Pipcrawler's Trade Journal

Discussion in 'Journals' started by pipcrawler, Mar 29, 2006.

  1. I thought I'd start my trade journal here to see if I can get any input or constructive critism of my trades.

    Since there aren’t any news reports I thought I’d look for a resistance play in USD/CAD. I drew the fib extension lines to see where the pair was going and possibly make a reversal. 61% fib line is usually a pretty good reversal point, plus it’s right about the R1 line. So I’m going to short at 1.1731, go for 10 pips first, close half of positions, move stop to break even and go for 1.1715. My stop will be at 1.1745.

    Or I will go short if the pair breaks below the drawn red line and the pivot point at 1.1685. I will go for 10 pips first, close half of positions, move stop to break even and go for the 200 SMA. Stop at 1.1705
     
  2. Are you putting a limit order in right now to sell there?
     
  3. The loonie has been on a nice run against the dollar, and I think with the pull back it is a nice time to go with the trend and rising commodity prices!

    Short USD/CAD at 1.1377, stop at 1.1429, PT1 at1.1360, PT2 at 1.1320

    Remember to close half of position when the first profit target is reached. Then move stop to breakeven for the second half of the position and go for PT2. Close all orders/positions at 3pm EST or at your discretion. Good luck and good trading!
     
  4. Well, the US dollar has been beaten up across all currencies for the past, including the loonie. Today’s pick is in hope that we will see continued weakness in the dollar, plus we will hear from the Bank of Canada on their interest rate policy.

    Short USD/CAD at 1.1338, stop at 1.1375, PT1 at 1.1318, PT2 at 1.1290

    Now in the event that we see a surprise from the BOC in that they keep rates the same we may see a move to the upside in favor of the US dollar. Here’s a trade idea in such an event:

    Long USD/CAD at 1.400, stop at 1.1365, PT1 AT 1.1420, PT2 at 1.1450

    Good luck and good trading!
     
  5. Today’s pick is based on general fundamentals and the trend. We all know the loonie and other “commodity” currencies have been on a tear against the US dollar. Even with oil slightly pulling back from record highs, we still saw the loonie gain some ground against the greenback. Along with commodities, we see interest rate differentials narrowing, foreign interest in US securities declining, and lack of follow through from strong US data. It’s just not looking too good at the moment for the US dollar, and it’s showing on the charts. So here’s a couple of trade ideas:

    Short USD/CAD at 1.1241, stop at 1.1295, PT1 at 1.1210, PT2 at 1.1185

    Here’s a long trade idea just in case we hear Bernanke speak tomorrow all gung ho on US economics at 10:00 am EST.

    Long USD/CAD at 1.1330, stop at 1.1290, PT1 at 1.1345, PT2 at 1.1365

    We may not even see any movement until Bernanke speakes unless the weekly unemployment rate(8:30 am EST) comes out with a big surprise. Other than that there are no major news to report until then. Be very cautious around those times.

    Good luck and good trading!