Trade Ideas

What a time for that trend line on GBP/USD to break down! Just when I had bought the pair in hopes of getting a piece of its uptrend, it decides to drop like a lead brick! Phooey!

It looks like a new low wasn’t meant to be! EUR/CAD has moved up higher, which pretty much invalidates my trade idea.

NOOOOO! Why, oh why, did I get burned from my HLHB mechanical system this week? To think I was feeling giddy when I saw that upward EMA crossover while the stochastic was still climbing!

Yipee! NZD/USD finally dropped and hit my profit target at .7420 yesterday. Thanks to good ole risk aversion, I was able to lock in a juicy 200-pip profit on this trade!

Here’s my daily Forex AM program where I discuss my daily trading outlook as well as some helpful lessons about the way I analyze the markets and set up my trades.

I discussed this point – the importance of using the daily chart’s “directional bias” – in my prior Chartology post but I wanted to share the real-world application in term of the price action we’ve seen the last two trading sessions.

Thank goodness I risked a smaller position size on this trade because it hit my stop. Oh well, I guess I could say I still haven’t gotten the hang of trading cross pairs just yet. Maybe I need to ask Cyclopip for help!

Dang it! Once again, my trade didn’t get triggered and price hit my desired profit target!

R.I.P. liquidity! While I did enter at a top, it seems like Cable has very little room to fall. What does this mean for my trade? You got it, I have to close early. Besides, there seems to a be a rising channel forming too.

The system works! Okay fine, I didn’t get a winning signal, but at least my filters saved me from getting caught in a false move three times this week!

A little background: The daily time frame was where I began my trading career back when I was predominantly a futures and stock trader. This was back in the early and mid-90’s when I know little to nothing about what the foreign exchange was. I have traded currencies but I was not trading spot until 1999-2000.

With euro regaining some of its bearing the past couple of days, and the yen on the losing end across the charts, EUR/JPY has climbed back up the charts! As a result, my trade got stopped out at breakeven!

The EUR/USD has been trending lower on both the daily (the most psychologically relevant time frame) and the 15, 30, and 60-minute intraday charts. This is setting up a swing short on a bounce to the 34EMA Wave on each time frame.

Eeeeep!!! It looks like the markets aren’t willing to go back to fundamentals anytime soon! My order got triggered and stopped out on the same day! The upside surprise on China’s manufacturing PMI sure threw a mean curve ball on risk sentiment.

Boo hoo, I can’t believe I missed my entry by three measly pips! Better luck next time, I guess.

The EUR/USD and AUD/USD are at key levels after last week’s dollar correction. With the U.S. Dollar Index finding support within the 34EMA Wave, I examine in the video below where I think the selling pressure will be building in each pair as the the dollar attempts to regain the uptrend it was in on the daily time frame.

I got another signal this week, but once again the Stochastics is already above 80. This implies that I shouldn’t enter, as it could mean that this move up won’t last very long.

The trends on the daily time frame are getting clearer and that means that the 240-minute and 60-minute charts will be better candidates for follow-through.I had avoided these time frames when the daily charts were range-bound…

Even though I got the direction right, it didn’t matter… because I wasn’t in the trade! Apparently, the bears were too eager to sell the pair that they didn’t even let it retrace a bit!

Ouch! That rising trend line on NZD/USD’s daily chart broke, causing my trade to get stopped out. I should’ve canceled my trade when the price popped after missing my entry.