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Closed Trade USD/CHF – Failed Surf

This is a closed trade that was placed as part of a live forex training.This trade happened after a getting stopped out on the USD/JPY & two successful trades, a 55 pip gain & a 31 pip gain on the EUR/USD. So far my overall success rate with trades during the past few weeks is 63.63%, with a 14% average gain.

This trade was placed in a real forex trading account & was posted as it happened. Below you can read the unedited log of this trade to see an example of Forex Surfing in action:

USD/CHF Archive Trade

The trades to watch for for today’s Sydney/Tokyo session are listed below:

USD/CHF

I’m just entered a 1-hr Forex Sail on USD/CHF Forex Sailing opportunity that I discovered during the the London/New York session earlier today. During the last session prices trended up slightly, making the trade just out of range to get in at fibonacci retracement. Today prices have retraced back down to a better entry price. Here’s the order screen with the settings for the order I have placed: Here’s the 1-hr chart used for entering the trade (the circle is the entry price): Here’s the filled out fibonacci worksheet: Here’s the numbers for the recent wave. It’s a double wave, but since they’re both the same size, I just used the 2nd wave for entry (so the numbers below go with the worksheet): I: 1.0479 II: 1.0640 III: 1.0565 entry: 1.0564 long stop: 1.0479 (max risk = 85 pips) limit: 1.0739 (potential profit = 175 pips) reward/risk = 205.88%

Stopped Out

At 09:37 am GMT on 7/29/2010 this trade hit it’s stop for a loss of 85 pips. It basically went straight down after placing the trade. It happens with some trades.

Posted in trades

Closed Trade USD/JPY – Stopped Out!

This is a closed trade that was placed as part of a live forex training.This trade happened after two successful trades, a 55 pip gain & a 31 pip gain on the EUR/USD.

This trade was placed in a real forex trading account & was posted as it happened. Below you can read the unedited log of this trade to see an example of Forex Surfing in action:

USD/JPY Archive Trade

The New York market is about to open on July 22nd, 2010. After looking at all the currency pairs, only one cool opportunity strikes me this time. The London session a few hours ago created opportunities as soon as I took a break from the screen (it happens – we can’t be there for all of them). So during this session, I’ll only be watching one pair:

USD/JPY

There’s a strong set of patterns for a downtrend for USD/JPY. Looking at the 4-hr chart (notice how the trend went lower than the previous double bottom): And the 1-hr chart confirms it: The 15-min & 5-min charts show a small uptrend. Here’s the 15-min chart: And the 5-min chart:

What To Look For?

Wait for the 5-min uptrend to break and form an umbrella handle going down. Then ride that wave short! You could also wait for the 15-min forex candy cane to reverse. We’ll have to see what the market does.

Trade Entered

I entered this trade early because the opportunity presented itself. Here is the info: currency pair: USD/JPY short timeframe: 15-min I: 86.87 II: 86.32 III: 86.68 entry: 86.68 stop: 86.87 (19 pips risk) limit: 86.13 (55 pips possible gain) reward/risk: 289.47%

Variable Ratcheting

On this trade I’ll try to do some variable ratcheting so you can see how it works. We do this with a 1-minute trend. As soon as we see some type of profit, we take it. Then let it retrace to 38.2% of the movement and sell back in… You’ll see…

Variable Ratchet Set

In this trade a good place to choose to do the first ratchet is the previous low from the last wave at 86.59. This is the first step in the variable ratchet. When that limit is hit, we’ll look at the umbrella handle formed by that movement & use our fibonacci tool to find the 38.2% retracement to re-enter the trade…

Stopped Out

Sometimes the trade doesn’t work out. I got stopped out for a 19 pip loss. It was a good setup, but in hindsight the 5-min chart didn’t fully break the micro-uptrend.

Posted in trades

Closed Trade EUR/USD – 31 Pip Gain in 3 hours!

This is a closed trade that was placed as part of a live forex training.This trade happened a few hours after another successful EUR/USD trade, which I posted on the rapid forex blog yesterday.

This trade was placed in a real forex trading account & was posted as it happened. Below you can read the unedited log of this trade to see an example of Forex Surfing in action:

EUR/USD Archive Trade

In this trading session, I’m watching the USD/JPY. On the 5-min charts, there’s an up trendline break. We’re very close to the fibonacci retracement for a short wave: I’ve drawn a picture of what needs to happen on the 1-min charts to enter this trade. Basically, we have to cross the 38.2% retracement line at 86.89, then form a 1-min umbrella handle where we can get in above 86.89 short. If that happens, it’s a decent trade opportunity. To support this trend direction look at the 4-hr chart below which shows a nice umbrella handle: So I’ve entered the trade, I’ll take this as a 1min trendline break down: Here’s the eToro settings: And Here’s the other details: currency pair: USD/JPY timeframe: 5-min short I: 87.08 II: 86.77 III: 86.92 Entry: 86.92 Stop: 87.08 (max loss = 16 pips) Limit: 86.61 (gain = 31 pips) reward/risk = 193.75% Here’s a screenshot of the fibonacci calculator filled out: And a screenshot of the 5-min chart by the numbers (entry price at arrow):

30-Min into Trade

If you were looking at the 1-min chart below during this trade, you might have gotten worried about the small uptrend (red line), but you could take consolation in the fact that a head & shoulders formed (red circles). This is a reversal signal, for the little 1-min uptrend. This is exactly what we want! Of course the trade can still succeed or not work out, but this is the type of stuff you look at…

Trade Closed for Profit

At 01:28 pm GMT this trade closed for a profit of 31 pips when the limit was hit. I was out riding my moped along the ocean, so this was a smooth surf! This added 1.96% to the $200 forex trading account. That’s almost 2% in under 3 hours!

Posted in trades