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Trade #8 - USD/CHF (SL hit)
Clearly, the retracement wasn't over. The NFP report really boosted the USD this morning. I'll continue watching for now.
Trade #8 - USD/CHF (Short)
USD/CHF, short 2K @ 11:07am EST
Entry: 0.91608
SL: 0.92600 (swing on closed candle + 16 pips)[I wanted to set my SL above the psychological barrier of 0.9250] (99 pips)
TP: 0.90486(1:1 PL) (112 pips)
Reason for entry: The USD/CHF seems to be one of the more steady trends looking at the 1D chart. It's been retracing for nearly 2 weeks. I've been waiting patiently here for signs that the retracement is nearly completion. It may be the case.
It has been awhile... starting up again here. I'll try to keep the log going on a regular basis.
Trade #5/2
I'm still in this trade from earlier this week
This evening I did the following...
1. Tightened SL on first lot from 1.0320 to 1.02391
2. Purchased another 1k @ 6:54 pm
Entry: 1.01152
SL: 1.02391 (123.9 pips)
TP: 1.00030 (112.2 pips)
Trade #4/2
I'm still in this trade from earlier this week
Specifics are here...
USD/JPY, short 1K @ 8:04pm EST
Entry: 84.368
SL: 86.02 (swing + 10 pips) (165.2 pips)
TP: 82.748 (basic 1:1 PL) (162 pips)
This evening I did the following...
1. Tightened SL on first lot from 86.017 to 85.050
2. Purchased another 1k @ 6:46 pm
Entry: 83.956
SL: 85.050 (109.4 pips)
TP: 83.050 (90.6 pips)
This trade is still looking good. SSI is still very high.
Trade #7
GBP/JPY, short 2K @ 6:41pm EST
Entry: 129.84
SL: 130.60 (just above prior resistance; as well, I wanted to set my SL above the psychological barrier of 130.50] (76 pips)
TP: 128.60(almost 2:1 PL) (124 pips)
Reason for entry: trading with the trend, entry on retracement
NB: SSI is at an extreme here. I'm thinking there are a lot of retail longs, yet a lot of institutional shorts...who's going to win in the battle of bulls and bears??? I'll put my support behind the institutional shorts anytime.
Trade #6
GBP/CHF, short 3K @ 6:33pm EST
Entry: 1.56450
SL: 1.5705 (swing + 15 pips)[I wanted to set my SL above the psychological barrier of 1.5700] (60 pips)
TP: 1.5530(2:1 PL) (115 pips)
Reason for entry: trading with the trend, entry on retracement
I just love the 1D chart here... nice and steep (lots of momentum) and following a trend line.
Retracements have started for GBP/USD, GBP/CHF and GBP/JPY. I don't want to enter a trade until there is an indication that the retracement has completed. I'll just wait for now.... off to work.
Trade #4 - This trade is up 87 pips from entry. A bit over 1/2 towards our TP.
Trade #5 - This trade continues to look good... up about 63 pips from entry. We'll see what tomorrow brings!
Week of September 5 - 10, 2010:
Possible currency pairs
I'm following these pairs for the week as possible candidates for an entry. As per my rules, their 1D charts show nice trend strength. I will wait for a retracement before considering an entry.
USD/JPY (already hold a position here)
USD/CHF (already hold a position here)
GBP/USD
GBP/CHF
GBP/JPY
CAD/JPY
Trade #5 - I sure do like what I see here with this pair so far... I'm up about 34 pips since entering last night. I may consider implementing a type of trailing stop as this pair advances further down towards my TP point (and throw out the TP point altogether). First thing's first though... this pair needs to break support at that 1.0120 area!
Another pair that I REALLY like at this time is the GBP/CHF. It was a possible candidate last night but I went with the USD/CHF instead as I've been monitoring it a bit longer.
At this point the GBP/CHF is a better choice than the EUR/CHF. These pairs are correlated. However, the GBP is weakening against the EUR making it more relatively weaker against the much stronger CHF. I'll have to watch for a retracement in the future.
Trade #2 - Trade ended by stopping itself out... but not before the dynamic trail allowed a lock in of 55.5 pips. Obviously this pair didn't run here. However, I like the idea of setting a trail on the SL to capture gains in the event a pair does run. For the future I'm thinking the trail should be customized to the pair based on the volatility. It's nice to be fairly tight but not so tight that you'll get stopped out on whipsawing. I'm not saying that happened here. Just something to consider for the future. One possibility is to incorporate the pair's ATR reading. I'll have to think about this a bit.
Anyway's here a snapshot of this pair's chart...
Trade #2 - Okay... I've changed tactics a bit here. I'm in the midst of doing some tweaking for exit strategies. I know there is are a lot out there.
I believe strongly in both locking in and letting trades run. I know my TP points thus far don't really reflect that. It's a bit of a work in progress.
