FXTraderTips

New Web Site For Trade Tips

2009-04-03T08:38:00.000-07:00

www.uforex.co.cc

My new site is up and almost ready for launch - Sign up today and get notification when it launches officially

Cheers!

EUR/CAD: Long @ 1.5843 Is up 60 pips

2009-02-26T09:52:00.000-08:00

EUR/CAD is hovering around the recent range lows and has not been able to move above it. I'm long in here risking 200 pips. My current position is up 60 so I'll leave it open to see if it gains northward ground. I am expecting a bit more CAD strength due to the recent bullishness of oil.

Should I lose this stop I will go short with a target towards the 148's USD/CAD will be a good indicator to help sort out direction

Trade Alert: CAD/JPY Nearing the top of range - Looking to short

2009-02-26T09:48:00.001-08:00

CAD/JPY like EUR & GBP & USD and all other Yen pairs has had a good run north of the lows. The forex is so organic it's hard to tell where prices may go - I'm thinking this pair may run out of steam soon and if it does i'm going short up here I'll risk a short until this resistance zone breaks upward. This Yen weakness may be the BoJ intervening - nonetheless I'm a bit shorter here until the market tells me different. I'll risk a short at the 80 level - probably lose my stop at 82 if CAD strength continues - I'll be watching the USD/CAD & The EUR/CAD & The GBP/CAD for help in deciding direction

EUR/JPY: Short may be brewing - Waiting for 130

2009-02-26T09:42:00.000-08:00

EUR/JPY has had a nice run towards the recent highs of 130 the closer it gets to 130 the shorter I am. Overall i'm more bullish on this pair but given the recent sideways action of this pair it's ranging in a 2500 pip range. It is currently near the top of that range and I'll risk a short at 126-128 zone. If that stop gets hit I will risk another at the 130 zone. If 130 zone breaks above I will look for a pull back to go long and hold with a target of 140-150

GBP/JPY: Short @ 140.433 stop taken out for 100 pips profit

2009-02-26T09:39:00.000-08:00

GBP/JPY pair has climed 2000 pips since it hit the lows of 118 - I went long at 120 and closed far to early at 136

At this price level I'm still more long than short but just not at this level. We are at a critical price point here at the 140's should this resistance zone hold we may see this pair fall towards the 130's.

Overall i'm long on this pair just not right now. I'm a little short here preferring to limit my risks of a downside movement.

GBP/JPY Short @ 140.443 is up 200 pips

2009-02-25T08:16:00.000-08:00

GBP/JPY Pair has had a nice run up from the 120 area My longs have been closed and darn I closed way to early (136.83) Patience is key and I was happy with 1000 pips profit booked

Now I'm going to allocate some of those pips to playing the short side.

The MACD and Stochastics are turned and this pair may be heading back towards the middle of this range. My thoughts are the 130's area. If this downtrend is to reverse it will likely happen in this zone (140's) somewhere.

Play the short side until the market tells us different. For now I'm short and my trade is up 200+ pips

1200+ Pips Profit Booked

2009-02-24T09:26:00.000-08:00

My apologies folks for my tardiness - My basement Renovation is still ongoing and I have been busy but... I have been able to make a few trades and today I'm posting some profits booked

here are the pics

Total Gains for Feb 19th close $12312.00

Not to bad for a weeks work

I will now wait for some additional entries on my favored pairs.

GBP/JPY Short nera the 140 zone
EUR/JPY Short near the 126 zone
GBP/CHF Short near the 1.70 zone
USD/CHF Short near the 1.20 zone
GBP/CAD Short near 1.85 zone

EUR/USD Long near the 1.26 zone
EUR/CAD Long near the 1.57 zone
AUD/USD Long near the 63 zone
NZD/USD Long near the 46 zone

Keep your eyes open and wait to time your entries

Will post any new trades when I make them

Happy pip hunting

GBP/CAD: Long @ 1.7723 is up 300+ pips

2009-02-19T09:15:00.000-08:00

This long is still haeding north of my entry and I'm thinking of closing it near the 85 area. I have my stopped locked in for profits and will let it ride for now. Should it swing lower I will take profits and look to go long again at a lower price.

