Trade Ideas

Buenas noches mis amigos! Looks like the downtrend kicked off during yesterday’s Asia session continued throughout the European and session, pushing USDJPY down to my stop at 93.40 and close out my trade.

Whee! The USDCAD hit parity finally! After holding on to this trade for almost a week, my second profit target at 1.0000 got hit. Yesterday’s downbeat FOMC statement served as a catalyst for the USDCAD to edge lower and hit a low of 0.9989.

Whee! Thanks to the positive US non-farm payrolls report last week, my second profit target on my long USDJPY trade finally got hit.

I’ve got two short videos to share here with you…I thought it would be great weekend “in your robe” seminar. I like to break down the ideas and analysis behind my trades whenever I can so you can see how and why I choose to take a set up.

It’s an early Huck-date for ya’ll because I’ll be taking this week early! It’s Good Friday tomorrow, and banks from other parts of the world will be on holiday.

Despite Ireland’s credit downgrade, traders continued to buy up most of the anti-dollars this week. Looking at the price action for the past couple days, it looks like risk appetite is back on track, ultimately spoiling my Cable short.

Unfortunately, my long EURJPY trade got stopped out at 124.35 yesterday. Prior to that, the price broke above the psychological 125.00 mark only to fall back after credit woes in the euro zone resurfaced.

I didn’t get a new signal from my HLHB mechanical system this week. But don’t get me wrong, I’m not complaining at all! My short EURUSD trade from last week is still open with almost 300 pips in the bag and still going for more. Yipee!

Unfortunately, support at the neckline of the inverted head and shoulders formation and at the 38.2% Fib did not hold. The price punched through them with ease, triggering my stop loss soon afterward.

It looks like I was too aggressive with this one, shorting way too early, and placing my stop too tight. Do’h!

Good evening! UK inflation data came out only slightly below expectations, but it was the CBI Distributive Trades that came in as a big disappointment (13 vs the previous month reading of 23) that pushed Cable lower to my stop out level and beyond.

Luckily, the Canada’s economic reports came in better than expected last Friday. This allowed the USDCAD to fall to a low of 1.0062, hitting my first profit target at 1.0075 along the way.

Yipee! I got a good valid signal on my HLHB system this week and I hope it works out for me. There was a downward EMA crossover while the stochastics were still crawling towards the oversold area.

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.