Sunday Night (15th May) Update ...

Sunday 15th May ...

Tonight, I have placed 4pending Income Generator orders, and have 1 trade in progress which triggered last week.

The running trade, on GBP/CHF is a short, and the price is currently above the entry price.

The other orders are short on USD/SGD, GBP/AUD and Long on AUD/CAD and NZD/CHF

The current situation looks like this :

Current position from tonight

Curr. Pair	Direction	Entry	Stop	Target	P&L	Comment
GBPCHF	Short	1.4363	1.4554	1.4172	-96pips	-
USDSGD	Short	1.2370	1.2480	1.2260	-	-
GBPAUD	Short	1.5194	1.5359	1.5029	-	-
AUDCAD	Long	1.0305	1.0223	1.0387	-	-
NZDCHF	Long	0.7054	0.6968	0.7140	-	-

Short on USD/SGD

Short on GBP/AUD

Long on AUD/CAD 

Long on NZD/CHF

Update : having reviewed the orders, I have noticed that, while the price is above the 50EMA on the NZD/CHF, the 20EMA is below the 50EMA, and the 5EMA is between them both ... sure, ignoring the 50EMA the pair meet the entry criteria, but with the "confusion" in the Moving Averages, I have decided to remove the order as the aim is to remove unnecessary risk.

11th May .. and the Importance of Risk Management...

Good Evening ... :)

I have placed the following Income Generator trade orders ...

Short on USD/CHF, USD/JPY, USD/SGD and GBP/CHF
Long on NZD/USD and AUD/NZD...

I had a look as well this morning, and since a couple of the possible Income Generators hadn't triggered I placed them in the market ... the only one to trigger was NZD/USD ... which also stoppped out today for a 1% loss.

At the moment the market isn't being kind ... my Demo Account has now dwindled by over £1700 .. from £55300 to£53600 ... with this many trades going against me, it's easy to see the importance of Proper Risk Management.

... anyway ... I'll be back tomorrow evening ... until then be safe in the market :)

Cheers,

Current position from tonight

Curr. Pair	Direction	Entry	Stop	Target	P&L	Comment
USDCHF	Short	0.8777	0.8887	0.8667	-	-
USDJPY	Short	80.55	81.35	79.75	-	-
USDSGD	Short	1.2273	1.2370	1.2176	-	-
GBPCHF	Short	1.4363	1.4554	1.4172	-	-
NZDUSD	Long	0.7978	0.7865	0.8091	-	-
AUDNZD	Long	1.3681	1.3525	1.3837	-	-

The following are the charts I traded :

10th May ...

Having looked at the Forex Calendar at www.forexfactory.com, the announcements I'd be watching are for the Aussie, the New Zealand Dollar and the Chinese Yen.

The trade orders I have placed are on the EUR/USD, EUR/CAD and the CAD/JPY and pan out as follows:

Current position from tonight

Curr. Pair	Direction	Entry	Stop	Target	P&L	Comment
EUR/USD	Long	1.4435	1.4249	1.4621	-	-
EUR/CAD	Long	1.3928	1.3782	1.4074	-	-
CAD/JPY	Short	83.07	83.92	82.22	-	-

The EUR/USD pair do not strictly meet the criteria, except that the price is bouncing of the 50EMA, and while the 5EMA has moved below the 20EMA, the 20EMA is still above the 50EMA.

Long on EUR/USD

Long on EUR/CAD

Short on CAD/JPY

Forex Trading Prudence ....

Hi,

I'm not going to be trading for the rest of the week ... tomorrow is ADP Non-Farm Employment Change (USD), and ISM Non-Manufacturing PMI (USD) ... Thursday is just plain horrible!!!!! ... 15 Red flags, 7 orange, 2 yellow and 1 white
... and Friday is the official "Non-Farm Payroll" stats from the US ...

... prudence is telling me to stay out ...

... and as much as I am NOT good at being prudent ... this time I'm gonna listen!

A quick update though on last nights trades:

Current position from tonight

Curr. Pair	Direction	Entry	Stop	Target	P&L	Comment
GBPUSD	Long	1.6741	1.6629	1.6853	-	Didn't trigger
NZDUSD	Long	0.8123	0.8025	0.8221	-	Didn't trigger
AUDJPY	Long	89.33	88.68	89.98	-	Didn't trigger
USDJPY	Short	80.93	81.72	80.14	-7 Pips	-
USDSGD	Short	1.2201	1.2249	1.2153	-	Didn't trigger

So ... Have a wonderful weekend ... and I'll be back on Monday :)

Tatty Bye!

Nick

May 2nd... (updated)

Good Evening, and I hope you had a wonderful May Day holiday if you are in the UK...

I have this evening placed 5 trades, although I do not reasonably expect them all to trigger.

The following is inspired by/plagiarized from Klaus's blog here: http://devisen.wordpress.com :- I liked the way Klaus was using tables to make the figures presented clear, and I hope he will forgive my imitation :) ...

Pending Orders for 2nd May 2011

Curr. Pair	Direction	Entry	Stop	Target	P&L
GBPUSD	Long	1.6741	1.6629	1.6853	-
NZDUSD	Long	0.8123	0.8025	0.8221	-
AUDJPY	Long	89.33	88.68	89.98	-
USDJPY	Short	80.93	81.72	80.14	-
USDSGD	Short	1.2201	1.2249	1.2153	-

below are the screen shots of the trades:

Any/all comments or thoughts gratefully received...

Cheers,

Nick

Update:

AUD/JPY had a small risk of only 65 pips ... but I also forgot to check the ForexFactory.com calendar to see which announcements were being made ... at 6:30am C.E.T there was a "Red" Cash Rate announcement for the Aussie which could easily have taken me both into and out of the trade in seconds for a loss ...since the announcement was as expected, there was no adverse response, and the price is moving against me entry criteria ... but it could so easily have been different.

GBP/USD

USD/JPY

NZD/USD

USD/SGD

AUD/JPY