EUR/JPY Long @ 116.688 is up 300 + pips

2009-02-19T09:13:00.000-08:00

My long is still in play on this one and i have locked in a profit stop I will let it ride out and see if it heads toward the 126-130 area. There is 1000 pips potential in there

AUD/JPY Long @ 58.932 is up 200 pips

2009-02-19T09:11:00.000-08:00

I was hoping for a lower entry but it never reached my target for that entry. I decided to go long seeing that the Aussie has been heavily sold. For now I'm long at the 59 area and I have locked in my profit stop.

This is now a risk free trade

EUR/USD Long @ 1.2606 is up 100 pips

2009-02-19T09:07:00.000-08:00

This pair sold down nicely and I missed the short entry. This may be due to the growing EAST/WEST situation in EUROPE

It seems the Russians were comfortable with high oil prices but that comfort has turned into cold since oil is down and so is their bets based on it.

For now I'm long. And from here I'm in a good price - I would have preferred a 1.24 print but risked it and scooped it at 1.26

EUR/CHF: Long @ 1.48507 is up 30 pips

2009-02-19T09:05:00.000-08:00

This pair took a while before it gained some positive ground. I was a bit leery of it when I opened it due to it's flaky price action. It has turned around and may be heading for a good north trek towards the 1.53 area. That is my target zone.

GBP/JPY: Short stopped out for 200 pip loss

2009-02-19T09:03:00.001-08:00

This pair whiopped me out faster than I could shake a stick at it. Darned Pound! All is ok though as I have managed to scoop a couple of profitable trades to offset the loss

I am waiting for a better short entry price possibly near the 140 handle before going short again

Account Update And this weeks trades

2009-02-19T09:01:00.000-08:00

This week has been a good one so far. I'm temted to close all of these trades to take the 8000$ profit's I managed to rack up

GBP/JPY: Long @ 130.709 is up 100 pips

2009-02-17T10:53:00.000-08:00

After nice 500 pips short on this pair I have settled in for a long at the 130 handle. It is currently up and I have locked in 10 pips profit should it swing lower after GBP Data is released this week

GBP/CAD: Long @ 1.7723 is up 200 pips

2009-02-17T10:49:00.000-08:00

After a Nice long on this pair I waited to get another good entry price. This price handle is not my preferred entry price as it is a bit mid range but I risked a long that has payed off so far. My entry price is 1.7723 and I have raised my stop locking in 100 pips profit - CAD data due out this week could drive this pair up - if it decides to retrace down I will get taken out with 100 pips profits - I will then look to go long again at a better price

EUR/JPY: Long at 113.74 is up 500 Pips! Stop Raised Locks in 200 pips profit

2009-02-13T09:53:00.000-08:00

This long has been rocky and I'm only waiting for a break below. I am able to zero any risks associated with it since after my entry it swung up and I was able to lock in a stop. I am going to let this long ride out - There are event risks next week for the EURO and I will be keenly watching to see where this pair goes. I am more long on this pair than short. There is not much more downside to see on this pair as it as held this support level for several weeks and several tests. If you are not long you will want to wait for a price to end up near my entry or lower before going long.

Short @ 126-130
Long @ 112-115

AUD/USD: Long @ 63.08 is up 260 pips! Stop Raised to lock in 100 pips profit

2009-02-13T09:50:00.001-08:00

This long has been open for a while and I have somehwat been absent from the markets as I have been renovating my home - A new look and a new comfort helps me think I'm comfortable.

I'm very comfortable in this trade as it was a very good entry price that is very close to the lows. My entry price is 63.08 and I have locked in 100 pips profit should next weeks RBA minutes cause it to swing lower

CAD/JPY Short @ 73.98 - Stop Set 200 Pips above

2009-02-13T09:40:00.000-08:00

After a long wait I decided to go short on this pair. Mostly I went short to see where it will go before next weeks event risks unfold. I am bullish on CAD at this current time but the JPY is still benefiting from it's low interest rate and the mega money players are likely still borrowing it. For now I'm short until the market tells me different.

CAD has tried to reach the 80 handle several times with no success. - It's a bit mid range so this trade does carry more risk than usual.

