I had bought 50,000 AUD/USD at 0.9534, stop loss at 0.9476, target level at 0.9580.
AUD/USD goes above 0.9580, so my position takes profit. Profit is US$230.
Thanks for your suggestion. I prefer to trade using my current method, and I’m quite comfortable with it.
High yield currencies are back in favour. AUD/USD and NZD/USD have rebounded since yesterday night.
This morning correction for NZD/USD is an opportunity to buy in my view.
Bought 50,000 NZD/USD at 0.7578
Stop level at 0.7535
Target level at 0.7610
EURJPY is still trading in a triangle range. Currently it is near to the bottom of the triangle.
Bought EURJPY at 168.18
Stop level at 167.72
Target level at 168.70
A picture means a thousand words:
Forex and Binary Trading: EUR/JPY still in the triangle range
With UK property price falling I believe UK economy will face similar problem to US, so to short GBP is a good strategy in my view. 
I do not like to short GBP/USD because both UK and US economy are both problematic, I prefer to long EUR/GBP as Europe is in a better shape than its peers in the western world.
Bought EUR/GBP at 0.7949
Stop level at 0.7900
Target level at 0.7990
EURJPY went above 168.70, so my position is sold at a profit. Profit is US$242.27.
USDJPY advanced before Federal Reserve Chairman and Treasury Secretary testify before the congress on regulation of markets.
USDJPY is still trading in an uptrend.
Bought USDJPY at 107.24
Stop level at 106.60
Target level at 107.66
EUR/GBP reaches the peak of 0.7985 and has difficulty in going up higher, I decided to take profit.
Sold off my position at 0.7977, profit is US$276.72.
EURJPY had broke out of the triangle range on the upside, expects this currency pair to continue moving upwards for a while.
Bought 50,000 EURJPY at 169.31
Stop level at 168.60
Target level at 170.00
EURJPY plunged down and hit my stop. Loss is US$333.08.
USDJPY plunged down below 106.60, so my position was closed. Loss is US$294.19.
NZDUSD goes above 0.7610, so my position is closed. Profit is US$161.50.
EURJPY is back into the triangle range, so there is a high chance of rebounding back up towards 169.40 level.
Bought 50,000 EURJPY at 168.53
Stop level at 167.80
Target level at 169.14
Target level was reached and position was closed. Profit is US$296.02.
Oil price had fell $17 last week mainly due to concern about weak US economy. I think oil price is oversold now.
I had bought 2 lot supermini oil at average price of $132.72
Stop loss level at 127.50
Target level at 142.50
Value of $1 is US$100
There are 2 main drivers for precious metals: rising oil price and falling USD. Today oil price has rebounded after falling $17 last week and USD has continued to depreciate. Hence this is a perfect setup for precious metals to rise higher.
On the chart, middle band of bollinger had supported silver price. I believe silver price is going to move higher from here.
Bought 1 lot of Silver at 18.40
Stop level at 17.98
Target level at 18.80
Though I am very bearish on US dollar, there are times which market think that USD is oversold and wants to buy them, and there are times which market think that USD will weaken further so market sells them.
I think this week we will see US Dollar weakness. To tap on US Dollar weakness, I like to buy the high yield currencies and sell US Dollar.
We are likely to see AUDUSD reaching parity over the next few months.
Bought 100,000 AUDUSD at 0.9765
Stop level at 0.9690
Target level at 0.9830
Trend for USDCHF is down and Stochastic confirms on the sell signal.
Shorted 50,000 USDCHF at 1.0167
Stop level at 1.0266
Target level at 1.0050
USDCHF chart can be found in my homepage.
I had bought 1 lot of Silver at 18.40, stop level at 17.98, target level at 18.80.
Stop was triggered, loss is US$420.35.
Michael Steinhart
�Good trading is a peculiar balance between the conviction to follow your idea and the flexibility to recognize when you have made a mistake. All great traders are seekers of truth. The markets are always changing, and the successful trader needs to adapt to these changes.�
The Energy Department’s Energy Information Administration reported that crude supplies fell by 1.6 million barrels in the week ending July 18, slightly less than analysts surveyed by energy research firm Platts predicted.
Bought 1 lot of supermini oil at 127.51
Stop level at 123.51
Target level at 138.00