Friday 5/16/08 Update

Another day against the system!

Well, needless to say, by the title, you know I had a bad day. I don't mind having bad days as much as I do ending the week on a bad day. It's like having a great party and spilling wine on your shirt at the door! All you remember about the party is that incident. So too, all weekend, I will be moping about today. Oh well.

Today's Trades:

3:00am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.9506 with a stop at the most recent swing low at 1.9452. Since I was 44 pips away from the nearest 50 or 00 level, I decided to put my target at 1.9550.

Entry: Long at 1.9506

Stop: 1.9452

Initial Target: 1.9550

8:15am EST- My target wasn't hit by this time and I knew that news was coming up at 8:30am EST, so I closed out my trade. I exited at 1.9487.

9:45am EST- There was a good signal here, but because it was right before the consumer sentiment report I did not enter.

You know there is something to be said about today though. This is the first time that I have been doing this where I get the exact results as the creator of the strategy. That works out well because I can just copy/paste from his blog without changing anything :)..To bad it was on a negative day.

Trade Results: 1 Trade...-19 pips...3 lots.......-57 pips

So here is what it looked like on the charts.

Talk to you soon.

Thursday 5/15/08 Update

Call tech support!

BAH! This is the best way to describe how I feel. BAH! Today there were a couple of crossovers and while I caught the first one which lost me 30 pips, I missed the next one due to the fact that my computer shut off while I was sleeping (some automatic update) and the platform was closed. BAH! The only positive thing is I got to sleep without interruptions for about 6 hours.

Today's trades:

3:00am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 1.9458 with a stop at the most recent swing high at 1.9488. Since I was only 8 pips away from the nearest 50 or 00 level (1.9450), I decided to go for the same amount of pips I was risking on the trade, which in this case was 30. This put my initial target at 1.9428

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Entry: Short at 1.9458

Stop: 1.9488

Initial Target: 1.9428

3:30am EST- Unfortunately I was stopped out of my trade. Loss of 30 pips.

4:15am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry but I was sound asleep and my computer was sleeping also so no alarm= no trade. This one would have gained 37 pips....BAH!

Trade results: 1 trade...-30 pips...3 lots....-90 pips

BAH! Here are the charts.

Talk to you soon.

Wednesday 5/14/08 Update

Two for Two!

It was an great day for our strategy today as we were able to grab 174 pips through 2 trades.

Today's Trade:

2:30am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.9437 with a stop at the most recent swing high at 1.9474. Since I was 37 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9400.

Entry: Short at 1.9437
Stop: 1.9474
Initial Target: 1.9400

3:16am EST: Our initial target was hit and the price didn't make a clean break so I took my profit.

10:00am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.9421 with a stop at the most recent swing high at 1.9449. Since I was 21 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9400.

Entry: Short at 1.9421
Stop: 1.9449
Initial Target: 1.9400

10:41 am EST: Our initial target was hit and the price didn't make a clean break so I took my profit.

Trade results:

+37 pips...3 lots...+111 pips
+21 pips...3 lots...+63 pips

2 trades....+174 pips

So all in all we are back in the black again for the month.

On a separate note, today I really differed from PipSurfer in my trades. Normally I may differ by a few pips, or miss a trade that he makes or maybe even show a crossover that he doesn't or vice-versa. But this time it's as if we were trading two different strategies. While I was up a total of +58 pips per lot he was down -51 pips. Apparently I missed a trade (i hadn't seen it till now that I read his blog) at 12:45 which he took part of and lost 16 pips. The 2:45 trade he showed positive stochastics which canceled the entry for him. My chart showed it trending down so I entered for a profit. On top of that in the 10:15 trade apparently his bar didn't hit the target and he got stopped out for a loss. My target bar went as low as 5 pips below the target.

Weird.

Here are his charts

Talk to you soon.

Tuesday 5/12/08 Update

Money Management says "NO TRADE"

Well, today I can't say there was nothing going on. I can say, however, I did nothing. There were a couple of crossovers today. We had one at 1:45am when the trend was up, but stochastics and RSI didn't confirm so we stayed out of that one. There was another crossover a 8:45 am. This one was interesting. The UK CPI had come out at 8:30 am and was well above expectation. The initial reaction made the pair shoot up almost 100 pips in less than 10 minutes. At the open of the 8:45 bar the pair tanked heavily and created the crossover. This is where I had to make a decision. The trend was down at that point. The confirmation of the signals made it a valid short trade. But at this point the entry would have been 1.9484 and my stop would have had to be at 1.9586. That is a 102 pips stop which represents 2% on one lot. My profit potential was only 34 pips to the next 50 level and the weird volatility and irrational behavior of the pair made me decide that the risk reward ratio wasn't there. So I stayed out.

The pair did go down but we would have had to sell prior to the news hitting at 8:30 am and we would have made 18 pips.

I do not regret staying out of this trade. It was a decision based on market conditions and money management.

In any case, I know people who took the trade and they're happy with it. So be it. To each his/her own. All I know is there would have been no smiles if the pair moved the other way and killed you for 2% per lot.

Here are the charts and the way it could have been traded.

Talk to you soon.

Monday 5/12/08 Update

Like Watching Paint Dry.

BORING!! Nothing happened. Nothing even remotely close to something happened. Nothing that I could consider nothing happened. No Crossovers. No possibility of a crossover. NOTHING.

This is a good opportunity to state that discipline and patience are a key to success in this business. I realized I found myself hoping to see anything just to trade. Kind of like jonesing for action. A traders biggest downfall. But I stayed true. I did nothing. I didn't even sleep because I was scared to fall asleep and miss something. Instead I watched NOTHING!

Anyways, I don't have any charts today. No need. NOTHING happened.

Talk to you soon.

CorbanFx Weekend Review 5/5-5/9/08

We had a few trades in this week. We were positive in more trades than we were negative but ended with a negative week. Not much, 21 pips, but still down. However, I made two mistakes this week that cost me alot more than the 21 pips we lost. Had I been spot on, this week would have ended in a 171 pip gain. On Wednesday I was supposed to move my limit because the price made a clean break, and I was to slow. That cost me 50 pips on 3 lots. 150 pips that I should have made. On Friday I was slow pressing the sell button, and while the open of the bar was at 1.9738, I got in at 1.9731. & pips on 3 lots. 21 pips. Just that alone would have made it a break even week. Oh well, now we just keep going a hopefully get the trades done right the remainder of the month. Here are the results of the week:

Monday: 1 Trade.....+84 pips
Tuesday: 1 Trade......-96 pips
Wednesday: 1 Trade.....+102 pips
Thursday: 2 Trades...-204 pips
Friday: 1 Trade......+93 pips

Total: 6 Trades.......-21 pips.