November 2003

Hi Everyone,

Late update today, but I think it may be all we can get for the retracement, and I wanted to post. Market is very bearish on USD, move is technicaly supported, and I think we are going to resume the move soon. Swissy looks even stronger than USD.
Current price = 1.3240

I have put a sell order on USDCHF @1.3265 with 100 pips stop, i.e stop at 1.3375
target is 1.3050, and may be eventually 1.28 retest.
If the order will not be activated, I may enter lower on market price. Will post in that case.

Good Luck,

Rezo
 
order canceled, entered market a moment ago at 1.3251, same stop and target.
In addition 2 more shorter trades:

short USDCHF @current 1.3251 with 40 pip stop and 60 pip target
long EURUSD @current 1.1748 with 30 pip stop and 50 pip target

Rezo
 
rezo,

just wanted to thank you for keeping this journal, i am still very new to currency trading and have learned much from you. keep up the good work !

best,

surfer:)
 
Current:
EURO = 1.1770/74
USDCHF = 1/3225/30

On a shorter term trades, stops moved to b/e on USDCHF after 30 pip move, on EURUSD after 25 pips move, i.e stops on both short term trades already moved to b/e. Once there is a 40 pip move (even if its ask price), stops will be moved to lock 10 pips.
On longer term target on USDCHF, stop will be moved to b/e once/if we retest the 1.3200 level (once we hit 1.3200, stop will be movd to b/e).

Good Trading!
 
Quote from rezo_s:

...Late update today...

...I think we are going to resume the move soon. Swissy looks even stronger than USD. . .
More...

I meant to say that swissy seems to be even stronger than EURO against the USD;

typo - just noticed
 
i have enjoyed your thread. i am new to forex, and was wondering if you could give me a site, or some info on the value of the different contracts. (what value does a pip have?) thanks for your help. (maybe a little example with p/l)
 
Hi Boomer,

Here is a pip calculator - it gives you value depending on contract size 1 mio, 100k, 10k ... or you can input your own contract size:
http://aboutforex.com/pipvalue.html

Example of calculating: it depends on contract specifications, but lately it became a standard on retail forex that trades are executed 100k of base currency (i.e if you buy/sell USDJPY, it is 100k USD worth contract, and if it is EURJPY, it is worth 100k euros). Calculation of EURUSD, GBPUSD, AUDUSD or any other pair that USD comes on second place is simple: it is 10$ for each 100k contract.
If it is USDCHF:

lets say close price is 1.3220 (close priceis what matters), then one pip value with that closing price would be:

(gain/loss)*(contract size)/(closing price)
( 0.0001) * (100000) / (1.3220) = $7.56

Same is with USDJPY:

(0.01)*(100000)/(108.85) = ~ $9.18

As for crosses: EURJPY, GBPJPY - same as USDJPY at any given time

EURCHF, GBPCHF - same as USDCHF at any given time

EURGBP pip value depends on both its closing rate and EURUSD rate at time of closing: for ex, right now it is 0.6951 and euro is 1.1775; pip value:

(p/l)*(100000)/(closing price)*(EURUSD price)
(0.0001)*(100000)/(0.6951)*(1.1775) = ~$16.94

p/l is in euros, so to see how much it is in USD, we have to multiply on EURO price at time of closing.

Hope this is what you asked,

Good Luck,

Rezo
 
Both short term trades closed with +10 pips each. Still holding the longer term swissy trade. May reenter those trades for small targets once again today.
 
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