“When a market is in panic or grand euphoria, support and resistance levels are blown through like a hot knife through butter.’’ — Sam Evans

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. You need to bring to subjection the notorious emotions of hope, greed and fear, if you want to survive the markets. You mayn’t call yourself a hero until you face the fiercest of battles and survive them.

USDJPY

Trend: bearish

The overall trend is bearish. I’m on a sell order.

Order: Sell

Entry price: 92.479

Stop loss: 93.319

Take profit: 90.219

Trailing stop: 80 pips (moving)

Status: Open, 94 pips

EURUSD

Trend: Bearish

I was on a sell position. My trailing stop was hit. There were bullish attempts yesterday; I just took them as an opportunity to sell in the context of a downtrend.

Order: Sell

Entry price: 1.23752

Stop loss: 1.22364

Take profit: 1.21419

Trailing stop: 72 pips

Exit at: 1.22166

Status: Closed, $380.64

GBPUSD

Trend: Bearish

I was on a sell position, and my moving stop was hit. This is a volatile pair. When I was still a novice, it was not uncommon for me to sprint from my trading room into the toilet whenever GBPUSD showed me its true color.

Order: Sell

Entry price: 1.44277

Stop loss: 1.43599

Take profit: 1.41864

Exit at: 1.42927

Trailing stop: 53 pips initially and later adjusted to 73 pips

Status: Closed, $324.00

USDCAD

Trend: Bullish

This pair ranged early last week. But as I was expecting, it broke to the upside. It looks like the bullish ride has just begun. But mind you, prices don’t move in a straight line. I bought this pair this week.

Order: Buy

Entry price: 1.03221

Stop loss: 1.03338

Take profit: 1.o5461

Trailing stop: 74 pips (moving)

Status: Open, 150 pips

AUDUSD

Trend: Bearish

I sold this pair last week, and I left it running till this week. My target was hit and it was closed with 235 pips. I won’t look for an order on it till next week.

EURGBP

Trend: Bearish

I once again missed a sell signal on this pair. When I saw this pair, my indicator was already strutting to an oversold region. You just don’t know what can happen next. If I thought I got a knack for predicting the future with 100% accuracy, why shouldn’t I abandon forex trading and buy lotto tickets instead? I’d just enter my lucky numbers and begin to smile to my bank, even before the lotto results come out. It’s still a sell signal I’m looking for. Perhaps if there’s a rally, I may sell short.

EURAUD

Trend: Bearish

The overall trend is bearish, but there has been a violent bullish breakout. I was on a sell order, and my stop was hit. AUD is very weak now.

Order: Sell

Entry price: 1.41415

Stop loss: 1.42153

Take profit: 1.39052

Trailing stop: N/A

Exit at: 1.42153

Status: Closed, -75 pips

EURNZD

Trend: Bearish

In the world of correlation, EURNZD tends to move in the same direction with EURAUD. I was on a sell order, and my trailing stop was hit.. Like its counterpart, there has been a bullish breakout. But it’s possible the price would still come down.

Order: Sell

Entry price: 1.76856

Stop loss: 1.76283

Take profit: 1.74580

Trailing stop: 82 pips

Exit at: 1.76283

Status: Closed, $95.12

NZDUSD

Trend: Bearish

The decision I took with this pair is the same with AUDUSD. It also hit my short target with 235 pips early this week I’ll look for a signal on it next week.

EURJPY

Trend: Bearish

I sold short and my target was hit.

Order: Sell

Entry price: 114.428

Stop loss: 112.936

Take profit: 112.131

Trailing stop: 80 pips

Exit at: 112.131

Status: Closed, 235 pips

Conclusion: Please don’t think I’m a better trader than you. I’m just in a period of winning streak. All trading systems have their losing periods. During losing streaks, I made sure my deposits were intact, and gave away as little profits as possible. The drawdowns on the profits were strictly controlled. You got to preserve your capitals for the times your trading system will bring you winning periods. I use Alpari MT4 Multiterminal for my accounts, and put an individual platform in a VPS for the sake of trailing stops (a risk management tool and a necessary evil). Let me conclude with this anonymous quote:

‘ I’d rather make $1 each day on a million trades than try to make $1 million on one trade.’’

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 12, 2010)
  • Mid-week Markets Update (May 5, 2010)
  • Trade Report (April 19 – 23, 2010)
  • Weekly Trade Report (May 10 – 14, 2010)
  • Tweaking Of My Strategy
  • ©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

    .