CABLE AND EUR / USD: 12/04/13. 06:25 HRS

Cable and EUR / USD:

This week has been a challenging week / month.
With main trend still short on the dollar pairs, it has been hard to find good risk reward strategy trades.
As you know risk reward is a key part of the strategy.
It is very easy to jump into a trade with a 100 pip stop loss and a target of 50 pips.
This however is not how I have made money in the past.
I like a nice tight stop loss with a realistic target. 3/1 as a minimum.

As the Dow continues its climb higher and the currencies remain supported.

However the pull back on the above pairs may be starting to run out of steam.

The charts below show price has returned to the 38.2% Fibonacci Level and previous resistance.

Cable:

 

 

EUR / USD:

 

 

If price holds below here then I will begin to look for short entries.

If price breaks through and up; then I will have to look for longs with the mid term trend.

I have been sitting on my hands for almost 2 months.

It is hard but it is the safest way to protect the capital and ensure I only trade with the strategy

I will be in touch as soon as a strategy trade has been identified.

THEN I WILL NAIL IT!!!

I trust you are all well.

GBP / USD UPDATE: 09.04.13 16:36hrs

GBP / USD:

Price has eventually pulled back but not to my levels.
i have removed my orders.

Chart below:

They has been limited volume in this pair today and I am getting ready for a short set up with the main trend. Price has not really done anything and is at the time of writing at 1.53020

I will update again when the next strategy trade has been identified

GBP / USD: 09.04.13 07:15HRS

GBP / USD:

Cable has been making higher highs and higher lows on the mid term time frame (4hr chart)

Chart below:

 

Price has broken up through the resistance at 1.5250 area and made a new high.

Price has now pulled back to this area and is showing signs of being supported above this area.

This move higher has brought the moving averages into alignment allowing for a long trade to be considered.

 

Chart below:

 

 

 

Price has has traded in a small range overnight.

Chart below:

 

Should price break out of this range and move higher I will be looking for a long position above 1.52850 with a stop below.

 

I will update again should the break take place.

 

Regards

 

 

AUD / USD UPDATE: 04.04.13. 15:51HRS

AUD / USD:

Price has pulled back to a high of 1.04308 (4.2 Pips from my entry)

Price has now made a move down and made a new low at 1.0402.

My orders have not been triggered.

I have therefore removed the orders to to enter short.

Chart below:

 

I will update again when the next strategy set up has been identified

 

Regards

 

AUD / USD: 04/04/13. 12:48hrs

AUD / USD:

Price has made a double top formation showing that price doesn't like it above 1.0500

Chart below:

 

Price has broken down through the averages and I am looking for a short position on a pull back.

 

Levels and Chart below:

 

1st Entry: 1.0435

2nd Entry: 1.0445

 

Averaged entry: 1.0440

 

Stop loss: 1.0470

 

Target: 1.0290 (5%)

 

 

I will update again should the trade be triggered.

 

Regards

 

 

GBP / USD: 02/04/13. 14:17HRS

GBP / USD:

Cable is in a down trend.

Chart below:

Price has formed a double top on the medium term time frames.

Chart below:

 

 

Price has this morni8ng made a lower low through the averages and I am looking for a short entry on a pull back.

 

Levels and Chart below:

 

1st Entry: 1.5175

2nd Entry: 1.5195

 

Averaged Entry: 1.5185

 

Stop Loss: 1.5220

 

Target:: 1.5010 (5% & previous support)

 

 

I will update again should the trade be triggered.

 

Regards

 

 

 

EUR / JPY Update: 01/04/13 11:45 hrs

EUR / JPY:

As you know I was short on this pair from 121.55 on Wednesday 27th March 2013

Price made a nice move down by 30 pips allowing me to move the stop to break even.
Price then made a new low and the trade was in profit by over 1%.
Price then pulled back allowing the possibility of an add in position.
However I had decided that I would not let a winning position turn into a losing position and held the stop loss at the entry, allowing a free trade to develop.

I was stopped at break even on Wednesday 27th March by 0.2 pip with a chart high of 121.512

If I had been a little more courageous and held the stop loss through the pull back at the original location of 121.95, I would have this morning writing to report that the 5% target had been hit.

Chart below:

 

All of this is hindsight, and doesn't pay the bills.

 

A little unlucky but still no cigar for me.

 

I will post again whgen the next strategy trade deevelops.