.

  1. I had done the same for USD/CHF. Since I had bought NZD/USD, I had bought US$80 Under for the binary option. So this means that in the situation that USD/CHF falls, I lost money from my convention forex position, at least I still win some money from my binary option.

I had bought US$80 for USD/CHF Under trade for Daily expiration, strike price is 1.014, odds is 1.78. This means if USD/CHF goes below 1.014 by 5am China time, I will win US$142.40. If not I will lose US$80, but again I may gain much more from my forex position.

Yesterday I had bought 100,000 USD/CHF at 1.0153, stop level at 1.0120, target level at 1.0200.

USDCHF goes below 1.0120, so my position was stopped out. Realised loss is US$326.97.

Today I had bought US$80 for USD/CHF Under trade for Daily expiration, strike price is 1.014, odds is 1.78. This means if USD/CHF goes below 1.014 by 5am China time, I will win US$142.40. If not I will lose US$80.

This option is meant to hedge my USDCHF position. Since my USDCHF is stopped out, now I hope that this option will be a winning trade to cover some of my losses.

Yesterday I had shorted 100,000 NZD/USD at 0.7605, stop loss at 0.7645, target level at 0.7570. Details here.

NZD/USD goes below 0.7570 after announcement of job data, so my position is closed at a profit. Realised gain is US$350.

My indicator showing sell signal today.
Fear factor in the market will continue to strengthen JPY.

Hourly chart showing overbought region, so I think its time to short this pair.

Shorted 100,000 EURJPY at 167.69
Stop level at 168.62
Target level at 166.50

I do apologize for being rude to you earlier. I’ve been following the trades you make, and you clearly have a good edge on the market. I read your blog profile and you have some impressive experience with trading, and I don’t think anybody could fault you for your grasp of risk managment. I kind of misunderstood the purpose of your binary trading platform, I do see it’s potential for controlling risk and playing volatility.

So that said, I hope you keep posting here. If you have some extra time to talk about your indicator(s), even in a summarized manner, that’d be great too.