07/06/2010 Short CHF/JPY Trade [Close]

Trade: Short CHF/JPY
Open Price: 78.57
Take Profit: 76.30 (first TP, if price does go my way)
Stop Loss: 81.15

I'm closing this trade early with a loss. I guess I'll have to sharpen more on my analysis skill. Maybe the chart below makes more sense.















Result: -102

07/06/2010 Long EUR/CAD Trade [Close]

Trade: Long EUR/CAD
Open Price: 1.2736
Take Profit: 1.2990 (May be lower depending on price action)
Stop Loss: 1.2544

This is what you get for trading against the trend. It's really near my stop loss now and I feel that it's going to reach there.

Lesson learned? I hope so! Bad start for June. :|

Result: -192

Possible trades on Monday?

There are 2 trades that I may take on Monday. First is the CHF/JPY. Price has broken through the trendline and also the 79.00 area. But the stop loss may be too wide if I were to put it above that long candle. This time, if I'm taking this trade, I will try to trail it as far as possible that's if price does go my way.

The second pair I'm watching is the EUR/CAD. The reasons being, price has pierce through 1.2600 and the pin bar looks not too bad. It may be good for long but if I'm taking, I'll take it with extra caution since it's against the trend.

GBP/USD Observation

The GPB/USD pair may be good for short but i am going to pass on this one. Because:
1. NFP is coming out today although the predicted numbers in FF shows strength for USD.
2. There may be a hurdle at 1.4500


Just some thoughts. So for now, I'll just wait for the candle to close to see if there are any good setups.