Trade Alert! GBP/CAD - Long Entry Nearing Optimum Prices

There may be a long brewing on the GBP/CAD Pair.

Earlier today this pair was in the mid 70's and has moved down to the low 70's I'll be watching this pair for an optimized entry near the 71-71 area and my stop will be 200 pips below - If this pair holds support it will represent a very good long. I may be wrong about this as I'm not perfect but keep your eyes on this pair for a bounce - If you are not short and want to play the short sied you will want to limit your risk just above the up-bounces which are about 200 pips per bounce

I have missed the short but will gladly go long aiming for another 1000 pips or so to the 180 level. The GBP/USd pair and CAD/JPY pair will be good indicators of this pairs action USD/CAD is another and EUR/CAD is another :-) Should CAD gain strength This pair may hit new lows so TEMPER your risks and use well placed stop!

GBP/JPY: Long @ 122.67 is up 100 pips

This pair has sold off very nicely and even though i lost some pips to this pair I'm still more long than short. My stop was again an initial 200 pips below but price bounced right up enabling me to lock in a + 10 pip stop to prevent losses should it reach lower

This pair is Very Low and represents a good long position if you can time it right. There are 2000+ pips available on the upside. But remember the forex has no boundaries and it can easily break those new lows and head lower. As a note the GBP has several market moving events for tomorrow namly GDP and CPI so set your stops and be prepared to catch another swing

EUR/JPY: Long @ 115.04 - Stop inititlaly set 200 below - After bounce Stop was raised to a +3 pips

I was unable to get a buy on this pair at the lowest lows for the month due to the technical issue with my account and this broker

In light of that i have gone long at 115.04 my stop was initially set 200 pips below but price action moved higher and I was able to raise the stop to a +3 pips to prevent losses from further downward action.

For now i'm long and my target is the middle of last weeks range of 123-126

AUD/USD: Long @ 0.6559 Stop set 200 pips below

This pair has moved nicely towards the bottom of the current range and I have gone long in the lows - The stop is again set at 200 pips below and I will look for a target of 70

The downward momentum is getting weaker and the triangle is tighter. This trade does carry risk as the USD gains across the board.

If this level holds as support I will keep it open to see where it heads.

USD/CHF: Short @ 1.1524 - Stop Set 200 pips above

I have taken a risky short on this pair at the 1.15 level - my stop is set 200 pips above. If this pair continues to swing higher then so be it. It is nearing the top of it's current range and seems to be fizzing out of momentum. I'll risk 200 pips for this trade and my target price is 1.12 area or lower

Trading Outage - New Broker

My apologies folks!

My trading account was frozen for some reason and I was unable to make or close trades! Frustrating to heck!

They have figured out the problem even though I thought it was a conspiracy against me - Preventing me from entering trades at these great low levels!

The turmoil is over and my account is back in action! Unfortunately my trades were closed!

That is one VERY BAD thing I can report for this broker!

Now on with the trades!

GBP/CAD - Short @ 1.8504 is up 1000 Pips!!

As I was writing another article I checked this pairs price action and was pleased to find it was up 1000 Pips I will leave my stop locked in at 500 profitable pips and let this trade ride as the pound is selling off before the Bank of England Meeting Minutes Due out later

Charting the Range

Charts are the best way to asses the markets! Not only do they give you a visual of where price has gone but they can help you limit risks.

I like to start with a longer term chart say daily or weekly like this one: GBP/USD
I start drawing on it - Arrows and lines etc... This weekly chart helps me determine a full range of activities for a pair before I go any deeper. My usual indicator is MACD and I sometimes use Slow Stochastics and the RSI indicators

The lines on these indicators are 0 (zero) for MACD, 20 & 80 for Stochastics, and 70 & 30 for RSI For now it's just MACD



Here is what it looks like after I draw on it




This chart is showing us that the GBP has fallen a great deal against the mighty Greenback. This is a good thing to know

The moving average numbers I use are as follows: 14Ma (red), 28MA (blue), 50MA (green), 100MA (purple), 200MA (always black) I always colour them different colours for easy identification of which one it is.

