Trade Ideas

Those Aussie bulls are really showing their horns eh? I got the direction right but my long entry wasn’t even close to getting triggered!

With the euro posting some gains over the past couple of days, it looks like I missed out… Again!

Remember regardless of whether you are automating your chart pattern identification, using manual lines and levels, using the Wave or some other tool…KNOWING how to trade a pattern in relation to the market direction is vital to success in using this time tested, price analysis.

Well, my winning streak had to end sooner or later! In the span of a few minutes last Friday, my USDCHF long order got triggered and stopped out.

Good afternoon! What started out as a great longer term trade for me turned into a short term bust as Cable found support mid-week and closed out strong. See how it panned out!

I was watching the intraday breakdown on the one hour USD/JPY and noticed two things. First I really didn’t have a set up to capitalize on the weakness…on the one hour chart. Second, and this is what turned the light bulb on, price reached the 50% Fibonacci Level support and was testing an intraday double bottom.

I got several crossovers on my HLHB mechanical system this week but the sad part was, none of those yielded pips for me.

The 50.0% Fibonacci and the trend line held pretty nicely, as the pair bounced higher and I was able to ride the intra-day trend. Unfortunately for me, the move wasn’t sustained, topping out near the 83.00 handle.

Yes! I finally caught a break! Things worked out perfectly for me, as the pair bounced from the top of the channel and proceed to shoot down.

Argh – it looks like euro bulls bounced back last week! Off with their heads!!!

D’oh! The bearish pennant chart pattern I’ve been watching with my one good eye indeed broke out last week… but to the upside! Needless to say, my short entry order failed to trigger when the pair rallied upside.

This week was a pretty hectic one, with a bunch of central bank rate decisions and the highly-anticipated US non-farm payrolls report. Just like the American Idol hopefuls, most majors bounced back from their dismal performance last week and attempted to finish stronger this week – some succeeded, others didn’t.

Oh great… The Kiwi didn’t retrace back to the 0.7000 handle so I missed out on my trade!

The GBP/USD has been consolidating across the 15 and 30 minute charts as the longer term 240 minute and daily charts are in strong mark down cycles. The longer term charts while tempting because of their strong trends are going to take some time to correct enough for me to get interesting in a swing trade short.

Darn! Looks like I got stopped out on the remaining position on my NZDUSD trade. Oh well, at least overall I won on the trade.

Good afternoon forex fanatics! It looks like I missed out again, as the entry on my trade was just above Cable’s high point on Friday and I wasn’t triggered before the drop.

One pip. Yep, one pip away from hitting my profit target. In retrospect, I should not have let my trade run like that, especially since price has already bounced from the previous week’s low. Could’ve, would’ve, should’ve. Ah, well, at least I walk away with some profit.

I got left behind on this trade, as the yen rallied early in the Asian session yesterday. I can’t even say that I was close to being triggered, as the pair only went as high as 35 pips away from my entry point.

Even though I still had an open trade from last week, I had to exit that one because a new crossover formed during the first part of this week. The EMAs made an upward crossover but the stochastics were already in the overbought region, meaning I could not enter long. I thank the forex gods for that!

I got seriously burned on this one as the Loonie managed to bust out of its range late into the European trading session session. 😐