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Weekend Update. Euro Rallies On Speculation Of Cyprus Resolution.
The Cyprus problem is still with us, but Euro pairs rallied today on speculation that a resolution to the bailout problem would be forthcoming.
Discussions are currently on going and the latest word on the street, is that they will have a deal either tonight, or at some point over the weekend.
They need to find approximately 6 billion Euros for their share of the EU bailout proposal, and the idea of taxing bank deposits to get that money did not go down very well with the Russians, or Cypriot savers. So this i feel is the problem. They need to tax deposits in such a way as to keep the majority happy. I believe the solution will be to take a higher tax from the most wealthy individuals, thus upsetting a few that can well afford the tax, rather than hitting the many that cannot.
I have had a good trading week. I did get a losing trade on Euro Yen yesterday which cost me 30 pips, but i more than made up for that today with 3 Yen trades for 129 pips.
Here is the update for the week.
Monday i took 2 trades, both on Euro Dollar. I took it long at 12935 up to 12970 for 35 pips. I also took it short at 12993 down to 12950 for 43 pips.
Tuesday did not look at all promising at the start, and i did not think i would get a trade as the markets were going sideways in a pretty tight range. The price action was very poor. We did get a bit of movement late on, which gave me 2 long trades. I took Euro long at 12846 up to 12886 for 40 pips. I also took EJ long at 12186 up to 12250 for 64 pips.
Wednesday i had 3 little trades. One Cable long at 15039 up to 15070 for 31 pips. I also took EJ short 12392 down to 12362 for 30 pips. I then took EJ short again at 12445 down to 12414 for 31 pips.
Thursday i took EJ long at 12396 which i closed out at 12366 for a 30 pip loss. 🙁 I then took EJ long again at 12310 up to 12349 which gave me 39 pips. I then took it long again at 12274 up to 12311 which gave me 37 pips.
Losing trades are not nice, but they do happen from time to time, but if you have a good understanding of the markets you can quickly recover from a losing trade. It used to really bother me when i had losing trades, but because i have complete confidence in what i do, i know i can recover the lost pips easily.
Today was a good day. I could have had 300 pips plus today if i had held on to my long Yen positions, but at the time we were in a strong downtrend, and i thought it prudent to bank my pips just in case the Yen pairs continued the move down.
The first trade of the day was Euro Yen long at 12185 up to 12225 for 40 pips. This trade did go against me initially, but i was confident it would be a winning trade so i held onto it and added to it at 12156. I closed that position at 12225 for 69 pips. I also took at little trade on Dollar Yen at 94.30 which i closed at 94.50 for 20 pips.
Total trades for the week 13. 12 winners 1 loser. Total pips 449.
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Weekend Trading Update. UK Credit Rating Downgrade Sees Cable Tumble.
Hi guys, sorry we had no midweek update this week, but i have been too busy to post one. Anyway here is the weekend trading update. We have had some great price action trading this week, which has given us some great pips.
Cable fell almost 100 pips last night after a downgrade from credit rating agency Moodys. The downgrade is the first in 30 years and sees the UK lose its triple A credit rating. The downgrade means that the UK will have to pay more interest on its borrowing, which will add a bit more to its debt pile, and they may need to do more QE.
We could see cable fall a bit more on Monday, but i think we will see Cable recover from its lows next week, as the downgrade fears are now out of the way, and traders love a bargain, so i think we could see a nice rally on Cable in the coming weeks.
The low for the week on Cable was 15130. I had a price target of 15135 as a long entry, which i took on Thursday. We had a nice rally off that level and we managed to get 134 pips from that trade.
Ozzy Dollar revisited my 10225 level on Thursday. I did say last week that it would revisit that area on Tuesday or Wednesday this week. It almost hit on Wednesday, but finally hit Thursday, so i was a day out. 🙂
We took a nice trade off the 10360 level all the way down to 10262 for 102 pips. I did consider holding the trade overnight for a revisit my 10225 level, but i don’t like holding AUD shorts overnight, as the swap is a killer.
Euro Dollar had been consolidating for most of last week in preparation for this move down, which we traded very successfully. The price hit my short target at 13429 and we took the move down to 13283 for 146 pips. I had been waiting for this move for over a week, and the extended consolidation told me that it would be a pretty decent move. The price typically pushed up from consolidation before moving down very strongly. I did make comment predicting this Euro move on Forex live.
Euro Yen also moved down along with Euro this week, which is no surprise. It was in consolidation yesterday though as was the Euro. We took one small trade on Euro Yen yesterday for 30 pips.
Here is an update on all the trades we took this week.
Monday we took 2 trades on Cable, both short, one at 15475 down to 15440 for 35 pips. We also took it again at 15450 down to 15484 for 34 pips.
Tuesday we took Cable short again at 15484 down to 15424 for 60 pips.
Wednesday was the start of our week really. First trade was Euro Dollar short at 13429 down to 13283 for 146 pips. We also took AUD at 10360 down to 10262 for 102 pips.
Thursday was a pretty crazy day, we took quite a few trades on Thursday. We took Cable long at 15135 up to 15269 for 134 pips. We also took AUD long at 10226 up to 10260 for 34 pips, we also took it again at 10235 up to 10255 for 20 pips. We also took Euro long at 13174 up to 13224 for 50 pips. We also took it short at 13230 back down to 13174 for another 56 pips.
