Tag Archives: winners
Weekend Update. Weak Manufacturing Data From The UK. Cable Tests 150 Level.
Cable took another leg lower yesterday after weak UK manufacturing data and mortgage approvals saw it test the 15000 level. The last time Cable had been at that level was in July 2010.
Analysts at BNP Paribas expect the BoE to announce GBP 25bln in QE next week, citing the weak Manufacturing PMI data. So new lows could be seen next week.
I am not a news trader so its irrelevant to me what market moving news comes out, as long as i am not in a trade when the news comes out that is. I have a really good news feed though, so i am usually well aware of what market moving news is coming out.
Euro Dollar made a test of the 130 level yesterday which as a bit of a surprise as better than expected LTRO repayments came out that should have seen it go higher, but i think the Italy election problem is weighing heavy on the Euro at the moment. So we could see further downside until that is resolved. I don’t think Euro will go much lower initially though, as the new trading range is supposed to be 130 to 140. I personally think the range is more like 125 to 135, and as the US scale back on QE we could see 125 on Euro Dollar easily.
I took a hit on a Euro long trade yesterday which was a bit of a surprise. I saw a nice little set up to the long side which i took. We also had the better than expected LTRO repayments out which should have added a bit more weight to my position, but it did not work out and i got stopped out. I knew exactly why the trade failed though, and there was nothing i could have done about it, but i have had another good week overall.
Ozzy Dollar made another test on Wednesdays low yesterday after a massive spike on Thursday in the Asian session. I managed to get 20 pips out of AUD yesterday which was pretty good considering its trading range. We are coming up on a key level on AUD at 10150 so we should see it test that level sometime next week.
Euro Yen was trading sideways for most of the week, so not a lot to say about that one really. We did take it short on Monday for 110 pips, but apart from that we have not had a trade on EJ this week.
Here is the weekly update.
Monday was a great day. Mondays can be pretty quiet but not this week, we took 215 pips off 3 trades on Monday. We took Euro short at 13310 down to 13235 for 75 pips. We also took Euro long at 13192 up to 13222 for 30 pips. We also took EJ short at 12500 down to 12390 for 110 pips. EJ moved over 500 pips down on Monday so if we had held the trade we could have taken 500, but hindsight is a wonderful thing. 🙂
Tuesday we took 3 trades for 120 pips. We took Cable long at 15154 up to 15214 for 60 pips. We also took Euro long at 10339 up to 10379 for 40 pips. We also took AUD long at 10201 up to 10221 for 20 pips.
Wednesday we took 2 trades for 135 pips. We took Cable long at 15090 up to 15160 for 70 pips. We also took Euro long at 13075 up to 13140 for 65 pips.
Thursday we took 2 trades for 102 pips. We took Cable short at 15202 down to 15155 for 47 pips. We also took Cable long at 15155 up to 15210 for 55 pips.
Friday we took 3 trades. We took Euro long at 13025 which we got stopped out of for 22 pips. We also took Cable long at 14999 up to 15040 for 41 pips. We also took AUD long at 10187 up to 10207 for 20 pips.
Total trades 13. 12 winners and 1 loser. Total pips 611.
Great Day Trading Today. 4 Trades 139 Pips Profit.
I had a feeling we would have a good day trading today. The markets were nice and volatile so plenty of pips to be had.
We took an entry on Cable late last nite at 10636, with a profit target at 16058. The profit target got hit early this morning and gave us 22 pips to start the day. Its a shame we did not set a stop and reverse trade at 58, as 60 turned out to be the high of the day, and it was a nice steady move down for most of the morning, so we could have banked some nice pips on that move, but we take what the market gives us, and move on to the next trade.
I don’t hunt for big moves, that is not how i trade, if i do catch a big move then that is great, but my strategy is to take short term high probability trades based on price action.
Some of my students like to hold their trades for longer, and take advantage of a big move, but that’s their trading style. I can tell you with the highest probability where the market will stop and reverse, its up to you how long you want to hold your trade for. 🙂
Our next trade was an EJ long trade at 10622 up to 10658 for 36 pips.
We followed that with a Euro long at 12879 up to 12930 for 51 pips. Nice trade. 🙂
Our last trade of the day was Cable long at 15006 up to 16036 for 30 pips.
The EJ trade was over pretty quickly, but Euro and Cable tested my patience a bit, particularly Cable that just sat at just above 160 for 2 hours before it moved off. Came good in the end though.
OK, update for the week.
Total trades taken 17. 16 winners, 1 loser. Total pips made 355.
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I Told You We Would See Fireworks
Fireworks I promised and fireworks we got.
Yesterday was a lovely day for trading. Obama got re elected as i expected, and the dollar weakened as i expected, but then strengthened again. So we had some good trading opportunities.
First trade of the day was Cable short at 16034 down to 16010 for 24 pips.
Second trade of the day was Euro short at 12851 down to 12822 for 29 pips.
Third trade of the day was AUD short at 10463 down to 10421 for 42 pips.
Fourth trade of the day was EJ long at 10193 up to 10216 for 23 pips.
We could have had a lot more pips if we had held our short trades, but as i always say we enter and exit our trades with high probability, and take what the market gives us. Our trading style is all about logical entries and exits. If we get another opportunity to get back into a move we have exited we will take it.
Four trades 4 winners 118 pips. 🙂
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3 Trades Yesterday 51 Pips Profit.
We took 3 trades yesterday two were winners one was a loser.
The first trade was AUD short at 10488. We got stopped out of that trade for 22 pips loss. It was unfortunate that we got stopped out of that trade, as it only went 2 pips higher before going down 60 pips. Normally we would have been ok stop wise, as our initial stop was above the high, but i tightened up the stop as there was a lot of upward momentum, and i thought the high would be taken out. We had a lot of Dollar weakness at the time and i was expecting it to go higher. Its a shame, but its just one of those things, you have to take a loser once in a while.
On a positive note we did take Cable short at 16303 and exited at 16277 for 26 pips. We also took Cable short again at 16289 and closed at 16242 for 47 pips.
Total pips profit for the day 51.
Total pips profit for the week 271. 🙂