Hello:

I simply decided to give you an update of the major movements on the markets and what I’m doing about them, on weekly basis. I trade 10 pairs. It’s amazing that most of us miss great movements from other pairs while we focus only on major currencies. All my analyses are based on hourly charts. I no longer compare timeframes as I used to do.

USDJPY

Trend: bullish

I had been on buy since last week. My trailing stop was hit with a profit when there was a minor pullback (it could have been the beginning of a major reversal!). But the USDJPY has resumed its journey up.

Order: Buy

Entry price: 93.766

Stop loss: 94.360 (moving)

Take profit: 96.126

Trailing stop: 62 pips

Exit at: 94.360

Status: Closed

EURUSD

Trend: Bearish

I missed the sell signal when my indicators shouted “Go shoot!’’ I was conducting training at that time. But there’ll always be opportunities next time. My RSI is oversold already. I’m waiting for a minor rally in the context of a downtrend before I enter. I don’t trade USDCHF because it’s only a reflection of what the EURUSD is doing. Sometimes too much knowledge can prevent you from taking a prompt action. But I’ve seen some virgins selling an oversold market. They may be right or they may be wrong. Who knows?

GBPUSD

Trend: Bearish

I also missed the sell signal. The RSI is in the oversold region. I’m whetting my sword so that I can enter after some retracement.

USDCAD

Trend: Bullish

I bought this pair yesterday, and I’m in a profitable trade. I’m trying to ride it, but my trailing stop could be hit at anytime.

Order: Buy

Entry price: 1.01384

Stop loss: 1.02090 (moving)

Take profit: 1.03723

Trailing stop: 74 pips

Status: Open (with 110 pips)

AUDUSD

Trend: Bearish

The greenback pummeled the Aussie very hard. It’s oversold on my chart. So I’m looking for a sell signal when there’s a rally.

EURGBP

Trend: Bearish

I’ll let the price retrace higher, then I’ll sell short. This pair has a different pip counting. But my RRR will pay off in the long run.

EURAUD

Trend: Bearish

There’s a kinda ranging movement in the context of a downtrend for now. But the bias remains to the downside.

Order: Sell

Entry price: 1.42876

Stop loss: 1.43668

Take profit: 1.40568

Trailing stop: Not yet

Status: Open (with 24 pips)

EURNZD

Trend: Bearish

NZD is stronger than EUR at this time, and I’m currently on a sell order.

Order: Sell

Entry price: 1.80535

Stop loss: 1.81346

Take profit: 1.78246

Trailing stop: Not yet

Status: Open (with 2 pips)

NZDUSD

Trend: Bullish

My Moving Average is telling me, ‘Hey chum, we’re still in the uptrend.’’ However my RSI is now in oversold region in the context of an uptrend. So as soon as the price snakes its way up, I’ll buy.

EURJPY

Trend: Bearish

I missed this great sell signal as well! But if you were lucky enough to see it early, you should be able to buy your lover something nice after this trade. I’m looking for another sell opportunity when the price moves higher.

Conclusion: You see, trading can be extremely simple and fun! But you need to control your emotions by risking very little and having a nice risk management technique. NFP is coming, but I’m indifferent to it. What I care for is my risk management. Whether NFP moves in my favor or against me isn’t my headache. I’ve seen many news items crazier than NFP and I’ve survived them or benefited from them. I trade only what I see. Prices always react to the unknown. I’ve seen EUR going down despite positive news from the Eurozone, and vice versa.

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.

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  • Tweaking Of My Strategy
  • Trade Report (April 5-9, 2010)
  • Trade Report (April 12 -16, 2010)
  • London Session Summary / Feb 27, 2008
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