Answer by Dave Hughe: An exchange rate is the value of one currency converted into another. In an exchange rate, there are always two components: a base currency and a counter currency. An exchange rate can be quoted directly, when the foreign currency is the base currency and the domestic currency is the counter currency … [Read more…]
We bought AUDUSD at 0.9382 with a Stoop-Loss at 0.9339. Unfortunately this trade did not go anywhere and hit the stop at night. The total loss from this trade is -129 pips.
The current market conditions are still very challenging. The total profit for this week is +218 pips. The up to date results since the start of this blog are as follows: Week 1: +231 pips Week 2: – 19 pips Week 3: +415 pips Week 4: +366 pips Week 5: +137 pips Week 6: +150 … [Read more…]
There was just one trade today, which was a news based trade in USDCAD (see the previous posts). The trade resulted in +20+37+58 = +115 pips. See the chart below:
Our trailing stop at 1.0899 has been hit and we are out of the trade with a nice profit. Let’s call it a week and enjoy our weekend:
Today we traded the release of employment data by Statistics Canada. The signal was to bracket the USDCAD price range: Both profit targets were reached. The price went all the way up to 1.0898. We are still holding the 3rd unit and will see whether the price will penetrated the 1.0900 resistance.
We got the opportunity to make a double profit on EURUSD today. As the price went up, we went long at 1.3956. Both price targets were reached for a total profit of +50 pips. The stop-loss order for the 3rd unit has been set at the break even price and it was hit later. Then, … [Read more…]
Today there were 2 signals issued for trading the news: GBPUSD and EURUSD (see below)
Today was another dull day in the market. There were no trades taken. Most currency pairs chalked up inside days on their charts as the market is waiting for important news releases tomorrow.
Answer by Dave Hughe: Traders make money on price moves. They either buy low and sell high or sell high and buy low in the case of short selling. If there is no price move there is no money to be made. As simple as that. The direction of the move is not important but … [Read more…]