Trader123's trading ideas - Page 8

trader123 · 07-21-2008, 10:48 AM

There are 2 main drivers for precious metals: rising oil price and falling USD. Today oil price has rebounded after falling $17 last week and USD has continued to depreciate. Hence this is a perfect setup for precious metals to rise higher.

On the chart, middle band of bollinger had supported silver price. I believe silver price is going to move higher from here.

Bought 1 lot of Silver at 18.40
Stop level at 17.98
Target level at 18.80

trader123 · 07-21-2008, 11:54 AM

Though I am very bearish on US dollar, there are times which market think that USD is oversold and wants to buy them, and there are times which market think that USD will weaken further so market sells them.

I think this week we will see US Dollar weakness. To tap on US Dollar weakness, I like to buy the high yield currencies and sell US Dollar.

We are likely to see AUDUSD reaching parity over the next few months.

Bought 100,000 AUDUSD at 0.9765
Stop level at 0.9690
Target level at 0.9830

trader123 · 07-23-2008, 02:00 PM

Quote:

Originally Posted by trader123

There are 2 main drivers for precious metals: rising oil price and falling USD. Today oil price has rebounded after falling $17 last week and USD has continued to depreciate. Hence this is a perfect setup for precious metals to rise higher.

On the chart, middle band of bollinger had supported silver price. I believe silver price is going to move higher from here.

Bought 1 lot of Silver at 18.40
Stop level at 17.98
Target level at 18.80

I had bought 1 lot of Silver at 18.40, stop level at 17.98, target level at 18.80.

Stop was triggered, loss is US$420.35.

Michael Steinhart
“Good trading is a peculiar balance between the conviction to follow your idea and the flexibility to recognize when you have made a mistake. All great traders are seekers of truth. The markets are always changing, and the successful trader needs to adapt to these changes.”

trader123 · 07-28-2008, 04:18 AM

GBPUSD has buy signal on the daily chart.
Hourly chart is pointing up as well.

Bought 50,000 GBPUSD at 1.9901
Stop level at 1.9862
Target level at 1.9941

Chart: Forex and Binary Trading: Bought 50,000 GBPUSD at 1.9901

trader123 · 07-29-2008, 05:57 AM

EURGBP is trading in an uptrend channel, currently at the bottom of the channel.

Bought 50,000 EURGBP at 0.7902
Stop level at 0.7875
Target level at 0.7928

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trader123 · 07-29-2008, 09:47 AM

USDCHF maintains its downtrend channel, Daily stochastics is pointing down as well.

Better than expected consumption indicator is providing some strength for Swiss Franc.

Shorted USDCHF at 1.0324
Stop level at 1.0366
Target level at 1.0250

Chart: Forex and Binary Trading: USDCHF maintains its downtrend channel

trader123 · 07-30-2008, 10:24 AM

Quote:

Originally Posted by trader123

USDCHF maintains its downtrend channel, Daily stochastics is pointing down as well.

Better than expected consumption indicator is providing some strength for Swiss Franc.

Shorted USDCHF at 1.0324
Stop level at 1.0366
Target level at 1.0250

Chart: Forex and Binary Trading: USDCHF maintains its downtrend channel

Stop triggered. Loss is US$202.59.

I got stopped out in my USDCHF position, but my indicators and charting still shows that USDCHF deserves to go lower.

Shorted 50,000 USDCHF at 1.0447
Stop level at 1.0492
Target level at 1.0320

trader123 · 07-31-2008, 11:38 AM

Three reasons to be bearish on USDCAD

1. Previously USDCAD is up because oil price is falling. Now oil price has rebounded, this should strengthen CAD and push USDCAD lower.

2. Resistance is formed at 1.0300.

3. Daily stochastic is showing sell signal.

Shorted 20,000 USDCAD at 1.0236
Stop level at 1.0314
Target level at 1.0114

Chart: Forex and Binary Trading: Three Reasons to be Bearish on USDCAD

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trader123 · 08-01-2008, 02:55 PM

EURGBP should continue to trade sideways

European data has turned downturn, UK data has continued to be weak, so EURGBP should continue to trade in range.

Daily stochastics is pointing up for EURGBP.

Bought 20,000 EURGBP at 0.7878
Stop level at 0.7820
Target level at 0.7950

Chart: Forex and Binary Trading: EURGBP should continue to trade sideways

trader123 · 08-04-2008, 09:58 AM

EURGBP strongly rebounds

U.K. pound fell against the euro for a third day and dropped versus the dollar.

The pound had its biggest weekly drop against the dollar last week since mid-June as manufacturing business shrank by the most in a decade, adding to evidence a recession is looming.

The faltering economy will weaken the pound to $1.90 and to 80 pence per euro by year-end, according to the median forecast of analysts and strategists surveyed by Bloomberg. The yield on the 10-year note will end the year at 4.87 percent, according to a separate survey.

Last Friday I had bought 20,000 EURGBP at 0.7878, stop level at 0.7820, target level at 0.7950. Current rate is 0.7916, unrealised profit is US$141.48.

Chart: Forex and Binary Trading: EURGBP strongly rebounds

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