Trader123's trading ideas - Page 6

trader123 · 07-10-2008, 06:53 AM

1. High yield currencies are back in favour. AUD/USD and NZD/USD have rebounded since yesterday night.

This morning correction for NZD/USD is an opportunity to buy in my view.

Bought 50,000 NZD/USD at 0.7578
Stop level at 0.7535
Target level at 0.7610

2. EURJPY is still trading in a triangle range. Currently it is near to the bottom of the triangle.

Bought 50,000 EURJPY at 168.18
Stop level at 167.72
Target level at 168.70

trader123 · 07-10-2008, 09:11 AM

Quote:

Originally Posted by trader123

2. EURJPY is still trading in a triangle range. Currently it is near to the bottom of the triangle.

Bought 50,000 EURJPY at 168.18
Stop level at 167.72
Target level at 168.70

EURJPY went above 168.70, so my position is sold at a profit. Profit is US$242.27.

Chart: Forex and Binary Trading: Bought 50,000 EURJPY at 168.18 (Closed)

trader123 · 07-10-2008, 02:58 PM

USDJPY advanced before Federal Reserve Chairman and Treasury Secretary testify before the congress on regulation of markets.

USDJPY is still trading in an uptrend.

Bought USDJPY at 107.24
Stop level at 106.60
Target level at 107.66

trader123 · 07-11-2008, 03:20 PM

EURJPY is back into the triangle range, so there is a high chance of rebounding back up towards 169.40 level.

Bought 50,000 EURJPY at 168.53
Stop level at 167.80
Target level at 169.14

Chart: Forex and Binary Trading: EURJPY is back into range

trader123 · 07-12-2008, 03:30 AM

Quote:

Originally Posted by trader123

EURJPY is back into the triangle range, so there is a high chance of rebounding back up towards 169.40 level.

Bought 50,000 EURJPY at 168.53
Stop level at 167.80
Target level at 169.14

Chart: Forex and Binary Trading: EURJPY is back into range

This morning when I woke up, I saw that the target level was reached and position was closed. Profit is US$296.02.

Indeed EURJPY had moved back up into the range.

trader123 · 07-14-2008, 04:36 AM

Often at the start of a new week, I will analyse what is the direction of USD and stock market. This is because this will affect all the major currencies and JPY currency pairs.

My view for this week is that USD will continue to weaken due to more fear in the US financial sector and stock market should remain week as there is no catalyst for it to rebound.

To tap on USD weakness, I had bought AUD/USD. In my view, AUD continues to remain the high yield currency with the strongest fundamental.

Bought 100,000 AUD/USD at 0.9686
Stop level at 0.9590
Target level at 0.9782

Chart: Forex and Binary Trading: Tap on US Dollar weakness this week

trader123 · 07-14-2008, 02:09 PM

Tomorrow there are some data announcements, namely:

Producer Price Index
Advance Retail Sales
Empire Manufacturing
Economic Optimism
Bernake Report on Economy and Fed Policy
Business Inventories

So we expect great volatility in the foreign exchange market. Hence it will be a good opportunity to buy OUT to tap on this volatility.

Usually I like to buy OUT for USD/CHF or USD/CAD because volatility of those currency pairs are pretty small, so cost of options will be cheaper to buy.

Trading platform: MANSION118

Platform image: Forex and Binary Trading: Tomorrow is a good day to trade volatility

trader123 · 07-14-2008, 02:45 PM

Quote:

Originally Posted by trader123

Often at the start of a new week, I will analyse what is the direction of USD and stock market. This is because this will affect all the major currencies and JPY currency pairs.

My view for this week is that USD will continue to weaken due to more fear in the US financial sector and stock market should remain week as there is no catalyst for it to rebound.

To tap on USD weakness, I had bought AUD/USD. In my view, AUD continues to remain the high yield currency with the strongest fundamental.

Bought 100,000 AUD/USD at 0.9686
Stop level at 0.9590
Target level at 0.9782

Chart: Forex and Binary Trading: Tap on US Dollar weakness this week

Strong resistance at 0.9742, so I decide to take profit first. Sold at 0.9706, profit is US$200.

trader123 · 07-15-2008, 07:28 AM

US Treasury Henry Paulson said US government agencies will provide liquidity and capital support to Freddie Mac and Fannie Mae. This signals to me that they will need to print more money. Hence USD will continue to go weaker and precious metals will rise.

Bought 1 lot of silver at 19.14
Stop level at 18.60
Target level at 20.00
Value of 1 point is US$1000

trader123 · 07-15-2008, 05:47 PM

Oil prices tumbled Tuesday as U.S. stocks sold off amid worries about the nation's economic health. Prices dropped more than $10 a barrel from their highest point of the day. At midday, light, sweet crude fell $6.27 to $138.91 in an extremely volatile session.

I think this is a good opportunity to buy oil after the huge drop within a very short period of time. In my view the drop is not due to fundamental, it is market overreacting to Ben Bernanke's speech.

Bought 1 lot of supermini oil at 138.56
Stop level at 134.50
Target level at 144.10
Value of 1 point is US$100

Chart: Oil Trading: Oil prices plunge more than $10 a barrel