EUR/CHF - Long @ 1.4862 Stop set 200 pips below

2009-02-03T11:43:00.001-08:00

I am risking a long on this pair at it's current price. I'm not confident about this long as of yet since support is holding but is a bit weak in strength. The lows of this range come in at the 45's and if this trade gets taken out I will look for a long at the lower 45 level. Unless price break this support zone I will stay long - If it breaks this zone then we should see the lows retested at the 45's

AUD/USD - Long @ 63.08 is up 150 pips - Stop raised locking in 20 pips profit

2009-02-03T11:39:00.003-08:00

After a very long wait for this pair to return to the lows my patience has paid off.

A long entry opened up near the bottom of the current range channel and I risked a long - 200 pips stop placed below has been raised to lock in 20 pips - I think this pair may head a bit lower based on data due out this week, that is why I locked in 20 pips profit - to avoid any losses from such price action

For now I'm long and if this pair swings lower I will look to go long again a a lower price

EUR/JPY - Long @ 113.74 - Up 200 + pips

2009-02-03T11:31:00.001-08:00

I missed the short entry as I was actually going long - The timing was a bit early and I lost some pips to a lower price action but that is never a problem as there are plenty of good trades in the forex.

my preferred entry would have been a lot closer to the printed low of the mid 112's. I was patient and a good long price opened up. My initial stop was agan 200 pips below. I have raised this stop to lock in 50 pips it is currently up about 210 or so

GBP/JPY Short @ 130.08 - Up 180 pips! Stop Lowered Locking In 50 Pips

2009-02-03T11:25:00.000-08:00

Sorry to be a bit absent I am renovating my home and it's taking a lot of my time

I am still managing to make some trades

This is a short trade on GBP/JPY it's currently up 180 pips or so and I have locked in a 50 pip profit stop I'm very bullish on this pair after price reached the 118 level! But... I was renovating and I missed the long entry - I was even taken out on a previous couple of longs.

For now I'm short on this pair and I'll stay that way unless price action whips me and tells me the direction is opposite

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

2009-01-22T11:50:00.000-08:00

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

2009-01-22T10:20:00.000-08:00

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

2009-01-22T10:17:00.001-08:00

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

2009-01-22T10:13:00.000-08:00

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

2009-01-22T09:54:00.000-08:00

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

2009-01-22T09:49:00.000-08:00

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!!

2009-01-20T11:13:00.000-08:00

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

2009-01-20T10:37:00.000-08:00

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

2009-01-20T10:26:00.000-08:00

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

2009-01-20T10:20:00.000-08:00

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

2009-01-20T10:17:00.000-08:00

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

2009-01-20T10:10:00.000-08:00

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

2009-01-20T10:07:00.000-08:00

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

2009-01-20T10:05:00.000-08:00

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

2009-01-20T10:02:00.000-08:00

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

2009-01-20T10:00:00.000-08:00

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

2009-01-20T09:57:00.000-08:00

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

2009-01-20T09:52:00.000-08:00

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 :(

2009-01-20T09:45:00.000-08:00

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

2009-01-14T10:23:00.001-08:00

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

2009-01-14T10:11:00.001-08:00

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

2009-01-14T10:03:00.000-08:00

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

2009-01-13T11:19:00.000-08:00

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

2009-01-12T10:43:00.000-08:00

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

2009-01-12T10:39:00.000-08:00

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

2009-01-12T10:35:00.000-08:00

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

2009-01-12T10:32:00.000-08:00

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

2009-01-12T10:29:00.001-08:00

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

2009-01-09T14:01:00.000-08:00

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

2009-01-09T13:36:00.000-08:00

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

2009-01-08T00:33:00.000-08:00

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

2009-01-08T00:00:00.000-08:00

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

2009-01-07T10:44:00.000-08:00

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

2009-01-07T10:08:00.000-08:00

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

2009-01-07T10:04:00.000-08:00

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

2009-01-07T09:58:00.002-08:00

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!

