Learning In Markets

$USDCHF - bull flag in play

2011-11-05T23:32:00.001Z

Short-term trend is up and bull flag pattern in play. You either wait for the upper trend line to be broken and enter on retracement to 8900 level or enter now at the clean break of 8900 level. Support sits at 200 day moving average which currently sits at 8585 and coincides with 8550 level which serves as support in May 2011 and resistance in June and July 2011. First target 9300 and second target at 9700. Lets watch how this trade plays out in coming weeks and months. The positioning of this trade also supports the bearish bias on EURUSD as USDCHF is highly inverse to EURUSD.

Trade summary: Long at 8900, stop at 8540, first target at 9300 and second target at 9700.

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I am back!

2011-09-28T22:51:00.001+01:00

Folks, I am back in action and ready to scan my watchlist for any potential trades. Currently, I do not see any edge in trading any of the instruments and have decided to wait until the fund managers are done with end of quarter window dressing. USDCAD tried to break its resistance at parity (10000) level in March and April and finally the recent attempt in last few days was successful.

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Full month holiday - Umrah in Ramadan 2011

2011-08-03T14:19:00.001+01:00

Dear friends,

I'll be away for next 5 weeks and will be travelling to Saudia Arabia to perform Umrah in the month of Ramadan. I am looking forward to this break a lot as I am visiting the holy land after 4 years. I'll be flying on 8 August and will return mid September at home for two weeks before I fly to Dublin end of September. Take care and wish you all the best.

Every man who possibly can should force himself to a holiday of a full month in a year, whether he feels like taking it or not - William James

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Is Silver ready to breakout this resistance to join hands with gold? $SLV

2011-08-03T13:58:00.001+01:00

I am not trading silver as spreads and daily movements in Silver "currently" does not suit my risk profile.

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$CHFJPY ready to break this resistance? 200 pips profit

2011-08-01T11:05:00.001+01:00

Long since 9616 (see last post on 25 July with forex open positions) and trailing stop is now sitting at 96.70. I am aiming for 99.50 and I'll let this trade work out itself i.e. either limit of 99.50 will hit or trailing stop will hit. This trade is up by 200 pips. Trade less and trade well!

Trade update:

USDCAD was closed at break-even.

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Forex open positions $CHFJPY and $USDCAD

2011-07-25T14:44:00.001+01:00

Long $CHFJPY from 96.16 (100 pips plus profit). I'll move stop to break-even and will trail the stop when yearly high at 97.98 is hit.

Update from open positions posted on 7 July

$USDJPY - closed for profit at 85.15

$AUDCAD - closed for loss, stop was hit at 1.0200

$NZDJPY - closed for profit, trailing stop hit at 66.90

$AUDNZD - closed for loss, stop hit at 1.2600

Bottom line, 2 closed for profit and 2 closed for loss and I am still in the game. Why, because I trade small lots to test my strategy, learn patience and enhance my skills so that when I trade bigger lots I have the confidence in each of my trade. I can also set wide stops to avoid any stop outs as a result of unnecessary noise and high volatility. My strategy works best when pairs are trending. Range bound trading is no good to my strategy. Lets see where we get to with 2 open trades as of 25 July i.e. $CHFJPY and $USDCAD.

See the full gallery on Posterous

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Forex open positions

2011-07-07T22:59:00.001+01:00

EUR/AUD short closed for 300 pips profit and CAD/JPY short was stopped out for 90 pips. Trailing the stop on NZD/JPY.

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Forex open positions

2011-07-06T22:45:00.001+01:00

EUR/CAD long trade was stopped out. However, EUR/AUD and NZD/JPY trade are now in the money with 350 pips profit. I'll look forward to ride the trend with trailing stop in place. This will test my patience and whether I can resist closing this trade manually.

The two new trades I placed today are short CAD/JPY and long AUD/CAD. I'll post the charts over the weekend.

