“My trading results are my responsibility and they are the consequences of my beliefs, my thoughts, and my actions.” – R.J. Hixson

Hello:

 The Foreign Exchange market, being the largest market in existence, and dwarfing all other global stock, commodity and derivative markets combined, offers peerless trading opportunities for interested ones the world over. Moreover, its innate risk can only be curbed by truncating losses and giving profits some leeway. This is what really smart traders ought to do. One isn’t smart by sticking to losing trades. The more period speculators use creating impressions that they know the future, the more they’d be reluctant to close losing trades. This often leads to emotional commitment which is extremely dicey and of sticking to the decision to ride losing trades to the end. Chances merely amplify the uncertainties of tomorrow as the issue of increase or decrease of portfolios thus turns into elementary matter of saving one’s face, with pecuniary contemplation relegated to the background. As proven by the time and history, this eventually leads to cataclysmic and irreparable drawdowns.

 Below is the summary of some of my trading activities this week.

 AUDUSD

Primary Trend: Bearish

This pair has failed to gain any noteworthy bullish momentum since last week. It’s unlikely that there would be any sustained rise in price. I’d be looking for an opportunity to short this pair.

 

NZDUSD

Primary trend: Bullish

My long position is still open. The NZD has been rising slowly but steadily, being a very strong currency at the moment. It’s getting difficult for its counterparts to gain any strength against it. If the factors that contribute to the strength of the NZD continue, even a correction in the market would only lead to a stratospheric rise.

Order: Buy

Entry date: May 30, 2011

Entry price: 0.8156

Stop loss: 0.8156

Trailing stop: N/A

Take profit: 0.8758

Exit date: N/A

Exit price: N/A

Status: Open

Profit/loss: 100 pips

EURCAD

Primary trend: Bullish

This market has been rising steadily since last week, and this was expected to continue. But the bullish journey was stalled when the Euro was eventually weakened. My long order reached a breakeven.

Order: Buy

Entry date: June 3, 2011

Entry price: 1.4158

Stop loss: 1.4058

Trailing stop: 1.4158

Take profit: 1.4747

Exit date: June 9, 2011

Exit price: 1.4158

Status: Closed

Profit/loss: 0 pips (breakeven)

EURAUD

Primary trend: Bullish

The stronger Euro is also visible on this instrument – it may even be the beginning of a sustained bullish trend. If the Aussie continues its present lack of stamina, the bulls would only continue reigning. The bull market starts where the bear market ends.

EURNZD

Primary trend: Bearish

On this cross, there was a bullish correction in the midst of a downtrend, followed by some ranging movement earlier this week, before a sharp sell-off that occurred later this week. This shows that the strength of the Euro couldn’t withstand the strength of the NZ

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