OK here are my figures for the last week. It was not pretty so here we go. If I had played the 6x6 cross I would not have been in many of these trades but I was taking entrances off of S/R lines which is ok except in super news stories. So I lost almost all my April profit. I will not be trading Monday and I make no recommendations. I will start Tuesday if I see some stability and the Greek loan thing is going OK. If you trade the EURO or GBP I would only do sells if you have a good reason too. Buys are way to risky in this market.
The following currencies seem to be the least affected by the news:
aud/cad, aud/chf, eur/aud, eur/cad, eur/gbp, nzd/usd usd/jpy
I do not recommend trading any euro or gbp because of news and elections. ENGLAND's elections are up for grabs and uncertain so the GBP could do anything unexpected and the euro is well down the tubes for now.
So look only at these for now:
aud/cad, aud/chf, nzd/usd usd/jpy
Funny how in OCT. 2008 the worse the news was the more the USD appreciated and May 2010 the worse the news for the EURO the more it depreciates. Love them fundamentals and their consistency.
My goal is to get back what I have lost and it will probably take 2 months. If I could have hedged all this I would have been frozen in at around a -3000 DD and that would have been recoverable. I will be leaving IBFX but I am not sure where yet. I never want to be caught with my pants down again where my only option is taking a big loss. I believe I could have fought my way out of this at a future date if I could have hedged this mess at some point.
TAKE PROFITS
MPTM 21 at +10 = +210
aud/chf +50 This one I could have made hundreds of pips on but I was bailing out of the market.
gbp/chf +286 12 MPtM
usd/jpy +52 4 mptm Another one I could have made a killing. I just dont play for 500 pip moves, dont even look for them. DANG.
CLOSED FOR LOSS
aud/nzd, -493 L2 -393 L3 -275 L4 -175
aud/usd -245
chf/jpy -338 -232 +70 6 MPTM
eur/cad never took
eur/jpy -184
eur/usd -275 -137
gbp/usd -486 -250
nzd/chf, -322 2nd L -243 3L -77 L4 +22 +50 11MPTM
usd/cad -216
usd/chf -504 2ndL -286 3L -131
OPEN TRADES
TOTALS
total for day -4522
for the week -4156
for the month -4156
Carry over 0
Primary trades
BUYS
SELLS
Secondary trades
BUYS
SELLS
OK my top 11 pairs and alternates:
This gives me 2 of each: aud, cad, chf, gbp, nzd,
4 of each eur, usd, jpy
aud/cad - aud/nzd this matc hes minor or commodity currencies together. As I have stated before minor currencies can get squashed by the larger currencies.
chf/jpy - eur/jpy - eur/usd - eur/cad - eur/nzd
gbp/jpy - gbp/usd - usd/chf - usd/jpy
Alternatives: the aud/jpy, eur/jpy, are all similiar so choose one. The Aud/jpy is not as volatile as the gbp/jpy if you want less movement but still like some volatility but it will do long trends more. The most important thing is you dont want to be heavily investment into any one currency. If the EUR/NZD is too volatile for your tastes you can replace it with nzd/chf or nzd/jpy. I just happen to like the eur/nzd pair and the way it flies around the chart.
Most volatile pairs: eur/nzd and gbp/jpy can be replaced with aud/jpy nzd/jpy nzd/chf for less volatility. __________________
I no longer trade usd/sgd. It is going to 25:1 leverage, simply not worth using up that much margin for a slow mover like that.
The following currencies seem to be the least affected by the news:
aud/cad, aud/chf, eur/aud, eur/cad, eur/gbp, nzd/usd usd/jpy
I do not recommend trading any euro or gbp because of news and elections. ENGLAND's elections are up for grabs and uncertain so the GBP could do anything unexpected and the euro is well down the tubes for now.
So look only at these for now:
aud/cad, aud/chf, nzd/usd usd/jpy
Funny how in OCT. 2008 the worse the news was the more the USD appreciated and May 2010 the worse the news for the EURO the more it depreciates. Love them fundamentals and their consistency.
My goal is to get back what I have lost and it will probably take 2 months. If I could have hedged all this I would have been frozen in at around a -3000 DD and that would have been recoverable. I will be leaving IBFX but I am not sure where yet. I never want to be caught with my pants down again where my only option is taking a big loss. I believe I could have fought my way out of this at a future date if I could have hedged this mess at some point.
TAKE PROFITS
MPTM 21 at +10 = +210
aud/chf +50 This one I could have made hundreds of pips on but I was bailing out of the market.
gbp/chf +286 12 MPtM
usd/jpy +52 4 mptm Another one I could have made a killing. I just dont play for 500 pip moves, dont even look for them. DANG.
CLOSED FOR LOSS
aud/nzd, -493 L2 -393 L3 -275 L4 -175
aud/usd -245
chf/jpy -338 -232 +70 6 MPTM
eur/cad never took
eur/jpy -184
eur/usd -275 -137
gbp/usd -486 -250
nzd/chf, -322 2nd L -243 3L -77 L4 +22 +50 11MPTM
usd/cad -216
usd/chf -504 2ndL -286 3L -131
OPEN TRADES
TOTALS
total for day -4522
for the week -4156
for the month -4156
Carry over 0
Primary trades
BUYS
SELLS
Secondary trades
BUYS
SELLS
OK my top 11 pairs and alternates:
This gives me 2 of each: aud, cad, chf, gbp, nzd,
4 of each eur, usd, jpy
aud/cad - aud/nzd this matc hes minor or commodity currencies together. As I have stated before minor currencies can get squashed by the larger currencies.
chf/jpy - eur/jpy - eur/usd - eur/cad - eur/nzd
gbp/jpy - gbp/usd - usd/chf - usd/jpy
Alternatives: the aud/jpy, eur/jpy, are all similiar so choose one. The Aud/jpy is not as volatile as the gbp/jpy if you want less movement but still like some volatility but it will do long trends more. The most important thing is you dont want to be heavily investment into any one currency. If the EUR/NZD is too volatile for your tastes you can replace it with nzd/chf or nzd/jpy. I just happen to like the eur/nzd pair and the way it flies around the chart.
Most volatile pairs: eur/nzd and gbp/jpy can be replaced with aud/jpy nzd/jpy nzd/chf for less volatility. __________________
I no longer trade usd/sgd. It is going to 25:1 leverage, simply not worth using up that much margin for a slow mover like that.