Support/Resistance & Trend Lines

[FXAJ]

Stop on USD/JPY long @ 91.50 now at BE.
Reversing 100 pips from here with positive
expectations for NFP tomorrow would
probably mean the direction is wrong.

 

[FXAJ]

EUR/USD stopped out

 

[FXAJ]

Open Positions:
USD/JPY (half) long @ 91.50, stop @ 91.50
USD/JPY long @ 92.50, stop @ 91.90

Open Orders:
EUR/USD
Buy @ 1.2530, 75 pip stop
Sell @ 1.2455, 75 pip stop
Buy @ 1.2305, 55 pip stop
Sell @ 1.2075, 55 pip stop

GBP/USD
Buy @ 1.4825, 100 pip stop
Buy @ 1.4750, 60 pip stop
Sell @ 1.4496, 60 pip stop

USD/JPY
Sell @ 93.45, 60 pip stop
Sell @ 91.40, 40 pip stop
Sell @ 88.90, 60 pip stop
Buy @ 88.44, 60 pip stop

All orders expire 6pm BST.

 

[FXAJ]

EUR/USD short @ 1.2075 open, stop is 1.2130.

Both USD/JPY trades are still open. Interestingly I have a low of 91.898 and a low of 91.892 with two different brokers. That's either good or poor execution depending on which end you're on! I suspect we'll dip below 91.90 in the next hour anyhow but I'll let the trades stop out.

 

[FXAJ]

Wrapping up the week.

USD/JPY Long @ 92.50 eventually stopped out.

Open positions:

Short EUR/USD @ 1.2075, stop @ 1.2130
Short GPP/USD @ 1.4496, stop @ 1.4556
Long USD/JPY (half position) @ 91.50, stop @ 91.50

I'll keep these open over the weekend.

It's been a far too busy week and I feel like I've overtraded. I don't normally trade short term trends against the long term trend as the aren't as profitable as trading short term breaks with the trend. I think I'll tighten up there a little.

Trading Support/Resistance breaks against the trend is also less profitable (although still profitable). I may look to tighten up there also.

Remaining open orders closed until Sunday evening.

 

[FXAJ]

Sunday Orders - 06/06/2010

Open positions:
Short EUR/USD @ 1.2075, stop @ 1.2130
Short GPP/USD @ 1.4496, stop @ 1.4556

I'll place these orders around 10pm BST assuming the market doesn't gap hard against them.

GBP/USD
We're probably too far away from anything else right now. Market needs to move 300 pips in either direction.

EUR/USD
Long @ 1.1885, 75 pip stop
Short @ 1.1810,75 pip stop

USD/JPY
Short @ 91.55, 40 pip stop

 

[FXAJ]

EUR/USD Long @ 1.1885 open, stop is 1.1810. Note the position size is smaller than the short but this essentially closes out around 75% of the trade. I consider both trades open in that when I close the long the full short position remains on.

USD/JPY Short @ 91.55 open, stop is 91.95.

 

[FXAJ]

Hmmm, yesterday evenings post seemed to fail.

Anyway, GBP/USD and USD/JPY both stopped out.
It was tempting to close part positions or move stops to
break even but that doesn't increase my upside, it just
helps minimize drawdown. German data and news of UK
government spending cuts was enough to push through my stops.

 

[FXAJ]

Update on orders

Open Positions:
EUR/USD Short @ 1.2075, stop 1.2130
EUR/USD long @ 1.1885, stop @ 1.1810

Open Orders:
EUR/USD
Buy @ 1.2530, 75 pip stop
Sell @ 1.2455, 75 pip stop
Buy @ 1.2130, 55 pip stop
Sell @ 1.1810, 75 pip stop

GBP/USD
Buy @ 1.4825, 100 pip stop
Sell @ 1.4725, 100 pip stop
Buy @ 1.4630, 60 pip stop
Sell @ 1.4335, 60 pip stop

USD/JPY
Sell @ 93.30, 60 pip stop
Buy @ 92.70, 40 pip stop
Sell @ 89.20, 60 pip stop
Buy @ 88.44, 60 pip stop

 

[FXAJ]

Oops, I almost forgot I'm dropping trading short term trend lines against the trend.

I'll close the GBP/USD buy @ 14630 here and discard the 5 pips from the journal!

Also, scrath the long EUR/USD @ 1.2130 and USD/JPY long @ 92.70.

I'll wait for the longer term lines to break.

 

[FXAJ]

Stopped out of EUR/USD short @ 1.2130. Moving stop on long @ 1.1885 to 1.2050.

 

[FXAJ]

Short GBP/USD @ 1.4725 open.

I'll sell USD/JPY @ 91.90, 60 pip stop.
I'll buy USD/JPY : 92.50, 60 pip stop.

 

[FXAJ]

Stop on cable moved to 1.4625.
Weak uk data hasn't kept pace with market sentiment.

 

[FXAJ]

EUR/USD stopped @ 1.2050
taking cable off @ 1.4525. I may re-enter at a better price Monday.
Going into the weekend flat.

 

[FXAJ]

Sunday Order - 13/06/2010

Last weeks closed trades...

Entry Stop Exit RR
EUR/USD Short 1.2075 1.2130 1.2130 -1
EUR/USD Long 1.1885 1.1810 1.2050 2.2
GBP/USD Short 1.4496 1.4556 1.4556 -1
USD/JPY Short 91.55 91.95 91.95 -1
GBP/USD Short 1.4725 1.4825 1.4525 2

This weeks orders...
EUR/USD
Buy @ 1.2530, 75 pip stop
Sell @ 1.2455, 75 pip stop
Sell @ 1.2000, 60 pip stop
Buy @ 1.1885, 75 pip stop
Sell @ 1.1810, 75 pip stop

GBP/USD
Buy @ 1.4825, 100 pip stop
Sell @ 1.4725, 100 pip stop
Sell @ 1.4350, 60 pip stop

USD/JPY
Buy @ 92.50, 60 pip stop
Sell @ 91.90, 60 pip stop
Sell @ 89.25, 60 pip stop

I may reopen the GBP/USD position (short from 1.4725). Will post as I do.

 

[FXAJ]

USD/JPY short @ 91.90 open.

I'll reopen the short GBP/USD position from last week at the entry point - 1.4725.

 

[FXAJ]

GBP/USD short @ 1.4725 open.

Lots of talk EUR rally overdone. That usually means it isn't!

 

[FXAJ]

Slight amendments to the orders. I hadn't adjusted some of the sells for the ascending trendlines.

EUR/USD
Buy @ 1.2530, 75 pip stop
Sell @ 1.2455, 75 pip stop
Sell @ 1.2075, 60 pip stop
Buy @ 1.1885, 75 pip stop
Sell @ 1.1810, 75 pip stop

GBP/USD
Buy @ 1.4825, 100 pip stop
Sell @ 1.4725, 100 pip stop
Sell @ 1.4375, 60 pip stop

USD/JPY
Buy @ 92.50, 60 pip stop
Sell @ 91.15, 40 pip stop
Sell @ 89.25, 60 pip stop

 

[FXAJ]

Stop to BE on USD/JPY short @ 91.90

Also short USD/JPY @ 91.15, stop is 91.55

 

[FXAJ]

GBP/USD short @ 1.4725 stopped out.
I'm now long from 1.4825.