I was pretty smug this morning with 70 pips on the AUDNZD trade I made recently… I have just checked my Forex charts and this is what I see….

The market hit a peak of 1.2435 which is about 250 pips!!!!

The thing about trading is that you can hold for greater moves or just get in and out where you can. I am thinking of holding out for great moves.

Anyway, I am going to try the follow for my Forex trades… enter a trade with a 50 pip stop and a trailing 50 pip stoploss. Alternatively, actually wait for the stochastics to turn before exiting. I say this now but it is really quite difficult to keep to the gameplan at times!

Tags: audnzd, daytrade, daytrader, fibonacci, foreign exchange, forex, long, makemesomemoney, position trader, short, Spreadbetting, stochastics, stock market, Trading, trading blog

The previous evening before I went to bed, I put on a couple of trades based on the stochastics cross method I’d been using lately.

Firstly the NZDUSD short at 0.7820. I was probably a bit late in the entry as the trigger is a turn on the moving average trend indicator together with the stochastic cross. However, I got out when the trend indicator started to change at 0.7803 for +17 pips

Secondly, I went long AUD/NZD at 1.2185 seeing the stochastics cross and the changing of the trend indicator from red to yellow to blue. It shot up but then it shot down again and was at one stage 20 pips away from my 50 pip stop loss. However, I went to bed and woke up to find that it shot up and I took my profit in the morning at 1.2255 for 70 pips. The market has gone higher since however.

Tags: audnzd, daytrade, daytrader, fibonacci, foreign exchange, forex, long, makemesomemoney, nzd/usd, position trader, short, Spreadbetting, stochastics, stock market, Trading, trading blog, trend indicator

After missing the ride on the previous EURCHF signals, I thought I would be disciplined and trade the signal properly this time.. not close out early to take a profit or loss but actually ride it all the way.

Ok, I see the blue signal in the moving average trend indicator and also, stochastics cross.. a long entry!!

Hoorah, I get in at 16121 after an initial pullback and wait! Unfortunately, it starts to move down almost immediately and I have my 50 pip stop loss in place. Unfortunately, it does hit my stop loss for -50!

Typical, the time I try to play by the rules, the market doesn’t wanna play back!

Tags: daytrade, daytrader, eurchf, fibonacci, foreign exchange, forex, long, makemesomemoney, position trader, short, Spreadbetting, stochastics, stock market, Trading, trading blog