If I had more than 1 microlot, I would probably sell 1/2 my position and let the rest run. However, I don't here (since buying more than 1K would have broken my rule on risking a maximum of 5%)... so, this is what I've decided...
First, I removed my TP point entirely. Second, I moved my SL point to the high of the 4AM CST bar (1.5392) and set the SL to trail dynamically. This works out to a 'lock in' of 46.3 pips and growing. If this pair can move below that support level at around 1.53307 and close a candle, we might see a bit of a fall. Only time will tell.
I'll stay in the trade until I get stopped out.
Let's see how this plays out!
Trade #5
USD/CHF, short 1K @ 8:10pm EST
Entry: 1.11556
SL: 1.0320 (swing + 10 pips) (164.4 pips)
TP: 0.9995 (basic 1:1 PL) (160.6 pips)
Reason for entry: trading with the trend, entry on retracement
SSI = 4.01 (80% of traders are long)
Trade #4
USD/JPY, short 1K @ 8:04pm EST
Entry: 84.368
SL: 86.02 (swing + 10 pips) (165.2 pips)
TP: 82.748 (basic 1:1 PL) (162 pips)
Reason for entry: trading with the trend, entry on retracement
NB: The SSI indicator for this pair stands at 6.13 which is quite extreme. Nearly 86% of all traders with FXCM accounts who have taken a position in this pair are in it long.
Hi cnvegas... thanks for stopping by! As far as indicators go, much of what applies in the stock market likewise applies to the Forex market. However, one noticeable difference between the two markets is the measurement of volume. Volume can be measured in the stock market. It cannot be measured with the Forex market. However, there are assumptions one can make about volume. For instance, there are peak times of trading where one can assume volume to be heavier then other times. It is important to learn these times. It is generally thought that the use of indicators are more reliable when volume is on the heavy side.
Does this answer your question?
perse
SL hit today.
As far as I'm concerned, this trade was executed perfectly in accordance with my rules. In that sense it was a success and I'm pleased with that. It just so happens that the SL was hit instead of the TP.
If the rules are sound then, in the long run, success will follow. However, no set of rules will result in a TP being hit every single time. That's important to remember.
Today's performance also illustrates the importance of placing a SL. I really don't know what the EUR/CHF will do next week. I do know that it hit the point at which I was prepared to lose (NB - calculated before entry!) and nothing more. Remember... manage your losses! If it goes up next week, it goes up. If it goes down, it goes down. I really don't care one way or another at this point. I'm more concerned with finding good candidates for the next trade. Will I consider EUR/CHF at this time for another short? No, since I've lost a bit of confidence in the trend given the higher high. I do like the looks of the USD/CHF. I'll keep my eye on things.
No trades tonight. I'm still holding trades #2 and #3 entered yesterday.
I like the look of the USD/CHF. SSI shows a large number of long holders (over 80%). I like using the SSI as a contrarian indicator - along with my basic rules on trends. I'm going to wait for a bit more of a retracement (and also the big non-farm payroll report out tomorrow).
I also think the USD/JPY may go lower. I'd like to see a clear movement below 84.00 before considering a short entry (upon a retracement thereafter of course).
That's it for now.
SL hit overnight.
Okay... that trade was based on trading the range, not the trend. Though I've been successful trading ranges in the past (particularly USD/CAD), I think I'll just stick to my technique for the time being.
NOTE TO SELF - NO MORE RANGE TRADING. There... it's in writing.
Trade #3
EUR/CHF, short 2K @ 8:52pm EST
Entry: 1.30194
SL: 1.31570 (swing + 10 pips) (137.6 pips)
TP: 1.28818 (basic 1:1 PL) (137.6 pips)
Reason for entry: trading with the trend, entry on retracement
Trade #2
GBP/USD, short 1K @ 7:43PM EST
ENTRY: 1.54392
SL: 1.56100 (swing + 10 pips)(170.8 pips)
TP: 1.53400 (support less 10% of range)(99.2 pips)
Reason for entry: trading with trend, entered on restracement
Trade #1 (3 trades taken this evening)
NZD/USD, short 4K @ 6:23pm EST
ENTRY: 0.70970
SL: 0.71536 (swing + 10 pips)(56.6 pips)
TP: 0.70370 (support less 10% of the range between entry and TP) (60 pips)
Reason for trade: trading the range
For the month of August, 15 trades were entered. I was successful on 13 of them. With a micro account through FXCM, I started with $265. I've made almost 50% during the month (closed at $391). I don't have a target though I don't expect 50% will be a norm. Just focussing on consistency!
Hello all... it's nice to see there's a forex board on IHUB!
Ha ha... it's always good to plan ahead when possible for that too!
Totally agree FJ... I'm very happy with movement so far. Slow and steady is my preference over a big pop and sell off. I'd like to see that rise over the next 2 weeks.
