Matador's Journal

Here is where I will post my trades.

I trade based on some proprietary broker information, with "longer" term trades, going anywhere from a few days, to several weeks.

[Status]
2010 P/L: -50 PIPS
Closed Trades: 1
Open Trades: Short: AUDUSD & NZDUSD

Shorted AUDUSD @ 0,9018
Stop: 0,9120 (100)
Target: 0,8800-8600 (200-400)

Shorted NZDUSD @ 0,7216
Stop: 0,7416 (200)
Target: 0,6850-6800 (350-400)

LONG USDCHF @ 1,1005
STOP: 1,0955 (50)
TARGET: Looking for atleast a re-test of 1,12 50 swing high, and perhaps a longer move beyond/upward. beyond. (220-250)

EDIT: Stop hit -50.

I am not keen on moving stops, but given where we are at (0,7017 at this time). A re-assessment of the situtation is now warranted.

Stop:
The initial stop was set due to the latest swing high/tops around 7300-7325. And a move there would have invalidated the short trade at that moment.
As it stands now, it seems 7230-7250 would certainly invalidate a short bias/trade. The other lower tops are seen around 7140's.
So in short, move your stop to 7230-7250 area. Upon a clean break of the 70 cent mark, can move stop to just above the 7140's.

Target:
The initial target is still acheivable (triple bottom H4) ~6850's. Beyond that, I don't really know where it could go (no clear support). I would recommend not to take profit, or atleast not all of the position off the table at that time. Perhaps close 1/2 to 3/4, and see if a further break occurs. If so, it could be bombs away. At that time, move your stop to 7140's and we will re-assess.

Similar logic applies to this like the previous NZDUSD update. At this time AUD is 8760.

Stop:
Our initial stop was put in place to keep us in through any possible retest of action between 9020s through 9080 swing high. At this point, sure those risks still apply, but the lower highs (double top) on H4 still apply. They come in at 9020's.
So a move of the stop to 9040-9050 is a good start. As we know, support becomes resistance. And lows of that action come in around 8890's. So a stop in the low 90's would be the next prudent move of the stop, after a further break lower.

Target:
At this point, low end of our target has been cleared, but there are still plenty of legs left in this move. Still looking for the last swing low from Feb 5th around 8600 to hold, atleast initially. Look to move stop as prev. stated when price heads into that area. And clear off 3/4 or more of your position.

Further re-assessment if the 86 cent level breaks.

Closed: +475 (8540/8542)

Greater than target acheived. Sitting on 8540/42 now to close the position.
Lets book 475 pips profit. How you close it and the rest is up to you.

Can close most lots (1/2-3/4? 7/8th?) and let remaining run.
If so, you would probably want to put the stop above latest swing high at 8800 level.

Closed +345 (6867/6870)

Kiwi touched as low as 6820, but we are now sitting at 6867/70. Simple chart analysis shows a stop can be placed at 7060. This would surely invalidate further downward bias, atleast in the short term.

For safety, lets close (some? most?) here for 345 pips, and move stop to 7060 for 155 guaranteed. I really have no clue about how low this can go, but lets hang on for the ride. There are still some legs lower, as around 60% of retail traders are long.
As will all trades I do & post, once a target price area is hit. It will be up to you to exit as you see fit.

Right, so about that last 1/4 to 1/2 you may have kept open.

I got out at 8423 and 6711 respectively.

We'll see when the next trade is. Might not be for a while.

Patience young grasshoppers

I have been busy with my own business other than FX.
Alas, here is a trade for 2011.

USDCAD - Looking for a L entry, on a medium length TF.
2-5 week trade, depending how it develops.

Placing a buy order around 0,98. Current price in mid-98's.
Will also put a 2nd entry around 0,9720.

Invalidation of this trade would come if a break below 0,9670's ; so 1st stop below at 96,25.
2nd stop (full exit) at 0,9475'ish.

Target 1,05-1,07's looks acheivable.

Good luck

2011.06.27 @ 10.40 ET

Going short here on GBP/USD at 1,5970.

TP @ 1,5350's or beyond.
SL @ 1,6050.

Many retails are long here, which makes a short enticing. Just 1 of many reasons