Friday, April 28, 2006

Now Let's Be Honest

OK, here is the question for the day. How many of you, honestly, thought to yourselves, "oh I guess, Blake blew it." or "the streak is over" or "He is insane" when you saw the 8% drawdown in one day? (actually dipped to about 12% during the night). Well I will have you know I was never nervous about all of those positions open at once. I just happened to stay up into the night and just got 4 hours of sleep, purely a coincidence, had nothing to do with my emotional state from trading... never doubted... never... Ok if you believe that send me $19.95 in a self addressed envelope and I will send you a deed to some beach front property in Arizona.

I don't like being in that many positions all at once. It makes me jittery. Thank goodness, once again, that I tend to follow rules. We did get a buy signal on the Gbp/Jpy which goes against the short Usd/Jpy signal. Probably just an indication of a very strong Gbp and a weak Usd, not necessarily a reflection on the Jpy. If you note the other quick postings you will see the other new trades.

I am tightening my stops a little more than I customarily do, primarily because I am tired and we are going into the weekend. I think all of these could still run after a breather but I need a breather too, not just because of trading but life in general.

So here it is, current standings, still soaring. Have a fantastic weekend.

Blake Young
Random Acts of Forex

Adding to the Eur/Usd and taking part of the silver positions off of the table

I am adding half of a normal position for myself on the Eur/Usd.  It is still running.  I have taken part of the silver position out (about 25% of the position) and part of the gold(33% of the position removed).  I felt over leveraged and didn't like the effect on my account nor my sleep patterns.  Over all we have already recovered from a peak of down $100 to up over $200.
Happy Trading
Blake Young
Random Acts of Forex

Selling the Usd/Zar

I have been watching the Usd/Zar, the interest payment is great in a sell postion and I believe it has found resitance.  Confirmation of price drop below yesterday's low.  Selling at 6.1226

Thursday, April 27, 2006

Ups, downs and sideways

Busy day today but I think I am almost caught up. It was a very wild ride especially on the metals. Both gold and silver made good moves but reversed and then came back to center. I am OK with this initial pull back as I feel fairly confident in the metals for a long play (once again including the Aud and commodity related pairs).

The Usd/Cad and the Eur/Usd trades are still running well. I would not be surprised if this new Gbp/Usd trade were to pull back a little but then run up to 1.8220 if not 1.8420 *see chart*

Current positions are listed below.

Buying with both hands

Barclays has announced that the SEC has approved the sale of the Silver ETF.  What does this mean?  It means every group that tracks it and every purchase of the ETF will require holdings in Silver ~ equals higher demand ~ equals higher price.  I have bought into the silver again sold an additional position on the USD/CAD.  This may take a couple of days to play out on the precious metals so we will keep a loose stop and hold onto this for the next few days and more likely then not through the weekend.
Everything is moving, look for price pattern breaks and 2 and 3 year high and low breakouts.
Blake Young
Random Acts of Forex

Buying gold, usd/jpy

Big anti dollar break
Going in short the Usd/Jpy and long gold

Wednesday, April 26, 2006

Short the Eur/Aud

I am going short the Eur/Aud today. Gold is breaking out as I typed this and I think I am going to take a small position long. I want to look at it a little further. If gold stays above $640 I will get in to the trade tonight, or maybe long the Aud/Usd.

Tonight could be a big move for the JPY I am thinking of placing an entry order sell 30 pips below current price on the Usd/Jpy to see if we can get into the trade and ride the strength of the Jpy.

Current positions are listed below. If I get into any of the other trades I will post an update.

Happy Trading.

Tuesday, April 25, 2006

Cad holding support

The Usd/Cad has not broke the lows yet but I am still short the Usd/Cad expecting a break below. I commented that I shouldn't enter that Usd/Zar trade as it was too closely related to gold and sure enough I was right. I should listen to me instead of make poor trades. Over all we didn't move much today about 1/10th of 1% down for the day with tightened stop losses.

I have been waiting for a reason to get back into the Eur/Usd long, the break above highs for the past 7 months was a good enough reason but I entered in the trade long.

I believe gold and silver are finally shaking off the volatility and are poised for a move. I will be willing to take trades on gold and silver again tomorrow. Expectations of gold moving about $640 for a buy are in my sites.

Usd/Cad below 1.13

If the Usd/Cad can sustain a push below the 1.13 range, maybe 15 -25 pips, I will look to adding to the short position.  Keep your eye on this one.  Watching for a reason to add to the Eur/Usd and still not taking any gold or silver trades for another day or two.
Blake Young
Random Acts of Forex

Monday, April 24, 2006

Error in Html

I am not very good at html yet and so when I edited the site, I messed up and it was not updating posts. Luckily not much has happened in the past couple of days. All posts are now shown and the updates and current status are here. Sorry for any inconvenience.


New position ahead of Euro and Cad announcements

New month, new trades and announcements

My entry order triggered on the Usd/Zar, which as I said when I set the trade that I expected that it could be a troublemsome trade due to the fact the Zar is gold focus and all gold and silver trades are worthless until Wednesday or Thursday. The Usd/Chf gave a signal and seems to be trying to push down through support at about 1.2700. Now because of my delay in getting the blog set up and the numbers run, I got a better price than if I would have entered the trade right at close. If support can be breached here, the next level is down about 250 pips followed by another support about every 200-250 pips. This is a little aggressive as it comes to Fibonacci numbers but as a trending indicator and breaking below a support level, it works. Each Fibonacci breached can be an added entry point or an exit for profit taking.

The European union is announcing current account and trade balance, both expected to be good which should only encourage the chf to continue down. Canada is announcing interest rates which is also expected to move the Usd/Cad down further.

Current positions are listed below. This is the beginning of a new fiscal month So I will count month to date and since 3/22/06 starting tomorrow. Counting through today we are up 121% in 31 days.