[B]EURGBP should continue to trade sideways[/B]
European data has turned downturn, UK data has continued to be weak, so EURGBP should continue to trade in range.
Daily stochastics is pointing up for EURGBP.
Bought 20,000 EURGBP at 0.7878
Stop level at 0.7820
Target level at 0.7950
Chart: Forex and Binary Trading: EURGBP should continue to trade sideways
The US Nonfarm Payroll report came in slightly better than analyst forecasts, with the Bureau of Labor Statistics reporting that payrolls fell by 51,000 jobs in July, above median estimates of a 75k drop.
This better than expected data has helped to support USDJPY.
USDJPY uptrend channel maintains, chances of it going back up to 108.00 at the middle of the channel is high.
I hold long position in USDJPY at 108.22, stop level at 107.20, target level at 111.00.
Trading is just like any other skill, it takes time and effort to learn this craft. If you think you can master the act of trading by just reading some books and attending some seminars, then you are in for a big disapointing. Practice is the key.
[B]EURGBP strongly rebounds [/B]
U.K. pound fell against the euro for a third day and dropped versus the dollar.
The pound had its biggest weekly drop against the dollar last week since mid-June as manufacturing business shrank by the most in a decade, adding to evidence a recession is looming.
The faltering economy will weaken the pound to $1.90 and to 80 pence per euro by year-end, according to the median forecast of analysts and strategists surveyed by Bloomberg. The yield on the 10-year note will end the year at 4.87 percent, according to a separate survey.
Last Friday I had bought 20,000 EURGBP at 0.7878, stop level at 0.7820, target level at 0.7950. Current rate is 0.7916, unrealised profit is US$141.48.
[B]AUDUSD looks oversold[/B]
Techically AUDUSD looks oversold based on stochastics, with good support at around 0.9300.
Short term chart shows that AUDUSD is picking up from a base of 0.9280.
Market expects Reserve Bank of Australia to keep its benchmarket rate at 7.25% tomorrow. I predict RBA to keep interest rate the same. So I expect AUDUSD to move higher after the announcement.
Bought 20,000 AUDUSD at 0.9334
Stop level at 0.9260
Target level at 0.9450
Last Friday I had bought 20,000 EURGBP at 0.7878, stop level at 0.7820, target level at 0.7950.
EURGBP moves up after I had bought this currency pairs. But EURGBP uptrends look weak and looks like its going down further. Took profit at 0.7922, realised profit is US$166.89.
I believe EURGBP sideway trading will continue, so I will be interest to trade EURGBP again if it moves nearer to the support level 0.7840 or resistance level 0.8020.
[QUOTE=trader123;60415][B]AUDUSD looks oversold[/B]
Techically AUDUSD looks oversold based on stochastics, with good support at around 0.9300.
Short term chart shows that AUDUSD is picking up from a base of 0.9280.
Market expects Reserve Bank of Australia to keep its benchmarket rate at 7.25% tomorrow. I predict RBA to keep interest rate the same. So I expect AUDUSD to move higher after the announcement.
Bought 20,000 AUDUSD at 0.9334
Stop level at 0.9260
Target level at 0.9450
Yesterday I had bought 20,000 AUDUSD at 0.9334, stop level at 0.9260, target level at 0.9450.
Crude oil price has plunged last night pulling AUDUSD lower. After RBA announced interest rate unchanged, AUDUSD plunged and hit my stop.
Realised loss is US$148.00.
[QUOTE=trader123;60114]The US Nonfarm Payroll report came in slightly better than analyst forecasts, with the Bureau of Labor Statistics reporting that payrolls fell by 51,000 jobs in July, above median estimates of a 75k drop.
This better than expected data has helped to support USDJPY.
USDJPY uptrend channel maintains, chances of it going back up to 108.00 at the middle of the channel is high.
I hold long position in USDJPY at 108.22, stop level at 107.20, target level at 111.00.
Trading is just like any other skill, it takes time and effort to learn this craft. If you think you can master the act of trading by just reading some books and attending some seminars, then you are in for a big disapointing. Practice is the key.
I had long position in USDJPY at 108.22, stop level at 107.20, target level at 111.00.
Strong resistance at 108.30 prevents USDJPY from moving up higher, so decide to take profit. Realised profit is US$73.01.
[B]My Trading System[/B]
The key word for my trading strategy is back-testing. If back-testing result shows that this indicator has proven to be successful and profitable, I will be interested to use this indicator in my trading.
