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Category Archives: European Crosses
Paper trade: Closed GBPJPY @ 146.42 for +140 pips
Just closed my GBPJPY long at 146.42 for around +140 pips average gain, or 0.4% in the account balance. Damn good for a 24 hours holding. Obama just finished his State of The Union address at the moment. I am not impressed. Still all talk of change but nothing concrete yet. Anyway, that’s beside the [...]
Paper Trade: Long GBPJPY @ 144.24, Stop 143.60, Target 148
My previous short-side setup on GBP/JPY played out beautifully. Yet I wasn’t able to ride it down because I got stopped out on a stop-hunt counter-move before the dive, see Fig. 1. Now that GBP/JPY has reached its other end. I am betting for it to go reverse with a long position. I expect this [...]
Closed EUR/CHF and GBP/CHF Shorts: Best. Trade. Ever.
As I was saying earlier this week, I have been stockpiling in EUR/CHF short in my demo account (Fig. 1). Aside from that, I’ve also stocked up some GBP/CHF shorts this week (Fig. 2). Both positions are now closed because of my adjusted stops. These positions have single-handedly lifted me half way out of a [...]
Also posted in Self Assessment Tagged CHF, EUR, exit, FTC, GBP, good trade, paper trade Leave a comment
Paper trade: Short GBPJPY @ 146.32, Target 143
GBP/JPY finally broke below an intermediate term wedge pattern formed from Dec 30. See Figure 1 for the daily chart. I am noticeably late in this GBP/JPY short entry because I was preoccupied with other positions (e.g. my EUR/CHF and GBPCHF shorts) today. Click here to continue reading... (301 words)
EURCHF breaking 1.5100: A textbook perfect breakdown and reversal
Last night, EURCHF finally broke below the 1.5100 zone after weeks of consolidation around the area. See Figure 1 for a daily chart of EUR/CHF. I just happened to be looking at the charts when this breakdown occurred last night so I made a few day trades. These scalps turned out better than I thought [...]
An example of how trading in fear is bad for your account
Having had a hard time day trading the EUR/USD last week, things haven’t been well for me this week either with the market in a gridlock. My one and only viable setup so far is built for a trending market. So this range-bound market is new territory for me as I experiment (in hindsight, haphazardly) [...]
Also posted in Self Assessment, Trading Psychology Tagged bad trade, drawdown, FTC, GBP, JPY, paper trade, recovery Leave a comment
Paper trade: stopped out of AUD/JPY 83.59/84.90 (-130 pips) and EUR/JPY 136.73/137.50 (-77 pips)
I shorted AUD/JPY on the 20th and then shorted EUR/JPY on the 21st. Both positions were stopped out before Tokyo opened tonight. I didn’t write an opening post for EUR/JPY because it’s the same as usual, long term setup, short term timing. I’ll briefly go over the two trades here and what I have learned [...]
My name is Paul and I am a full-time engineer, part-time trader. Back in 2000, I deposited my $5000 interest-free student loan with an online broker. Since then, my interest in trading has become an obsession.
Paper trade: GBPJPY @ 145.24, Stop 144.70, Target 148