October 3 - 8, 2010

We stick to the trade we have in hand, and let it play out. Expected range for tomorrow is 131.15 - 132.50 - so there is a good chance our stop may get hit.

Levaz

It appears that the GBP may rise some more in the next couple of days. This is bad news for our short. Your have two options - keep the trade as is and it will be stopped out at 132.50 OR take your profits now and close the trade. It is at 132.09 at this moment.

I have decided to bail out and take my small profit on this trade. Small because I took the other short at 131.50

I have the following trade for tonight:

GBPUSD long at 1.5770 SL 1.5680 TP 1.5925

You may not want to take the next one as it is also a USD trade.

EURUSD long at 1.3628 SL 1.3580 TP 1.3850

Levaz

Update - October 5 2010
GBPJPY was stopped out at 132.50 for a profit of 40 pips
If you took the second trade then the total position between both trades is -60 pips
If you got out early as mentioned in yesterdays post, then you should have got +60 pips profit.
We missed the EURUSD by 10 - 12 pips - too bad - was a nice entry!!
GBPUSD is doing well, peaked at 1.5913 and currently at 1.5874 - just over 100 pips.

Levaz wrote:GBPUSD long at 1.5770 SL 1.5680 TP 1.5925

The TP target was hit earlier today, so we have collected 155 pips on this one.

We will try to get in on a very low entry, it may just be possible yet again.

GBPUSD long at 1.5800 SL 1.5750 TP 1.6000

You may want to see if you need to adjust the entry to 1.5850, as there is decent support there as well.

Levaz

Update -Oct 6 - My order at 1.5845 has been picked up. The pair came as low as 1.5832. There is still a good chance that the orders at 1.5800 will be picked up later today. If that does happen, I will close my 1.5845 order for a small profit (10 - 20 pips) and leave the 1.5800 in play.

Levaz wrote:GBPUSD long at 1.5800 SL 1.5750 TP 1.6000

The order still stands as is.
I have move my SL to 1.5850 with my entry at 1.5845, for any of you that have used the aggressive entry.

I have another order placed for tonight.

CADJPY long at 81.80 SL 81.50 TP 84.00

I entered the trade at 82.00 as I was a bit impatient. So anywhere in between should be good.
The risk to reward is excellent, and you can actually allow up to 80.40 for your Stop loss as that is the recent low on the daily.

Levaz

Levaz wrote:GBPUSD long at 1.5800 SL 1.5750 TP 1.6000

The order still stands as is.

CADJPY long at 81.80 SL 81.50 TP 84.00

Sorry about this one guys, looks like most of the market was over bought, and our order was simply badly timed.

We will stay out of the market for tomorrow. The NFP is out tomorrow along with several other economic data streams form both US and Canada. FYI, most indicators show USD strength, but that could only mean a good place to buy other currencies on the lows. We will not know till after the results and ensuing market reaction.

Levaz