2009-01-07T09:58:00.001-08:00

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

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

2009-01-07T09:56:00.000-08:00

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

2009-01-05T22:25:00.000-08:00

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

GBP/JPY: Long @ 130.17 is up 600+ pips

2009-01-05T22:20:00.000-08:00

I was taken out on this pair several times totalling about 400 pips in losses but those losses were completely negated by today's price action

Long @130.17 is now up 600 pips and I have moved my stop to a profitable 300 pips at 133.17 should help lower those 400 pip losses a bit

Will let it ride as I feel it's going up to the 140's

GBP/USD: Long @ 1.4481 is up 130 pips

2009-01-05T10:34:00.000-08:00

I went long on this pair just yesterday and I'm happy to find it up 130 pips a nice turnaround appears to be in the works for the pound and it's at a good deal right now considering all the selling that's been going on
I have locked in 50 pips profit stop

EUR/CAD: Short @ 1.7458 is up 1300 pips!

2009-01-05T10:31:00.000-08:00

I went short on this pair and I'm up 1300 pips today - 1 lot has netted me 13000 dollars! not to bad for a holiday break eh?

I will lock in 1000 pips profit and leave it open to see where it goes - Given the recent CAD strength across the board I'm confident we will see a bit more movement to the downside on this pair.

GBP/CHF: Long @ 1.5232 is up 500+ pips

2009-01-04T11:00:00.000-08:00

After going long on this pair I was able on Friday to lock in a 200 pip profit stop. I will let this one ride out as I feel it's heading toward 1.70 area and will look to maybe add another position to the table should it continue going up.

GBP/JPY: Long @ 130.17 is up 300+ pips

2009-01-04T10:57:00.000-08:00

Last week I was taken out of two longs on this pair netting me a loss of 300 pips! OUCH! Not all is lost as I have made several very profitable trades on other pairs. I went long again at 130.17 and my stop was initially set 200 pips below that. I moved my stop to lock in 100 pips profit and I will let this one ride out as I feel it's going to the 140 level

EUR/JPY: Short @ 128.77 Taken out for 100 pips profit

2009-01-04T10:49:00.000-08:00

Last weeks Short on the EUR/JPY Pair has been taken out for 100 pips profit. If this Pair is in the process of reversing the long term down trend We may see a large correction to the 160 level - If it does I will be looking to go long on this pair somewhere near the 120-126 area

EUR/CAD Short @ 1.7458 is up 600+ pips

2009-01-04T10:45:00.000-08:00

My short trade on this pair is rocking pretty good. It's still open for weekend pause and it's my guess that it will likely gap up. My stop is lowered to 1.7058 locking in 400 pips

CAD will have a couple of market events this week including employment change

GBP/CHF: Short trade taken out for 100 pips profit

2009-01-04T10:43:00.000-08:00

My GBP/CHF Short Trade was taken out for a 100 pip profit

I went long on this pair @ 1.5232

EUR/JPY: Short @ 128.77

2008-12-29T21:40:00.000-08:00

I have gone short on the EUR/JPY pair at 128.77 I have moved my stop to a + 100 pips - Given the recent rise on the EUR / JPY that I caught some nice pips on I was waiting for two things to happen

1: Break above resistance and move higher
2: Bounce off of resistance and head lower

Of Course Right!

Well I'm feeling short on this pair given the recent short development on the EUR/CAD

GBP/CHF: Short @ 1.5492 - Is up 250 pips

2008-12-29T21:10:00.000-08:00

My previous Long on the GBP/CHF Pair was again taken out for a 200 pip loss - Shortly after getting taken out I went short - Why fight the trend? I never do. Sometimes I'm against the norm and it can be rocky and sometimes I lose. Many times I win. I lost 2X on this long so this time I went short.

It's currently up 250+ pips and I have locked in a profit stop of 100 pips.

EUR/CAD: Short @ 1.7458 is up 300 pips

2008-12-29T21:05:00.000-08:00

My previous short on this pair was taken out for a 200 pip profit as the price action swung up to the entry level of 1.74 - 75. Happy about betting the 200 pips I was a bit sad that it got taken out so early in the trade. I am feeling that the CAD is going to gain in strength and will climb against most other majors.

I'm short on this pair and it's currently up by 300 some pips. I have locked in a 100 pips profit stop and will again let this one ride out - I'm expecting to cathc a big correction to the 1.60 area so I may have to enter several times before that happens.

GBP/CAD: Long Entry @ 1.7833 is up 50 pips

2008-12-28T13:25:00.001-08:00

I entered a GBP/CAD Long near my previous entry level of 1.7833 - my stop is set at -200 pips (1.7633) I'm long on this pair as I almost always am. We'll see how it rides out and if I can catch a few of those lost pips on the GBP/CHF trade I was long on. Although I lost 200 pips to the CHF trade I'm still working on many more profitable pips so that stop was not a total loss

GBP/CHF: Free Fall Ending?