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Forex open positions

2011-07-03T22:15:00.001+01:00

With reference to forex open positions posted last week USD/CAD was closed for profit and CAD/JPY was stopped out so it was breakeven week. Lets see how these 4 open trades unfold over the next few days / weeks. I'll wait for the pull pack in risk currencies i.e. EUR/USD, AUD/USD and NZD/USD all of which have now triggered long signals, however, risk reward ratio is simply not attractive at all.

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$NZDJPY trendline resistance breakout

2011-06-29T21:35:00.001+01:00

Refer open forex positions post for the trade details.

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$EURCAD trendline support

2011-06-29T21:34:00.003+01:00

Refer open forex positions post for the trade details.

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$EURAUD trendline resistance

2011-06-29T21:34:00.001+01:00

Refer open forex positions post for the trade details.

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$CADJPY trend line resistance

2011-06-29T21:33:00.001+01:00

Refer open forex positions post for the trade details.

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$AUDUSD bull flag pattern breakout today

2011-06-29T21:24:00.001+01:00

The bull flag pattern highlighted in the post on 19 June is now finally in play and breaking out. Will this hold and test 2011 highs? The summer months have historically been very bullish for gold. If the history repeats we may see this bullish flag pattern in action which has a potential of atleastt 700 pips upside being the size of the pole of the flag.

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Forex open positions

2011-06-28T23:58:00.000+01:00

I'll post the charts soon for each of the trades. Both AUD/CAD long and USD/JPY short trades (from the last post) were stopped out as Aussie dollar lost ground to the greenback!

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$AUDUSD bull flag pattern in play on daily charts

2011-06-19T23:58:00.001+01:00

Classic bull flag pattern is forming right at the 2011 highs. Is this pair ready to make another move high as we expect equities to bounce in coming days for end of June close or is this pair ready to go as low as 10200 and still be within the bull flag pattern. Lets see how this plays out. In order to take advantage of this pattern and potential higher move in coming days I have bought $AUDCAD at 10412 and shorted $USDJPY at 8012 as chart patterns in both pairs look more attractive. I'll post $AUDCAD and $USDJPY charts during the week.

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$EURJPY target hit > bear flag pattern still in play

2011-06-19T23:11:00.001+01:00

Bear flag finally broken. First target at 11350 was hit where I closed my full position with a view to short again at higher levels. The pair bounced off the support and depending on the price I action I'll decide whether to short again in coming days. This trade yielded me 250+ pips in total and 1% increase to my account balance.

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$EURJPY Bear flag pattern in play on daily chart

2011-06-14T23:06:00.001+01:00

Short at 11630 with stop at 11800. No target set yet but aiming for the break of 11350 and all the way down to 11200.

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Rising Wedge pattern in play on Dow Jones Indices $DJIA

2010-12-16T15:04:00.001Z

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Trading discipline

2010-12-15T11:24:00.001Z

"Pull out your top 10 winning and bottom 10 losing trades over the past three months and compare their P/L. That will tell you quite a bit about your trading discipline." - Dr. Brett Steenbarger

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Classic bull flag pattern in $CHFJPY hitting its target

2010-12-15T11:00:00.001Z

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$GBPUSD facing resistance once again and triangle pattern in play as well

2010-12-10T09:48:00.001Z

Cable is stuck in 200 pips range between 15650 and 15850. A break of either level will be decisive for the next move. The prices are due to move out of the triangle pattern soon.

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$GBPJPY stuck in the range > very choppy

2010-12-09T15:24:00.001Z

Is this pair ready to move down for quick intraday trade?

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$GBPUSD failed at the resistance trend line

2010-12-09T11:24:00.001Z

Cable failed at15825 region which is resistance trend line since early November. Once the support at 15650 is broken it appears cable is heading down.

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$GBPJPY bull flag in play on 15 min chart

2010-12-08T12:20:00.001Z

Will the measured target (calculated by reference to the size of pole) of 13277 will hit? I entered at 13192 and now trailing the stop.

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