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CLOSED Trade EUR/USD 15min Forex Surf +20 pips

Here’s an archive of a closed trade from the LIVE 90 day forex trading bootcamp. Below you’ll see the unedited analysis that was given in real time for a 20 pip gain on a forex trading opportunity on the EUR/USD. This trade was originally posted on July 29th, 2010 in the private LIVE forex trading bootcamp member’s area. More current LIVE forex trading opportunities are posted 6 hours daily in the private member’s area.

Trade Archive EUR/USD July 29th, 2010

Here are the trading opportunities to watch for today during the London/New York session.

EUR/USD

The only pair that I’m watching this morning is the EUR/USD. By looking at the recent market snapshot, we can see the EUR/USD moving in a clear uptrend on all timeframes: On the 15-min chart we’ve got a recent extension up, so we just need to wait for a 38.2% retracement, which will happen around 1.3055 (see image below):

Trade Entered

I had actually had two waves in my previous picture. So here’s the info for the trade: Here’s the fibonacci calculator worksheet: Here are the numbers: I: 1.3021 II: 1.3091 III: 1.3065 entry price: 1.3065 stop: 1.3021 (risk = 44 pips) limit: 1.3134 (reward = 69 pips) reward/risk: 156.82% *note I entered a market order and got a price 1 pip lower than what the fibonacci calculator recommended for the trade. It’s only a pip, so I’ll stay in the trade. Here’s the etoro screen showing the settings for this trade:

Channel Ratchet

If you look at the chart price are in a fibonacci channel. A fibonacci channel is the channel formed between the 38.2% retracement and the peak of the wave. Since prices oscillate within the channel, I’ve set a limit order to sell at 1.3085. This isn’t the peak of the channel, but is close. I chose this price because there were a few candles with highs at this point, I basically ignored the extremes and went with the next group of highs. After this limit is hit, I’ll try to buy back into the trade in the lower part of the channel. See the image below:

Ratchet Log

The first ratchet was successful. I grabbed 20 pips in 23 minutes. I immediately set an order to buy at 1.3070 to buy back near the bottom of the channel. Since we’re in a channel, I can be more extreme with the ratchet. I still chose a slightly higher price to buy back than my previous entry price in case prices don’t come to the very bottom of the channel before going back up. I cancelled the order to buy back at 1.3070. Since the price reached a newer high then retraced back down into the channel, I need to watch the 1-min chart more closely. If the 1min downtrend is broken with a candy cane & I can get a price lower than 1.3070, I’ll re-enter this trade. But I have to be careful because of the potential double top just formed. Here’s that I’m looking at on the 1min chart: A few minutes later the trendline was broken, but not at the price where I was willing to re-enter the trade. Here’s the trendline break with a 1min candy cane (have to use imagination, a candy cane can be 2-3 candles on this small timeframe): That’s the end of this trading session. I’ll be happy with my 20 pip profit today!

Posted in trades

Closed Trade USD/CHF – Failed Surf

This is a closed trade that was placed on July 28th, 2010 as part of the live forex trading bootcamp.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 bootcamp 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 on July 22nd, 2010 as part of the live forex trading bootcamp.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