You're a technical analysis junkie too I see. Nothing excites me quite like a chart setting up and playing out as planned!
Wow... look at the Bollinger Bands on this chart. They are VERY tight! This is reminiscent of the BB's in March right before breakout occurred.
Yeah, you're right. It would kill me to have to call in for sells - especially to be put on hold!
Braender - greetings from Canada! I have to call in my orders to buy pink sheets as well - though I can sell on line.
Investanetics - real time level 2 here...
http://www.pinksheets.com/quote/quote.jsp?symbol=gchr
perse
Yes, I do agree. I'm quite confident in my long position here.
Best of luck,
perse
Here's an interview with PRVB's CEO Brian Fox...came out today and can be read here...
http://www.ericdavid.com/
Credit to luckydd on Raging Bull.
perse
I've done my DD and thus far I'm pretty happy with what I know. If ETLC was 'a simple ISO' I'm sure many here who have their money tied up in this stock would move it elsewhere. It's true that ETLC offers the same services that an ISO would, thereby catering to those who want to pay by credit card. However, they also offer payment via their phone bill, catering to those not able or willing to pay by credit card. AHM was attracted to this concept...and soon so were those of us here, certainly myself anyway.
I'm still confused about this idea that what ETLC is doing is illegal. Is that what you are saying? Where's your proof? You state that you don't want to do my work insofar as finding the legislation. It's not my work. It's your work. After all, it's your assertion.
I find it hard to believe that AHM, a company whose ownership is apparently tied in with a Dallas law firm... (http://ragingbull.lycos.com/mboard/boards.cgi?board=ETLC&read=2533
... would negotiate a merger with a company that is openly offering an illegal service.
Here's a little suggestion for you and perhaps for others who are interested in ETLC. Go through the recent filing. It's nothing overly impressive but it does offer a look at the company's history and numbers up until the end of 2004. Then read the press releases over the last few months. Now these are impressive! Clearly ETLC has made some headway in the last year...certainly impressive enough to attract an established privately held company. I'm hoping for some great things to come.
But with all this said...like with any penny stock (and especially pink stock), this is all speculation. No, I wouldn't put my life savings into it or any other ONE stock. That's why diversification is key to success. And this little stock may be one of those next movers and shakers that would like good in anyone's portfolio.
The best of luck to everyone here!
perse
Wrong answer! Google it? Google what? With all due respect, if you're going to bash something, please put a little more substance behind your post. Now, that statute...can you tell me what it is?
perse
Hi SoxFan,
I own a few shares here and certainly hope for the best. I'm curious as I am unfamiliar with US law - can you provide the statute and section of the statute which holds that sales of non-telephone related items are against the law?
Thanks in advance,
perse
I notice a little bit of anxiety here the last few days. I'm not quite sure if it's a select few who are sowing the seeds of doubt or if it does in fact include a few long term holders who are second guessing this stock.
In any event, here is something perhaps all us might want to keep in mind. Well, certainly all of us who are honest and well-intentioned in our posts. Of course we know there are a few here who aren't.
It's important to evaluate what your purpose for buying HISC was (or any stock for that matter). Are you investing this stock or are you simply trading it? BE CLEAR ABOUT THIS. If you are investing, you would have done your DD and taken things into consideration from a longer term perspective. That doesn't mean fretting if a 'fluffy' PR was issued on a Tuesday or a 'meat and potatoes' PR wasn't. These little things are all ripples. They don't really challenge the solid fundamentals, of which you presumably considered before purchasing to begin with.
There's nothing that our resident bashers are better at than making these little ripples seem like waves. This tends to obscure the views of those that start out as 'investors' but who, without realizing it, start to analyze the same stock with a 'trader's' perspective.
This is a big mistake we all make from time to time. As mentioned by others, it is important to sit back, stop looking at HISC from an hour to hour view, and re-evaluate why you bought in the first place. Presumably your emotion wasn't in it at that time - yet now you may be a bundle of nerves, not knowing whether to sell or hold.
This is not to say things won't change so drastically that the fundamentals suggest you sell. It may happen at the end of the day. Me personally, I don't think this has happened here.
And what if you are a 'trader'? If you bought this stock to trade it, than pay attention to the ripples. After all, that's what will give you your profit at the end of the week, day or hour. Ask our resident bashers. They know exactly what they are doing. Why else would they be here? They know how to take ripples and make them seem like waves.
If nothing else, just don't be an 'investor' with a 'trader' mentality. It will be your end here.
Good luck to all of us,
perse
Here are the MM codes as I've seen them before...
100--I need shares
200-I need shares badly,but do not take it down
300-take the price down to get shares
400-trade it sideways based on supply and demand
500-gap one way or another,to the direction of the 500 trade
perse