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Monday, June 16, 2008

Stocks trading, Forex Trading ( Currency Trading ), Summary of June 16 2008

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Stocks trading, Forex Trading ( Currency Trading ), Summary of June 16 2008

Dear readers,

I have traded today Nasdaq 100 (via options on the stock QQQQ), Forex ( currencies ) Pairs EUR/USD and EUR/JPY. I was a profitable day, but the moves were not big, so I can not complain if the market did not move large enough. Here is a summary (I am uploading charts in a few minutes from now).

1. EUR/USD: The trade was profitable for all trades entered into. I took profits few moments ago and left one part of the position. You will also be able to see that I could not enter all position as the price stopped going up before the area of the top that was estimated. It is a good trade even if I did not enter a full position. No problem there. EUR/USD topped a little over 1.55, and my estimates of top was a few pips higher at 1.5513. Read my earlier post to find out the enteries, and rationale. I am leaving one pience which is now making 35 PIPS.

2. EUR/JPY: Similar to EUR/USD, the prediction that the top will be less than 166.67 was right. It stopped in that area, but not all my sell orders were entered into. But it also made a good amount of pips. I took profits, and left one piece in case of a down move. The piece I left is now making 20 pips.

3. The last entry to short the QQQQs was made at 1.43PM when NDX was at 1991 (please read the posts of earlier today). At that point I had already locked 7 NDX points (no much, but better than losses). After than point everything was good. I covered half of what I sold short at 1.43PM when NDX made a trip down to 1982 (another (NDX points), and left the rest for afterhours. The QQQQs are down to 48.60 area in other hours trading.

I also want you to compared where I shorted the QQQQs / NDX and what happened afterwards. It is important to understand that in trading the most important thing is to minimize losses. So if I can enter a trade and it goes my way immediately, I am in fact having a risk free trade, even if later the price takes me out with a small or a little gain.

In summary, we sold in area of tops ( for all three components). I did not want to play the QQQQs on the long side as it is in my view risky to play the market on the short side. Note that only the Nasdaq finished up, and you should be doubtful of that. The reason for it, and I will conver it in a later article.

UPDATE (8:53PM):

1. I put a stop to guarantee gains on EUR/USD. Current stop is at 1.54821. If I am stopped the gains will be about 20 pips, BUT be careful on WHEN and WHERE to short it. The strong seller are now NOT in 1.5513 area, but higher in 1.5525 to 1.5530 area. And it has to to show weakness before shorting. I will check it out later this evening or before going to bed.

2. EUR/JPY strong sellers are now in area of 167.80. That is my current area of shorting this pair. I am considering to take the 20 PIPS off is it is not moving down.

UPDATE (8:56PM):

I just took the profits on EUR/JPY in area of 167.45. I plan to short it as indicated in latest point 2 above.

Happy trading,

PS: Do not be shy to email me. I like to share, and would be happy to exchange with you. My email address is (you can send an empty email, it is fine):

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Happy trading,


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