Make Me Some Money » currency blog

Big GBPUSD consolidation channel – went Long

admin — Tue, 06 Jul 2010 21:54:03 +0000

As you can see from teh chart, there has bene quite a long consolidation channel.. it’s almost been 4 days since the market has been bouncing around 15200 and 15080.

I had two lines, 15209 and 15083 and was looking to take a position if the market went beyond this range.

The market did indeed break above my upper line and I went short with a stop at the bottom of the line, 15083 and a 100 pip limit. However, the immediate short term top was 15220 or so before the market fell.. it’s currently 60 points away from my entry annd I’m 50 pips in drawdown.

Yesterdays trade however, wasn’t good and it ended up a loser

GBPUSD – all in a days trading (or not)

admin — Tue, 15 Jun 2010 19:27:30 +0000

Today I woke up early and was rather more alert than usual. This is not a good thing necessarily when it comes to trading.. certainly not in my case. I saw that the market had consolidated from yesterday after shooting up strongly. A consolidation usually happens after any particularly large moves so rather normal.. however, the market could have easily topped here or just biding time before heading higher. I wanted to play it safe so I didn’t trade…

The 4-to-7 trading system’s range was 14769 and 14730.

As you can see from the graph, the market breaks down hitting a low of 14690 which would have made the 30 pips. Then it shoots up higher above the upper line.. oh, I’ve just look more carefully now to see that that trade would have hit the stop as it retraced.. sorry, I looked at the end result to see that the market did indeed fly above that.

The 9-to-9 system also triggered a long entry at 14766 with a target of 14852. The stop was the lower band at 14684. It’s currently at 14813 so in profit but anything can happen until the limit or stops hits.

11th June GBPUSD – 4 to 7 trading system

admin — Fri, 11 Jun 2010 22:41:28 +0000

Today, the range bars was rather narrow… just 30 pip range which is tiny…

The upper range line was 14737 and the lower bar was 14707

The market did break towards the upside triggering the long.. however, the target was 14767 but the highest it reached was 14759 before it collapse. This meant a 30 pip loss. However, the short which followed was good netting 30 pips resulting in a stratch trade day.

I have decided that I need to be disciplined and this involves trading the system tirelessly…

USDJPY Double-top failed

admin — Wed, 04 Mar 2009 19:35:01 +0000

Last night the USDJPY charts made a double top pattern and I promptly sold. The odds seemed favourable so I got in at 98.20 with a 50 pip stoploss and 50 pip target

I shorted it as it came away from it’s second peak.. I was a little cautious as the market had been in a long uptrend but the chances I felt going my way were favourable so I went for it.. unfortunately, my stop got hit earlier today.

Left profits on the table – EURUSD

admin — Thu, 13 Nov 2008 19:48:58 +0000

I wasn’t quite in the trading mood today, felt rather tired but I went long EURUSD anyway. I was lucky as it shot up 5 mins or so after my entry… I got in at 12532 and got out at 12619 for +87 pips. However, I got out a bit too early as the market continued to shoot up and I am currently seeing prices of 12711.. I have left profits on the table, in fact, 90 odd points I’ve missed out on… I only have got out half of what I could have taken! Nevermind, a profit is a profi.. especially considering I am not feeling too great!