Trade 4

GBP/USD

I placed this trade hoping to turn a fast buck before the weekend.The trade was placed using 4hourly stochastics and MACD which showed a resurgence in the uptrend.The trade wasn't placed with the correct price per point.

Trade direction: Long
Stop loss:1.5820

Target price for exit:1.6000 

Distance between stop and target: 180
Distance between stop and target/ 4: 45
Potential loss(risk):  £50

Actual Entry point: 1.5865
Trade size (£ per point) :£1

Comment: I didn't feel at all comfortable with the trade and kept having doubts because the FOMC rate decision will be announced today.Hence following the saying "when in doubt,get out" i closed the trade for a £10 loss.One thing i also noticed was that the trades had a high success probability if the daily and the 4hourly stochastic where in the same phase i.e either both in up or downtrend phase.

Verdict: no loot.

Trade 3

This is my Third trade in the monthly loot series.

Trigger Signal: resistance met and held.formation of evening star reversal pattern on daily charts.MACD and stochastics indicate downtrend in motion on both 4hourly and daily charts
Trade direction: short

Stop loss:1.3263
Target price for exit:1.2998 and 1.2804

Distance between stop and target: 459

Distance between stop and target/ 4: 114

Potential loss(risk):  £50

Actual Entry point: 1.3179
Trade size (£ per point) :0.60pence

Comment: Trade went well initially and target of 12998 was met.i decided to leave 70 pips on the table to gain a further 190 pips.Overnight the rates seesawed and i had a feelingt to close out my trade as the BOE minutes was coming out the next day.I left the trade on and at 9.30am the trade went against me and closed out my position.Total profit made £86.
Lesson learnt : take of trades before big economic anouncements.

Verdict: Loot.

Weekend planning..chaff from wheat

Weekend Planning

This weekend after looking at the charts i have decided to trade four currency pairs under the following conditions.

EUR/USD

COT data suggest that the currency is begining to slow inch its way up.My trading set-up for this curency is to wait until the 4hourly charts shows a pullback from the uptrend and try and enter the market at around 13447(or when macd suggest re-comencement of the uptrend) with a profit target of 13769 where i suspect heavy resistance (looking at daily charts).

AUD/USD

Weekly,Daily charts show the likelyhood of a downtrend.wait for 4hourly stochastics to signal downtrend(this might be around tuesday evening or wednesday morning).



GBP/JPY

Looks set for a shorting opportunity on both daily and 4hourly chart (both stochastics and MACD).