I am going to go ahead and close our GJ SHORT from last week @ 213.50 for 100 pips. Normally I would let this trade run it's course however we have seen a pattern this week of down moves in Asia and then a push north in London and a range in NY, not to mention we have NFP tomorrow.
100 pips is 100 pips...
Thursday, July 31, 2008
GJ Short Closed +100 Pips
Friday, July 25, 2008
TIMBER!!!
After a false breakout to the downside last week and then a shot north, blowing through stops and creating a newer higher high, we now are in the midst of a corrective down swing. I am still looking for the monthly pivot around 209.80 but if we see the 50 and 61.8 fibs broken with little or no retrace today in London or NY we may be looking at new lows below 207.
More pips to come...
Thursday, July 24, 2008
SHORT...Again
We are taking another SHORT position @ 213.80
Overall we are looking for a new higher low around 209.80 or so, however we may TP around 212 if we see a strong bounce and re-short higher.
Taking Profit
We are Taking Profit on our GJ SHORT from 215.50 for 150 pips as the lower TF's are now going into the OS range. 4hr charts are still looking short but in this ranging market you need to bank pips when you can.
New trades possible in late NY.
Wednesday, July 23, 2008
GJ LONG Closed and...REVERSED (What a Surprize)
Our LONG has been closed at 215.50 and we have gone SHORT based on the rejection from a new lower top at just under the 216 level.
TP and SL OPEN at this point
What a mess...
My apologies for the crazy orders today. We have closed out SHORT for +10 pips and have gone LONG @ 214.80. When I plotted the SHORT trade I was looking at a saved chart image from 3 weeks ago and didn't notice the price, just the indicators. My mistake.
LONG TP 216.50
SL OPEN
In and out.....
Our GJ LONG has TP'ed at 214.90 and we have once again reversed SHORT as all the lower TF's from 1HR on down are OB.
Stay tuned as we may be in yo-yo mode for awhile...
REVERSE
Our SHORTS have been closed at 214 and 214.45 respectively and we have RE-LONGED @ 214 looking for 214.90 and a possible new SHORT....
Tuesday, July 22, 2008
Protective HEDGE LONG Closed
We closed our protective HEDGE LONG @ 213.65 for a 35 pip lose after seeing an inverted hammer form on the 1hr charts after price was rejected from the Daily R1 @ 214.06.
SHORTS now in play for a retest of the swing lows.
Re-Activating SHORT and adding a HEDGE LONG
SHORT @ 213.95
SL 214.55
TP OPEN
LONG @ 213.95
SL 213.45
TP OPEN
Monday, July 21, 2008
SHORT GJ @ Market
Our overnight SHORT LIMIT ORDER was missed by approx. 10 pips or so and with such a dull trading day today and the after hours equity sell-off due to Apple's lower than expected earnings I am going to go SHORT @ 213.20 which coincides with the GANN hilo breach on the 1hr charts.
TP and SL OPEN
LONG Closed
I am closing my GJ long @ 213.65 for 65 pips
I still think we will see 213.95 and I have a LO sitting at 213.90 however with the way GJ has been trading these past few weeks I am looking to lock in some profit in case we see a drop.
LONG GJ @ Market
LONG @ 213.00
TP & REVERSE @ 213.95
SL OPEN
Overall I am bearish but it seems price wants to retest the 214 level before we see an eventual fall below the 208 level. If we have a candle close above 214 then we may see 216 by tomorrow.
Thursday, July 17, 2008
GJ LONG Closed
LONG CLOSED @ 211
I have mixed signals at the moment I will wait for a clearer view as to the direction this beast is heading before I enter another trade.
GJ SHORT Closed and Reversed
Our SHORT was closed at BE (Break Even) and reversed LONG
TP 211.70
SL 209.40
Wednesday, July 16, 2008
Summertime in the City and boy it's HOT
It's SHORT time again; we are SHORT on the GJ @ market (210.20). This price point marks the 50% fib from our last move south and the daily and weekly charts are still pointing down towards the 204 region.
TP and SL OPEN
*NOTE: As of 7:22PM EDT the GJ is trading around our entry point and it appears she "MAY" go on up to touch the 61.8 fib at approx 210.60, if this happens we will be adding another SHORT position at that level, TP and SL OPEN.
GJ Short Closed +125 Pips
Closed @ 208.65
Looking to possibly re-short on a 30min candle close below the daily S1, however if we get a long signal we may jump on a long up to the 211 area.
Stay tuned...
Tuesday, July 15, 2008
Why I outa......to the MOON Temptress!!
Wouldn't you know it, we pull our shorts and she FINALLY breaks out of a 2 week choppy range.
Oh well.
SHORT GJ @ 209.90 after a retrace to the Monthly Pivot and Daily S3. Technically speaking she could be hunting 204.
TP and SL OPEN at this time.
