Forex Trade Review - NZDUSD

Shorted NZDUSD at 0.6849 and made 10 pips. Here's the chart:

Forex Trade Idea - NZDUSD

Here's a good chart setup for the NZDUSD:

The 200 SMA has always been a good support/resistance point to trade off of for as long as I can remember. Here on the 1 hour the 200 SMA stopped the bull run the pair was making. Now I have two orders in for a long and short trade. If a full candle forms above the 200 SMA i'll go long with a 10 pips stop below the 200 SMA and a target of 10 pips below R2(0.6885).
I mostly think it will go short so I have an entry order to short at 0.6859 with as stop of 10 pips above the 200 SMA and an initial profit target of 10 pips. I'll probably open up 2 lots with the second lot going for the 50 SMA as a target(approximately 40 pips). -TraderVlad

Forex Trade Review - USDJPY

USDJPY decided to do a little consolidation, so I decided to take my 62 pips per lot and get outta there! When consolidation occurs I'm never sure where a pair is going to go next, so in this case I thought 186 pips is good enough for me. I'll just wait for the next trading opportunity. Probably the thing I learned most from this trade is that it fits my trading style. Like with options, I pretty much set it and forget it. I put on a trade and I check the price maybe once a day or at the close just to make sure nothing crazy happened. I may make an adjustment once a month, if even that. I'd like the same with forex. Just put the trade on and check it maybe once a day. That's it. So, I'm going to incorporate longer term trades using daily charts and 4hr charts, but if i see a great 1hr chart, i'll make sure I post it up too. Okay, off to look out for the next new idea!

-TraderVlad

Forex Trade Review

I apologize for the lack of updates. I've had a sick friend and I've been out of town for the past few days. I'll be back monday morning with another trade idea and chart. Also, I fix the problem with my latest chart not pulling up on that USDJPY trade. Just a quick updat on that trade. It was up a max 60 pips before it reversed into the negative side and then back close to BE. USDJPY closed the week at 115.27. I entered at 115.19.

One thing to think about in this position is that I'm going against the dollar which may not be a good thing during this time of year. We're getting Nov. economic reports, and the end of the year is usually a good time for the US as far as economic growth. But I'm going with the short term downtrend, and by the looks of the daily chart it's an even struggle between the bulls and the bears now. I may have to readjust this position by taking a few lots off. I'll post if I do. Have a great weekend!

- TraderVlad

Forex Trade - USDJPY

I've been searching through my usual forex pairs and I found a nice chart on the USDJPY. Here it is:

Not considering the recent TIC data report and other US economic reports, I like this chart for the short term down trend and retracements. It's following retracement patterns beautifully. I will open 3 lots with 3 profit targets to maximize risk to reward ratio. Max risk is 225 pips. max reward is 492 pips if I take off 1 lot for every target hit. This is definitely going to be a long term position.

Now considering economic data, the TIC report today showed a very strong number of 89.1B which definitely covers last week's trade deficit of 64B. Good news of the US economy and the dollar, which goes against the trend of this trade. I will just have to see.

Tech Support Please!

Well, I woke up this morning to find my pc having all kinds of issues! It shuts down by itself, and when it was on I would click on the web browsers and on the FXCM icon and nothing would happen. Grrrrrrrrrrrr!!! Luckily, Xtick was working, but what's the point if I can't access my trading account. Seriously, these brokers should developing software for the Mac. Until I get a new laptop it looks like I'll still be able to put up chart ideas, but not trade them.... anybody have any ideas on a new laptop? Nothing fancy, it would be just for websurfing and forex...

Forex Trade Review - EURJPY

Well, it look like I got stopped out of my most recent trade idea on the EURJPY. ECB president Trichet spoke yesterday with a hawkish tone towards the EU economy. This indicated rising inflation and interest rates which caused the Euro to shoot up in value. Now, I traded an hour and half after he was supposed to speak thinking i'm okay, but appearantly the market took a while to factor in his comments. On the plus side, I do trade the Alba system which was a winner, so my loses were offset by that. at the end of the day i was only down 4 pips.