After defining the weekly chart ranges I drill down to the daily charts to get a closer look -

After viewing the Daily chart I know several things: 1 this pair is heading lower - 2: it has moved 7000 pips lower! - 3: my indicator is showing that the move might not be over




Next I look at the 4 hour and 1 hour charts

Here on the 1 hour and 4 hour charts we can get a picture of what might happen next - The MACD is in really low teritory and may provide us with a bounce back towards Zero after a heavy sell down. This chart is taken just after the US inaugeration of President Elect Barak Obama

Now lets drill down to a 30 min chart to see of the 4 hour is reversing yet

This may provide us with a long opportunity but one must temper the trade to risks involved. The MACD is curling upwards but has not yet passed the Zero line so waiting for a confirmation may be the best approach.



Charts are a great tool and can help you figure out where your risk is and how much it can be.

GBP/CHF - Long @ 1.6072 - Risky but may be worth it

Ok folks this trade is a risky one as I'm breaking my own rule here!!!

My stop is set 200 pips below and I'm actually expecting it to get taken out. The CHF is a strong currency and a great barometer of the markets in general

I took a nice short on this pair at the 170's netting several hundreds of pips - I'm in this long as I think the pound is going to head lower against the frank - so why did I go long then? Well sometime I'm a contrarian even to myself. when I think something is going up I sometimes do the opposite as many of us are wrong about the market why not do the other side instead.

This trade is not a recommendation for others it's simply a contrarian trade against my personal feelings about the pair. I expect to lose on this one - But... The pound is heavily oversold against all pairs and is due for a bounce back up.

That probably wont' happen until my stop gets hit :-P

GBP/CAD - Short @ 1.8504 is up 900 pips

After catching a really nice long on this pair at the 72's I closed netting over 1000 pips - This time I went short - (I'm almost always long on this pair) that short proved to be well worth the risk of 200 pips! I have moved my stop lower to lock in 500 pips profit I will leave this trade open to counter some of the long losses I have incurred. There is 400 pips of breathing room for this trade and if it swings up again I will look to go long once more.

GBP/JPY - NEW LOWS - Long Entered @ 126.20 Stop set 200 pips below

I was long at 130 and on sunday the pair jumped to 134. I locked in a small 50 pip stop to profit if it swung lower - it dide and here we are today at a new all time low for this pair - I'm long again and my stop is 200 pips below

EUR/JPY - Long @ 117.13 - Down 90 pips

This pair is hovering right at support zone and I'm curious to see where it goes from here. I lost some pips to an earlier trade at 119 area and decided to go long again. Should this support zone hold I will be in a good position. If it breaks I may go short again.

EUR/CAD - Short @ 1.6447 is up 100 pips

EUR/CAD jumped up after a nice fall from the 170's I closed that trade netting over 1000 pips!

I have gone short again at the 165's area to catch a few more. I will lower this stop very soon to lock in a small profit of 1 or 2 pips and to protect myself from a swing back up - If it follows the USD against the CAD

EUR/CHF - Long @ 1.4727 - up 80+ pips

I entered my long after getting a stop taken out on this pair for a 200 pip loss - This time I went long at a lower price of 1.4727 and my stop again is 200 pips below. It's currently up 80+ pips and I'm thinking of raising my stop to a 1 pip profit in case it moves lower along with the GBP/CHF

USD/CAD - Short @ 1.2553 - Risky

USD/CAD Is ranging and is currently in the middle of that range. I had a nice long at 1.19 level and have since closed it - I opened a short and set my stop 100 pips above. I'm limiting my risk to 100 pips as I feel this pair will head towards the 1.30's again

CAD/JPY - Long @ 71.62 Stop set 200 pips below

I lost some pips on a previous CAD/JPY long and waited for a move lower before I re-entered. I'm long again this time a a lower level my stop will protect me from massive losses incase the pair swings lower and forms a new low.

GBP/USD - Long @ 1.3987

After the break of it's support I went long on this pair - it does carry risk as support has broken and seems like it may head a bit lower. I am more long on this pair than I am short but if my stop gets hit and it heads even lower I will look to sell at a higher price

NZD/JPY - Long @ 48.18 Stopped out for 100 pip loss

I went long on this pair at the lows of 48.18 I set my stop 100 pips below but it is showing me that the market sold it even lower.

Account Updates - Several Trades got stopped out for some losses :(

Here is a snap shot of the account - Several trades are underwater and I have lost some pips! No biggie as you can see I have gained some as well. At one point my JPY longs were all up and today they are all down. Such is the way in the forex you take your hits and get back up! I never worry about losing pips as there are more than enough opportunities to make them back - It's more important to KNOW where the market is!

