I am about to be on an airplane headed toward Orlando FL, so I am
placing and adjusting my trades early this am. EUR/USD, was stopped
out over night for +75 pips.
We widened the Trailing Stop on USD/CHF more due to gains from yesterday.
Trailing stop on USD/CHF is now 88 pips from 70 pips.
New Order:
Buy Stop orded placed on GBP/USD @ 1.9775 with 1000 pip Stoploss and 50
pip trailing stop. (only 2% of account used with 1:50 margin standard).
No orders placed yet on USD/CAD or USD/JPY.
I have found that gains like that are not unusual with this trading style. It usually occurs after one of my longer term trend trades reverse. Thanks again for the encouragement.
There are no new trades for today. All pairs that we donāt have
a trade with are currently going against their larger daily trend.
We will wait for the larger trend to resume by looking for a daily
candle to close in the direction of the larger trend. On all four pairs
either the candle from yesterday is opposite of the trend or the candle
forming now is going in the opposite direction.
Update on current trades:
On Friday GBP/USD was stopped out for a profit of +8 pips. This brings
our total profit since this journal started to +501 pips.
Currently we have a trailing stop triggered for USD/CAD which means
we will have some profits locked in on that trade.
Unfortunately, there are still no new trade set ups. Thank goodness,
I didnāt break the rules of this strategy and try to force a trade yesterday
because we would have large floating losses on each trade. We will
just be patient and wait for these candle sticks to close in the right
direction.
I do have a floating profit with my two open trades on the AUD/USD
and USD/CAD. USD/CAD, isnāt far from hitting the trailing stop.
No new trades have been placed today. Buy Stop and Sell Stop is still
in place but will likely be adjusted in the next couple of days. We
are in a hold pattern waiting for the larger daily trend to move in
itās historical direction.
For the month of May we earned 521 pips and we did not even trade the
whole month so we are looking for an equally profitable month in June.
In a later email I will give some more statistics on last monthās
results.
This is where most people mess up. The market quite simply is not
moving in our direction yet. Most people would try to jump in and
be impatient. We are not going to do that! We will patiently wait
for the daily trends to resume.
It looks like our Buy Stop on AUD/USD could potentially get hit today
or tomorrow. This is the only pair that is moving in the direction of
the bigger daily trend.
Sitting on the sidelines is far better than having large floating
losses which is exactly what we would have if we were in the market
right now.
USD/CAD Sell Stop was cancelled as was GBP/USD Buy Stop. These orders
have been placed since last week. We cancelled them this morning.
The current market is moving further and further from the daily trend
which keeps me on the sidelines longer. This is great for us because
Forex can reap the biggest profits when the longer term trends end up
resuming. We know the trends will resume we will just have more room
to gain pips as the current trends move in congruent with their daily
and weekly trends.
Also, the candlesticks do look interesting as there are a couple of
pairs that show they may clearly be reversing their current path. This
will not be verified until tomorrow morning so letās see what happens.
I did post 3 trades this am 2 Buy Stops and a Sell Stop and they were all hit within 30 minutes. Currently they are all in the black but neither has triggered their 50 pip trailing stop yet. Letās see what the rest of the day holds.
I stayed out of the market all week. Yesterday we jump in and looks like we have locked in about 100 pips. I am not in front of my home computer so I canāt tell you for certain but all I can say is ā¦ patience does pay!
There are no new trades this morning. We still have AUD/USD
open with a small floating loss. There is nothing that looks close
to a possible set up for a trade so we will just wait.
We had no new trades today. Currently we are floating losses from the
trades yesterday. I am not really concerned about that. 2 of our 5 new
trades yesterday had their Buy Stop or Sell Stops triggered.
My internet connection was
down for some unknown reason this am. However, that is the beauty of this
trading system. You donāt have to sit in front of your computer every
moment you have an open trade.
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