Forex Trade Idea - EURJPY

Forex trade idea for 01/13/06:

I know it's friday but this chart looks so good:

It might not move again until next week, and usually i don't hold positions over the weekend, but with EURJPY being in a downtrend and resistance at 100 sma and 61.8% retracement level this is a high probably of profit potential with a greater than 1:1 risk to reward ratio.

So, i'm going to be patient with this one and look to exit on monday or tuesday if it continues to consolidate. We'll see what happens. The weekend is here so let's take a break from Forex and have a great weekend!!
-TraderVlad

Forex Trade Idea Review - USDCAD

Yesterday I shorted USDCAD at 1.1609 and closed it at 1.1599 for a 10 pip profit. It did eventually hit my target of the S2 line at 1.1573, but I'm glad I got out at 10 pips. I'm not greedy. hehe. Here's the chart:

Forex Trade Idea - 01/11/06

here's an idea for a forex trade today:

USDCAD is in a short term downtrend. I would take a short trade below the S1 line and target the S2 line. My stop would be right above the 200 SMA. Good luck!

Forex Trade Idea Review

I closed the trade out today because it started to consolidate between the 50 and 100 sma's. It'll probably do that for a while since there aren't any major news events coming up. So I took a 9 pip profit, but it actually maxed at about 29 pips. I think I need to develop better rules for taking profit. Anyways, here's the chart:

Forex Trade Idea - 01/10/06

Here's my trade idea for today:

short AUDUSD @ .7509/ Stop @ .7553/ target the 200 sma

Here's the daily chart:

Here's my hourly chart:
This is a pure technical play. Let's see what happens...

Options Trade - 01/09/06

I entered into three iron condor positions today:

RUT FEB06 650/660/740/750 for a credit of $2.10 per contract
SPX FEB06 1230/1235/1335/1340 for a credit of $.90 per contract
XEO FEB06 560/565/605/610 for a credit of $1.00 per contract

each positon has a profit potential of 20% gain if OTM by expiration.

Option trade update:

The RUT JAN06 Iron condors I entered in Dec '05 have been closed out for a $1.50 profit per contract. 15% gain for each position.

No forex trade ideas right now. I don't really like trading on mondays plus there aren't any significant reports coming out today. We'll see what happens tomorrow!

Forex Trade Review 01/06/06

Hello, just an update on the trade idea from yesterday. I entered short at 1.1625 and it just went sideways. I'm assumed the market was just going to wait for the NFP report, so I just got out at 0 pips. The NFP is a crazy report and I didn't want to get caught up in any whipsaws...hopefully i'll have a trade idea soon for the NFP, so stay tuned...

Forex Trade Idea - 01/05/06

here's a trade idea on USDCAD

short USDCAD @ 1.1625/ stop above 1.1670/ take profit @ 1.1546


Let's see what happens...

Forex Trade Review - 01/03/06

hmmm...well, it looks like i got stopped out on my position from this morning. 30 pips loss. here's my thoughts. I knew there was a US economic report coming out at 10:00 am EST. Private and government construction was up, but home building growth was at a slower pace than originally predicted by economists. They predict in 2006, because of the rising interest rates, home sales will slow considerably in comparison to the previous years. I guess this is what caused the sell off in the dollar today.

This wma cross system I have used has not been effective for me lately during the US/EU session. It has been during the EU session when I would just analyze and put the trade on at night before the EU session starts. From now on i'm just goin to stick with that and not use the system during the US session. we'll see what happens....

My Forex Trade Idea - 01/03/06

Here's a forex trade idea based on the 5/20 wma cross over system:

Enter short on GBPUSD at 1.7253. Stop at 1.7283 and target 1.7223. Profit target right above pivot point. Market reversals happen at pivot points, so that's definitley a good time to take profit. Time to make some pips!