Forex & Equity Breakout Trading

Hello Again Fellow Traders

Just wanted to say hello again, and let all of my fellow traders know, I’ll be bringing this blog back to life….I’ll be posting some of my equity and Forex trade setups along with charts.  Remember, don’t just take my trades as an alert type of a service….I’m just posting trades that I actually take, using strict money management and risk/reward metrics.  These are trades I view to have the odds on my side, not all trades are winners, but if you trade with the trend and your winners are bigger than your losers, you’ll have an overall profitable experience.

Long The GBPAUD On Trendline & Resistance Break

Just got long the GBPAUD, aiming for a 2.5:1 risk / reward.  Stop currently at 1.5273.  I’ve cut half of my USDCAD position at break even.  My view on the overall equity markets / Forex risk based pairs is that it’s under pressure.  Per my March 6th post, and follow up on March 8th where the S&P rose but in lighter volume, I remain cautious….

Trade safely!

Jon

Long SLXP On Breakout

Got long SLXP (Salix Pharmaceuticals) on a breakout.  Big volume breakout on March 13, stock has performed nicely since moving above the 51 level.  Starting off with 1/2 position, will add if  the stock moves in my favor and market conditions remain favorable.

BTW, I still remain short the USDCAD…

Trade well!

Jon

S&P / Risk Rebound In Lighter Trade

S&P recovered about half it’s losses from Tuesday.  There wasn’t much conviction in the way of volume, indicating the pros (who are the ones that really move the markets) weren’t really participating.  My opinion in here is really a wait and see attitude with a lean toward bullish positions.

Market Reversal Underway?

Over the past week, there’s been a big non-confirmation of the rally in risk/S&P from the small caps and the transportation index.  While the stock market indices have been making new highs, the small cap and transports have not been part of the action.  Speculative money tends to flow to these areas when markets exhibit continued strength. 

Keep this factor along with today’s 1.5% sell of in the S&P in mind when assessing the macro environment and which way the larger trend in risk is going.

Always trade with the trend (and be careful when the trend changes)

Jon

Adding to the USDCAD Short Position

In light of the whipsaw we saw in market and the stronger U.S. dollar yesterday, the Canadian Loonie (as a risk currency) held tough.  It also remains below the October 2011 swing low.

I’m thus adding to my short USDCAD position.

Jon

Stopped Out On XAUUSD

Whipsawed in my gold trade, stopped @ 1695

Just Took A Short On USDCAD

Even with the strength of the US Dollar, thanks to the Bernack, the Loonie (Canadian Dollar is performing very well.  Considering the macro picture, as well as the key swing low of October 27/28 being broken, I’ve gotten short the USDCAD.  Stop @ 1.0075 and a take profit objective of .95

Jon