Support/Resistance & Trend Lines

[FXAJ]

Gbp/usd

I'll sell @ 1.4725

I'll buy @ 1.4249

Stops are 100 pips.

 

[SharkBa1t]

EUR/USD short open. Half the position closed @ 1.2270. Stop now 1.2425

 

[SharkBa1t]

GBP/USD long @ 1.4249 cancelled. I don't usually go long from a support line in a downtrend. My mistake!

 

[FXAJ]

I was using someone else's computer to post this morning. Completely forgot to log him out and log me in!

 

[FXAJ]

Stop on remainder of EUR/USD position moved to 1.2360. If I get stopped out I'll go short again @ 1.2454.

I'll go long @ 1.2530 with a 75 pip stop now that we've moved far enough from the resistance line.

 

[FXAJ]

The EUR/USD has now put in a weak support line under the last 8 or so bars. Cable has the same, clearly the correlation is a little strong right now so my preference is to short EUR.

I'll sell the EUR/USD as it breaks 1.2150 with a 75 pip stop.

A summary of open orders:

EUR/USD

• sell @ 1.2454, 75 pip stop
• sell @ 1.2150, 75 pip stop
• buy @ 12530, 75 pip stop

GBP/USD

• sell @ 1.4725

USD/JPY

• sell @ 88.70, 60 pip stop
• buy @ 88.44, 60 pip stop
• sell @ 87.84, 60 pip stop

 

[FXAJ]

May 2010

EUR/USD short came within 1.6 pips of open @ 1.2454.

I have nothing open and will cancel all pending orders @ 4pm BST until Sunday market open.

Summary of May's trading:

Date Instrument Strategy Signal Direction Entry Price Stop Exit Exit Date Risk RR Notes
11 May 2010 GBP/USD SupRes Reversal Long 1.4826 1.4726 1.4726 11 May 2010 100% -1.00
11 May 2010 GBP/USD SupRes Break Short 1.4726 1.4826 1.4826 11 May 2010 100% -1.00
11 May 2010 USD/JPY SupRes Reversal Long 92.6 92 92.6 11 May 2010 100% 0.00
14 May 2010 EUR/USD SupRes Break Short 1.2495 1.257 1.2385 14 May 2010 100% 1.47
25 May 2010 EUR/USD SupRes Break Short 1.2425 1.25 1.227 25 May 2010 50% 1.03 Trade Split
25 May 2010 EUR/USD SupRes Break Short 1.2425 1.25 1.236 25 May 2010 50% 0.43 Trade Split

Reflections

• I should make my orders clear and print up entries and exits closer to when they happen.
• Monitor my fundamental view of each entry against trading for 6-12 months to determine any additional edge before applying it.
• I move my stops to BE too soon. Wait until the trade is 1.5 - 3R in profit before splitting any trades. Delay profit taking where short term momentum is strong. Keep an eye on potential for market moving news.
• I've become very comfortable with the market retracing against my position.

 

[FXAJ]

Sunday Orders

EUR/USD
Buy @ 1.2530, 75 pip stop
Sell @ 1.2454, 75 pip stop
Buy @ 1.2405, 55 pip stop
Sell @ 1.2150, 75 pip stop

GBP/USD
Sell @ 1.4725, 100 pip stop
Buy @ 1.4580, 60 pip stop

USD/JPY
Buy @ 92.50, 60 pip stop
Sell @ 91.90, 60 pip stop
Buy @ 91.42, 40 pip stop
Sell @ 88.95, 60 pip stop
Buy @ 88.44, 60 pip stop

There are some shorter term trend lines on the charts. I only trade the breaks of these lines.

 

[FXAJ]

Update on orders

stopped out on: USD/JPY - Buy @ 91.42, 40 pip stop

some orders have been adjusted to reflect where the trendlines will be at open tomorrow.

EUR/USD
Buy @ 1.2530, 75 pip stop
Sell @ 1.2454, 75 pip stop
Buy @ 1.2358, 55 pip stop
Sell @ 1.2156, 75 pip stop

GBP/USD
Sell @ 1.4725, 100 pip stop
Buy @ 1.4556, 60 pip stop

USD/JPY
Buy @ 92.50, 60 pip stop
Sell @ 91.90, 60 pip stop
Sell @ 88.90, 60 pip stop
Buy @ 88.44, 60 pip stop

 

[FXAJ]

EUR/USD sell @ 1.2156 stopped out

GBP/USD buy @ 1.4556 open. Half closed @ 1.4650 as the move is linked to the failure of the Pru takeover and unlikely to be sustained especially given the limp reaction to positive US data. Stop on the remainder at BE.

 

[FXAJ]

Update on orders

I've redrawn my short term trendlines on the chart as I'll trade them again.

New set of orders:
EUR/USD
Buy @ 1.2530, 75 pip stop
Sell @ 1.2454, 75 pip stop
Buy @ 1.2351, 55 pip stop
Sell @ 1.2080, 55 pip stop

GBP/USD
Sell @ 1.4725, 100 pip stop
Sell @ 1.4437, 60 pip stop

USD/JPY
Buy @ 92.50, 60 pip stop
Sell @ 91.90, 60 pip stop
Buy @ 91.50, 40 pip stop
Sell @ 88.90, 60 pip stop
Buy @ 88.44, 60 pip stop

 

[FXAJ]

The rally in cable still feels short term corrective. Stop on remaining position moved to 1.4670.

 

[FXAJ]

GBP/USD new order ... I'll buy @ 1.4825, 100 pip stop

 

[FXAJ]

Stopped on remaining half position in cable.

Open positions:
USD/JPY long @ 91.50
GBP/USD short @ 1.4725

 

[FXAJ]

Short USD/JPY @ 91.90 now open.

I'm now long @ 91.50 with a 40 pip stop
and short 91.90 with a 60 pip stop.

 

[FXAJ]

Stop moved to BE on cable.
110 pip retrace off lows making me nervous.

 

[FXAJ]

Current Positions:
GBP/USD - Short @ 1.4725, stop @ 1.4725

USD/JPY - Long @ 91.50, stop @ 91.10
USD/JPY - Short @ 91.90 stop @ 92.50

Current Orders (some have changed to reflect short term trendlines):

EUR/USD
Buy @ 1.2530, 75 pip stop
Sell @ 1.2455, 75 pip stop
Buy @ 1.2310, 55 pip stop
Sell @ 1.2075, 55 pip stop

GBP/USD
Buy @ 1.4825, 100 pip stop
Sell @ 1.4467, 60 pip stop

USD/JPY
Buy @ 92.50, 60 pip stop
Sell @ 88.90, 60 pip stop
Buy @ 88.44, 60 pip stop

 

[FXAJ]

GBP/USD stopped @ BE

I'll take half off USD/JPY long here @ 92.30

 

[FXAJ]

EUR/USD long @ 1.2310 open.

 

[FXAJ]

Long USD/JPY @ 92.50 stop @ 91.90 open