2008-12-28T12:55:00.000-08:00

Last weeks fall from the 1.70's was an incredibly good short. To bad I missed it. After such a large fall I am still long on this pair but as mentioned before the timing will be important. It is important because this pair can whip you out of stops very fast so one must be careful to not enter to early and jeopardize a stop. Timing on this pair will be best entered when the stochastics are turned around and heading back up. MACD should be crossing Zero. Although you could enter a bit early if you see the macd turning early enough. Be sure to monitor it and raise your stop when you get the chance to as this long is deffinitely a "counter trend" trade.

USD/CAD: Long @ 1.1909 is still up 300+ pips - Stop Remains +100 pips

2008-12-27T12:53:00.000-08:00

USD/CAD long trade is still up and doing ok. It is currently (as of Friday's close) up 300+ pips and at one point was up almost 500!

I have left my stop at a profitable 100 pips @ 1.2009 Will look to see more direction on Sunday and next week, hopefully the weekend gap will not be downward!

GBP/JPY: Long @ 132.05 up 80 pips!

2008-12-27T12:25:00.000-08:00

On Friday I took a long entry on GBP/JPY - After getting stopped out for a few measly 50 pip profit stops I decided to re-enter long again and allocate some of the profit pips to another stop loss. This pair is moving down in smaller and smaller bits which presents a risk of it breaking below this current support and falling further to a new level of lows. I'm long here at 132.05 and my stop is set at 200 pips below 130.05

Will let is ride for the weekend pause and see if it goes up

2:1 Risk Reward Ratio - How it can help you add profits to your trades

2008-12-24T12:52:00.000-08:00

There is a rule out there that many forex investors and speculators use. It's a rule of trading that can help govern your activities in a good way. The rule is Risk Reward Ratio (I sometimes call it the Triple R)

Risk Reward Ratio is a good way to temper your trading activities and protect your starting investment. The golden number for this ratio is 2:1 - Remember that ratio!! Live it, Breath it, Eat it. That means that you will only risk 100 pips to gain at least 200 pips - This ratio is not only used in forex trader's discipline but also for stocks and commodities, bond's and t-bill etc.

This ratio should help you decide whether it is worth getting into a trade or not. Lets Take a look at how I use it for my trading and how it benefits me. Every trader will have a personalized approach to it so take this to your head and use it to help you with developing your own approach.

This explanation will not mention the use of stops

Lets look at a chart to help me explain:
Here is a 1 hour chart of EUR/CAD As you can see the price has risen nicely. 2500 pips is a nice rise especially in only a short couple months. That rise represents a potential to fall (correct) back down. In some cases a pair may indeed retrace and fall it's entire gain, that represents a risk. A risk of 2500 pips!

Now lets look at a weekly chart to get a larger range picture:

To help us get our total risk assessment for this pair I like to look at the weekly charts and I tend to use 600 - 800 bars or candles. This pattern looks very suspiciously like a "Head And Shoulders Pattern" And could help us in making trade decisions. (A head and shoulders pattern is one that is very common in the markets and usually indicates tops or bottoms) and in some cases marks a pairs range. We can see the EUR/CAD pair's range is from 1.2500 - 1.8911 - That gives us a bit of insight to where this pair may end up 100 weeks from now. If the pattern fill out and completes itself we will have a EURO worth 1.25 Canadian Dollars (or so) That gives us another 1500 pips to the top of the second shoulder, if we go long - if we go short we are risking 1500 pips to the top area of the pattern - Which has the largest gain potential 1500 upwards vs. 5000 downwards? This would represent a risk reward ratio of 3-1 (roughly) in the plus if you go with downward bets - in the negative if you go with upward bets.

If you were betting on an 8 year investment duration, your best reward would be downward direction for a 5000 pip gain, while your risk would be somewhat limited to only 1500 pips should it take off to the top of this pattern. That is a 3:1 gain and would make a bit of sense when investing. If you were going upwards you would potentially gain only 1500 but would have risked 4500 to do it.