The Yen is very stong right now and there seems to be more interest in the almost zero percent interest through the borrowing of it. Big money players are taking advantage of the low interest and is seeming to spill off to the next lowest currency (USD)

With levels this low it seems almost any trade is risky and hinges on supports - some have broken down through supports and are creating new lows (GBP/JPY) in particular - Watch this pair as it moves lower to be ready to scoop a good buy.

CAD/JPY: Long @ 71.65After the nice 800 pip short

I have gone long on this pair after riding a nice short down from 79.48 - my entry price is 71.65 and my stop is 200 pips below that at 69.65

Given that this pair fell nearly 1000 pips I again am more long than short on this pair but if price breaks down lower I will look to short again

GBP/JPY: Long @ 130.04 stop set at 128.04

I have also taken a long on the GBP/JPY pair at 130.04 and my stop is set 200 pips below - A bit of a risky trade but the risk is limited to downside movement as we are at very low levels in this pair. Should further downside movement continue we will be at new lows and a new range to trade within. Until then I'm long on this pair at this price

EUR/JPY: Long @ 117.47

I have taken a long on the EUR/JPY pair at 117.47 after the fall from the 126's - I'm more long on this pair right now than short simply because it's near the lows of 114-116

My stop is 200 pips below

CAD/JPY: Short at 79.48 is up 700+ pips

This short is doing well - A few of my other trades have not gone as well

The market is showing me that I am wrong - the Swiss Frank and Yen have gained a lot of strength and are selling down all their crosses

I'm short on this pair until the market shows me different

EUR/CHF: Long @ 1.4904 Stop set at 1.4704

I have entered a long on this pair - Yes it's risky but I went long anyway

Given the recent fall from 1000 pips above I'm long on this because of that. Should support hold this trade will unfold nicely. If support breaks down then I will wait for it to settle at new lows before I go long again.

Account Update

Here is my account update



Several trades were taken out by price action hitting my stops those were the following losses: - GBP/USD (100 pip loss), EUR/JPY (100 pip) loss, EUR/CHF (100 pip loss)

Trades I'm still in are the Shorts on CAD/JPY (up 600 pips) and GBP/CHF (up 300+ pips)

Here is the account updates

EUR/CHF: Long Brewing

The Euro has fallen against the frank somewhat following the GBP/CHF but not so closely this time

I entered a long in the 159 area and it was taken out by price action

I am still long on this pair until price breaks down and tells me otherwise The lows come in at 1.43 - 1.45 and I'll watch to see if it heads that way.

EUR/JPY: Long @ 119.30 Stop set 200 below

Price action traded lower today and has taken out my stop on the long i alerted on Friday. After that swing low I entered long again at 119.30 and my stop is set at 117.30

Will see if this pair heads back to the 130's again

Will raise my stop to a profitable position when/if price moves above

GBP/JPY: Long @ 132.49 - Stop set at 130.49

I have entered a long on the GBP/JPY pair at 132.49 my stop is set 200 pips below at 130.49

I have been watching this pair and waiting for a long opportunity to open up in this area

These are the lows and I missed the short at the 140 levels after catching a nice 1000 pip long from the 130.17 area to the 140's

I'm long at these prices and for now it's limp and hovering around my entry point

EUR/JPY: Falling may open a long in your favour

Get ready to go long on this pair folks! It's not quite low enough but i have taken a long at 121 area. I recommend you wait for a lower price point before entering long as I will likely lose my 200 pip stop to lower price action in the coming week.

Watch this pair if you did not go short - wait for the 114-120 area to show signs of bottoming then place your entry as low as you can and put a stop 200 pips below that

Account update and trade updates

Ok folks it is the end of another week and I have some pics to post of my trades and a few philosophical points to make about them

Here is the account update and the initial opening balance to compare

opened with 5000 and earlier this week was topping out at nearly 20K in total profits and losses

Not to bad - I could have made more if I only closed some other trades earlier, and of course if I didn't take losses on other pairs.

I sometimes take trades when the water is muddy - it's not the best way to know price action but it certainly is a definitive way to sort through the murky waters

Here i have made a couple of "risky trades" in order to know what price is going to do. You may disagree with them and that's good if you do at least you are forming an educated opinion and that's a good thing.

