Brend's trading ideas

[BREND]

EURGBP should continue to trade sideways

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

Trading is just like any other skill, it takes time and effort to learn this craft.

 

[MikeNL]

Hi Brend,
I went through your post, Great Work! Is the use of trailing stops beneficial in forex trading?
You seem to always use a stop loss and a target level.

 

[BREND]

Hi Brend,
I went through your post, Great Work! Is the use of trailing stops beneficial in forex trading?
You seem to always use a stop loss and a target level.

Thanks. Its up to individual.

I prefer to use trailing stop when the rate has almost reached my target price.
Yes I always set stop loss and target level.

Try both method yourself, see which one is more comfortable and profitable for you.

 

[BREND]

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.

 

[BREND]

EURGBP strongly rebounds

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.

Chart: Forex and Binary Trading: EURGBP strongly rebounds

 

[BREND]

Great Opportunity for Oil Trading

Crude futures had jumped higher on Friday on resurgent concerns about the Iranian nuclear energy row, as Israel's deputy Prime Minister, Shaul Mofaz, said Tehran was playing for time.

Iranian issue remains fluid and it looks like more sanctions will be imposed by the world powers and they will likely raise tensions over Iran," said Victor Shum, a Singapore-based analyst at Purvin and Gertz.

Daily chart shows that $120 is a good support level. Indicator is pointing up for oil.

I will be interested to buy oil at around $122 - $123 and place a stop below $120.

However do take note that FOMC will be announcing their interest rate decision tomorrow and oil inventory announcement on Wednesday, so we have to expect volatility.

In my view ForexYard offers the best platform for retail customer who do not want to take too much risk in oil trading because they offer supermini oil contract.

Value of $1 is only $100. So say you bought 100 units of oil at $122 and place a stop at $119.50, maximum potential loss is only (122 - 119.50) x 100 = US$250. Choose standard account in account opening.

To open account at ForexYard, click here:

Oil chart: Oil Trading: Great Opportunity for Oil Trading

 

[BREND]

AUDUSD looks oversold

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

Chart: Forex and Binary Trading: AUDUSD looks oversold

 

[BREND]

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.

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.

Chart: Forex and Binary Trading: Took profit on USDJPY

 

[BREND]

EURGBP strongly rebounds

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.

Chart: Forex and Binary Trading: EURGBP strongly rebounds

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.:clap:

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.

 

[BREND]

Parabolic and MACD continue to show buy signal for USDJPY today.

There is news that "Demand for dollar-yen this morning being attributed to the Tokyo branch of a major US investment house."

Bought 20,000 USDJPY at 108.43
Stop level at 107.64
Target level at 109.00

 

[BREND]

Parabolic and MACD continue to show buy signal for USDJPY today.

There is news that "Demand for dollar-yen this morning being attributed to the Tokyo branch of a major US investment house."

Bought 20,000 USDJPY at 108.43
Stop level at 107.64
Target level at 109.00

Weak Japan economy has pushed USDJPY up, target level of 109.00 is reached, so my position is closed automatically. Profit is US$104.59.

 

[BREND]

Bearish on NZDUSD

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

 

[BREND]

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

 

[BREND]

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.

 

[BREND]

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

 

[avextrex]

HI Brend,

Do u think EURGBP will still be going down tomorroiw onwards. Any indication that it might go up next week?

avextrex

 

[BREND]

HI Brend,

Do u think EURGBP will still be going down tomorroiw onwards. Any indication that it might go up next week?

avextrex

Yes, buy now!

 

[BREND]

Bullish on USDJPY

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

 

[BREND]

Bullish on USDJPY

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

Yesterday 11 August, I had bought 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 109.97, unrealised gain is US$7.57.

 

[BREND]

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

Last week Thurday 7 August, I had bought 20,000 EURGBP at 0.7886, stop level at 0.7750 (lowered my stop), 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 0.7839, unrealised loss is US$178. EURGBP is moving back up into the range, so my loss should turn into profit pretty soon.