Hello:

This is an update of the major movements on the markets and what I’m doing about them on weekly basis; plus my losses and profits. I trade 10 pairs. These analyses are based on hourly charts. I no longer compare timeframes as I used to do.

USDJPY

Trend: bearish

The overall trend is bearish. But USDJPY is ranging now. I have been on a sell order since yesterday. There could be a false/sustained breakout to either side any moment. But presently, the market is trying to move up.

Order: Sell

Entry price: 92.452

Stop loss: 93.186

Take profit: 90.086

Exit at: 93.186

Trailing stop: Not applied

Status: Closed, -75 pips

EURUSD

Trend: Bearish

I’m on a sell position. This pair is ranging for now. A big move may also happen soon.

Order: Sell

Entry price: 1.26810

Stop loss: 1.27568

Take profit: 1.24478

Trailing stop: Not yet

Status: Open, 15 pips

GBPUSD

Trend: Bearish

I know a famous psychic who was always contacted by traders in order to know the direction of this pair. Over a long period of time, the psychic has only 50% accuracy. GBPUSD is very volatile. I sold it and it hit my stop. I was glad. It has moved upper since then, though the sellers are still struggling against the buyers.

Order: Sell

Entry price: 1.48327

Stop loss: 1.49198

Take profit: 1.46084

Exit at: 1.49198

Status: Closed, -75 pips

USDCAD

Trend: Possible bullish, but currently flat

This pair is trying to bottom out, but USD is weaker than CAD. Even EURCAD is falling freely (though I don’t trade this pair). There should be either some weakness in CAD or a boost in the USD for this pair to move up.

AUDUSD

Trend: Bearish

I’m on a sell order. The market is trying to range, in zigzag manner.

Order: Sell

Entry price: 1.89758

Stop loss: 1.90496

Take profit: 1.87396

Trailing stop: Not applied

Status: Open, 13 pips

EURGBP

Trend: Bearish

I missed the first sell signal and hope to go short only if the second sell signal is generated at the necessary time.

EURAUD

Trend: Bearish

The pair’s effort to move up has constantly been rejected. I’m on a sell order. The bias remains to the downside.

Order: Sell

Entry price: 1.41576

Stop loss: 1.42357

Take profit: 1.39268

Trailing stop: Not yet

Status: Open, with 13 pips

EURNZD

Trend: Bearish

I entered short on this pair by mistake. The bias is bearish, but the entry signal hadn’t been met (I was thinking I was entering EURAUD). If the error entry had been profitable, I’d have accepted the responsibility as well. My entry criteria have been met now, but I’m not going to trade this pair again until next week.

Order: Sell

Entry price: 1.76686

Stop loss: 1.77496

Take profit: 1.74396

Exit at: 1.77496

Status: Closed, – 75 pips

NZDUSD

Trend: Bearish

The pair is trending in a zigzag manner. It’s trying to go up in the context of a downtrend. I’m on a sell order.

Order: Sell

Entry price: 1.71992

Stop loss: 1.72753

Take profit: 1.69653

Trailing stop: Not yet applied

Status: Open, 0.3 pips

EURJPY

Trend: Bearish

I sold short and my stop was hit. The market is now ranging.

Order: Sell

Entry price: 117.562

Stop loss: 118.382

Take profit: 115.298

Exit at: 118.382

Status: Closed, – 75 pips

Conclusion: There are good weeks and bad weeks. But this week hasn’t ended and I may still get back to my previous equity. I reduced my stop losses to -75 instead of hundred because I prefer smaller losses. If a market moves by 75 pips, the chances of it moving to 100 pips or further is very high. I try to cut all losers and attempt to rider winners for meaningful profits.

Your questions and opinions are highly welcome.

Thank you.

Yours sincerely,

Azeez Mustapha

Forex Signals Strategist, Funds Manager &Coach

Email: amustapha@fxinstructor.com

NB: There is risk of loss in trading, but it is possible to be a successful trader.

Related Posts:

  • Mid-week Markets Update (May 5, 2010)
  • Trade Report (April 19 – 23, 2010)
  • Tweaking Of My Strategy
  • Weekly Trade Report (May 3 – 7, 2010)
  • Trade Report (April 5-9, 2010)
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