Showing posts with label Resistance. Show all posts
Showing posts with label Resistance. Show all posts
Wednesday, July 18, 2012
Some order amendments for the USDCAD trade
Well, things have been going pretty well with this trade, and as such I have made some slight changes.
The new SL is 1.01381, so we are guaranteed a profit.
The new TP however has chaned to 1.00730.
A couple of reasons for this. One my signals are telling me that this trend will continue, it has broken some support levels, and the SL is actually slightly above this new resistance, so we will be protected if there is a sudden change. The new TP is just above an older support line, and I woudl be happy to take this.
Wednesday, November 23, 2011
New trade on EURUSD
A new trade was opened on the EURUSD about half an hour ago.
I got into the trade - a sell @ 1.34469.
I have already moved the stop loss to break even, so I now have zero risk on this trade. It is good to let these ride... The great thing about this trade is that it has broken some really massive resistance, and the next major support level is at about 1.31... so we could be looking at quite a nice little profit on this one (although the cliche 'famous last words' come to mind)....
Already I am in profit, and with the safety net of the stop loss being at break even, I am kind of feeling pretty good about this trade.
Putting the stop loss at break even straight away is a major psycological boost to your trading, and yet it could easily swing back and take away any proifts, but the major thing is that I have absolutely no risk - zilch - to my account, so even if this took a massive reversal, the most I could lose is nothing... How brilliant is that!!! This has got to be the single most best thing I have ever learnt.... and that is no lie. The strategy itself is great, but once I am in proift - I can not not lose. A similar thing can be used by using trailing stops. Although very very useful, I am taking more of an active look at the trades, and trying to determine what should happen with it. It is all a learning curve of course, and in the last two trades, the stop loss was put at a level that meant they were stopped out for relatively small gains when the trades themselves could have gone on for many more pips... HOWEVER, they were stopped out at what was a pretty huge resistance/support level, so despite the fact they were stopped out, I made a profit on something that could have easily gone the other way and wiped out those profits and could have easily gone on to be a loss.
Something I learned a long time ago was never complain about a profit. This means taking small profits despite the fact that a trade goes on to make HUGE gains. If you always make a profit, that is great, if you make 1 or 2 losses, you could be in huge draw down which is not good!
Anways - here's to happy trading!!!
I got into the trade - a sell @ 1.34469.
I have already moved the stop loss to break even, so I now have zero risk on this trade. It is good to let these ride... The great thing about this trade is that it has broken some really massive resistance, and the next major support level is at about 1.31... so we could be looking at quite a nice little profit on this one (although the cliche 'famous last words' come to mind)....
Already I am in profit, and with the safety net of the stop loss being at break even, I am kind of feeling pretty good about this trade.
Putting the stop loss at break even straight away is a major psycological boost to your trading, and yet it could easily swing back and take away any proifts, but the major thing is that I have absolutely no risk - zilch - to my account, so even if this took a massive reversal, the most I could lose is nothing... How brilliant is that!!! This has got to be the single most best thing I have ever learnt.... and that is no lie. The strategy itself is great, but once I am in proift - I can not not lose. A similar thing can be used by using trailing stops. Although very very useful, I am taking more of an active look at the trades, and trying to determine what should happen with it. It is all a learning curve of course, and in the last two trades, the stop loss was put at a level that meant they were stopped out for relatively small gains when the trades themselves could have gone on for many more pips... HOWEVER, they were stopped out at what was a pretty huge resistance/support level, so despite the fact they were stopped out, I made a profit on something that could have easily gone the other way and wiped out those profits and could have easily gone on to be a loss.
Something I learned a long time ago was never complain about a profit. This means taking small profits despite the fact that a trade goes on to make HUGE gains. If you always make a profit, that is great, if you make 1 or 2 losses, you could be in huge draw down which is not good!
Anways - here's to happy trading!!!
Tuesday, November 15, 2011
Stopped out on both trades
well, I had moved the stop loss up on both trades to ensure that i did not pick up a reversal that I was actually quite worried about - knowing that both were at Support/resistance levels, so really happy with the quick in and out nature of these trades.
GBPUSD was stopped out at 1.58760 for a 24.3 pip profit
USDCHF was stopped out at 0.91400 for a 54.4 pip profit
Here's to some more porfits in the next few days/weeks!
Happy trading!
GBPUSD was stopped out at 1.58760 for a 24.3 pip profit
USDCHF was stopped out at 0.91400 for a 54.4 pip profit
Here's to some more porfits in the next few days/weeks!
Happy trading!
Monday, November 7, 2011
Forthcoming week in a nutshell
Well, here we are again - a new week with some new trading opportunities.
The first one that I can see straight off the bat is some major resistance on the USDCAD on the 4 hour chart and all the charts below that, 1h, 30 min, 15 m, 5m and 1 m. The only chart that does not have this resistance is the daily chart. In fact I have taken a sell position in this already - it is not part of this system, so it will not go to the results, but there is a really solid resistance line that it should be a gimme.... although we all know there is no such thing!
As for the other pairs, there is a potential trade on the EURUSD... although I have not taken it. It is not a brilliant set up - ie, it was overbought to long ago to believe that it even fits into the system - it is touch and go at best, so I am leaving this trade. If you wanted ot take a position, it would be a sell, but if it were taken, t'were best be taken quickly and brought to Breakeven point very quickly to lock in profits and limit the losses that could well come from it - it is quickly moving to oversold, so you can probably expect a bounce back.
The issue we have at the moment is the ongoing crisis in Greece that is having a major impact on most of the markets. Greece still does not truly know what it is doing, and from going from a place of security, the PM called a referendum and caused chos through out the Euro zone. No one truly knows how this will play out, so apart from the EURCHF, the waters are very choppy at the moment and hence why there has been no trades recenely - that is not to say that things will not pick up, but certainly I do not want to get into anything until I know which way the trend is blowing.
As always, I will be updating any trades as they become apparant, but expect nothing in the next couple of days (certainly on this strategy, as it will not be producing anything for the time being that I can see...)
Happy trading!
The first one that I can see straight off the bat is some major resistance on the USDCAD on the 4 hour chart and all the charts below that, 1h, 30 min, 15 m, 5m and 1 m. The only chart that does not have this resistance is the daily chart. In fact I have taken a sell position in this already - it is not part of this system, so it will not go to the results, but there is a really solid resistance line that it should be a gimme.... although we all know there is no such thing!
As for the other pairs, there is a potential trade on the EURUSD... although I have not taken it. It is not a brilliant set up - ie, it was overbought to long ago to believe that it even fits into the system - it is touch and go at best, so I am leaving this trade. If you wanted ot take a position, it would be a sell, but if it were taken, t'were best be taken quickly and brought to Breakeven point very quickly to lock in profits and limit the losses that could well come from it - it is quickly moving to oversold, so you can probably expect a bounce back.
The issue we have at the moment is the ongoing crisis in Greece that is having a major impact on most of the markets. Greece still does not truly know what it is doing, and from going from a place of security, the PM called a referendum and caused chos through out the Euro zone. No one truly knows how this will play out, so apart from the EURCHF, the waters are very choppy at the moment and hence why there has been no trades recenely - that is not to say that things will not pick up, but certainly I do not want to get into anything until I know which way the trend is blowing.
As always, I will be updating any trades as they become apparant, but expect nothing in the next couple of days (certainly on this strategy, as it will not be producing anything for the time being that I can see...)
Happy trading!
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