Live Trading – Week 2 – July 21 – 25, 2008

This week, only 2 of my regular pairs are looking good, so I decided to see if other pairs had any stronger trends… it looks like JPY looks is going to have a very strong week against every currency, so most of my trading this week is there. My goal for this week is $400 profit, although there is the potential that I could make $1,000+ if things go according to plan.

I should also point out that I am essentially “putting all my chips” on the JPY this week, which could either make me rich or ruin me. I feel confident enough that the risk is worth the potential reward. I am also trading 4 pairs with JPY in them, rather than just putting all my money into USDJPY, for example. This should also take away some of the risk, since not all of these pairs will perform exactly the same this week.

I’m so convinced of how JPY will perform this week that I actually made a thread on the babypips.com forum entitled “The Week of The JPY?

But anyway, on to this week’s trades…

All trades this week will be 2.10 lot size, increased due to the gain from last week. This increasing lot size as I continue to make gains is crucial in exponential compounding of my account value.

USDJPY 106.91 – Sell. T/P 104.90
CONFIDENCE: Strong
D- Up
4H- Down
15M- Down

EURJPY 169.37 – Sell. T/P 167.55.
CONFIDENCE: Strong
D – Mixed
4H- Down
15M – Down

AUDJPY 103.92 – Sell. T/P 102.00
CONFIDENCE: Strong
D- Down
4H – Down
15M – Down

GBPJPY 213.30 – Sell. T/P at 211.50 or 210.50. People are saying that as soon as this pair goes down some more, it’s going to hit a lower resistance and then ROCKET up… so I will be on alert for that.
CONFIDENCE: Normal
D- Mixed
4H- Down
15M – Down

USDCHF 1.0222 – Sell. T/P 1.0160 or 1.0058. Temporary, turning up soon.
CONFIDENCE: Weak
D- Up
4H- Down/Continuation
15M- Down

EURCHF 1.6193 – Sell. T/P 1.6090
CONFIDENCE: Normal
D- Mixed
4H- Sell
15M- Sell

Other notes:

EURGBP 0.7925, get ready to buy soon.

Not Currently Trading

EURUSD 1.5837 – Don’t trade
CONFIDENCE: Weak
D- Down
4H- Mixed
15M- Near bottom

USDCAD 1.0055 – Don’t trade
CONFIDENCE: Weak
D- Buy
4H- Mixed
15M- Sell

AUDUSD 0.9701 – Don’t trade. If sold, T/P would be 0.9543
CONFIDENCE: Weak
D- Down
4H- Near bottom
15M- Up

GBPUSD 1.9979 – Don’t trade. If sold, T/P would be 1.9490.
CONFIDENCE: Weak
D- Down
4H- Mixed
15M- Mixed

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~ by yarcofin on July 20, 2008.

3 Responses to “Live Trading – Week 2 – July 21 – 25, 2008”

  1. good lucky buddy u taking some serious trades here, if this works out i might have to start copying u. im in a similar situation i put 5000 grand live money in oanda, of course my trades are a little more conservative

  2. Uh oh, you’re trading Yen again — that can’t be good 😛

  3. Oh right, I forgot to mention (or forgot) that the Yen consistently screws me over.

    Or you’re just bad luck :P. Because at 7 am this morning I was down -$40. I come back 15 minutes later and I’m suddenly down -$450. Never seen it change that fast. Each Yen pair just randomly shot up 30 pips across the board.

    Now back to $400… $370.. $360…. must have been some big news event.

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