CC's - Forex Trading

[c_c405]

Hello all

I'm new here but have some experience in forex trading.

I'm not a scalper but I will - when I see one - take a scalp or two. I tend to trade a bit longer term depending on the pair and where I feel it's going to go. I do use a larger stop than most other traders. I try to maintain a Risk Reward Ratio of 3:1 or 4:1. I will add pictures of my trades to best illustrate when and why I'm entering a trade. Sometimes I'm very patient and I will think nothing of waiting a week or a month for an entry.

I will trade ANY pair but I do favour the British Pound most since I find it moves further than most others, out of the pound pairs my most frequently traded are GBP/CAD and GBP/CHF

I hope you enjoy reading my posts
fxtradertips.blogspot.com

 

[c_c405]

GBP/CAD: Long Entry 1.7750 to 1.7850

GBP/CAD:

This pair has moved downward quite nicely. I just recently made a nice trade on this pair on the long side that pocketed over 800 pips

I'm long on this pair but with a good deal of caution. The pound is selling down and may be from large accounts "squaring up" before the new year. There are troubles in the UK and that news has been driving the pound down as many "flee" from the risk of buying it. This has been a very good short for any of those who caught the drop. As of right now there is very little reward left for the bears.

I feel the pound is going to bounce against many. After catching a large swing up and missing my short opportunity I was forced to wait for another Long entry. I'm long in this area and my open was on Friday's close of 1.7833

I set my stop at 1.7633

Will let it ride

 

[c_c405]

EUR/CAD: Short @ 1.7426 is up 300 pips - May get stopped out after weekend gap

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I entered a short on the EUR/CAD pair shortly after it touched resistance 1.75 area. My entry was 1.7426 and my initial stop was 200 pips above.

I have since lowered my stop to a profitable 200 pips, and given the bit of recovery seen before the holiday I may get stopped out should the market gap up.

I'll wait to see if it does take me out. If it does I'm in the profit by 200 pips. I could have closed this trade earlier to catch a hundred or so more pips but I feel I'm in a good position for a nice correction down towards previous support of the 1.60 area.

Lets see where it goes upon market open.

 

[c_c405]

GBP/JPY: Long @ 132.05 - Stop Set at 130.05 (-200 pips)

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GBP/JPY: Long entry @ 132.05 was up 80 pips on Friday's close.

Like the GBP/CHF the GBP/JPY pair has expereicned a massive downward movement. This pair's movement preceeded the GBP/CHF's move down and has been hanging around the 132-135 area. I'm long against this price area and unless price action moves lower I'm still long.

My entry and stop are still open over weekend pause and I'm curious to see where it goes when market opens on Sunday

 

[c_c405]

USD/CAD Long @ 1.1909 Is up 300 pips

I was able to catch a nice down step on this pair not to long ago just after it touched it's second trial at 1.30 resistance. I entered short and it fell over 1000 pips to the 1.18 area.

After a bit of bragging to my friend I went long at 1.1909 after seeing a nice bounce underway. This trade topped out at 1.25 area but has since slumped. Ya I know i could have closed and took more pips home but I feel it's going to bounce to the mid 1.25' - 7's

For now I have locked in a profit stop of 100 pips and I will look forward to Sunday's open to see if it gaps up or down.

 

[c_c405]

GBP/USD: Waiting For LOng Entry @ or Near Support of 1.44 or so

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The GBP/USD Short trade from Aug 2008 was a good one for bears as it has fallen 6000 pips to get to these current levels. Although I had a short entry at 1.9956 I closed it at the 1.5234 price and enjoyed a nice handful of pips. Since then price has remained a bit soggy and a recovery was short lived as it recently shot up 1000 pips to the 1.55 area. I was commited to other trades preventing me from entering a short in this price zone. So now I'm forced to wait for a new long entry

My preferred entry price is at or near the 1.44 area and my stop will be 200 pips below that (1.42)

I'm long on this pair just not right at the moment as I am waiting to optimize my long entry to help reduce risk.

 

[c_c405]

AUD/JPY: Long building?

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AUD/JPY: This pair fell like a rock from it's previous levels of 100 +

Now that the fall has bounced a bit I'm waiting to go long in this pair as I expect the YEN to weaken in the new year. Data from Japan is getting worse and relies heavily on the US economy for trade. As the USD faces turmoil this may be be a second key to future directions with the yen.

I'm long near or at support of 57-58 or 59 with a 200 pip stop at the ready

 

[c_c405]

GBP/CHF: Long may be building

Last week the GBP fell hard against the CHF I missed the short as I was long on a trade at the 1.74 level - A level that held support for some time before the pound just plunged to a new depth. These are new lows for the pound and thankfully I used a 200 pip stop to protect me from that free fall

Although I lost 200 pips I am thankful for being knocked out of the trade as obviously it was the wrong direction. GBP fell over 1400 pips from that level to bottom out at about 1.60 I entered long again and it moved up 400 pips to the 1.64 area I locked in a profit stop of 150 pips - Again it fell further passed that support to the current levels we see today.

