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Thursday, September 28, 2006

Forex Trade Review - 09/28/06

Short trade triggered:

Lot 1: +20 pips
Lot 2: +85 pips
Total: +105 pips

Day Total: +105 pips Holllllllleeeeeerrrrrrr!!!


No signal for tonight as i will be traveling out of town to start my weekend early! hehe If i am able to look at the market, and see any trades, i'll be sure to post here tomorrow. Have a great weekend everyone!

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Forex Trade Review - 09/27/06

Short trade triggered:

Lot 1: -20 pips
Lot 2: -20 pips
Total: -40 pips

Day Total: -40 pips

Forex Trade Signal – 1:30 am EST 09/28/06

* Long GBP/USD at 1.8910, stop at 1.8890, pt1 at 1.8930, pt2 at 1.9000
* Short GBP/USD at 1.8830, stop at 1.8860, pt1 at 1.8810, pt2 at 1.8845

I am using a different system than on the "Pick of the Day" for these trades, so different levels.


Having trouble with blogger, so I apologize for the late post. Good luck and good trading!

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Forex Trade Review - 09/27/06

Short trade triggered:

Lot 1: -20 pips
Lot 2: -20 pips
Total: -40 pips

Day Total: -40 pips

Forex Trade Signal – 1:30 am EST 09/28/06
  • Long GBP/USD at 1.8910, stop at 1.8890, pt1 at 1.8930, pt2 at 1.9000
  • Short GBP/USD at 1.8830, stop at 1.8860, pt1 at 1.8810, pt2 at 1.8845
I am using a different system than on the "Pick of the Day" for these trades, so different levels.

Digg Bookmark Free Daily Forex Signals Bookmark Free Daily Forex Signals Bookmark Free Daily Forex Signals Bookmark links for blogmarks Bookmark links for 2006-08-18 at Spurl.net Bookmark links for Pipcrawler's Forex Picks with wists Bookmark Pipcrawler's Forex Picks at Simpy.com Bookmark links for Pipcrawler's Forex Picks at NewsVine Blink this links for Pipcrawler's Forex Picks at blinklist.com Bookmark links to Pipcrawler's Forex Picks at reddit.com


Forex Trade Review - 09/27/06

Short trade triggered:

Lot 1: -20 pips
Lot 2: -20 pips
Total: -40 pips

Day Total: -40 pips

Forex Trade Signal – 1:30 am EST 09/28/06
  • Long GBP/USD at 1.8910, stop at 1.8890, pt1 at 1.8930, pt2 at 1.9000
  • Short GBP/USD at 1.8830, stop at 1.8860, pt1 at 1.8810, pt2 at 1.8845
I am using a different system than on the "Pick of the Day" for these trades, so different levels.

Digg Bookmark Free Daily Forex Signals Bookmark Free Daily Forex Signals Bookmark Free Daily Forex Signals Bookmark links for blogmarks Bookmark links for 2006-08-18 at Spurl.net Bookmark links for Pipcrawler's Forex Picks with wists Bookmark Pipcrawler's Forex Picks at Simpy.com Bookmark links for Pipcrawler's Forex Picks at NewsVine Blink this links for Pipcrawler's Forex Picks at blinklist.com Bookmark links to Pipcrawler's Forex Picks at reddit.com


Wednesday, September 27, 2006

Forex Trade Signal – 1:18 am EST 09/27/06
  • Long GBP/USD at 1.8980, stop at 1.8960, pt1 at 1.9000, pt2 at 1.9050
  • Short GBP/USD at 1.8935, stop at 1.8955, pt1 at 1.8915, pt2 at 1.8875
Also, I have set up a new email service. Should be a little bit more on time, so sign up and get my posts and picks right away... hopefully! ;)

Good luck and good trading!

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Forex Trade Signal – 1:18 am EST 09/27/06
  • Long GBP/USD at 1.8980, stop at 1.8960, pt1 at 1.9000, pt2 at 1.9050
  • Short GBP/USD at 1.8935, stop at 1.8955, pt1 at 1.8915, pt2 at 1.8875
Also, I have set up a new email service. Should be a little bit more on time, so sign up and get my posts and picks right away... hopefully! ;)

Good luck and good trading!

