Hi guys,
Trades went well this week. I have taken profit on all my trades.
The Dax made some monster gains however I believe cable and GBPJPY are looking a bit weak at the moment so I decided to take profit on those. Overall, some nice gains but no open positions at the moment.
Hope your trading went as well!
The Trainee Speculator
Tuesday 27 May 2014
Wednesday 21 May 2014
Long GBPUSD and GBPJPY
Hi guys
I bought GBPUSD and GBPJPY a couple of days ago.
GBPUSD had reached the trendline and so that was a good area to get long. That trendline has held many times and so it provides solid support for buying. As you can see, GBPUSD has made some good gains so far.
As I had written in a previous post, GBPJPY had been consolidating in a triangle pattern and that I was expecting a breakout soon. However, it looks like it has now transitioned to a rectangular range and so a breakout should still be anticipated in either direction. But for now, I have bought it at the bottom of the range and will be looking to take profit at the top.
Good luck and happy trading!
The Trainee Speculator
I bought GBPUSD and GBPJPY a couple of days ago.
GBPUSD had reached the trendline and so that was a good area to get long. That trendline has held many times and so it provides solid support for buying. As you can see, GBPUSD has made some good gains so far.
As I had written in a previous post, GBPJPY had been consolidating in a triangle pattern and that I was expecting a breakout soon. However, it looks like it has now transitioned to a rectangular range and so a breakout should still be anticipated in either direction. But for now, I have bought it at the bottom of the range and will be looking to take profit at the top.
Good luck and happy trading!
The Trainee Speculator
Long DAX after breakout
Hi guys
So I talked about last time that the DAX had broken out of the inverse head and shoulders pattern and that I would be looking to get long on a pullback. Now is the time. Price has retraced back to the neckline and is now finding support. Buying pressure is coming in and I believe that it will go higher. I have bought it with my stop loss below the previous low.
Good luck guys and happy trading.
The Trainee Speculator
So I talked about last time that the DAX had broken out of the inverse head and shoulders pattern and that I would be looking to get long on a pullback. Now is the time. Price has retraced back to the neckline and is now finding support. Buying pressure is coming in and I believe that it will go higher. I have bought it with my stop loss below the previous low.
Good luck guys and happy trading.
The Trainee Speculator
Tuesday 13 May 2014
DAX finally has a breakout
So the breakout that I have been waiting for has finally happened. I have taken profit on my last trade and I will be looking to go long again on a pullback.
Good luck with your trading!
The Trainee Speculator
Good luck with your trading!
The Trainee Speculator
Wednesday 7 May 2014
Bought DAX and GBPJPY
Hi guys
So I haven't posted anything the last few days because I've been waiting for a breakout in DAX and GBPJPY. That breakout hasn't come yet but it probably will by the end of the week.
However, I did decide to put a trade on. Perhaps I could have been a little more patient but I felt confident enough that we will most likely see a breakout to the upside. Technically, I feel that there is more buying power at the bottoms than there is selling power at the top.
Charts below:
So I haven't posted anything the last few days because I've been waiting for a breakout in DAX and GBPJPY. That breakout hasn't come yet but it probably will by the end of the week.
However, I did decide to put a trade on. Perhaps I could have been a little more patient but I felt confident enough that we will most likely see a breakout to the upside. Technically, I feel that there is more buying power at the bottoms than there is selling power at the top.
Charts below:
That's it for now. Keep an eye on the charts over the next couple of days. Expect a lot of movement!
Good luck and happy trading.
The Trainee Speculator
Monday 28 April 2014
GBPJPY Breakout Soon
Hi guys,
Another quick post. This time it's the GBPJPY currency pair.
GBPJPY has been in a triangle consolidation pattern since January and it looks like the pattern is coming to an end. This is what the daily chart looks like:
As the triangle consolidation pattern is now coming to an end, we should be anticipating a breakout and continuation of trend. It is my belief that the breakout will most likely be to the upside because the longer term trend is bullish. Also, the most recent candle on the daily chart has been a fairly strong bull candle.
I'll be keeping an eye on the UK GDP tomorrow as this could be a catalyst for the breakout tomorrow. If the breakout occurs to the upside then I will look to get long on a Fibonacci retracement.
But for now, we must be patient and the most important thing is to anticipate that there will be a trend soon and that we must be ready to take advantage of it.
Good luck!
The Trainee Speculator
Another quick post. This time it's the GBPJPY currency pair.
GBPJPY has been in a triangle consolidation pattern since January and it looks like the pattern is coming to an end. This is what the daily chart looks like:
As the triangle consolidation pattern is now coming to an end, we should be anticipating a breakout and continuation of trend. It is my belief that the breakout will most likely be to the upside because the longer term trend is bullish. Also, the most recent candle on the daily chart has been a fairly strong bull candle.
