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Tuesday, August 25, 2009

USD/CAD Forcast

I am expeccting a pull-back of the USD against the CAD from their current rally of 1.08500. The pull back is part of a fibanocci wave pattern that suggests it will retract before resuming it's up-trend to the 1.10 area. I have placed an order to sell 2 units of USD/CAD at 1.08600. Here are the further details of the trade:

USD/CAD
Sell 2 units at 1.08600, SL=1.09, TP=108.20
Risk: 27 pips, $250/$25
Reward: tba

From the Desk of:
Aaron Reid

Tuesday, August 18, 2009

EUR/USD Trade Strategy

For those night hawks, I am still tracing the EUR/USD count and have just placed the following trade. FYI: The wave count from the previous trade looked like it could have been part of a larger wave correction, and protecting profits is not a bad strategy when another entry point when the direction the market is going to take begins to reveal itself.

EUR/USD
Sell one unit at 1.41400, SL=1.41600, TP=1.40
Risk: 25 pips
Reward: 140 pips

From the Desk of
Aaron Reid

Monday, August 17, 2009

Weekly Evaluation August 9 to August 14, 209

BDI TRADE EVALUATION: WEEK COMMENCING AUGUST 9, 2009

WEEKLY PIP TOTAL: -288
WEEKLY REALIZED GAINS: ($3100)/($310)

CUMULATIVE PIP TOTAL: -145
CUMULATIVE REALIZED GAINS: ($2600)/($260)

EUR/CHF
Invalid
Closed the order to buy 2 units at 1.5187 and 1.5170, entry prices never reached
Result: NA

USD/CAD
Closed
Sold 3 units at 107.350, 108.440, 108.440
Result: -200 pips, ($2080)/($208)

AUD/NZD
Invalid
Placed order to buy 2 units at 1.2346, 1.2320, pattern became invalid
Result: NA

AUD/CHF
Invalid
Placed order to buy 2 units at 88.45 and 88.35, entry prices never reached
Result: NA

GBP/USD
Closed
Sold 1 unit at 1.65750
Result: +100 pips, $1000/$100

EUR/USD
Closed
Sold 1 unit at 1.4175, second unit entry price not reached
Result: +61 pips, $610/$61

GBP/USD
Closed
Sold 1 unit @ 1.67010
Result: -75 pips, ($750/$75)

USD/CAD
Open Position
Buy 2 units @ 1.08475
Result: TBA

USD/JPY
Closed
Buy 2 units 97.100 and 96.600
Result: -120 pips ($1330)/($133)

EUR/USD
Closed
Buy 1 unit @1.41140
Result: +11 pips, $110/$11

NZD/JPY
Order Pending
Placed order to sell 3 units @ 67.260, 67.550, 68.00, pattern still valid
Result: TBA

EUR/USD
Closed
Sold 2 units @ 1.41590
Result: +2 pips, $20/$2

USD/JPY
Closed
Sold 1 unit @95.704
Result: -40 pips, ($400)/($40)

USD/JPY
Closed
Buy 1 unit @ 95.778
Result: -4 pips, ($50)/($5)

EUR/USD
Closed
Sold 2 units at 1.42 and 1.43
Result: -38 pips ($380)/($38)

USD/CAD
Open Position
Sold 3 units at 1.0880
Result: TBA

EUR/USD
closed
Sold 2 units at 1.42800 and 1.43
Result: +15 pips, $150/$15

EUR/USD
Open Position
Sold 3 units at 1.42400
Result: TBA

USD/JPY
Open Position
Sold 2 units @94.650
Result: TBA



Please note that all pip gains/losses and realized profits/losses are estimates and may not be exact.


From the Desk of
Aaron Reid

Thursday, August 13, 2009

EUR/USD Gone Flat

Hi Traders,

Sorry I haven't been able to add much commentary to my most recent posts. I have been posting more trades than usually and have been busy with the research and tracking them. Most recently, I abandoned my EUR/USD position with a 38 pip loss. I am looking for the best entry point for a considerable move down in the pair but I am not comfortable with our entry point given the poor US economic data this morning. Will keep you posted.

For the most timely updates, follow me on twitter!

From the Desk of
Aaron Reid

EUR/USD Trade Alert

To quickly update you, I made the following trade today:

EUR/USD
Sell 1 unit at current levels @ 1.42, SL=1.43800, TP=1.4080
Ordered 1 more unit at 1.43, SL=1.4380, TP=1.40500
Risk: 177 pips, ($1770/$177)
Reward: 123 pips, ($1230/$123)

From the Desk of
Aaron Reid

USD/JPY Strength Expected

A quick trade update:

USD/JPY
Bought 1 unit @ 95.778, SL=95.100, TP=98.950
Risk: 67 pips ($710/$71)
Reward: 318 pips, $3300/$330

Monday, August 10, 2009

NZD/JPY Bearish Butterfly Potentially in Progress

A bearish Butterfly pattern may be emerging in the NZD/JPY pair. As a long-term trade I am ordering the following trades should the entry prices be reached:

NZD/JPY
Sell 1 unit @ 67.260, SL= 68.30, TP=63.84
Sell 1 unit @ 67.550, SL= 68.30, TP=63.84
Sell 1 unit @ 68.000, SL=68.30, TP=61.30

As mentioned this is a longer-term trade which will be invalidated should the price fall below 56.86 before reaching the entry price. Also, the trade is more likely to become invalid if the pair shows gaps or longer-than-average candles (2 to 3 times longer). These are indicators that the pair may be moving to 70.5 or beyond to the 73.5/74 range.

