Trader456's trading ideas
My proven indicator is still showing buy signal for AUD/USD.
Bought 100,000 AUD/USD at 0.9570
Place GTC stop at 0.9520
Target level at 0.9620
In my previous NZD/USD trade, my position was stopped out, then NZDUSD proceeds its way up.
Often the question asked by my readers is that: maybe we shouldnt put a stop for our trades. This is a no no, a stop must be placed. If you are frustrated over being stopped out despite being right in your view, the other way to trade is binary option trading.
My proven indicator is still signal buy for NZD/USD. The most encouraging thing in my trading is that my proven indicator has proven again and again to be correct and reliable. My NZD/USD and EUR/GBP trades were stopped out first before they continue its way up which is what my indicator had signaled.
Today I place US$100 Over trade for NZD/USD daily, strike price is 0.7587, odds is 1.500. If NZD/USD closed above at 0.7587 at 5am China time, I will win this trade. If I win, I will profit US$150. If I lose, my lost is US$100.
My equity in my account is now US$8102.76, I had opened the account with US$5000, so my account is still up 62% this year.
This week is a frustrating week for me and my readers (who had followed my trades). We had bought EURGBP and NZDUSD on 2 occassions based on buy signal from my indicators, both positions were stopped out, after that they rebounded sharply up.
But the encouraging thing is that my indicator has continued to proven that it is accurate and reliable, as the currency pairs eventually move according to its signals.
To counter the above problem, I may reduce my forex contract size from 100,000 to 50,000, so I can afford to place a stop further away.
I had lost 2 trades on my oil trading. Some readers question me about my indicator for oil trading. Actually that is a punt, seeing oil trading within the range of $131 to $139, its logic to sell at the resistance and buy at the support level. However oil has broken out of the range this week.
I try to keep to my rule on oil trading: Never short oil.
Today my indicator has signaled sell for EUR/JPY, I reduce my size and place my stop further this round.
Shorted 50,000 EUR/JPY at 167.91
Place a GTC stop at 168.80
Target level at 167.00
Today my indicator has signaled sell for EUR/JPY, I reduce my size and place my stop further this round. Shorted 50,000 EUR/JPY at 167.91Place a GTC stop at 168.80Target level at 167.00
EUR/JPY went below 167, so my limit order to buy back at 167 was filled. My realised profit is US$430.22.
My indicator is still signaled sell for EUR/JPY on the daily chart, and hourly chart is showing that EUR/JPY is getting overbought at the moment.
Shorted 50,000 EUR/JPY at 167.07
Place a GTC stop at 167.90
Target level at 165.90
Strong support at 1.0140 on the 10 min chart, USDCHF moves down again.
Bought 100,000 USD/CHF again at 1.0154
Stop level at 1.0120
Target level at 1.0215
Strong support at 1.0140 on the 10 min chart, USDCHF moves down again. Bought 100,000 USD/CHF again at 1.0154Stop level at 1.0120Target level at 1.0215
Yesterday I bought 100,000 USD/CHF again at 1.0154, stop level at 1.0120, target level at 1.0215. See here.
USD/CHF goes above 1/0215, so my position is closed at a profit. Realised gain is US$606.16.
Strong support at 1.0140 on the 10 min chart.
USDCHF moves down again represents good opportunity to buy again.
Bought 100,000 USD/CHF the 3rd time this week, this time at 1.0153
Stop level at 1.0120
Target level at 1.0200
Fundamentally I think high yield currencies have gone up too far, they should peak temporary this week.
My daily indicator has signaled sell for NZD/USD, I have been waiting the whole day for the hourly chart to signal sell. Finally after 5 hours wait, its here.
Shorted 100,000 NZD/USD at 0.7605
Stop loss at 0.7645
Target level at 0.7570
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New working order:
AUD/USD climbed after the U.S. Federal Reserve gave no indication when it will begin raising interest rates after leaving them unchanged yesterday.
AUD/USD rose to the highest in more than two weeks and New Zealand's dollar gained a second day as traders pared bets the Fed will raise rates in September. The prospect the nations will keep their yield advantage over the U.S. spurred investors to put their funds into assets with higher returns.
I had worked to buy 100,000 AUD/USD at 0.9552, place pre-defined stop at 0.9520, pre-defined target at 0.9620.