President elect announced his own stimulus or ” American Recovery and Reinvestment Plan”- the official name for the proposal. From what was revealed so far we can glean that it would include tax rebates for individuals and families, ranging from $500 to $1000. Unlike the last year stimulus package, this time around less taxes would be withheld from paychecks, in theory putting money in people’s hands sooner. Also included in this plan are measures to help small businesses, or rather reward the ones who increase hiring and spend money on new equipment. Mr Obama refuses to put a price tag on this plan, but some helpful souls already calculated the cost to be as much as $ 775 Billion.
Once again the issue of Federal Debt has been conveniently swept aside. At any rate, some market observers claim this proposal was behind strong Dollar gain against Euro today. Whatever the reason, this move provided me with my own stimulus, as the trades featured here recently came to conclusion, in a surprisingly rapid manner.
EUR-CAD simply fell like a rock putting me in a trade and reaching the target much faster than expected.
I passed on the original breach of my sell price at 1.6732 right after open( see last post) but few hours later price made another run down. This time order was placed at new low of 1.6720. About 8 hours later target of 1.6300 was reached for a very healthy 400+ pips gain.
My patience in following EUR-GBP also paid off.
Price moved higher after the open but just missed the sell order I had at 0.9650. Another sell set up was created around 0.9540, so I took it for 39 pips. Very shortly afte, the breakout order at 0.9445 pips was filled. This trade worked out as outlined in last post, reaching objective of 0.9310. These are good results for one day of action in EUR-GBP, at least for me.
I also decided to close AUD-JPY not long after open.
This netted 202 pips, short of initial target, but my NZD-JPY order just was filled, I was active in GBP-JPY long trades and had so many other other trades that decided to settle for a sure thing and take some money of the table. It doesn’t happen very often when virtually all my trades worked as planned. I hope this will set the tone for 2009.
EUR-GBP will be left alone for now, same for EUR-CAD. Tomorrow I’ll go over short term GBP-JPY trades and update any other remaining trade from previous posts, if warranted. I hope that all readers had a great start in this New Year.
Mike K.
My ill timed EUR-GBP trades are finally at about break even. I want to thank you for writing about this pair so much, because it kept me sane through this ordeal. Man, these were some great trades you came up with.
It’s good to hear your trades are getting better.
Hi Mike. You said you are leaving EUR-GBP alone for now. Do you think the move is over?
This move met my objectives. Now I have to wait for more price development to determin next course of actio. I still look for short trades and I’m not sure when my kind of set ups will be created on time frames of interest. Trading is in a large part a waiting game, until right situation presents itself.
Hello. My name is Heather. I have an interest in Forex trading and recently opened a training account. While searching the web for info I found this site and have been following it for about 2 weeks. Looks very easy what you are doing here, although I’m sure it is not. Are you using some special software to find these trades? How difficult is it to learn to trade like this?
Great job!
Hi Heather. Glad you like the blog. No, I don’t use any software to generate trades. These are discretionary trades, they are based on number of rules which are relatively fluid. It takes some time to develop a trading style. You shouldn’t expect to be making tons of money within days or weeks. Good luck to you!
Spledid, splendid. I had all my blokes read couple of last posts, so they can learn something. I’ll phone you tomorrow. Fine work,mate.
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Do you offer a course or a tutorial that describes your methods? I would be very much interested in purchasing this kind of material.
No, Heather, I don’t. I guess i could put something together, but I don’t know if there would a market for it. And I really don’t know much about sales and marketing. If enough people expressed an interest, then maybe, but right now I doubt it.