SL moved to BE
“While the other guy’s sleeping, I’am working. When he’s getting ready, I’am ready.”
Manually closed at 1.3204
GBP/USD trade:
Day trade
Long or Short: Short
Entry Point: 1.60300
Profit Point: 1.59900
Stop Loss: 1.60425
Risk Level: Less than 1% of account
Rationale:
Playing with Fibs. Looking for resistance on the major 23.6 Fib level and support on minor 38.2 Fib level. Not a lot of price action on this trade, hence low risk level. In addition, this is resistance on the 4 hour upper downtrend line.
EUR/CAD trade:
Day trade
Long or Short: Short
Entry Point: 1.31959
Profit Point: 1.30850
Stop Loss: 1.32140
Risk Level: 2%
Rationale:
USD/CAD is showing a nice Doji on the 4 hour chart which also aligns with the 23.6 major Fib level, thus expecting USD/CAD to decline (CAD strength). EUR/USD just bounced off the recent high so there should be some pullback. Supported by the fact we just had a recent push to the top of the uptrend channel in EUR/CAD which should provide significant resistance to push the pair back down. I prefer buying in this uptrend so this is only a day trade.
GBP/CHF trade:
Swing trade
Long or Short: Short
Entry Point: 1.49500 (limit)
Profit Point: 1.46500
Stop Loss: 1.49814 (recent high)
Risk Level: 3%
Rationale:
Beautiful swing trade setup spotted by Cyclopip. Not a pair that I’ve traded before but can’t argue with a clear setup like this one. GBP/CHF: Long-term Descending Channel To Hold? | Forex Blog: Currency Cross-Eyed I am using a limit order because I’ve missed the entry I am comfortable with.
Ok, my washing just finished so its household chores and than bedtime. You know the best way to piss off your girlfriend/wife? leave your dirty gym gear in an air tight plastic bag for a week and on discovery, throw it in the washing basket with her laundry 
Success!! <thumbs up>
Be watching the Chinese data tomorrow for the potential Aussie/Kiwi breakout trade. Thats all folks 
1 word. LOL
SL moved to BE
Since the trade has stopped out I thought I would give my thoughts on the trade. Entry and analyse were good, however the exit strategy was poor. I treated this day trade like a swing trade and went for the full 100 pips (a home run) when I should have gone for the top of the previous resistance. I didn’t lose cash on this trade but I missed out on a potential 70 pips. For now, I will leave EUR/CAD alone and probably look to get another short entry around 1.3260 on the back of price action. Next trade will probably be a swing trade.
Bitterseatrader, how sweet if u post ur chart as well. they help us to understand ur entry and trade management in better way. hope u don’t mind to do that.
I’ll think about it mate. Posting charts and providing explanations beyond my trade rationale takes extra time that is better spent analysing the market. I don’t need to post charts for my own benefit because MT4 allows me to look at price in hindsight. Combine this with my trade rationale and I know why I took the trade.
Well this was an interesting trade! I moved my profit point to 1.48440 and it was just hit. 100 pips banked! Didn’t let this one stop out earlier today because I figured we might get a spike near/to the psychological 1.5000 barrier. If it broke past that point I would have closed this trade for a loss.
Decided to take pips early because I didn’t want to let it run over the wkd. I am seeing some interesting movement here and wondering if we might see a change in this downtrend…:33:
That’s it for me, see you all next week
Trading or Dealing currency trading or Forex is the greatest trading industry on the globe. Yes more than the inventory marketplaces. The purpose is that you are trading the value of fluid money and not investment strategies or shares in shares. and nice to see the information and I too am learning from it…
Before I go, this was my second week of trading for the year and was much improved on the week prior. Last week I attempted to branch out (go back in time) into high gearing and shorter time frames and it obviously didn’t work. I ended up losing my profits from my swing / day trading and almost pulling my hair out watching charts. This week however, was much less stress full and I was comfortable with my risk and position sizing.
Will be looking to invest some time into obtaining better entry points and developing my day trading skills next week. Swing / day trading is where its at for me
Couldn’t agree more. Have a great weekend see you next week. FYI thank you for the GBP/CHF idea
EUR/USD trade:
Swing trade
Long or Short: Short
Entry Point: 1.33164
Profit Point: 1.31445
Stop Loss: 1.33365
Risk Level: 1%
Rationale:
Triangle formation on 1 hour formed on both USD/CHF and EUR/USD suggesting a breakout is about to occur. Obviously I don’t know which direction but given the double top and bottom formed on both charts I am betting that the EUR/USD is about to drop. 1.33365 means the move went the other way. 1% risk given uncertain triangle formation.
My trade rationale has been invalidated because the breakout couldn’t beat the 1.33 resistance. Could close now for a 14 pip win but instead I’ve moved SL to BE.
Not seeing a lot of set ups worth taking tonight which is not surprising given its Monday. My least favourite day to make some pips. Will go to bed early instead
EUR/CAD trade:
Swing trade
Long or Short: Short
Entry Point: 1.33000 / 1.32500
Profit Point: 1.30000
Stop Loss: 1.33500
Risk Level: ?
Rationale:
EUR/CAD has been in a nice channel moving upwards since July 2012 and this trade is based on it keeping to that channel. I am looking for some form of price action to give me my entry point, hopefully around the 1.33 psychological resistance. The 1.33 zone is a minor resistance area and we should get some reaction here based off previous highs and lows on the weekly. However, EUR/USD is struggling to break out of the 1.33 territory whilst USD/CAD looks to be weakening at the top of its own channel. Hence we could see this move happen sooner with a strengthening CAD and EUR stagger. Currently watching the 1.325 territory like a hawk. :45:
Hahahaha, I noticed the shooting star and the spinning top but had to run out for 5min for the missus. Damn missed my entry. :eek:
That’s what I thought, I missed a nice day trade setup but it looks like it was not the big move I was looking out for. Trade rationale remains.
USD/CAD trade:
Swing trade
Long or Short: Short
Entry Point: 0.99272
Profit Point: 0.98000
Stop Loss: 0.99500
Risk Level: 3%
Rationale:
Shorting the top of the downtrend channel. Have some shooting stars to support this trade on the 4 hour chart but price action is a bit weak on this trade. This is certainly not my strongest trade.