As you can see, I have a new template for the blog. I hired professional designer Magnus Jepson to craft an unique custom template and this is the result! I can sincerely recommend his services to anyone who’s considering giving his/her blog a fresh swing.
I just checked the trade I opened few days ago and it seems to finding some support at the 1.9450 level, which is at +720 pips of profit from my entry. My trade management plan is to trail down my stop loss to 1.9660 should it breach through to the downside in order to secure +500 pips on this move. Quite frankly, despite the fact that it’s all still looking bearish, 500 pips is too much to give back to the market. It’s just too much, so I plan on trailing the stop down indeed.
Other than that, we’re about to tear one more yearly page on the calendar and therefore it’s time to wish our resolutions for 2008. As far as trading goes, I look forward the following events:
- I want to diversify my trading into stocks a little bit more. As of lately I have been exclusively focusing on Forex because it’s my favorite trading instrument, but I’d like to go back to stocks as a secondary way of investment
- I am going to give scalping another try. I have never been able to reach any sort of consistency while scalping so I never really gave it a serious chance. I think it might be worth a second round.
- As of lately I have been looking into automated trading, meaning trading off black-box softwares. In all fairness, I am still a bit apprehensive about the whole “trading robots” phenomena, but I am determinant to investigate further into this field
- I’d like the blog to be more interactive for you guys to become an active part of it. I am sure it’s boring to be always listening to the same fellow (me) rant about on a daily basis so I think it’s a good idea if I open the blog for anyone who’s trading my system. Do you have any idea as of how I could actually implement this idea? please feel free to drop a comment on this post with your ideas - I will read them all carefully!
What about you guys, what are your trading resolutions for 2008?
Cheers and happy new year!
-HECTOR-
Hello everyone,
Just a quick message today 24th of December to wish you a fantastic Christmas Eve. I hope you all enjoy a delicious feast with your family and beloved ones.
Also, I hope you can resist the temptation of looking at the charts on this particular date, which I personally couldn’t help to check how’s my GBPCAD short position doing (+600 pips right now WOOHOOO!). It’s hard to spend one single day without having a peep onto the charts, isn’t it?
And now please excuse me, I gotta go and prepare the family dinner for tonight. We have smoked salmon and king prawns for starters, stuffed turkey for the main course and white-chocolate cake to finish it off. Yummy!
Merry Christmas traders!
Hello everyone,
First of all, my apologies for not having uploaded yesterday’s video any earlier. I have actually come to my parents’ place to spend the Christmas Eve here with my family so I have been busy hugging around and drinking some champagne :p Anyway, yesterday I took a London Open Breakout trade on GBPNZD that despite looking very good at the begining, as the trading session wore on it turned rather ugly. Eventually, after having flipped between the -50 and +50 pips range all day long, I closed it out manually at the end of the London session for a -7 pip loss. Quite frankly, it had been a mess of a trade and I was glad to see it go away. What can I say guys, some trades just wouldn’t know how to behave! :p
Anyway, this will be my last Forex trading day for the year as my Christmas holidays have officially begun. So, while I still have an open trade on GBPCAD (+497 pips as I type these lines), I won’t be looking to actively get involved in any other trade until January. Non-the-less I expect to keep posting here and there on the blog and of course I will answer any email you folks might want to send my way!
Cheers and Merry Christmas to everyone!
Today I took the day off to do my Christmas shopping and it seems like I certainly chose the wrong day! Upon looking into my charts I see a number of easy London Open Breakout trades on all the GBP-crosses that could have been taken. In fact, the Pound has been losing ground all across the board, probably because the markets are pricing in a much-anticipated rates cut after yesterday’s 9-to-0 Minutes announcement. Such a shame I didn’t trade today, I am 100% sure I would have scored a nice profit indeed.
PS: the trade I opened yesterday on GBPCAD is currently sitting at +360 pips and I will leave it open for the time being.
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Hello everyone,
Today I wasn’t seeing that many interesting setups on my charts to be honest. In fact, the only Forex pair I was following was GBPCAD for a short entry. In the hourly chart there was a clear level of support throughout the week and, should it give way, I was ready to jump in right to the throat. There were two side-elements strengthening the setup as a whole:
- The long-term outlook: which was clearly bearish. No matter what time frame I’d look into, I was seeing price breaching through support all over the place.
- The news: there were two related news announcements today: the Minutes from England and the Wholesale Sales from Canada - the minutes was bearish for the GBP and the wholesales were bullish for the CAD, so both of them combined were indeed leveraging the perspective for a short.
I triggered my entry one minute after the Wholesales because absolutely everything was pointing south. In the chapter #5 of my Forex trading course I talk about blending technical and fundamental analysis, and today was clearly a fine example of how utterly profitable binding them both actually can be.
Anyway, I am going to leave the trade open for the long term. In all fairness, I am not quite sure where this thing could go to or how far it could run, but I think it’s worth the shot especially now that my stoploss is comfortably sitting at breakeven! Few months ago I also spotted an intraday trade with long-term potential and finally I was able to squeeze +280 pips on that one. Let’s see if I can repeat the feat!
POSTERIOR ENTRY: I finally exited this trade on the 7th of January 2008 for a +358 pips profit.