I'll be keeping an eye on the UK GDP tomorrow as this could be a catalyst for the breakout tomorrow. If the breakout occurs to the upside then I will look to get long on a Fibonacci retracement.
But for now, we must be patient and the most important thing is to anticipate that there will be a trend soon and that we must be ready to take advantage of it.
Good luck!
The Trainee Speculator
Quick update on the DAX
Hello fellow traders!
In my previous post, I said that I was looking to go long the DAX depending on what kind of price action occurs on Monday and Tuesday. See the chart below of Monday's trading session:
So like I said before, I was expecting price to play off the 50/61.8 Fibonacci levels. In the picture above, you can see clearly that we have a small body bull candle with a long wick at the bottom. This is the result of today's trading session. This is the kind of price action that I was looking for. Essentially, what it is telling us is that price opened higher than yesterday's close but then got sold down to the 50% Fib level. However, a lot of buying power then came in at that level and pushed price back to above the open.
This kind of price action is signalling to me that market participants are accumulating positions getting ready to go long. I won't put a trade in just yet because I feel that tomorrow's trading session will be more of the same. This is because there isn't really any key significant data affecting this instrument until Wednesday-Friday.
However so far so good. It looks like the Head and Shoulders pattern is holding and our potentially lucrative long trade is still on the cards.
Good luck and happy trading!
The Trainee Speculator
In my previous post, I said that I was looking to go long the DAX depending on what kind of price action occurs on Monday and Tuesday. See the chart below of Monday's trading session:
So like I said before, I was expecting price to play off the 50/61.8 Fibonacci levels. In the picture above, you can see clearly that we have a small body bull candle with a long wick at the bottom. This is the result of today's trading session. This is the kind of price action that I was looking for. Essentially, what it is telling us is that price opened higher than yesterday's close but then got sold down to the 50% Fib level. However, a lot of buying power then came in at that level and pushed price back to above the open.
This kind of price action is signalling to me that market participants are accumulating positions getting ready to go long. I won't put a trade in just yet because I feel that tomorrow's trading session will be more of the same. This is because there isn't really any key significant data affecting this instrument until Wednesday-Friday.
However so far so good. It looks like the Head and Shoulders pattern is holding and our potentially lucrative long trade is still on the cards.
Good luck and happy trading!
The Trainee Speculator
Sunday 27 April 2014
Possible DAX opportunity on the horizon
Hi guys,
I believe that there could be a possible large up move coming in the DAX. I know that it's pretty crazy to still be long when equities are back at their all time highs again.
However, having said that, the 200 SMA is still holding strong with the DAX refusing to drop below it. Additionally, it looks like an inverse head and shoulders pattern has formed on the daily chart implying that there may be more upside to come. Check the picture posted below:
I'm not going to be getting long just yet. The DAX will probably hover around the 50/61.8 Fibonacci line for a couple of days. Depending on the way it behaves over these next couple of days, I may get long from there. The European CPI data on Wednesday may act as a catalyst for the potential up move because it is predicted to be higher than previous.
That's all for now. Good luck and happy trading!
The Trainee Speculator
I believe that there could be a possible large up move coming in the DAX. I know that it's pretty crazy to still be long when equities are back at their all time highs again.
However, having said that, the 200 SMA is still holding strong with the DAX refusing to drop below it. Additionally, it looks like an inverse head and shoulders pattern has formed on the daily chart implying that there may be more upside to come. Check the picture posted below:
I'm not going to be getting long just yet. The DAX will probably hover around the 50/61.8 Fibonacci line for a couple of days. Depending on the way it behaves over these next couple of days, I may get long from there. The European CPI data on Wednesday may act as a catalyst for the potential up move because it is predicted to be higher than previous.
That's all for now. Good luck and happy trading!
The Trainee Speculator
Thursday 30 January 2014
Trades closed, taken profits
Just to update that I have now closed my short positions and have taken nice profits. I closed these trades because it seems that they are having trouble going lower. There seems to be buying power coming in.
It is important to remember that fundamentally stocks are still bullish and that this decline was simply a much needed correction. Interest rates are still low and inflation is still high. If we see a strong upmove from this area in the near future then it is probably safe to get long on the pullback.
It is important to remember that fundamentally stocks are still bullish and that this decline was simply a much needed correction. Interest rates are still low and inflation is still high. If we see a strong upmove from this area in the near future then it is probably safe to get long on the pullback.
