Make Me Some Money » position trader

Caution in the markets

admin — Mon, 07 Jul 2008 18:19:44 +0000

I have been rather cautious with my trading as the markets seem extremely volatile whipsawing as uncertainty seems to take grip. As a result, I have been extremely selective in my trading and hence the rather less frequent updates on the website. However, on Friday, I did make a trade on the AUD/USD forex chart.

I traded this as I saw negative divergence on in the 4 hour chart on the stochastics as the market had hit a second high at around 0.9630. The stochastics also crossed and my trend signal turned red indicating a sell.

Nothing really much happened for a long time and then the market moved this Monday dropping… I closed out for +50 but the market reached a bottom of 0.9615 which would have make me an additional 50+ for a total of over +100…

Todays Forex trade – long AUD/NZD

admin — Wed, 02 Jul 2008 16:35:48 +0000

The markets have been looking rather choppy lately and have been rather difficult to trade. Anyway, last night the only market which looked relatively clean and non erratic was the AUD/NZD chart. I went long at 1.2600 and got out at 1.2660 for +60 pips which isn’t a bad result considering the markets currently.

The stochastics action looked clean and the short term price action looked ripe for some movement up. There was some previous resistance (as you can see from the chart) at the take profit levels and hence my rationale for closing.

Short USDJPY at 107.80

admin — Fri, 20 Jun 2008 22:51:12 +0000

I got today off so woke up early at 6.45am to log into Simon Grinter’s chatroom. If you are able to listen, he offers a real time commentary on the markets and lets you know of the trades he is taking.

Today, one of his entries was a short below 107.80 and I took it! I rode the price action 30 points!! Hoorah! The market did go a lot lower however but a profit is a profit!

If you want to join or sign up for his free trial, visit http://www.rainbowforex.com/

AUDNZD – short at 12499

admin — Tue, 17 Jun 2008 23:34:07 +0000

I shorted AUDNZD yesterday after seeing the stochastic cross at 12499. I have always been wary of not allowing my trades to run to completion so I left it running for as long as I could. The market did bottom out to 12435 (god knows why my trailing stop didn’t activate which is rather annoying) and now it have moved back. The stochastics have cross the other way and the trend indicator has turned blue… I have close my trade for a measly +15.

When it bottomed, I was sitting on 65 odd points… anyway, I don’t know where the market is going right now but my indicators aren’t going the way I want them to be hence my close out.

Simon Grinter’s Weekly Breakout trade

admin — Mon, 16 Jun 2008 17:01:52 +0000

I mentioned that I went on Simon Grinter’s Forex seminar not so long ago… well, finally, I got a chance to put on his ‘weekly breakout’ trade. I put in an order to go long at 211.05 with a 100 pip limit and stop and waited….

I woke up this morning to find that my trade had been triggered and that I was already 20 pips up. By the time I got to work, my trade was about 70 pips up. There was some resistance around 212.00 so I took profit when it eased off (you never know, it may tank from here) at 211.85 for +80.

However, if I had left it, it would have made 100 pips. If I left a trailing stop in it’s place then I could have been 200 points up at one stage…

Well, this is a trading system and each time you tweak it, you may get better or worse results… the best thing is to just stick with the system as it should make money overall.

If I had done this last week, ie did a trailing stop rather than the 100 pip limit, I would have lost. This trade did make 100 pips last week also but it soon reversed and if you had trailed it, you would have lost.

So, my first Simon Grinter trade and it worked well… to read my review of his seminar, visit:

http://www.makemesomemoney.co.uk/2008/06/10/simon-grinters-forex-seminar/

To test drive his alerts or sign up on his seminar, visit:

http://www.rainbowforex.com/

GBPUSD.. stopped out, would have been a great trade!

admin — Wed, 11 Jun 2008 18:33:59 +0000

I went long GBPUSD at 1.9555 with my usual 50 pip trailing stop. Unfortunately for me, it spiked down, took out my stop and then continued on it’s merry way topping 1.9670 at one stage which is over 100 pips away. These things are frustrating but they happen. Oh well, I took a 50 pip loss.

Trading the Forex markets, didn’t ride it all the way but this time it wasn’t my fault!

admin — Tue, 10 Jun 2008 18:13:05 +0000

The USDCHF trade I put on a few days back woke up and shot up this morning. I left my 50 pip trailing loss and it gradually ticked up… if you look at the graph, you’ll see that I got out early once again (most frustrating!) but this time I stuck with my plan and didn’t touch it. The market touched 10400 but when you’re spreadbetting the spread can work against you. My stop first got to 10251 and then 10352 when the market was at 10400 or so and then came crashing back to hit my stop before moving up. The market’s short term bottom here was 10347 which was only a few pips shy of my stop and if it hadn’t triggered, the market would be at 10437 which is another 90 pips.

Anyway, can’t complain too much with 100 pips profit!

Stochastics cross on the USDCHF.. long at 10251

admin — Mon, 09 Jun 2008 19:34:53 +0000

Ok, I’ve gone long on the USDCHF at 10251 with a trailing 50 pip stop. It’s 20 pips up so far but you never know what happens to the market… if I close now and bag 20 pips I may feel fab but if it shoots up more, I’ll kick myself. However, if the profits now turn into a loss then once again, I’ll kick myself…. basically you can’t win! You just have to stick to a gameplan and hope for the best.

The previous Forex trade I made on the NZDUSD was like that, I could have taken a 25 pip profit at it hit a main level at 0.7700 but I ended up holding it for a -50 loss.

Let’s see how this one turns out!

NZDUSD didn’t work out

admin — Mon, 09 Jun 2008 19:25:17 +0000

Unfortunately the NZDUSD trade didn’t work out.. I got stopped out for -50 though at some stage, I was 25 pips up… oh well!

Currency Trader magazine – June 2008 – available for download

admin — Sat, 07 Jun 2008 22:40:38 +0000

Get your free copy, visit http://www.currencytradermag.com/downloads/index.php to get it!