SEPT 19 (+50 pips)
SEPT 20 (+50 pips)
SEPT 21 (+50 pips)
SEPT 22 (+83 pips)
SEPT 23 <HYPOTHETICAL> (+50 pips)
WEEKLY TOTAL = 233 pips (283 pips including hypothetical trade)
Friday, September 24, 2010
Thursday, September 23, 2010
FOREX DOJO TRADE # 14
This week has been good, 233 pips is 33 pips above my weekly goal. Instead of ending the week risking a loss, I would rather finish with a winning trade. Plus my SL last night was nearly tripped with the low beng 131.83 and my TP was just reached 2.5 hours ago. If I were to trade it would be a buy @ 132.75 with TP at 133.25 and SL at 132.25. Once again I am staying out for tonight.
WEEKLY RESULTS WILL BE POSTED TOMORROW
WEEKLY RESULTS WILL BE POSTED TOMORROW
Wednesday, September 22, 2010
FOREX DOJO TRADE # 13
Tonight I feel like the market is too short. At these levels a drop lower would be significant and I don't see it happening right now. I plan to go long on GBP/JPY @ 132. 32 with a TP 133.15 and SL 131.80. I will be buying because:
1. Based on the 4 hour charts there are multiple forms of support. First there is the 38.2 Fib level from the move up. Second is the 100 EMA just below around 131.85, and the third is a trend line. Also the RSI is showing divergence on the last bounce ( like a jewel in the sea)
2. Also on the 4 hour there is candlestick pattern. It's a variation of the engulfing patter.
3. The price is making lower lows on the 1 hour chart and looks prone to to take out very near resistance at 132.50 .
4. Overall 5 min - 30 min charts are looking constructive. 100 EMA broken on the 5 min and staying above. EMA's on 15 and 30 min are getting close.
1. Based on the 4 hour charts there are multiple forms of support. First there is the 38.2 Fib level from the move up. Second is the 100 EMA just below around 131.85, and the third is a trend line. Also the RSI is showing divergence on the last bounce ( like a jewel in the sea)
2. Also on the 4 hour there is candlestick pattern. It's a variation of the engulfing patter.
3. The price is making lower lows on the 1 hour chart and looks prone to to take out very near resistance at 132.50 .
4. Overall 5 min - 30 min charts are looking constructive. 100 EMA broken on the 5 min and staying above. EMA's on 15 and 30 min are getting close.
Tuesday, September 21, 2010
FOREX DOJO TRADE # 12
I still feel that there is some bearish pressure on GBP/JPY preventing it from breaking 135 which is why we dropped as low as 132.38 after nearly reaching 135 last week. Tonight looks like a tough one to call which is why I am placing my order far from where we sit now. Usually I will place my order close to current levels and manually palce a trade if the price looks like it won't quite make it to my pending order. Tonight we sit right in the middle, so I am placing a sell order for GBP/JPY up at 133.35 with TP at 132.85 and SL 133.91. My basis for this trade is:
1.The price looks like it has enough momentum to break the nearest resistance at 133.15 but breaking 133,50 maybe a bigger hurdle and is also the area where the price last took a 120 pip fall yesterday.
2. The RSI on the 4 hour chart is pointing up and nearing overbought levels. with the RSI on the 5 min- 1 hour charts already overbought, it seems likely that we may see some more immediate gains before a sell off can emerge.
3. A trendline on the 30 min and 1 hour chart comes in at around 133.30, after which is the last highs around 133.40. Not much resistance after that until the 134 zone so I am hoping sellers are lined up alongside me around the 133.30-133.50 zone.
YOU CAN ALWAYS CHECK FOR RESULTS IN THE COMMENTS SECTION OF EACH TRADE
1.The price looks like it has enough momentum to break the nearest resistance at 133.15 but breaking 133,50 maybe a bigger hurdle and is also the area where the price last took a 120 pip fall yesterday.
2. The RSI on the 4 hour chart is pointing up and nearing overbought levels. with the RSI on the 5 min- 1 hour charts already overbought, it seems likely that we may see some more immediate gains before a sell off can emerge.
3. A trendline on the 30 min and 1 hour chart comes in at around 133.30, after which is the last highs around 133.40. Not much resistance after that until the 134 zone so I am hoping sellers are lined up alongside me around the 133.30-133.50 zone.
YOU CAN ALWAYS CHECK FOR RESULTS IN THE COMMENTS SECTION OF EACH TRADE
Monday, September 20, 2010
FOREX DOJO TRADE # 11
Tonight looks like there maybe a bit of a tug of war to bring the price below 132.75 zone or above 134.00.