Maintaining a ratio of at least 2:1 in your favour will help you decide if it's worth getting into a trade of not.

GBP/JPY: Long Stopped out for small 50 pip profit

2008-12-24T12:44:00.000-08:00

My GBP/JPY long was again stopped out after moving my stop up to a profitable 50 pip position. I will now wait again. I seem to be writing that I'll wait again over and over but this is the way of the forex. There is no sympathy for those who are anxious. Wait until the price shows signs of recovery.

My one and only subscriber Jim Goose was on this pair and I hope Jim you haven't adjusted that stop any lower! The Yen is likely to lose some ground in the new year as the ECO-DATA is not good for the small island nation. What is happening and why is the Yen so strong when their data is so terrible?

Interest Rates! The Yen's interest rate is so low it's like borrowing free money! So the big dogs are borrowing yen and that make us little dogs wonder why.

The yen can't hold these levels for mush longer but the US is showing some bad data as well. If the US economy turns around there will definitely be a correction if not a full out reversal.

GBP/CHF: Another Leg Down = A better Long Entry

2008-12-24T12:38:00.000-08:00

My GBP/CHF Trades have unwound and my small profit stops were hit taking me out of the long side. Again as I have stated before I see much less profit potential on the short side As the GBP has fallen a great way and my recover early next year. One could short it at these levels but be wary as the pound can bounce back hard and take out more pips than you though it could. Before you know it your on the short side with a loss. I will wait for the current downward momentum to revers a bit before I enter long again.

My previous stop was hit and although I don't like to lose pips I'm always thankful for using my stops as it prevented me from losing more than I did. I'm long on this pair and the timing will be important.

GBP/CAD: Long Entry Brewing

2008-12-24T12:29:00.000-08:00

Last Week I tooke several trades on this pair. They were all Longs and although I profited on them there was little to brag about as this pair is now moving further down with a new all time low created. I am going to be patient and wait until the holidays are over before I enter long again.

My entry target is at or near the bottom of 1.7750 area. I will be taking a break for the Christmas holiday and will be back at the charts on Sunday Dec 28th 2008

AUD/USD: Long may be brewing - New range level met

2008-12-22T09:45:00.001-08:00

The AUD climbed back up against tthe USD as a result of the markets recent flight from USD. This may be building postitions in the long side and if it continues to climb one might want to go long

AUD/JPY: Long Brewing

2008-12-22T09:38:00.000-08:00

The Aussie has fallen against most majors and has been bouncing around these new low levels for some time. I have been watching this pair as I have been with all the Yen pairs. I'm prepared to go long on this pair and the interest spread makes for a good carry trade. I'm going to be patient though and wait to see if it pulls back to support of the 58 area. Should it reach those level I will go long.

I don't see much short potential with this pair as it's already fallen 4000 + pips from it's highs several months ago.

NZD/USD: Mid level price and not much direction

2008-12-22T09:33:00.000-08:00

NZD/USD Pair fell a few months back and Like many I missed the short entry at the highs. (I was committed to other trades) My style of trading only allows so many trades per profits made. It helps me manage risk and loss. Lets face it who needs to manage wins? You get to bank those. Managing losses is the important point in Forex. Given the fact that your entry into a trade immediately puts you at a loss from the spread.

I have been however watching this pair with a preparedness for a trade. If it falls to the lows I'll look to go long. The action on this pair may allow for a smaller stop putting less momey at risk and the payoff to the upside may be well worth it should the USD experience troubles over the holidays.

EUR/JPY: Short Brewing? Or another long? hmmm

2008-12-22T09:30:00.000-08:00

Last week I caught 100 pips on this pair and now I'm waiting for a short to happen. Given the pullback in EURO from a few other pairs I'm simply going to wait for an entry to reveal itself to me. The current price level is a bit high to consider a long but may present a good short if the indicators turn and head south.

