Post your live Forex trades here...

xelite777 · May 4, 2014

Forex traders (and currency futures traders), post your live trades/calls here, with a chart or two if possible. You are of course under no obligation to give/reveal the logic behind each trade.

I will start.

Short the CAD/JPY with a limit order at 92.92, stop at 93.15. The exit is a time exit as the trade will be closed at 11PM tomorrow (May 5), New York time.

Happy trading and as always trade at your own risk!

xelite777 · May 5, 2014

CAD/JPY trade is now active, short at 92.92

xelite777 · May 5, 2014

xelite777 said:
CAD/JPY trade is now active, short at 92.92

Stopped at 93.15 (23 pip loss), now waiting for another possible (short) re-entry.

In general, the Sunday to early Monday period is difficult to trade.

xelite777 · May 5, 2014

Short CAD/JPY at 93.00 , stop at 93.20, exit at 11 PM (EST)

boskop · May 5, 2014

xelite777 said:
exit at 11 PM (EST)

why not let it run? most of the yen crosses are heading lower

xelite777 · May 5, 2014

xelite777 said:
Short CAD/JPY at 93.00 , stop at 93.20, exit at 11 PM (EST)

I forgot to mention something important (although those of you familiar with my previous live calls know that's how I trade) : if a currency pair moves 25 pips in my direction, the stop is immediately moved to break-even.

And as you can see, that second short CAD/JPY trade did move more than 25 pips in my favor and then went the other way at 9 AM (EST). But just to keep things fair and honest I will consider that trade as a losing trade as well, so total for today: 43 pip loss (23 + 20).

I will post a new Forex trade each day for a week or so.

xelite777 · May 5, 2014

boskop said:
why not let it run? most of the yen crosses are heading lower

Of course, if the trend is strong the trade(s) will stay open until the end, otherwise all day-trades are closed at 11 PM (EST).

xelite777 · May 5, 2014

While I am waiting for another trading setup to develop here are a few comments about Forex day-trades (and day-trading in general).

I have noticed over and over that when the daily range of a particular currency pair (or market) is small, like today (15 pip range on the EUR/USD, come on!), then the probability of losing money is high.

On the other hand, when the daily range is big, then the trade hardly gives me any trouble and I usually end up making tons of money on that particular day.

Don't get me wrong, it is also possible to make money with going-nowhere markets, but more often than not they also produce a lot of false signals.

Did you notice that too?

drownpruf · May 5, 2014

xelite777 said:
(know that's how I trade)

Poorly?

xelite777 · May 5, 2014

The very important Bank of Australia Rate Decision report is due in less than 6 hours (00:30 EST), get ready for some rock and roll action on the Australian dollar and all its crosses (especially GBP/AUD)...