Monday, August 23, 2010

Short That Loonie !

Well, I've talked about it for months now but it is high time I execute on my promise (or veiled threat) to live blog my trades. I did this a bit on the blog I ran inside INVESTOOLS but my subscription ran out and I really did not have the money to renew so I said goodbye to them and resolved to fire this blog up.

I don't pretend to be a master trader.  This blog will always be a item published (honestly) by an average shmoe trying to make a little extra coin in his IRA and in his puny margin account.  Things have gone well for me this year as I am teetering on 20% gain in my IRA after having been virtually flat as late as May.  Got my head screwed on straight by tapping into some good analysis which I will feature regularly here.

As mentioned in other blogs, my forex goings on are based mainly on daily signals from MARKETCLUB but the actual entires will more likely be done on my own accord using 4 hr charts using the GUPPY method.  Nothing fancy here just buying on the dips on longs, selling on the pops on shorts.

This is what I was looking at ...... (click to enlarge)

Classic pull back and purchase on the cessation of selling.  I think the GUPPY maze of moving averages displays this fairly well.

Note:  I use thinkorswim on a black background with white OHLC bars.  My GUPPY study, is reversed in that the blues are the short time frame and reds are the long time frame and I will fix that later.

I used a sell stop a few pips above the action just to ensure things were going my way.  Follow my TWEETS on the left for the gory details.  I use somewhat or a "catastrophic loss" just in case something drastic happens but it is mostly mental as I watch the action hour to hour using my IPHONE even whilst working away at a day job.

Hmm .. now that I think about it .. there's many elements to this trade.... so much to blog ....

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