Wednesday 29 January 2014
Large declines in stocks and a strong short on GBPJPY
With regards to the previous GBPJPY trade, I hit my first profit target and closed out half the trade. The second target wasn't hit so I closed out the remainder when I saw signs of weakness and realised we were not going to see a test for the top. Overall success of that trade: mediocre profit.
However, today is looking to be a good day. I have been short DAX at 9478, short FTSE at 6611 and short GBPJPY at 170.91. As of writing this post we are currently in profit nicely. You can view the charts below. Targets are the green lines.
However, today is looking to be a good day. I have been short DAX at 9478, short FTSE at 6611 and short GBPJPY at 170.91. As of writing this post we are currently in profit nicely. You can view the charts below. Targets are the green lines.
With regards to the DAX and FTSE, I shorted because I saw the pullback weakening when price started reaching the 50% retracement line on the fibonnaci tool. My long term view for the stocks was that we needed to see a significant correction because stocks were so overvalued and this gave the an excellent opportunity to get short after the initial decline.
I shorted GBPJPY when I saw the upmove weaken when it failed to break the resistance line (red line). I am targetting the 100 on the fibonnaci tool because that would signify a full retracement of the upmove. If we go even lower than that then I may hold the trade for longer. If I see any significant weakness in the selling then I will take profit.
That's all for now, happy trading!
Wednesday 22 January 2014
Total massacre...but there is hope!
Hi guys sorry I haven't been active recently on here but I've been a bit busy.
So when I last posted I was long USD/JPY, short FTSE and DAX. It hasn't been a total massacre but I did take small losses on all of them. Overall I am still up in profit from my first FTSE trade so all is well. I attribute those losses to the fact that they were all countertrend trades. I got greedy and tried to win more my trading the corrections as well. Clearly there is still strength here so it is better to approach it from the long side.
Additionally, I have been long GBP/JPY since 17/01/14 and I added to my position on 20/01/14. With the recent jobs data that came out today, there has been a large spike up in GBP across the board so currently I am profiting nicely from this trade. You can see the chart below:
The green lines show my profit targets. Price is approaching the first target very soon so I will be take off some profit there. The top target is 174.60 which is just below the previous high. I believe that if it passes through the first target strongly then we will see a test of the previous high.
This is it for now. Good luck trading!
So when I last posted I was long USD/JPY, short FTSE and DAX. It hasn't been a total massacre but I did take small losses on all of them. Overall I am still up in profit from my first FTSE trade so all is well. I attribute those losses to the fact that they were all countertrend trades. I got greedy and tried to win more my trading the corrections as well. Clearly there is still strength here so it is better to approach it from the long side.
Additionally, I have been long GBP/JPY since 17/01/14 and I added to my position on 20/01/14. With the recent jobs data that came out today, there has been a large spike up in GBP across the board so currently I am profiting nicely from this trade. You can see the chart below:
This is it for now. Good luck trading!
Wednesday 8 January 2014
Long USD/JPY, Short FTSE, Short DAX
Hi guys
I have just opened trades:
Long USD/JPY at 104.80
Short FTSE100 at 6725.30
Short DAX at 9419.80
I think we are going to be seeing USD strength across the board. I'll be looking to short GBPUSD and EURUSD as well when I believe the time is right. They have risen quite a lot near the end of last year and I believe they are overbought.
In regards to the FTSE, it has been moving sideways for many days now after a large uptrend. This could be a period of distribution and so I have decided to get short. Similar story in the DAX.
Of course, we can only wait and see if my trades will prove to be fruitful.
I have just opened trades:
Long USD/JPY at 104.80
Short FTSE100 at 6725.30
Short DAX at 9419.80
I think we are going to be seeing USD strength across the board. I'll be looking to short GBPUSD and EURUSD as well when I believe the time is right. They have risen quite a lot near the end of last year and I believe they are overbought.
In regards to the FTSE, it has been moving sideways for many days now after a large uptrend. This could be a period of distribution and so I have decided to get short. Similar story in the DAX.
Of course, we can only wait and see if my trades will prove to be fruitful.
Thursday 2 January 2014
Heavy selling across the board
As expected, we have seen a lot of selling pressure coming in on thursday. Some people are saying that its due to low liquidity as many traders are still on holiday. However, I think that stocks and some currency pairs like GBPUSD, EURUSD and USDJPY were too high and were in for a reversal soon anyway.
I am going to look to sell these pairs and equity indices, like FTSE 100, on pullbacks to resistance. I will post the trades when I open them.
Happy trading and let's hope for much opportunity in 2014!
I am going to look to sell these pairs and equity indices, like FTSE 100, on pullbacks to resistance. I will post the trades when I open them.
Happy trading and let's hope for much opportunity in 2014!
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