I will post if I cancel the trade.

From the Desk of
Aaron Reid

Fibonacci Wave Analysis on EUR/USD

Taking advantage of a wave analysis suggesting that EUR could rebound somewhat from current levels. I am trading to take advantage of that. I have abandoned the open and active EUR/USD position at a 63 pip gain and re-entering as follows:

EUR/USD
Buy 1 unit @1.41140 with a SL=1.4088, TP=open
Risk: 30 pips, $300/$30
Reward: open

From the Desk of
Aaron Reid

USD Expected to Strengthen with Poor Cdn. Data

Disappointing economic data is currently plaguing the Canadian dollar and the USD may be digging itself out of it's hole. Even with the Trade Balance due out later this week, the data isn't expected to be able to knock the wind out of the sails of the USD for long, even if it's better than expected. Below is my trading strategy for the pair, and I may be looking to add to the position as this weeks data is released.

USD/CAD
Buy 2 units @ 1.08475, SL=1.0800, TP= open
Risk: 48 pips, $880/$88
Reward: open

From the Desk of
Aaron Reid

Dollar Strength to Take Toll on EUR

The Dollar has benefited from the better than expected NFP last week, and the sell off is expected to continue, potentially to the lows seen in mid-July (the low 1.38 range). In the longer term the EUR is expected to recover unless the GDP falls more than 1%, due out later this week. Here is the strategy I am taking to take advantage of the remaining strength of the EUR before this trend reverses:

EUR/USD
Sell 1 unit @ 1.4175, SL= 1.42790, TP=1.3900
Risk: 100 pips, $1000/$100
Reward: 275 pips, $2750/$275

May look to add to position later and will keep you posted on twitter.

From the Desk of
Aaron Reid

USD Short-term Strength against the Pound

The GBP has lost significant ground against the USD with the NFP report that came out last week, but further sell-off is expected. We could see it drop up to 4 or even 5%. I am going to take advantage of the USD strength with the following trade:

Sell 1 unit GBP/USD @ 1.65750, SL= 1.66500, TP=1.64825
Risk: 75 pips, $750/$75
Reward: 100 pips, $1000/$100

From the Desk of
Aaron Reid

Friday, August 7, 2009

Forex Week in Review August 2 to August 7, 2009

BDI TRADE EVALUATION: WEEK COMMENCING AUGUST 2, 2009

WEEKLY PIP TOTAL: +143 pips
WEEKLY REALIZED GAINS: +$500/+$50


USD/CAD
Closed
Sold 1 unit @ 1.0770, SL=1.08, TP=1.0685
Second unit ordered for 1.0780 not filled.
Result: +85 pips, $810/$81

USD/JPY
Invalid
Placed an order to sell at 95.50 and 95.80, entry price never reached.
Result: NA

USD/CAD
Closed
Sold 2 units @ 1.6880, SL=1.07310, TP=105.980/open
Result: -40 pips, ($940)/($94)

USD/JPY
Invalid
Place order to sell 1 unit each at 96.300 and 96.500, entry prices never reached.
Result: NA

GBP/USD
Invalid
Placed order to sell 1 unit each at 1.70350/1.70400, entry prices never reached.
Result: NA

EUR/CHF
Order Pending
Placed order to buy 1 unit each at 1.5187/1.5170, not yet filled, still valid.
Result: TBA

GBP/AUD
Closed
Sold 1 unit @ 2.0210, SL=2.0267, TP=2.0117
Second unit ordered for 2.0250 not filled.
Result: +130 pips, $1200/$120

USD/CAD
Open Position
Sold 1 unit at 1.07350, SL=1.0881, TP=1.0635
Sold 2 units at 108.44, SL=1.0881, TP=1.0635/open
Result: TBA

USD/CHF
Closed
Sold 2 unit @ 1.0675/1.0690, SL=1.0726, TP=1.0540
Result: -51 pips/-95 pips, [($280/$28)]/[($480/$48)]

AUD/CHF
Order Pending
To buy 2 units at 0.8845/0.8835, not yet filled, still valid.
Result: TBA

AUD/NZD
Closed
Sold 1 unit @ 1.25200, SL=1.25900, TP=124.00
Second unit order for 1.25600 not filled, price not reached.
Result: +73 pips, $490/$49

AUD/NZD
Order Pending
To buy 1 unit at 1.2346/1.2320, not yet filled, still valid.
Result: TBA

AUD/USD
Closed
Bought 1 unit @0.8400, SL=0.8375, TP=open
Result: -30 pips, ($300)/($30)


Please note that all pip gains/losses and realized profits/losses are estimates and may not be exact.


