AUDJPY Long Trade
This is the long term trade that I place on the AUDJPY. The main trend is up and it’s very strong, so I went long and hope to keep this position open for a long time. This way I can collect lots of rollover commission and any profits I make.
EURAUD Short Trade
This is the second trade I opened short on the EURAUD. The main trend is down and it has been for a long time. This trade could make a lot of money if the trend continues down and the position collects a lot of rollover.
I’ve only had these trades open for 3 days and I’ve already collected 2 & 3 dollars of rollover profit. This is the wonderful thing about trading this strategy. You make money on your trades in two different ways!
I will continue to trade my regular strategy on my time off but for the time while I’m working this is the only thing I have time to take care of. Happy Trading guys and gals!
I recently got a new job and have been working everyday. My schedule is 28 days straight working 12 hour shifts. I haven’t had any time to trade or to do much of anything for that matter. So I had to go back to the drawing board and rethink my strategy. I come up with an even longer term strategy that will help me to leave trades for a long time and not have to worry about looking for entry’s everyday.
In the end the best long term trading strategy in my eyes was the carry trade. In these trades you earn money in two ways. You first get any profits made in the movement of price, and secondly you make interest on your open position every day!
The key to this system is to find a trend in a pair with a high and low interest rate. Then you want to buy the pair with the higher interest rate, this allows you to make rollover interest everyday.
I am currently short on the EURAUD, and long on the AUDJPY. The Australian dollar has a high interest rate making it a good currency to buy.
Hopefully nobody is disappointed by this turn of events. I really like my new job if that’s any constalation. Happy Trading folks, I will post some pictures of my positions tommorow. I will also be trading my price action strategy on my time off with regular updates as usual.
Posted in Forex
Tagged trade stategy
Feb 02 Exited AUDNZD
I exited this trade yesterday because of that spinning top. Now check out what it looks like today. That is why You Should ALWAYS Stick To Your Trading Plan! I almost always do and this is why.
Feb 02 Stupid Me AUDNZD
See look at this, price come up almost to my take profit. Should have stuck to my trading plan. I did end up making a small profit on this trade still. Nothing close to what I should have.
Jan 31 AUDNZD Entry
AUDNZD formed a nice morning star with a pin bar. This is usually a high probability setup so I entered right away. Stop is below the pin and Take Profit is up at the high.
Jan 31 AUDUSD Ready For Breakout
As you can see in this picture the AUDUSD is stuck in a tight range and price is getting funneled in. When price chooses a direction I might jump in on this pair. The AUDUSD can make some large moves so I am looking forward to a strong breakout.
Jan 31 AUDNZD Forming Morning Star
First of all, as you can see I have changed the appearance of my charts a lot. I’ve done this for two reasons, it takes a lot less ink to print a chart without a black background, and it seems a lot cleaner looking with the white background.
O.K. the AUDNZD is forming a nice morning star pattern right on a monthly support line. If the current bar closes above the half way mark of the last bearish candle then I will probably enter this trade. It’s really close to the weekly pivot which isn’t my favorite circumstance but this is a very reliable entry signal. At the daily close we will have to see how this pair is looking and maybe open a trade.
The NZDUSD is still open and is in a small loss but I have lots of faith in this trade. Last week was pretty rough with one small win and 2 losses. I’m hoping things work out in my favor this week. This is a highly reliable trading strategy so as long as I stick to my guns then my trading account can only grow.
Jan 30 Re-Enterd NZDUSD
Just re-entered the NZDUSD short, hopefully it goes in my favor this time. I have some friends over so I have to keep this short. Stop above pin, T.P. at support, that is all.
Jan 28 NZDUSD Hit Stop Loss
The NZDUSD formed a large pin bar today and just barely took out my stop loss. I’m glad I only risked 1% on this trade. I will probably enter this pair short again on Monday, as long as I make it home from work before price takes off. I’m pretty disappointed this trade was stopped out, I’m pretty sure its going to head down I just didn’t give it enough room to breath. Anyways I probably won’t update tomorrow, so I’ll see you guys on Monday.
I just closed the AUDNZD trade, it was only a couple pips away from the take profit, you can’t be greedy in this market.
Jan 27 NZDUSD Entry
I just entered this trade on the NZDUSD, stop loss is at the previous high and the take profit is at the last low. Nice hanging man pin formed at resistance and trend line resistance. Should go in my favor lets wait and find out.