GBP/JPY: Long @ 132.15 - Up 100+ pips

2008-12-22T09:23:00.000-08:00

Well This pair is costing me some money in profit pips but thats ok. There is more than enough room for this pair to rise and I'll be there when it does (I hope) My previous long was stopped out for a small profit of 50 pips, before it plunged to a new low level opening a new entry for me at 132.15 it's already up 100 pips and I've locked in another profit stop at +50 pips. I'll let it ride until it take me out or moves higher. I'll adjust the stop to lock in more profits. This pair is volatile right now and every week it's finding new lows. If one decides to play it long they must realize that stops WILL get hit if they are to small. Give this pair room to move

GBP/CAD: Long at 1.7811 is now up 200+ pips

2008-12-22T09:08:00.000-08:00

My previous GBP/CAD trade was taken out for a 200 pip profit and I had to find another lone to enter. My entry came when price scooped to a new low for this pair at 1.7760 once it started to revers I risked another 200 pips to enter at 1.7811. It has moved up and I have raised my stop to lock in 50 pips.

GBP/DKK: Long @ 7.8517 is up 50 pips

2008-12-22T09:05:00.000-08:00

My long entry on this pair is up 50 pips but lacks real momentum. I'll keep it going as long as it's traveling up which I suspect wil be for the rest of this day. For now it's up and I'm long unless it turns and tumbles further. In which case my stop will protect me and I'll again look to re-enter

EUR/CAD: Short @ 1.7426 is still up and doing well + 400 pips

2008-12-22T08:53:00.000-08:00

EUR/CAD short is still doing well and I'm up almost 400 pips (bouncing between 350 & 400) My stop is locked in for profits and I'll leave it ride to see if the EUR tumbles. The sentiment in Canada is down and our people feel it's a bad economic time, so Canadians are keeping their money and pulling back on spending.

USD/CAD: Long @ 1.1909 is still up 270 pips. Stop Raised to 1.2049

2008-12-22T08:47:00.000-08:00

My Long USD/CAD Trade is still hanging in there and I have moved my stop to lock in some more pips. The troubles in the US are making for difficult trades in the USD since the uncertainty forces others to vacate positions. A choppy trading channel and small candles are the price action today. I'll leave this open and hope it take my stop out and moves lower making for a better long entry.

GBP/CHF: Long Stopped out for 200 Pips Profit - Looking for Re-Entry

2008-12-22T08:35:00.000-08:00

My Long GBP/CHF trade was doing ok after weekend pause and shortly after the London session opened it began to fall and has ony recently started to bounce back. The trend is down but I missed my short (as I was long) when it took the tumble from 1.70 area to these recent lows of 1.60-63. I re-entered long as the selling momentum fizzled. I'm long at 1.6149 and my stop is 200 pips below at 1.5949

With the selling action that has been going on with the GBP I'm confident that these new low levels will present a new range to trade in for the next while. Given the heavily oversold daily and weekly charts I'm still long on this pair as I see more upside potential than downside profits.

GBP/DKK: Long at 7.8517

2008-12-19T09:21:00.000-08:00

GBP/DKK Re-Visited!

Ok so I lost twice on this pair but I had a feeling that it would bounce and when I saw it fizzling out momentum I decided to try again and go Long. This pair has moved exceptionally well on the short side and although I never shorted it I should have! No point crying over spilled milk. Again since my last few trades have been very profitable I entered long and allocated several of those profit pips to another long trade knowing that I was full out risking them. Taking risks can pay off as you can see I'm up. For now I'll lock in a profit stop of + 50 pips and wait to see if it heads back up to previous levels. There is way more upside potential on this pair than down side now, unless it tanks again. if it does I'll go long again at a new low level. This is an all time low for the GBP against the DKK and it's uncertain how long the DKK can hold it's gains.

GBP/CAD: Long @ 1.7928 is up 300 pips! It was up 600 but I haven't closed it yet

2008-12-19T09:10:00.000-08:00

I entered a long on this pair GBP/CAD after the free fall proceeding the BoE minutes. Again patience paid off and I scooped a good buy. The only groan i have about this trade is that while I was sleeping it spike up to a positive 700 or so pips and I missed my closing price that would have pocketed me another 700 pips. I will leave this trade open for the weekend and see if it heads back up to the 88-89 level if it does thats another 1000 pip trade! Lets see where it goes in the next coming week. My stop is just above the buy line at a + 50 pips. If I consulted my crystal ball I would have known to put in a limit order and took home another 700 pips but I didn't - More proof that I'm not a perfect trader.

EUR/USD: Short @ 1.4613 is up 800 pips!