From the Desk of
Aaron Reid

AUD/NZD Buy Alert

The emerging AUD/NZD pattern I've been tracking is still valid. It is not unlikely that the Fibanacci retracement extend to the lows seen July 21. If this happens, it would also be forming a potential double bottom. I have already place the following orders:

AUD/NZD
Buy 1 unit at 1.2346 with a stop loss of 1.2290 and take profit target of 1.2423
Buy 1 unit at 1.23.20 with the same stop loss, and a take profit of 1.2484
Risk: 56 pips on the first unit, 30 on the second unit
Reward: 77 pips, and 164 pips

I am placing the order to be good until EOD (End of Day). The trade will become invalid if the price reaches 1.2590, or if it comes within 20 pips of our entry price before reaching our first target price of 1.2423. If my order expires at the end of the day without these negating conditions being met, it is likely I will place the order again over the weekend should the pattern still be valid. I will certainly post if that is the case.

From the Desk of
Aaron Reid

Thursday, August 6, 2009

AUD/NZD

Made a quick trade here and wanted to keep you posted.

I just went short (Sold) a unit of AUD/NZD at a price of 125.200. I placed the stop loss at 125.90 with a take profit target of 124.00. Second unit will be sold if the price reaches 125.600 with the same target and stops.

Risk: 73 pips
Reward: 117 pips

From the Desk of
Aaron Reid

AUD/CHF

Hi,

Lots on the go tonight. Here is another trade recommendation for you:

AUD/CHF
Buy 2 units at 0.8845 with a stop loss of 0.8812
Take profit at 0.8890 and 0.8925.
Risk: 33 pips on first unit, 23 pips on second unit
Reward: 45 pips on first unit, 90 pips on second unit.

From the Desk of
Aaron Reid

USD/CHF Poised to Move Downward

Hi Traders,

Looking at a USD/CHF trade that is nicely set up. We are getting close to the entry point, and we are looking for a possible collapse.

USD/CHF
Sell 2 units at 1.0675 with a stop loss of 1.0726. Initial take profit on the first unit is 1.0540, and the second is 1.0440.

From the Desk of
Aaron Reid

Taking Advantage of Remaining USD/JPY Strength

Hi Traders,

I am placing an order to sell a couple of units of USD/JPY should the price squeeze a bit higher.

USD/JPY
Sell 1 unit at 96.300, stop loss at 96.720, take profit at 95.73
Sell 1 unit at 96.500, stop loss at 96.720, take profit at 95.25
Risk: 42 pips, 22 pips
Reward: 57 pips, 123 pips

ALSO! Please note that twitter is down! I've been trying to post my updates on twitter but I've been having trouble. Hopefully they will get the problem rectified soon.

From the Desk of
Aaron Reid

Looking for EUR/CHF Entry Point

Hi Traders,

EUR/CHF has been climbing fairly steadily, but I am looking for an entry point. I may be away from my computer for the afternoon, so I am placing an order to buy-in if the price once again becomes attractive enough. Here are the details of the order, good until cancelled, so I'll keep you posted if I cancel it.

EUR/CHF
Buy 1 unit at 1.5185 with a Stop Loss at 1.5151 and a Take Profit at 1.5230
Buy 1 unit at 1.5170 with a Stop loss at 1.5151 and a take profit at 152.62
Risk: 36 pips and 19 pips
Reward: 43 pips and 92 pips

From the Desk of
Aaron Reid

Wednesday, August 5, 2009

USD/CAD Adding to Position

Hi Traders,

If you traded USD/CAD this morning you will have closed at our take profit point and enjoyed a nice +85 pips, but we did not reach our entry price for our second unit. I am now looking add to the trade as the down-trend is still in our favor unless it pops up over 107.20. The stop loss is reasonably tight here, so I am going 2 units, but trade 1 unit if you have a lower risk appetite. Here are the details of my trade:

USD/CAD
Sell 2 units at 106.880
Stop Loss at 107.310
Take Profit on 1 unit at 105.98, second unit left open for now but move stop loss to break-even.

From the Desk of
Aaron Reid

Will the USD Weaken Further Against the CAD?

Further weakness in the USD is expected. Here are the details of our trade strategy which may be added to upon further analysis even if the second unit is not filled. Be sure to get up-to-the-minute alerts on your mobile phone by following us on twitter.

http://twitter.com/BDIForex

USD/CAD Sell 1 unit at 107.70 Stop Loss at 108.0, Take profit at 106.85
Risk: 46 pips ($420/$42)
Reward: 85 pips ($810/$81)


From the Desk of
Aaron Reid
Trade Analyst