I prefer selling from here and will place my order to sell GBP/JPY @ 133. 48 with TP 132.85 and SL 134.03. My reasoning is as follows.
1. There are 3 trend lines providing resistance between 133.50 - 133.70. The break below 133.90 hasn't resulted in a significant bounce so in my opinion a push lower may have to play out before buyers step in to to halt the decline.
2. The price has broken below the100 EMA on the 5 min - 30 min charts and is almost touching it on the hourly. The fact that the price has not been able to climb back over the EMA on the 5 -30 min charts and has not bounced significantly on the hourly as it approaches the EMA signals to me that there is some room for the price to fall before it can go up.
3. The 50.0 Fib level sits at 132.75 and looks to be magnetic right now. 133.95 andthe 61.8 Fib level should provide additional resistanceon any further bounces. Tonight looks like a fight to bring the pair back up over 134.00 or send it lower through 133.80. In my opinion a move down should come first so from these levels I am bearish.
I prefer selling from here and will place my order to sell GBP/JPY @ 133. 48 with TP 132.85 and SL 134.03. My reasoning is as follows.
1. There are 3 trend lines providing resistance between 133.50 - 133.70. The break below 133.90 hasn't resulted in a significant bounce so in my opinion a push lower may have to play out before buyers step in to to halt the decline.
2. The price has broken below the100 EMA on the 5 min - 30 min charts and is almost touching it on the hourly. The fact that the price has not been able to climb back over the EMA on the 5 -30 min charts and has not bounced significantly on the hourly as it approaches the EMA signals to me that there is some room for the price to fall before it can go up.
3. The 50.0 Fib level sits at 132.75 and looks to be magnetic right now. 133.95 andthe 61.8 Fib level should provide additional resistanceon any further bounces. Tonight looks like a fight to bring the pair back up over 134.00 or send it lower through 133.80. In my opinion a move down should come first so from these levels I am bearish.
Sunday, September 19, 2010
FOREX DOJO TRADE # 10
Tonight I will set a Sell order for GBP/JPY @ 134.46 with TP 133.86 and SL 135.01. My justifcation to sell is as follows:
1. Price action on the hourly charts seems to suggest that new highs are failing to be made. Apart from that any attempts today to reach above 134.40 have been met with resistance which is a signal that the bears are in the area.
2. The trendline reaching from 133.00 to 134.00 has been breached and the price is struggling to get back on top. This line comes in around 134.50 and I am hoping that it will remain resistance if it is tested tonight.
3. The 61.8 Fib level is in the 133.90 zone since it has been breached we may see some buying in that area if it comes into play again.If my sell is triggered taking profit in that zone is a safe play in my opinion.
4. 134.80 looks pivotal to me. If the price breaks this levels and manages to keep momentum above 135.00, then next resistance isn't until 135.60 zone. As the price seems overbought on the 1 hour - daily chart I am betting against a break of 135.00
1. Price action on the hourly charts seems to suggest that new highs are failing to be made. Apart from that any attempts today to reach above 134.40 have been met with resistance which is a signal that the bears are in the area.
2. The trendline reaching from 133.00 to 134.00 has been breached and the price is struggling to get back on top. This line comes in around 134.50 and I am hoping that it will remain resistance if it is tested tonight.
3. The 61.8 Fib level is in the 133.90 zone since it has been breached we may see some buying in that area if it comes into play again.If my sell is triggered taking profit in that zone is a safe play in my opinion.
4. 134.80 looks pivotal to me. If the price breaks this levels and manages to keep momentum above 135.00, then next resistance isn't until 135.60 zone. As the price seems overbought on the 1 hour - daily chart I am betting against a break of 135.00
END OF WEEK RESULTS
This week wasn't a great one. Starting out well with a break of the range on Monday, things became a bit more complicated when the BOJ was intervening by selling JPY. As hindsight is always 20/20 I see now that going long after the intervention should have been the main strategy instead of trying to pick the top of the rally. I took Friday off to gather my thoughts and avoid ending the week in negative pips. The results for the week are:
SEPT 12 (+ 50 pips) WEEKLY TOTAL IS: + 10 pips
SEPT 13 (+ 70 pips)
SEPT 14 (- 55 pips)
SEPT 15 (- 55 pips)
SEPT 12 (+ 50 pips) WEEKLY TOTAL IS: + 10 pips
SEPT 13 (+ 70 pips)
SEPT 14 (- 55 pips)
SEPT 15 (- 55 pips)
Subscribe to:
Posts (Atom)