2008-12-19T09:01:00.000-08:00

I don't normally trade this pair but after seeing the rise to 1.47 area and knowing (suspecting the USD) would correct and get a bit stronger I risked it and went short on this pair. I was tempted to go long but I tempered my temptation with discipline and waited. That wait paid off and I jumped in risking 300 pips in stop loss for this pair (knowing it could have kept going up) , but this is my trading style and for me it works. I'm not always the first one in the pool but sometime I lilke to dive in a see where it goes. Sometime it doesn't pay off and I lose. Sometimes I win big. This is one of those sometimes. For now I'm happy to lock in a profit stop and ride it out to see if the EUR will revisit it's previous lows. There is a 2000 pips range in here and the way the market has been these days I'm up for a risk and payoff and or loss. How else do you know where it's going? When your trade is showing a negative number you have no doubts where the market is going and most certainly where it went after you got in.

GBP/JPY: Long @ 133.83 is under water by 83 pips!

2008-12-19T08:50:00.000-08:00

My GBP/JPY trade is under water today by 80-100 pips. Thats ok since I risked the 200 pips in stop loss from profits i made from several of my last trades. This pair is in a nasty sideways chop and has been for a week. This chop though is not like the USD or CAD chop as this pair's chop can whip stops out like eating up breakfast cereal. I will let it ride and if I lose a few pips it's not a big deal. I hate losing pips but hate is an emotion and I'm trying to be more positive towards the bears in my neck of the woods.

Weekend gap will likely take me out I'm suspecting. If it does There will be a new low to enter into.

GBP/USD: Short @ 1.5596 is up 700 Pips!

2008-12-19T08:43:00.000-08:00

After missing my long opportunity on the GBP/USd pair I was forced to be patient. I was patient and waited for a good shorting opportunity and it came at 1.55 I entered a short and only 2 days later it's up 700 pips! This pair can really tell you whats happening in the market and after watching the USD fall against the CAD I was ready to catch the GBP fall if the USD corrected against CAD. Well today the USD is correction and the CAD is falling against USD the other pair I watch is GBP/CAD add in the EUR/USD and the EUR/CAD and you got the majority of market action for most of the majors. I dont' throw the YEN in there since the YEN is on it's own terror and is decoupled from the majors.

For now this pair is down and I'm hoping it returns to it's previous lows so that I can scoop a good long after closing this short.

USD/CAD: Long Entry @ 1.1909 is up 300 pips!

2008-12-19T08:30:00.000-08:00

After making 1100 pips on the down step of this pair I saw a tech bounce and went long again. That proved to be a bit profitable as today the USD is recovering some it's it's losses. I entered long at 1.1909 and set my stop 200 pips below that. I have raised the stop to a + 50 pips and I'll leave this trade open for the weekend.

GBP/CHF: Long @ 1.6270 Is up 250+ pips

2008-12-19T08:18:00.000-08:00

GBP/CHF long entry at 1.6270 is doing well right now and I'm hopeful that it will return to it's previous range level. It may not however, and thats why I use profit stops. After entering a short previously which was completely wiped out as the GBP fell off a cliff I was tempted to take a short but this is why I'm patient. Patients always pays off.

For now on this pair I'm long at 1.6270 and I'm up I will stay in the trade as long as my stop isn't hit. The pound is again heavily oversold against the CHF and I'm feeling it's going to visit it's previous trading level near the 1.70 area at some point. Just never sure WHEN. hmmmm. Mayber I should get a crystal ball.

EUR/CAD: Short @ 1.7426 is still up 400 pips

2008-12-19T08:10:00.000-08:00

EUR/CAD Short trade is doing ok still and I'm now seeing a turn in the MACD indicator. I will leave this trade open over the weekend unless severs price action upwards swings up to take me out. I have a profit stop locked in so if it does it will likely head lower after it takes me out. :-) such is the way of the forex. That happens often in this market, it is of no consequence, one can simply take their profits and try again. No one has a crystal ball. So Thats why I take risks, I just don't bet the farm on my trades

USD/CAD: Short Trade Profits 1100 pips!

2008-12-18T12:38:00.000-08:00

The USD/CAD Short Trade was indeed very profitable. I'm happy with 1100 pips and anyone who entered this short should be as well. I will look for another entry and maybe it will be on the long side.