Trade Result - USD/CHF +60

Ok, it took three tries, but I finally got some pips out of this trade. The first break out opened at the end of the 0400 EDT bar yesterday. It immediately went up and we moved to break even at +30 pips. Then it moved down during the same bar (0500 EDT) and took us out at break even. I believed this pair had some movement in it so I entered on the next close above the upper channel line at the end of the 0700 EDT bar yesterday. It took a bit longer to get to break even and was eventually stopped out without a gain. I came close to hitting my 20 pip trailing stop on this one during the 1200 EDT candle, but missed it by 1 pip. Not to be dissuaded, I entered long again when the 0500 candle this morning closed above the upper channel line. I was long at 1.0676. The pair rose strongly, and By the close of the 0700 candle, I had moved to break even and saved +60 pips. I thought this might be the move I was looking for, but the next hour's candle took us out for the +60 pip gain. I'm tired of this pair and am putting it away for awhile. I'm going to be satisfied with 60 pips and wait for the next opportunity. In writing this report I realize that I was trying too hard to make pips on this pair. I should have probably stopped after the first trade and definitely should have stopped after the second trade. It is hard sometimes not to try to get the price of a pair to do what we want it to do. As much as I've learned, I sometimes still get caught in the greed trap. Live and learn I guess.

Happy Trading!

Trade Idea - USD/CHF

The Dollar/Swissy is consolidating after a long slide. It has traded in the channel for 12 or 13 hours now and may go lower yet. I'm ready for a break either way and will buy or sell on a close above or below the marked channel lines (the blue solid lines). The other lines on the buy side are areas of resistance. If the pair breaks up I expect that these lines of resistance may be were the pair hesitates or turns. If the pair goes long, and closes above the resistance lines, I might look to add positions. Such breaks would be very bullish indications of what the pair intends. My ultimate long target would be the 800 sma. On the short side, there is some resistance around 1.0450. We'll see. I'll keep you posted.

Happy Trading!

Trade Result - GBP/JPY +40

For the original trade idea, click here. This trade tried to do what we wanted it to do. In fact it looks like it is setting up to try again. This trade opened after the close of the 2000 EDT bar yesterday. We were short the pair at 158.27. After ducking back inside the channel briefly, the pair fell seriously starting just before and then through the start of the European session. It finally hit its low of 156.87 during the 0600 EDT bar this morning. That marked our largest profit of the trade (+140 pips) and moved our trailing stop to +40 pips. We were stopped out when the pair moved sharply up starting with the 0900 EDT bar this morning. Not the trade I'd hoped for, but I'll take a profit any time. I'm going to watch this pair and may enter again if it closes below the bottom channel line again.

Happy Trading!

Trade Result - EUR/CHF +0

For the original trade idea, click here. This pair did what it was supposed to do, then did what it often does. First, it broke strongly out of the box at the end of the 0900 EDT candle yesterday. We were long the pair at 1.5150. The pair moved up well on the next candle and we moved to break even at +30 pips just after 1130 EDT. Then it simply fell back inside the box. We were stopped out at break even just after 2000 EDT for no gain. The pair fell back to the 800 sma (which is what they often do). I'll be watching this pair for another set up. We know it is going to move away from the 800. It is just a matter of when, and in what direction.

Happy Trading!

ps. The GBP/JPY trade is open and not looking to bad. We moved to break even and have saved 20 pips so far with our trailing stop. I'll keep you posted.

Trade Idea - GBP/JPY

This pair has moved up strongly over the last day or so. It is consolidating before it decides which way it is going to go. I'm prepared to buy or sell on a close above or below the channel lines. The stop will be the other side of the channel. We will move to break even at +100 pips. I'll keep you posted.

Happy Trading!

Trade Idea - EUR/CHF

As you can see from the chart to the right, the Euro/Swiss pair has been moving along its 800 sma for several days now. It will likely break away from the 800 either up or down at some point in the near future. Remember that this trade works a bit differently. I will buy or sell on a close above the upper or lower channel lines on the hour bar. I will close the trade if it closes back inside the channel and look for another entry signal. So the stop loss is hard to pin down. I'll probably use the 800 as my stop loss, but I will close the trade if it closes back inside the box. The stop is just kind of a safety. I'll also move to break even at +30 pips and put a trailing stop on after that. We'll see what happens.

Happy Trading!

Trade Result - USD/JPY +149

This trade got a bit more after yesterday evening's update. As you can tell from the chart to the right, it fell pretty well last night during the 2000 and 2100 EDT bars, then came back up and took as out at our adjusted stop loss. All in all a good trade. I'll take the pips.

Happy Trading!