$USDCHF - bull flag in play

Short-term trend is up and bull flag pattern in play. You either wait for the upper trend line to be broken and enter on retracement to 8900 level or enter now at the clean break of 8900 level. Support sits at 200 day moving average which currently sits at 8585 and coincides with 8550 level which serves as support in May 2011 and resistance in June and July 2011. First target 9300 and second target at 9700. Lets watch how this trade plays out in coming weeks and months. The positioning of this trade also supports the bearish bias on EURUSD as USDCHF is highly inverse to EURUSD.

Trade summary: Long at 8900, stop at 8540, first target at 9300 and second target at 9700.

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I am back!

Folks, I am back in action and ready to scan my watchlist for any potential trades. Currently, I do not see any edge in trading any of the instruments and have decided to wait until the fund managers are done with end of quarter window dressing. USDCAD tried to break its resistance at parity (10000) level in March and April and finally the recent attempt in last few days was successful.

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Full month holiday - Umrah in Ramadan 2011

Dear friends,

I'll be away for next 5 weeks and will be travelling to Saudia Arabia to perform Umrah in the month of Ramadan. I am looking forward to this break a lot as I am visiting the holy land after 4 years. I'll be flying on 8 August and will return mid September at home for two weeks before I fly to Dublin end of September. Take care and wish you all the best.

Every man who possibly can should force himself to a holiday of a full month in a year, whether he feels like taking it or not - William James

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Is Silver ready to breakout this resistance to join hands with gold? $SLV

I am not trading silver as spreads and daily movements in Silver "currently" does not suit my risk profile.

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$CHFJPY ready to break this resistance? 200 pips profit

Long since 9616 (see last post on 25 July with forex open positions) and trailing stop is now sitting at 96.70. I am aiming for 99.50 and I'll let this trade work out itself i.e. either limit of 99.50 will hit or trailing stop will hit. This trade is up by 200 pips. Trade less and trade well!

Trade update:

USDCAD was closed at break-even.

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Forex open positions $CHFJPY and $USDCAD

Long $CHFJPY from 96.16 (100 pips plus profit). I'll move stop to break-even and will trail the stop when yearly high at 97.98 is hit.

Update from open positions posted on 7 July

$USDJPY - closed for profit at 85.15

$AUDCAD - closed for loss, stop was hit at 1.0200

$NZDJPY - closed for profit, trailing stop hit at 66.90

$AUDNZD - closed for loss, stop hit at 1.2600

Bottom line, 2 closed for profit and 2 closed for loss and I am still in the game. Why, because I trade small lots to test my strategy, learn patience and enhance my skills so that when I trade bigger lots I have the confidence in each of my trade. I can also set wide stops to avoid any stop outs as a result of unnecessary noise and high volatility. My strategy works best when pairs are trending. Range bound trading is no good to my strategy. Lets see where we get to with 2 open trades as of 25 July i.e. $CHFJPY and $USDCAD.

See the full gallery on Posterous

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Forex open positions

EUR/AUD short closed for 300 pips profit and CAD/JPY short was stopped out for 90 pips. Trailing the stop on NZD/JPY.

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Forex open positions

EUR/CAD long trade was stopped out. However, EUR/AUD and NZD/JPY trade are now in the money with 350 pips profit. I'll look forward to ride the trend with trailing stop in place. This will test my patience and whether I can resist closing this trade manually. 

The two new trades I placed today are short CAD/JPY and long AUD/CAD. I'll post the charts over the weekend.

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Forex open positions

With reference to forex open positions posted last week USD/CAD was closed for profit and CAD/JPY was stopped out so it was breakeven week. Lets see how these 4 open trades unfold over the next few days / weeks. I'll wait for the pull pack in risk currencies i.e. EUR/USD, AUD/USD and NZD/USD all of which have now triggered long signals, however, risk reward ratio is simply not attractive at all. 

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$NZDJPY trendline resistance breakout

Refer open forex positions post for the trade details.

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