GBP/JPY trade:
Day/Swing trade
Long or Short: Short
Entry Point: 128.94
Profit Point: 127.70
Stop Loss: 129.25
Trade explanation: Proven to be an area of resistance in the past, I believe we should get a retrace before the daily uptrend is resumed. Stochastic is showing oversold and RSI is close.
Out of curiosity, are you planning on keeping the trade pass thanksgiving holiday? or closing everything before then?
Since your GBP/JPY got stopped out are you planning on re-entering around 129.7 to go short?
I had the tight stop because knowingly it still had room to move to the upside. I will probably wait for a better confirmation (candlestick formations, oversold RSI etc) before shorting again. Thanksgiving - Depends on the performance of the trade, I think the US is less of an issue right now than Europe. But I probably wont open any new trades past Thursday.
AUD/USD trade:
Day/Swing trade
Long or Short: Short
Entry Point: 1.0400
Profit Point: 1.0280
Stop Loss: 1.0460
Trade Explanation: Today’s RBA minutes failed to show anything of real interest other than that a December rate cut is a possibility. Thus, we have broken the upward trend and now the AUD/USD should continue south. I know this pair has been choppy at late, hence the SL is set just above last week’s high. I am going for a take profit of just under the weekly low from last week.
I have Uni exams this week so will be attempting to step away from the charts and focus on the books. I haven’t had a great start to my trading week but I will live to trade another day! I see a lot of setups forming but not a lot of confirmations, so maybe this is a good week to take a position of “not taking a position”. All my alarms have been set and I will look in once and a while, but for now good luck trading and to my US mates happy thanksgiving!
N.B. I am considering making my AUD/USD trade a position trade. Walking away and letting this one run for a while.
AUD/USD has been going down and should be going further. I got in at 1.041 and as of this morning I moved my SL to 1.039. Good luck with your exams and see you next week!
AUD/USD trade:
Day trade
Long or Short: Short
Entry Point: 1.03780
Profit Point: 1.0340
Stop Loss: 1.0395
Trade Explanation: My position on the AUD/USD hasn’t changed, I believe this pair is still heading downwards. It’s making new lows and lower highs which supports the downward movement but its taking a while to get there. Since I could have closed this trade for pips twice already and made some good pips. I’ve decided to enter a short again today at 1.0378 and I am going to close it at yesterday’s low of 1.0340 whilst holding on to my swing trade.
Two Aussie trades closed out for slight profit at 1.03737 (no losses on both trades). The AUD/USD really isn’t having much volatility this month and I am thinking that I will start taking profit at earlier levels (day trading) or just position trade a small position. I could have closed my first AUD/USD trade for around a 60% Return and still entered the market again at a similar level today. So no more swing trades of this pair!
Like you said maybe we should just start taking profit earlier. I took the original AUD/USD trade and closed it on the first low. I’m in EUR/AUD
Yeah but I prefer to swing trade but I guess we need to adapt in order to make some pips!
Ok, last trade of the week (probably) 
AUD/USD trade:
Day trade
Long or Short: Short
Entry Point: 1.0389
Profit Point: 1.0340
Stop Loss: 1.0410
Trade Explanation: Yes I am hopping back into this market but again my position remains the same, the AUD/USD is going down. Here’s my analysis: The pair just hit the top of the downtrend and we look to have a nice rising wedge on the 4 hour chart. In addition, Stochastic just hit oversold. Since I’ve consistently missed out on the good pips this week, I am going to go for the day trade and take profit at the 38.2% Fibonacci support level which also lines up with this weeks low. Wish me luck!
Rising wedge:
True, are you back in again on the AUD/USD? I’m in on the EUR/AUD band wagon and up about 28 pips so far. I might close it tomorrow depending on how things goes…
I am in the market on the AUD/USD but I am looking at this day chart and beginning to think I am on the wrong side of the market. On the daily chart it looks like that wedge I spotted could be a continuation of the uptrend. The fact that price has moved past the top of the downtrend (that supported my entry), has also gotten me nervous about the direction of this market. I am staying in the market for now but I will be considering close for a loss very soon if the market pushes higher in the London session. 1.0420 next minor resistance before 1.0450. If price beats that than its going for 1.05.
Nice catch buddy,it ended shooting up like a rocket.
Have a great weekend and well get back to it Monday!!
Weekly review - 19/11 to 24/11/2012 coming soon.
Not going to be pretty this week, my win rate was pretty poor and I chose to leave my AUD/USD trade open last night, so that’s an open loss accumulating position. The only positive note is that I was able to call the move before it happened. Lesson for the week, never forget to zoom out to the larger timeframes. Either way, my open position wont break the bank and given the Aussie has been stuck in a range for a while now, wouldn’t be surprised if dropped back below 1.04 again. I think Jabroni’s AUD/USD long trade maybe coming true after all.
Bitters signing off.
Hi Bittersea,
I’ve just started my trading journal with an aussie long breakout from the symmetrical triangle I saw on the daily, which is currently opposite your short bias. I’ve just updated my thread with my weekly update, and who knows, it just might yet break to the downside.
Best wishes.
John
Hi Bittersea,
I’ve just started my trading journal with an aussie long breakout from the symmetrical triangle I saw on the daily, which is currently opposite your short bias. I’ve just updated my thread with my weekly update, and who knows, it just might yet break to the downside.
Best wishes.
John
Hi John,
Nice catch! Yeah I spotted the same on the daily but after I had already entered my short position. Pays to zoom out to the larger timeframes. It may, the Aussie has been stuck in a tight range for a while now but I wouldn’t be surprised if keeps going either. Chinese data at the end of the week but be the deciding factor.
Bitters
Ok, 1st trade of the week!
EUR/USD trade:
Swing/Day trade
Long or Short: Short
Entry Point: 1.2969
Profit Point: 1.2765
Stop Loss: 1.2999
Risk Level: 3% of account
Trade Explanation: Previous support/resistance with oversold stochastic. Looking to take profit at the 1.2760 Fibonacci level.
SL moved the break even.
Stop loss triggered last night, I figured this would occur but decided to keep my SL at break even regardless. I am working on a system/strategy that I want to stick to moving forward. In hindsight, I probably moved my SL to break even too early and my entry was also late. Either way its not a problem, my focus is perfecting my system.
