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Tag Archives: FTC
Why I shorted CAD/JPY @ 88.57 instead of long USD/CAD @ 1.0251
CAD/JPY failed a major resistance level at 90 and has edged out an obvious intermediate-term downtrend (Fig 1). USD/CAD is also bouncing off a major support at 1.0200 (Fig. 2). And crude oil is below $80 on a slippery slope. As such, shorting loonie seems like a good move at the moment according to my [...]
Posted in Aussie, Kiwi, Loonie, Trading Strategy Also tagged CAD, entry, JPY, paper trade, USD Leave a comment
Paper trade: Short AUDCAD @ 0.9489, Stop 9540
I’ve been stopped out of all my Aussie shorts on the breakout today. But my setups for AUDUSD and AUDJPY are still intact as the resistances are still safe. Having failed so many times in shorting AUDJPY (first try, second try), I am taking a conservative approach on that particular play. Although those setups are [...]
Paper trade: Stopped out AUD/JPY longs @ 81.3 (+7 pips) and 81.29 (-28 pips)
My AUD/JPY long from yesterday got stopped out after I moved the exit stop to a breakeven price. Then I gave it another try once AUD/JPY had a quick dip and recovered to 81.30 level around Tokyo noon. That has been a time of large moves recently. My entries and exits are shown on the [...]
Paper trade: Long AUD/JPY @ 81.22, SL 80.99, TP 82.50
Several major pairs are testing their support on this market correction with a 20 points drop in the S&P500 before 10 am. This is a short term capitulation scenario. From looking at the major pairs, the long term trend still seem to be intact. In particular, I am interested in shorting Yen because I’m seeing [...]
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) [...]
Posted in European Crosses, Self Assessment, Trading Psychology Also tagged bad trade, drawdown, GBP, JPY, paper trade, recovery Leave a comment
An introduction to my Forex Trend Continuation Setup (FTC)
After many trials and errors with paper trading the forex market for a month, the first of my trading setups is finally taking shape. So I would like to document this approach here after a well executed trade this week (illustrated below). This trading setup is based solely on technical analysis. Here’s an overview of [...]
Posted in Aussie, Kiwi, Loonie, Trading Signal Also tagged CAD, entry, exit, good trade, JPY, paper trade Leave a comment
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.
How to stockpile a trade position one step at a time