Greetings fellow traders. Just an update on my previous trading journal post. I have decided – whether wrongly or correctly – to
close out my long EUR/USD positions. Friday the NFP report was coming and I was not sure in which direction this market will go so I figured the safe route is to close out all positions, take my profit and run – and that’s exactly what I did. Now it looks like eur/usd is just hanging about with no major movement after the NFP report. From a technical analysis point of view eur/usd is still in an uptrend, but come Monday the story may change – but I doubt it will to be honest. With the Federal Reserve talking of on a further quantitative easing spree I doubt traders will bid up the dollar. If some majorly bad news comes out of Europe then yeah the Euro will drop like a rock, but for now ti’s safe to say that the trend is still up and any positions one may enter should be in tune with that.
The two closed positions. By the way this is on a live MB Trading account.
989006 2010.09.13 17:31 buy 0.20 eurusd 1.28779 1.31000 0.00000 2010.10.04 19:47 1.36529 -0.16 0.00 -1.55 155.00
989186 2010.09.13 18:15 buy 0.20 eurusd 1.28754 1.31000 0.00000 2010.10.04 19:47 1.36538 -0.16 0.00 -1.55 155.68
Overall I made roughly 700 pips. I’m quite happy with that.
This coming week I’m going to be very busy with other affairs so I won’t have much time to trade manually, but I intend to turn this live account over to a new EA I got a hold of called Forex Demolition.
That does it for this post. I wish you all a great weekend.
Hi everyone. Here is an update on my eur/usd long position I discussed in my previous trading journal update. So far so good I’m up 400 pips and counting. EUR/USD has taken a breather around the 1.3290 price area, but the European session is soon due to start so maybe the Europeans will push this baby further up. C’mon London, you can do it 🙂
So to recap. I entered long with two identical positions at 1.28750 and now price action is at 1.32920. Trade were taken on my live MB Trading account.
I want to show you a chart of eur/usd bouncing off the top of the H1 SHI Channels but I’m not in front of my computer at the moment so I can’t take a screenshot unfortunately. Suffice it to say in my opinion entering long at this price level is a risky proposition. If price continues to break above resistance levels then it is a further confirmation that the uptrend is continuing to unfold, thus placing a long position (if you’re sort of ‘late to the party’) could be OK.
My long term profit level is 1.34xxx. I think the eur/usd will at least touch 1.33.
OK, that does it for this update. I wish you all many pips!
Greetings. I was thinking of documenting my trades here on the blog in a sort of “trading journal” and this post shall be the first “beta test” of this new idea.
Ok, well, as you probably can see EUR/USD is on the move again. It looks like risk appetite is back in full swing and traders are pushing up the common currency past the 1.30 psychological number as I type. I was fortunate to get a piece of this trend at around 1.2875 with two separate lots – this is on a live account by the way, so I’m riding the money train for now. Here is my trade in action:
At the moment I am thinking that this is the beginning of a new short term uptrend, and higher highs are probably going to be tested. Thus I am trailing all my positions with a pretty loose trailing stop (90 pips.) I’ve already locked in some profits just in case there is a reversal. This is no sure move as I’m uncertain as to whether the 20 period MA will cross the 50 period MA on the daily chart (20 period EMA, 50 period SMA). It is very close to crossing over I may add, but just not quite there yet. Also the 100 period MA has not been crossed or touched by price yet, so as it stands I don’t think this is an established trend.
Let’s see what the next daily candle brings.
Until then, I wish you all profitable trading!