Digg Bookmark Free Daily Forex Signals Bookmark Free Daily Forex Signals Bookmark Free Daily Forex Signals Bookmark links for blogmarks Bookmark links for 2006-08-18 at Spurl.net Bookmark links for Pipcrawler's Forex Picks with wists Bookmark Pipcrawler's Forex Picks at Simpy.com Bookmark links for Pipcrawler's Forex Picks at NewsVine Blink this links for Pipcrawler's Forex Picks at blinklist.com Bookmark links to Pipcrawler's Forex Picks at reddit.com


Tuesday, September 26, 2006

Forex Trade Review for 09/26/06

Short trade triggered:
Lot 1: -20 pips
Lot 2: -20 pips
Total: -40 pips

Our short trade was triggered, but quickly stopped out...doh! Fortunately, we had a similar trade on my "Pick of the Day" (different entry and exit points on GBP/USD) which snagged +20 pips on the first lot before getting stopped out at breakeven on the second lot.

Also, my longer term trade idea on USD/CHF was closed today as the second lot stopped out at 1.2400. Total profit was +100 pips per lot. I will be on the lookout for some longer term trades to post in the future.

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Forex Trade Signal – 12:00 am EST 09/26/06
  • Long GBP/USD at 1.9030, stop at 1.9010, pt1 at 1.9050, pt2 at 1.9100
  • Short GBP/USD at 1.8980, stop at 1.9000, pt1 at 1.8965, pt2 at 1.8935

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Monday, September 25, 2006

USD/CHF Short - 09/25/2006

Our short on USD/CHF reached as low as 1.2291, and is currently at 1.2361. I will be moving my stop on the second lot to 1.2400 to lock in 100 pip gain, and set my profit taking level to 1.2250.

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Friday, September 22, 2006

Forex Trade Review for 09/21/06

Long trade triggered:

Lot 1: +20 pips
Lot 2: +18 pips
Total: +38 pips


We missed max profitability on our long trade by one pip! The pair reached as high as 1.8999 before dropping back dow to the 1.8970 area. Closed the second half of our lot at 12:00 pm EST per rule instructions.

Also, my short trade idea on USD/CHF from Sunday is about 150 pips in the money. You should have closed half of the position by now for a 100 pip profit and moved the stop on the second half of the position to breakeven. Actually, I recommend moving the stop now to 1.2450 to lock in 50 pips profit. Good luck!

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Thursday, September 21, 2006

Forex Trade Review - 09/20/06

Long trade triggered:

Lot 1: +20 pips
Lot 2: +40 pips
Total: +60 pips

Day Total: +60 pips

Long order triggered and hit pt1 within the hour. Closed second half of the lot at 12 pm EST = - according to the rules of the system. Not a bad day I must say.

Also, a quick update as my longer term trade on USDCHF is now 25 pips in the money. Let's hope it hits 1.2400 in tonight's euro trading session.



Forex Trade Signal – 12:00 am EST 09/21/06
  • Long GBP/USD at 1.8950, stop at 1.8930, pt1 at 1.8970, pt2 at 1.9000
  • Short GBP/USD at 1.8890, stop at 1.8910, pt1 at 1.8870, pt2 at 1.8830

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Tuesday, September 19, 2006

Forex Trade Review - 09/19/06

Long trade triggered:

Lot 1: -20 pips
Lot 2: -20 pips
Total: -40 pips

Short trade triggered:

Lot 1: -20 pips
Lot 2: -20 pips
Total: -40 pips

Day Total: -80 pips

What can i say? We were stopped out on some early morning whipsaw action. The good news is my short idea on USD/CHF triggered...I was kind of scary as the trade shot up, but now we're back close to the entry level. Still very confident with this trade, especially after disappointing housing data this morning...


Forex Trade Signal – 12:00 am EST 09/20/06
  • Long GBP/USD at 1.8860, stop at 1.8840, pt1 at 1.8880, pt2 at 1.8940
  • Short GBP/USD at 1.8790, stop at 1.8810, pt1 at 1.8770, pt2 at 1.8700

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Forex Trade Signal – 12:00 am EST 09/19/06
  • Long GBP/USD at 1.8860, stop at 1.8840, pt1 at 1.8890, pt2 at 1.8950
  • Short GBP/USD at 1.8780, stop at 1.8800, pt1 at 1.8750, pt2 at 1.8700

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Saturday, September 16, 2006

Forex Trade Review for 09/15/06

Long trade triggered:

Lot 1: -20 pips
Lot 2: -20 pips
Total: -40 pips

Short trade triggered:

Lot 1: +40 pips
Lot 2: +90 pips
Total: +130 pips

Day Total: +90 pips


Since I usually do shorter term trades here and on BabyPips.com, I'd like to flex my longer term trading muscle, and post some daily charts and longer term trade ideas here. Here's a chart pattern that i've been watching for a while on USD/CHF:


From this chart, we can see that USD/CHF has been in a range in between 1.2200 and 1.2550 since the beginning of July. The recent run in the USD against the Swiss Franc has brought the pair back to the top of the range, and may have created a nice selling opportunity. I also have technical indicators showing a possible buyer exhaustion. The Stochastic indicator is showing possible oversold conditions, and at the top of the chart we see the pair bouncing off the 200 SMA - a very strong resistance area. So, here's a short trade idea with a 2:1 reward to risk ratio:

Short USD/CHF at 1.2500, stop at 1.2600, pt1 at 1.2400, pt2 at 1.2200

Now, if the pair started to close above the range, we could possibly see a nice move to the upside. I will up date it this does situation plays out

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Thursday, September 14, 2006

Forex Trade Review - 09/14/06

Long trade triggered:

Lot 1: -20 pips
Lot 2: -20 pips
Total: -40 pips

Got stopped out in my long trade gosh darn it!!!!! Missed a huge move in Cable - over 100 pips!! As soon as it touched the stop loss point the pair shot back up. Ridiculous. I may have to make some system adjustments

Forex Trade Signal – 12:00 am EST 09/14/06
  • Long GBP/USD at 1.8880, stop at 1.8860, pt1 at 1.8920, pt2 at 1.8880
  • Short GBP/USD at 1.8840, stop at 1.8860, pt1 at 1.8800, pt2 at 1.8650

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Forex Trade Review - 09/13/06

Long trade triggered:

Lot 1: +07 pips
Lot 2: +07 pips
Total: +14 pips

Our long trade entered and narrowly missed the stop out point. Unfortunately, we were only able to pull out +14 pips by 12:00 pm EST

Forex Trade Signal – 12:00 am EST 09/14/06
  • Long GBP/USD at 1.8795, stop at 1.8775, pt1 at 1.8815, pt2 at 1.8845
  • Short GBP/USD at 1.8740, stop at 1.8760, pt1 at 1.8720, pt2 at 1.8685

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Wednesday, September 13, 2006

Email Subscriptions

I will be taking down the email subscriptions. It seems that the email service I used does not deliver my post until about 5 - 6 hours later, so until I find faster service you'll just have to visit the site until then. For those of you who has already I signed up, I'll be sure to put you on the new service once I have it up and running. Thanks.

Btw...I've been a PC user my whole life, but I've been reading more and more about the new Macs and how you can boot up Microsoft Windows and Mac OSX. I've even visited the Apple store and I was highly impressed. But I wanna know if anyone have any experience they would like to share? Especially on compatability issues with forex broker's software. Shoot me an email. I'd love to hear from ya!! Thanks!

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Forex Trade Review - 09/12/06

Long trade triggered:

Lot 1: +30 pips
Lot 2: +00 pips
Total: +30 pips

Forex Trade Signal – 12:00 am EST 09/13/06
  • Long GBP/USD at 1.8770, stop at 1.8750, pt1 at 1.8790, pt2 at 1.8840
  • Short GBP/USD at 1.8700, stop at 1.8720, pt1 at 1.8670, pt2 at 1.8630

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Tuesday, September 12, 2006

Forex Trade Signal – 09/12/06 - 12:00 am EST
  • Long GBP/USD at 1.8720, stop at 1.8690, pt1 at 1.8750, pt2 at 1.8800
  • Short GBP/USD at 1.8640, stop at 1.8660, pt1 at 1.8610, pt2 at 1.8560

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Saturday, September 09, 2006

Which Forex Broker should I use?

I receive a ton of emails from new traders asking me this question - "Which forex broker or trading platform should I use?" To be honest, I try to refrain from answering this question just because I feel that I would be doing that person disservice by just throwing out this or that broker's name. I feel that every new trader should go through the personal journey to find a broker for a couple of reasons:
  1. It will force those new traders who are only interested in learning about trading systems to learn the subtleties of trading such as spreads, leverage and margin, interest credits/debits, etc.
  2. While one traders style or method may be well suited on one broker's platform, it may not do so well on another broker's platform. Trying out different brokers may even open a new traders eyes to new methods and techniques that they may have not thought about before.
So, instead of telling you which broker you should go out and try, I say go out and demo every broker you are interested in and ask yourself some of these questions:

  1. Does the broker offer fixed or non-fixed spreads? How wide are the spreads? These questions are more significant to those traders who like to take quick profits on a few pips. Large and/or variable spreads can cut into the profits of this type of strategy.
  2. Is this trading platform user friendly? How easy or difficult is it to enter market/limit orders and to adjust positions once in a trade? Does it come with charting and/or news software?
  3. Does this broker credit or debit daily interest? Some brokers either do both, deduct interest, or neither. Some brokers actually debit twice the daily interest rate. Robbery! This information can enhance or hinder your profitability.
  4. Try different brokers in different market environments. For instance, during periods of high or extreme volatility, how well does this broker execute your trades? Does the trading software freeze or keep you from logging in? Do the spreads change and by how much?
  5. When it comes to tax time, how well does your broker list out all of your trades and profits and losses? The answer to this can save you or your tax guy hours of time.
  6. Is this broker registered with any regulating authorities? Check to see if your broker of choice is registered with the National Futures Association (NFA) or Commodity Futures Trading Commission (CFTC) if they're based in the US. If the broker is based in the United Kingdom, check with the Financial Service Authority (FSA). If the broker isn't registered with any of these, then you may want to think twice before signing up with them.
This is just a quick list and I'm sure you will come up with more as you go along. If you're still looking for an opinion on brokers, I suggest checking out some forex forums such as Forex Factory and Moneytec. There great places to talk and exchange information with other traders like you!

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Friday, September 08, 2006

Forex Trade Review for GBP/USD 09/06/06

Short trade triggered:

Lot 1: -25 pips
Lot 2: -25 pips
Total: -50 pips

Sorry about the lack of signal last night. After reviewing price action throughout the euro session, it was probably a good thing I wasn't able to put one up. My system would have provided a losing signal as there was whipsaw action between 3 am EST and 4 am EST before finding the trend.

Week in Review:

Mon night: +70 pips
Tues night: +70 pips
Wed night: -50 pips
Thur night: No trade
Total: +90 pips

I hope everyone has a fantastic weekend!!!

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Thursday, September 07, 2006

Forex Trade Review GBP/USD 09/06/06

Short trade triggered:

Lot 1: +20 pips
Lot 2: +50 pips
Total: +70 pips

Forex Trade Signal – 12:00 am EST – GBP/USD
  • Long GBP/USD at 1.8880, stop at 1.8860, pt1 at 1.8900, pt2 at 1.9050
  • Short GBP/USD at 1.8825, stop at 1.8850, pt1 at 1.8800, pt2 at 1.8750

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Wednesday, September 06, 2006

Forex Trade Review - GBP/USD

Short trade triggered:

Lot 1: +20 pips
Lot 2: +50 pips
Total: +70 pips

Forex Trade Signal – 12:00 am EST – GBP/USD
  • Long GBP/USD at 1.8960, stop at 1.8940, pt1 at 1.8975, pt2 at 1.9005
  • Short GBP/USD at 1.8920, stop at 1.8940, pt1 at 1.8900, pt2 at 1.8870

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Monday, September 04, 2006

Forex Trade Signal – 12:00 am EST – GBP/USD
  • Long GBP/USD at 1.9050, stop at 1.9030, pt1 at 1.9085, pt2 at 1.9105
  • Short GBP/USD at 1.9020, stop at 1.9050, pt1 at 1.9000, pt2 at 1.8970
By the way - I took down the email subscription box that was on the right due to the fact Feedburner did not send it off the alert email until about 6 hours after I would post. So, until I find a more timely blog email service, no email subscriptions.

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Saturday, September 02, 2006

Stop Loss

Every once in a while i get an email from new traders asking me to analyze a trade they sent to me - show them what they did wrong, if the indicators are using are the right ones, what I would have done in that situation. For the most part, new traders are heading in the right direction as far as analyzing the market and establishing a directional bias, but the thing that gets me is when I ask about stops and profit targets, all i get in response is "huh?" or "never thought about that." This blows my mind.

Being a trader is not just about looking at a market and picking a direction. That's a small part of it. The biggest part is what you do after you have entered your orders. After that order is in and filled you become a position manager. What happens if the trade goes your way? What happens if it doesn't? These are questions that should be asked before you enter your orders. You have to asses your potential risk and reward - know when to let the profits run and when to cut your losses and get out of a trade.

I've been reading "Inside the House of Money" by Steven Drobny. It's a great book that I highly recommend, especially if you long to become a money manager or a global trader/investor. In the book he interviews Dr. John Porter who is the biggest money slinger over at Barclays Capital, one of the UK's largest financial institutions. After recalling one of his worst trading mistakes, Dr. Porter makes a great statement on stop losses: "I learned that the stop-loss is by far the most important aspect to a trade. Going back to discipline, the stop-loss is a very difficult thing to implement, but if you have a proper stop-loss, you'll never blow up. You'll be out long before you get anywhere near the end." This is a great statement in that it's coming from one of the biggest traders on earth, and if he thinks stop losses are important, shouldn't you?

So, the moral of the story is kiddos to plan your trade and trade your plan - with some stop losses - and you'll live to trade another day. =)

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