Friday was a quiet day. We took 2 trades one trade which was Euro Yen short at 12349 down to 12319 for 30 pips. The other one was a losing trade on Cable long, which we got hit for 24 pips. It was a silly trade really, and i should not have taken it, but i got greedy. I had been having a very good week, and thought i was invincible. It was not a high probability trade, and i got my ass kicked. It happens sometimes when you are on a roll, you lose a bit of focus and you need a loser to re focus your mind. It worked anyway, i am totally Focused for Monday. 🙂
Total trades for the week 12. Total pips 677.
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Weekend Trading Update. Cable And Ozzy Move Lower, Euro Breaks 134.
Cable And Ozzy Move Lower, and Euro Breaks 134 this week. We have seen a pretty sustained move down on Ozzy Dollar this week with Thursday and Friday seeing the biggest falls. We did have a little 25 pip bounce on Ozzy at the 104 level, but the trend is down so we may see another push down on Monday before a bit of profit taking takes place either late Monday or early Tuesday.
My target on Ozzy for next week is 10377. I think we will see a bounce at that level, whether it will continue up or not from that area depends on what the price action is doing at the time. I will be taking a long position in Ozzy at that level as i see that trade as good value at that price.
Ozzy has been rising since the October low at the 10150 level mainly due to traders hedging Euro short positions in my opinion, as the rollover charges you get paid for buying AUD will cover the charges you are paying to keep Euro shorts open. Now the Euro has taken out most of those short positions and the market is net long Euro, the AUD hedge trade is no longer needed, hence the sell off from 10590. Weakness in Euro will see more short positions added which will see AUD rise again.
Cable has been moving down steadily from the 16300 level and currently sits at the 15800 level. That’s a 500 pip move in 3 weeks. Cable weakness is on the back of a flow of poor data out of the UK, plus the speculation of a possible downgrade in the pipeline, and further QE. Cable hit my target at 15750 and we have seen a nice bounce from that level. If the price continues down next week and breaks the 15750 area i think we could see a move down to the 156 level, and then 15550 after that. I know it sounds like i am just picking round numbers, but i am not. I can back up all of these moves with charts and price action, but i am not going to share that here, that info is what i will be teaching you if you decide to take my Forex training course. My price targets are extremely accurate, and that is what my training course is all about. Entering and exiting the market at the correct level.
Euro has finally broken out of its sideways trading range and broken the 134 level currently sitting at 13460. Goldman Sachs have a target of 137 for Euro Dollar so we could see it go there in the next couple of weeks. My immediate target on Euro Dollar is 13502. I will be looking for a shorting opportunity at that level, if price action gives me what i am looking for.
I have had a pretty good week this week, but i have also been busy with other stuff so i have not taken as many trades as normal. Trading Forex is all about a work life balance, and although i would love to sit in front of my trading station all day and bank pips, i do have a life outside of trading and this week i have decided to enjoy it a bit more. As we get into spring and summer i will probably be taking less trades than normal. I like to enjoy the summer months and spend some of the money i have banked over the winter.
Here are my trades for Thursday and Friday.
4 trades on Thursday as follows.
AUD short at 10514 down to 10594 for 20 pips.
Euro short at 13388 down to 13367 for 21 pips.
Cable long at 15770 up to 15807 for 37 pips.
AUD long at 10455 up to 10472 for 17 pips.
2 trades on Friday.
Cable short at 15825 down to 15750 for 75 pips.
Cable long at 15750 up to 15805 for 55 pips.
Total trades for the week 11. Total pips 459.
Have a great weekend, and if you are trading next week have a good one. 🙂
Forex Trading Update For The Last Few Days. 710 Pips This week.
Hi guys. Sorry i have not updated you with any trades in the last few days. I have been very busy and have not had the time to update the site. I don’t really like working on a weekend but i have been doing a bit of chart work so i thought i may as well update the blog at the same time. 🙂
OK I updated you on Mondays trades so the rest of the week was as follows.
Tuesday we took 2 trades.
First trade of the day triggered Monday evening, it was EJ short at 11997. As i was sleeping at the time i was very happy to open my account Tuesday morning to a 150 pip move down. I closed the trade at 11836 for 161 pips profit. I have not had a profit like that for a while. I think the main reason for this is that i was asleep and could not close the trade, so it ran for the whole 9 yards so to speak which was very nice.
Next trade on Tuesday was Euro long at 13266 up to 13310 for 44 pips.
Wednesday we took 2 trades.
First trade of the day was Euro short at 13324 down to 13304 for 20 pips.
Second trade was Cable long at 15975 up to 16005 for 30 pips.
Thursday we took 3 trades.
Euro long at 13283 up to 13369 for 86 pips.
EJ short at 11949 down to 11914 for 35 pips.
Cable long at 15958 up to 15996 for 38 pips.
Friday we took 4 trades.
Euro short at 13396 down to 13356 for 40 pips.
Cable short at 15996 down to 15930 for 66 pips.
Euro short at 13366 down to 13346 for 20 pips.
Euro long at 13279 up to 13330 for 51 pips.
Total trades for the week was 14. Total pips was 710. What a cracking week boosted by the 161 pip EJ short and 86 pip Euro long.
This is going to be a great year. My target is a 1000 pips plus week. I think i will have to trade more pairs to hit the 1000 pip mark. I am looking at adding AUD JPY to my pairs so that could boost me up to the 1000 pip mark on a week like this one.
Have a great trading week everyone. I will try and keep you updated on trades next week as i take them.
Oh by the way, I have added an earn while you learn Forex trading option to my training courses, so you can copy the trades i am taking in your own account while you are learning my methods. A few people have asked me about it in the last few weeks, so i have decided to do it and i think it will be a good thing for new students. My Forex training course is not cheap, so if you can get some of your money back while you are learning then its all good. More info here.