Curious to see if it bounces or continues to fall further. I'm long on this pair but will go short if it keeps moving down.

 

[c_c405]

GBP/CHF: Long @ 1.5609 - Stop set @ 1.5409 -200 pips

I have entered a long on the GBP/CHF at 1.5609 My stop is set at 1.5409

 

[c_c405]

GBP/JPY long @ 132.05 - Up 125 pips

My GBP/JPY Long Entry at 132.05 is currently up 125 pips

I have raised my stop to a positive +1 pip just in case it decides to swing lower like it is doing right now with the CHF & CAD

 

[c_c405]

GBP/CHF: Long @ 1.5606 stopped out @ 1.5406 -200 pip loss

My long on the GBP/CHF was stopped out over the London session for a 200 pip loss. OUCH! That hurts eh!

It has proven me wrong again

Instead of waiting I Decided to go short @ 1.5492 just above my previous stop line of 1.5406 - I have lowered the shorts stop to lock in 100 pips profit and so far it's still going down. I'm contemplating closing this one soon to help zero the loss of my previous long.

1st chart is long trade
2nd chart is short trade

 

[c_c405]

GBP/CAD: Long @ 1.7833 is under water and almost hit my stop

GBP/CAD long has sunk along with all the other pound pairs. It seems the pound is finished deflating yet. Although I was hit on my GBP/CHF trade this pair seems to be holding the support Zone - For Now...

If my stop get taken out I will look to go short - I'm down 60 pips

 

[c_c405]

USD/CAD: Long @ 1.1909 is up again + 250 Pips

I was worried that my USD/CAD long was going to get taken out last night while I slept.

Narrowly missing my stop at 1.2009

It is now back up and I'm in the black for 250+ pips
I will let this one ride out as I'm happy with locking in 100 pips

I have a feeling that this pair will move down which is why I locked in 100 pip profit stop

 

[c_c405]

EUR/CAD: Short @ 1.7426 - Stop hit at +200 pips

My EUR/CAD short was a nice one but it didn't stay below my stop and I got taken out for a 200 pip profit

I have re-entered another short just above my previous one at 1.7458 and I initially set my stop 200 pips above that

I woke up this morning and saw that it's back down to the 1.72 area

My short is again profitable and I have locked in another profit stop at 1.7358 (+100) and the current price is as of me typing this at 1.7249 a +200 pip profit

 

[c_c405]

GBP/JPY: Long Stop Hit for a +1 pip profit

GBP/JPY pair has not found it's new base yet and is falling further than previous support zone of 132 area. We are now at new lows and I will wait before I take a short for it to break 130 and head down further. Will it break? I'm not sure

There has been a large drop in open interest for the GBP and this may help drive it lower

 

[c_c405]

EUR/CAD: Short @ 1.7458 is still up 300+ pips

This is starting to look like a double top to me - Although I can't be sure yet I'm short on this one given it's recent rise during the CAD tumble from USD parity.

This trade is currently up 300 + pips and I'm leaving my stop at a +100 for now. I'm expecting it to move lower and I may be to early yet but I feel it's going to correct back towards 1.60 ish

I'm short for now and until proven otherwise I'm on the short side for this one. I may move my stop a bit lower just to lock in a few more pips. Maybe another 100 or so.

 

[c_c405]

EUR/JPY: Short @ 128.77 - Stop lowered to 127.77

It seems that the JPY's strength is not bothered by the recent data from Japan. The market is ignoring it or there is just not enough players during these holidays.

My entry order for a short was activated and I'm short at 128.77

As always my stop was 200 pips above that and when I returned home to check the markets I found a nice little movement downwards. As of this writing the price is at 127.17 and I lowered my stop to lock in +100 pips

I feel the Euro is headed lower I just don't know when. Just like I feel the pound is headed higher just not sure when.

For now this trade is open and I'll let it ride out The MACD & RSI are headed lower which makes me a little more certain of it's direction.

 

[c_c405]

EUR/CAD: Short @ 1.7458 stop was hit

My EUR/CAD Short was taken out last night during London session. So I entered short again - Price moved down below and I lowered my stop again this morning

pic#1
Short stop getting hit

Pic #2 re-entry on short at previous price 1.7458

 

[c_c405]

This thread I will not be updating any longer

I am going to post to a new thread I started with a new broker I started with. To follow my daily trading activities on that account so others could trade along (at their own risk)