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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

Closed Trade EUR/USD – 55 Pip Gain!

This is a closed trade that was placed as part of a live forex training. 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

After leaving the London session this morning, a nice umbrella handle has formed breaking out to the downside below the channel described in the previous post.

EUR/USD 5-min Channel Breakdown

On the 5 min chart you can see that we’ve formed a nice umbrella handle: To try & get the best price, I’m waiting for the 1-min uptrendline to be broken (see image below): Ok, I’ve entered the trade, here are the details: currency pair: EUR/USD timeframe: 5-min I: 1.2845 II: 1.2790 III: 1.2820 Entry: 1.2815 Stop 1.2845 – max risk = 30 pips Limit: 1.2760 – reward = 55 pips reward/risk = 183.33% Here is the etoro screen with the settings:

Here’s the 1-min crossover

And here’s the fibonacci calculator:

Trade closed for 55 pip profit!

I woke up this morning pleasantly with a 55 pip gain on this trade. Here’s a screenshot of this trade on a 5-min chart. As you can see below, the price channeled for a little while before hitting the profit limit of 1.2760. Sometimes the best trades are the ones I place & walk away…Still it’s always fun to wake up with more money than before you went to sleep!

Posted in trades