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that will do pip

Ok so that will do it for this week. Heck of a wild ride isnt August fun. We finish the week up a respectable 191 pips.

but more importantly the trade room debut was a success.

A reminder that next week I will most likely be sidelined as I prepare to take the CTA exam.

Thanks

 

Hi,

I noticed you missed alot of trades due to yourself not being in front of the terminal.

could your system be automated? I can help you out with that if you want?

let me know if you're interested.

 

Private messages

Greetings,

I have received a number of PM's and apparently have not reached the specified number of posts to respond to them. So please be patient while I reach that number. As mentioned before I will be in and out most of the week but still watching the market. Alot will hinge on the FED. not the interest rate ( thats a done deal) but more importantly if they change the language and become more specific as to what they will do. There is also a question regarding if there will be a QE3 at this point.

So here is my play for the week.

If there is QE3 thats bad for the dollar in the long run, especially with the recent down grade. So in the event that the FED moves down that path it should create a risk on enviorment and given the current levels that we are at right now would make it a great time to go long high yielding currencies like the Aussie and Kiwi. In fact it may be that the market continues to par positions allowing for entry even lower.

If they signal no more QE then its more a risk off atmosphere and the dollar should regian some strength and I may be looking at USDJPY and a long trade. THis would also make sense given the recent intervention by Japan and its all time lows.

So there we have it 2 plays based on the fed.

Note keep an eye on EUR/CHF I am looking to get short for another test of 1.0700. right now my prefered zone for an entry is 1.1400 to 1.1500

Thanks

 

Thanks

smiley486:
Hi,

I noticed you missed alot of trades due to yourself not being in front of the terminal.

could your system be automated? I can help you out with that if you want?

let me know if you're interested.

smiley,

Thanks for the offer. Unfortunately I dont know that automating the system is possible. I use the tradestation platform which while they have rules based trading I haven't found it to be very good. Also the system that I use is actually 4 systems in 1. I use them independently as well as a concurrently as a check and balance based on market conditions.

I also do alot with TA to help double check what the system is telling me. So my system in all actuality is more then following arrows to buy and sell

It does suck when I miss good trades but the great thing about the Forex market is there is always another trade around the corner. Now if you could figure out a system so I wouldn't have to eat or sleep that would be somethiing I could handle.

Thanks again for the offer.

 

Trade management

Ok so we will stay with the conservative risk mode again this week.

We are currently long the Euro 1.4190 and targeting 1.4500 and have locked in at least 30 pips. Provided that we dont get stopped out on the open tommorow we will be raisng our stop 50 pips for every 100 gained. We will continue to ride this till we reach the target or stop out.

Since we are locked in this trade for a profit. I will be looking for other opportunities which means we may have a second trade on. This is only done because we are locked with a profit and have a longer term profit objective on the one trade. WE WILL NOT TAKE 2 POSITIONS UNLESS ONE IS IN A WINNING POSITION. I hope that makes sense.

I am no longer going to be looking for a short on EUR/CHF they are now looking at pegging the currency to the Euro so longs seem the way to go with this pair, but with market sentiment the way it is I dont like swimming upstream on a long. No sense fighting the market or the SNB so I will stay away from CHF.

Kiwi and AUD are on my watch list this week.

Thanks

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