I make plenty of profits from my trading that allows me to "play" without getting sand in my under pants. These types of trades by no means threaten my initial deposit and thats why I can do them. As you can see I'm up 8000 or so dollars and my stops total losses of 6000 if they are to be hit. that still nets me 2000 dollars in cash to keep.

CAD/JPY: Short at 79.48 is up 300+ pips

I took a short on the CAD/JPY a bit ago and it's doing nice it's up by 350 pips right now and I think we are going to see a bit more downside given the recent price action on CAD against USD - GBP - AUD

I'm short for now and I'm up 350 + pips - for now.

I have lowered the stop to lock in 100 pips profit and will wait to see if it heads lower. Why would I do that instead of closing and taking the profits right now! ARGH!

If that is what you want to do that's what you do in the market. I prefer to stay in for the long haul as it nets a lot more pips!

This gain is nothing to sneeze at but if you are trying to practise the risk reward ratio rule than your not quite there with 200 pips risked and only 350 gained - This is when that rule cancels itself!!!

I like to trade for the long haul but I'm NEVER willing to let a winning trade turn into a losing trade! When it becomes profitable - I lock it in to be profitable! NEVER do otherwise! Who cares if you coulda made 300 pips instead of 100!!! More often than not closing a trade to take those 300 pips is often much too early to close!

I think my trading style sorta helps confirm this fact - At least in these current market conditions.

Remember always You WILL lose pips! The Key is to Know where the price is! If you lose a bit and gain like we have been the wins FAR exceed the losses!

Cheers and Good Spotting!

New Account Snap Shot

I have opened a new account with a new broker whom I have never used before. I like their platform and they GUARANTEE fills! That is a good thing if you happen to be away from your computer or trading portal - It is a $5000 standard account - Real Money




I will demonstrate how I trade it up and I will post whether or not they give me any hassle when I ask for my money to be wired to me

I opened this account during the holidays (December 30) was when the funds went through and it was ready to trade

I have made several trades to test the platform those trades made a total of double the account - so it's not been open very long.
I lost a total of $3000 dollars on stops getting hit (I tested with 100 pip stops)

EUR/CHF: Long @ 1.4990 - Stop Set 200 pips below

I have gone long on the EUR/CHF pair as recently it was sold down over 1000 pips to these current levels - Although this is not the lowest support zone I think it may climb back to the 1.60 levels before we see further selling down of this pair. So I'm long on this pair

Look at the chart

GBP/JPY: long @ 130.17 is up 1000 pips - Locked in 500 pips profits

My GBP/JPY long has climbed another 100 pips in my favour. I'm now up 1000 pips on this pair and I have raised my stop to lock in 500 pips - That should help make up for those pips i lost on this pair going long at an earlier time

For now I'm up but not sure if the GBP will break above this resistance zone. If it does I'll be in the best possible position

Here is the chart
I hope some readers have taken this pair long at the area where I did as you will be up 1000 pips on this one trade alone.

GBP - Rate Decision

Tonight at 4am Pacific time the BoE will deliver it's rate decision - The market has already priced in an expectation for a 50 basis point cut to the high yeilding currency. If you have positions in this currency you will want to lock in your stops at a profitable position in order to protect yourself against an unexpected turn in this currency.

EUR/CAD: Long @ 1.6012 is up 200 pips

After riding a great short on this pair I noticed the downside momentum fizzling out so I closed the short and I have gone long on this pair and initially set my stop 200 pips below the entry. It is now up 200 + pips and I have raised my stop to lock in 100 pips profits - If the CAD is to get weaker I will be at a good price for now I'm up but if CAD strengthens in the next few days this trade will get taken out.

Here is the chart

EUR/CAD: Short nets 1300 pips profit!

I have closed my EUR/CAD Short for a net of 1300 pips profit

GBP/CAD: Long @ 1.7494 - Up 600+ pips

I have gone long on the GBP/CAD pair at a price of 1.7494

My initial stop was set 200 pips below and I have since raised the stop to a profitable 300 pips

Will let this ride out as I feel it's heading back to the 90's

GBP/CHF: Long @ 1.5232 is up 1000 pips Have locked in 500

My long on the GBP/CHF has proven to be a rough ride from the 160 levels where i lost 200 pips to price action moving lower

I waited for another long entry and it has paid off big time

I'm long at 1.5232 and the current price is now at 1.6265 I have locked in 500 pip profit stop and will let this one ride out to see if it heads toward the 1.70 area