Previously I have done back-testing based on 2 years period. I had used the indicators for my trading and this system had helped me to double my account balance. But the success rate has fallen for the past few weeeks, so I decide to improve my system.
This time I had done back-testing based on 1 year period as well. I will enter a trade only when both 1 year indicator and 2 year indicator are pointing in the same signal (buy or sell).
Currencies Pairs : Indicator for 1 year / Indicator for 2 year
USDJPY : Parabolic / MACD
USDCHF : Stochastics / Stochastics
USDCAD : Comm Channel / Parabolic
AUDUSD : Bollinger / Bollinger
EURGBP : Stochastics / Comm Channel
NZDUSD :Comm Channel / Bollinger
I had used ForexYard platform for my own trading, I had only done my testing on currencies pairs that have spreads of 4 pips or less. If you are interested to ask me to do testing for other currency pairs, send an email to me at <[email protected]>.
[B]Two indicators signal buy for USDJPY [/B]
Two of the proven indicator for USDJPY is Parabolic and MACD, currently both indicators are signalling buy.
But I have to warn my readers that FOMC is going to announce their interest rate decision at 18.15 GMT Time, so we have to expect volatility.
Bought 20,000 USDJPY at 107.86
Stop level at 107.00
Target level at 108.60
Target level 108.60 is reached, profit is US$136.
If you see the 1hour or 4hour chart of the USD/JPY yesterday, you could see a very strong resistance level arround 108.30. why it broke that resistance level? i drew mi trend lines, I thought it would bounce, so i put a sell order 
i dont undestrand. was there a fundamental aspect involved?
It is US Dollar strength across the board. And there is news that a Japan investment company selling JPY and buying USD in huge quantity.
[B]Bearish on NZDUSD [/B]
High yield currencies continue to suffer for the past 2 weeks as market perceives that the high interest rate will not be sustainable, sooner or later their central banks will have to cut interest rate to support their economy.
Kiwi is one of the high yield currency. Due to weak economy data, market expects central bank to cut its interest rate over the next few months. Falling commodities prices also help to push Kiwi lower.
Bollingerband is showing sell signal for the daily chart. Hourly chart is still a downtrend. The trend is your friend.
Shorted 20,000 NZDUSD at 0.7199
Stop level at 0.7278
Target level at 0.7100
This morning I had Shorted 20,000 NZDUSD at 0.7199, stop level at 0.7278, target level at 0.7100.
A base is formed at 0.7170 preventing NZDUSD from going lower. If the base is solidified, NZDUSD can rebound from there. So I decide to take profit first, bought back at 0.7185, profit is US$27.20.
ECB President Mr. Trichet said that recent economic data pointed toward “a weakening of real GDP growth in mid-2008” following strong growth during Q1.
I have been waiting for a good entry level to buy EURGBP. This has pushed EURGBP lower, creating an opportunity to buy EURGBP at lower price.
Both stochastic and comm channel had signaled buy for EURGBP.
Bought 20,000 EURGBP at 0.7912
Stop level at 0.7890
Target level at 0.7950
Position stopped out.
EURGBP has in range trading, between 0.7830 to 0.8020 for the past 2 weeks. I think this trend will continue as both Europe and UK are weak.
Currently EURGBP is trading at the bottom of the range now, at 0.7853.
Bought 10,000 EURGBP at 0.7844
Stop level at 0.7750
Target level at 0.7930
Market expects the Fed to raise interest in the next 12 months and the worst for the US banks may be over. These are bullish signs for US dollar.
MACD and Parabolic had signaled buy for USDJPY.
Bought 10,000 USDJPY at 109.90
Stop level at 108.80
Target level at 111.00
The trend has turned in favour of the US dollar. Falling oil and commodities prices have provided relieve to the US economy. Market expects Japan economy to approach recession has weaken the yen.
Currently USDJPY is trading at 110.00, unrealised gain is US$10.29.
Last week I had bought 10,000 EURGBP at 0.7844, stop level at 0.7750, target level at 0.7940.
Today EURGBP has rebounded as there is data to show that housing slump in UK had deepened. Royal Institution of Chartered Surveyors said the number of real-estate agents and surveyors reporting lower prices exceeded those reporting gains by 83.9% last month as the credit squeeze brought the market to a virtual standstill.
Currently EURGBP is trading at 0.7835, unrealised loss is US$34. EURGBP is moving back up into the range, so my loss should turn into profit pretty soon.
Chart: Forex and Binary Trading: Review on EURGBP position
I can be contactable at <[email protected]>.