STROBOT Short GBPJPY

STRobot has taken an interesting short on GBPJPY it looks like a nice bounce off of the 38.2% fib level targeting the 61.8%. We have Carney speaking later do we have a head and shoulders reversal in progress?

I have also marked the Buy/SELL STRobot signals on this chart so you can see what it does. STRobot ofcourse trades automatically using entry orders. So the fake ones tend to be taken out because they never happen.

As you can see STRobot has a number of good entries on this chart – not forgetting he trades 40 currency pairs.

Update

 

Target reached. Closed @ 62.50 pips profit!

http://www.strobot.rocks

 

SignalTrader Trading System Video Thursday

Latest update now uses RSI for congestion.

Daily Trading Video demonstrating new congestion detection. http://www.iwanttobeaforextrader.com

Trading Video 30th December 2013 – Trade Setups

Good morning Traders! Trading Video for this morning

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Trading Update

GBPNZD closed in profit all other orders cancelled on entry of GBPNZD sell.

Tell me why…I don’t like Mondays.

Interestingly there is not much news this morning although of particular note already is GBP Rightmove House Price Index, from 2.7% to 4.8%.

GBPUSD has been bullish for 2 days then stalled. Although initially I was for buying GBPUSD the technicals would push towards a sell to the downside, at least till 13:00.

Market sentiment for GBPUSD stands 83% buying GBPUSD. Which I normally do the opposite to.

Quiet and awkward to trade Monday here we come.

USD loses ground (but should get it back fast).

Last night I had one of those nights. Here’s what would normally happy for such an important news release, the FOMC.

1. I would close all profitable trades.
2. I would be there at the time of the trades and if the pair began moving against me then I would close and reverse the trades thus capturing the losses and making much bigger profits.

So what happened, well I had 4 trades left on EURUSD sell x 2 and EURGBP sell x 2. But last night I was at the band practice, I play in a great band called “The Sitting Ducks”. Unfortunately for me we practice in a place called Studley Green where there is barely any mobile signal.

So 4 trades stopped out. HOWEVER due to money management it’s not a killer just a small set back.

I’m hoping to capture more pips today and recover what I lost yesterday @9AM this morning (and more) with the ECB statement.

My feelings are a bearish move, I am sneaking in some EURUSD and EURGBP sells this morning because at the moment there is a retrace going on from last nights move against the dollar.

Update

Trades off in profit sell at 9AM

EUR even lower?

Well what a day yesterday. All my EUR trades closed in profit last night which was very pleasing. At present I’m looking to sell EUR rallies. (for beginners that means because the trend is bearish I will sell when it goes up rather than trying to buy in at the base of a rally). This is the daily EUR chart at about 7:30 this morning, could we be heading all the way down to 1.2500?

I saw the prophets of the FOREX on trading view this morning talking about a run up to 1.3 then down but I can’t really see what would fuel that kind of move. USD data seems good at the moment and EUR data bad, why will that suddenly change?

Anyway have a good day everyone and if you have any questions or comments please don’t hesitate to post them.

New chart tools at tradingview.

I thought I’d try out some new charting tools at trading view. Although you can’t see it in this example it also spots things like Doji’s and other candle patterns. Neat. I was a bit disappointed it did not make the coffee.

Anyway yesterday had a disaster with GBPJPY sell stopping out overnight – not that I’m bothered it hardly touched my account as I am using a quite small % of my lots. Small risk maximum return.

Incidentally I will be writing a section on risk and return as I’ve learned the hard way (why do I ALWAYS learn the hard way?) about over risking and over leveraging your account.

I think the key (just to give you an idea) is about balance in your account. If you want to make $50 a trade. You’ll need a larger balance. The thing about having big stop-losses (not in terms of $ but in terms of size) is that it means if a trade goes against you 8 times out of 10 it will retrace anyway and you’ll get out of it in profit.

Anyway – anyone got any questions please comment here or use the questions and comments link above.

Market Sentiment..but not just with my broker.

I’ve been thinking a lot about market sentiment, basically this is “following the crowd”. For instance on my brokers trading platform there are the following high sentiment trades.

SELL USDCAD 97% SELLING
BUY NZDUSD 93% BUYING
SELL AUDUSD 95% BUYING??? Which is bizarre I’ve been selling this for a week or two with success.

Let’s go have a look at dailyfx.

SSI: The Speculative Sentiment Index

Symbol LastWeek Present %Long Change:
Open Interest
Signals
EUR/USD -2.06 -1.37 42% -4.9% Bearish  
USD/JPY 3.55 2.49 71% -11.4% Bullish  
GBP/USD -1.57 -1.05 49% -6.0% Bearish  
AUD/USD 3.18 5.09 84% 8.0% Bearish  
GOLD 1.27 1.68 63% -6.0% Bearish  
SPX500 -1.74 -2.44 29% -7.0% Bearish  

Look at AUDUSD there 84% are buying!!!!! but it’s bearish on their signals (you can see this page here (new window)).

I can see why they are buying – it appears to have stalled at the bottom there on the daily chart. So what to do?

Well – I think what I’m going to do is put a trade on to BUY the dips an AUDUSD. Let’s see how we get on. I’ll post here when I get the trade on but not yet. Confusingly http://www.dailyfx.com/technical_analysis/sentiment?technicalSentiment=AUD/USD says that he was wrong saying it was going bullish. Sheesh. Can’t you people make up your minds?

So I think AUDUSD buy is a possible freight train as he describes it on dailyFX but not yet. I’ve got a sell that has been hanging around for a while so I’ll let that go.

Other trades? I think GBPJPY is having a rest. My feelings actually looking that (and it’s just feelings which can be wrong) is that GBPJPY will turn down whilst AUDUSD will turn up. When, I don’t know, but the time will come shortly I reckon – but then I could be wrong. Disagree? cool, comments below let’s work this out together!

I’ll be watching the news at key times –

Incidentally there is some talk on DailyFX about EUR meltdown…. I’m always nervous trading EURUSD, they are both the biggest currencies in the world and they tend to be very volatile. I’ve not got all day to sit there staring at charts. I have a job! (although they do let me have them running in the background).

Also on the members area side I’ll be adding tools I find good and bad and telling you what I thought of them and if they helped my trading.

Leave your comments below especially if you have any trading ideas or think I’ve missed anything. (which I probably have).

UPDATE: put AUDUSD buy on about 10 mins ago in profit closed AUDUSD sell small loss, but that’s engulfed in the profit anyway.

UPDATE 2: I’m the king of the swingers! anyway – I closed the buy and went SELL before the news. Which was good because USD is now getting stronger due to higher than expected data.

eToro giving away $20US for stocks.

Just wanted to mention that eToro are giving away $20US for new members.

I use this platform because of the copytrader function.

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Non farm payrolls. how we love you

Ok all trades are off now apart from AUDNZD which is doing it’s own thing. (bearish, long term trend), One lost trade and 3 profitable trades. Not bad. Tight stops.

Waiting till later to get an OCO order on EURUSD although I may put one on EURUSD for a scalp in this mornings news with tight stops.

OCO – Order closes order, basically you have an order above and an order below a horizontal moving trend. When one order is opened as a trade the other is cancelled. Useful for trading news where you don’t know which way things will go.