GJ Short Closed +75 Pips
GJ SHORT Closed @ 211.00
Market is STILL RANGING after almost 2 weeks and because of the delay involved in posting trades here on the blog I will not post new trades until this range is broken.
Tuesday, July 8, 2008
The Temptress strikes again...
Well she struck us down on our last SHORT attempt so there is nothing more to do than get back on our horse and try again.
The market has been consolidating around the DP and the 61.8 fib from the most recent move down from 212.40 to 210.20 and the GJ is OB on several smaller time frames and the weekly charts are still screaming for a fall.
We are going short @ market (211.75). Our TP and SL are open at this point.
Updates will be posted and sent via Skype.
Monday, July 7, 2008
Short or Long? Neither. Shong.
One of the most useful tools in FX trading is the ability to hedge your positions. In my trading I use this technique often when dealing with a ranging market with no clear direction, which as the case may be, has been occurring more and more frequently with the GJ.
Now while the concept is simple enough, the act of hedging is not for the novice, as you can get into a hole very quickly. I am not saying that hedging is right for everyone and every trading methodology, however when it comes to MY trading, especially on the GJ, hedging is a must.
As our readers should already know we have been testing the Oanda FXManager platform for the past few weeks and I must say I do like the platform, however they do not offer hedging, which I found out the other day by accident. In trying to open a long position to hedge an underwater short my original short position was closed giving me a quick 100 pip loss. I assumed, quite stupidly, that it was a mistake. A few hours later I started to read through some of the Oanda web site and noticed hedging is not allowed. Ouch....
This may get in the way of us offering this platform as an alternative to FXCM which would be a shame as all in all I do like Oanda and some of the features they offer are not available anywhere else.
I will post any decisions we come to regarding Oanda, but for now we will continue to demo trade our FXManager account with them as we try and figure out a solution to the Shong issue.
Very busy...
The tallies posted on the sidebar of this blog in relation to pips gained on our mirrored managed account will now be updated monthly instead of weekly. The main idea behind posting weekly updates was based on this blog being new, and now that we have two months under our belts (hold the applause please) and the fact that I simply don't have the time to make the updates, the change to monthly progress reports seemed like a good one.
Other than than that the blog will run as usual.
As far as the GJ goes....well.....at this point I can't see a clear direction. Perhaps Tokyo or London will help clear some of the fog away.
Thursday, July 3, 2008
Home on the range....again
After a half day on Wall Street we have been in a 30 pip range for almost 10 hours.
Yawn.....
Range buys and sells from 211.40 to 211.90 are a good bet until we see a break on one of those levels. I am still bearish biased and the SHORT LIMIT from the 2nd is still valid as of this posting.
Wednesday, July 2, 2008
LIMIT SHORT from yesterday
Our LIMIT SHORT from yesterday is still valid. GJ has been oversold on the daily charts for a good couple of weeks and the charts are slowly turning down and the drop seems to be starting.
Any changes will be posted and / or sent via Skype.
GJ Trade Tracker June Results
June 2008
05/30 : GJ LONG @ 208.00 : -70
06/03 : GJ SHORT @ 207.00 : CAN
06/04 : GJ SHORT @ 206.25 : -225
06/05 : GJ SHORT @ 206.75 : -170
06/08 : GJ SHORT @ 210.50 : +50
06/08 : GJ SHORT @ 210.50 : +50
06/11 : GJ LONG @ 210.40 : +15
06/11 : GJ LONG @ 210.40 : +15
06/16 : GJ LONG @ 212.10 : +50
06/16 : GJ LONG @ 212.10 : +50
06/16 : GJ SHORT @ 212.60 : +150
06/16 : GJ SHORT @ 212.60 :+150
06/18 : GJ SHORT @ 210.80 : CAN
06/18 : GJ SHORT @ 212.30 : +50
06/18 : GJ SHORT @ 212.30 : +50
06/19 : GJ SHORT @ 213.00 : +120
06/23 : GJ LONG @ 211.70 : +70
06/24 : GJ LONG @ 212.58 : +25
06/24 : GJ SHORT @ 212.25 : -120
06/25 : GJ SHORT @ 213.00 : -60
06/26 : GJ LONG @ 213.25 : +55
06/29 : GJ SHORT @ 211.75 : +200
06/30 : GJ SHORT @ 211.00 : -90
06/30 : GJ SHORT @ 211.40 : -80
Current PIP Count* ;+285
" Return* (3.5% risk) ; 9.975%
LIMIT SHORT GJ
Adding an additional SHORT on the GJ on a 15min candle close below 210.77
TP 209.90
SL 211.60
We have experienced a classic misdirection in Frankfurt this morning with one heck of a reversal whipsaw on London's open. The DP will be hard to crack but we seem to have some good downward momentum.
Subscribe to:
Posts (Atom)
