New Trade...that may not be triggered

One of only a couple of trades that Bob Iaccino's firm recommended...US/Canadian Dollar. Remember that every trade he shows us, he does with his traders. Lately, half my trades have been made by his company. I added Bollinger Bands and a significant trendline (dating back to the beginning of June) which correlate with the sell point he chose (clicking on the chart gives you a clearer view):

By the way, here is Bob on Squawk Box with Becky Quick yesterday.

If you're not ready to short yet

I think ETF's are great if you want to short without actually shorting...if that makes any sense. Most ETF's are weighted at two or three times the volatility of the underlying securities...so you can take advantage of big selloffs, but limit the risk.

Market Club, the same company that's been predicting the moves in Gold and Oil like it has a crystal ball, just came out with a new video on a Crude Oil ETF that is really cool...take a look.

If you have to drive a lot, I highly recommend you watch this 2 minute video.

trade

Took profits in a new CAD/YEN trade (around $550.) Statement will be updated later.

This pair's performance does not bode well for Gold...as I said before, I will buy puts if we close lower then the 200 day EMA (which, as of now, is right at 899 oz.)

Stopped out

$800 loss after being stopped out...No big deal...looking for cumulative pips.

Trade Update

I went short another half lot of the GBP/USD @1.6290, as Trader Outlook's traders did. The stop will remain at 1.63460.

How low can Crude Oil go?

After trading as high as $73 a barrel, crude oil began to buckle under pressure as the CFTC began to look into position limits that can be held by traders. We saw this technically last month.

What’s happening now is giving speculation a bad name. Speculators form a very important task in assuming risk that is being transferred from either a producer or an end-user. Without this transfer of risk, which couldn’t take place without the speculator taking the other side of the trade, prices would be artificial at best. This approach has worked for hundreds of years and over a century here in the US.

Now back to crude oil…

In this new video you will see what has happened to crude oil in the last eight days. You’ll will also see what Market Club believes will be the area that crude oil will find support.

Go back any amount of pages you want, and you will see that Market Club has been spot on with its video predictions. I tried it free for 30 days and then became a customer.

New Trade

Just did another trade...I shorted a half position of the Sterling/Greenback @1.6235. What does that mean, you ask? It means that Bob Iaccino (Trader Outlook) said there is a good chance we could rotate back up to the 1.6260 area before we hit the profit target. I use different techniques in my trading and it's important to realize that, for these strategies, they are placing the exact same trades that they point out to us.

Doing half positions is one of the Trader Outlook strategies that I am learning about...learning how to build a position slowly, in case of a retracement.

Cad/Yen revisited

I wish I could say that I always go by my trading instincts...in fact, I haven't learned to yet. The other day I mentioned that we should look for a bounce in the Cad/Yen to the 200 EMA once it crossed the 55. I certainly didn't...even though I did make a significant amount of money on shorting the pair. Nobody should ever get mad for taking a profit.

Take a look at the chart and the red 200 day EMA below (clicking on the chart gives you a clearer view):

Profits...

Busy day in my real job today...but the trades we discussed yesterday were all winners, which is not that common...remember cumulative pips have been the reason this account has done so well. We use Risk/Reward and probability based on charts. I am not a huge firm with billion dollar software, and don't necessarily care about individual profits as much as an overall record.

(Slowly recovering) Bob Iaccino account statement here. Remember that we started with these guys in the midst of one of their mini losing streaks. (Overall account is here.)

My intermediate Forex account, which is up 20% since January (Zip file.) This account is a product of my analysis.

Remember we don't care about the Gold here. I've profited plenty on the yellow metal and have been down significantly before that. However, we break the 200 EMA, we will repurchase puts.

2 New Trades

This morning I discussed entering a short in the US/YEN pair if we were to close below 94.87 on the 4Hour. This trade was entered with an entry of 94.84. My stop is 95.69 and my first target is 94.49. I will cover half there and then move my stop to breakeven (94.84). My second target is 93.89.

Around the same time, Trader Outlook's firm (yes, they make the same trades that they recommend us) also recommended a long in the Dollar/Canadian, which we also took. Entry was @1.1672, Stop @1.1564 and only one target of 1.1799.

Great way for you to trade WITHOUT being in front of the computer!

If you are new to Forex, watch Adam's new video...you’ll catch a glimpse of a conservative way to trade the Forex markets. This approach will detach you from your computer screen and show you how to enjoy your free time without having to worry about the markets.

The reason why I like this approach is because it's similar to the new system I have been working with for the last few weeks...The Trader Outlook method designed by Bob Iaccino.

Using Weekly Trade Triangles with any indicators

Besides my own analysis, I use Trader Outlook for some of my trades. It is very inexpensive BUT very worth it.

Because of where the US/YEN just closed on the 4H chart, I went short 1 lot (this is an actual trade that Bob Iaccino's firm places also.) Yesterday, I got in my mailbox the following email from Market Club:

• MarketClub Smart Scan Alert for USDJPY Weekly Trade Triangles US Dollar/Japanese Yen (FOREX_USDJPY) is trading at 95.352 -0.068 (-0.07%) and has triggered a new LOW for a Red Weekly Trade Triangle.
  
  USDJPY Streaming Chart
  http://www.ino.com/info/191/CD3603/&dp=0&l=0&campaignid=8
  
  USDJPY Chart Analysis Details
  http://www.ino.com/info/191/CD3603/&dp=0&l=0&campaignid=8
  
  US Dollar/Japanese Yen (FOREX_USDJPY)
  Last 95.352 Net Change -0.068 (-0.07%) Score -60
  Open 95.420
  Day High 95.615
  Day Low 94.680
  Prev Close 95.420
  
  (Clicking on the chart gives you a clearer view):

This was my confirmation, and as I discussed before, issuances of WEEKLY trade triangles are much more powerful then DAILY ones.

For 1 month, do what I did and try it for free...(you can see my record of trades in the last post.)

Doing Great!

Got out of my Sterling trade a little early but still made a nice profit. I did a post a couple of weeks ago about Trader Outlook. It just so happened that when I started with them, they decided to go on a mini losing streak (like ALL traders do.) I also said that, based on Bob Iaccino's 4 hour strategy, this account would make a comeback...it was inevitable. The comeback has begun! Check out the chart at the bottom of the statement as well.

Trading is like being in a boxing ring. You're never going to get in there and not take a punch. That's how it works...but the object is to win the war, not the battle. They never have losing months, just days.

----------------------------------------------------------------

My main Forex account is up about 72% since the beginning of January. I sold my Gold in the 960's and repurchased it at around 951 and it is in the new account at the bottom.

My intermediate Forex account, which is up 20% since January (Zip file.)

My options and equity account, which are titled in my children's names, so I can only recreate the trades.

Here are the account particulars:
--My Sprint trade (which I closed at around 13% profit)
--My Zion Bank trade. (26% profit)
--The Gold puts purchased to protect my long term gold position have expired with a $3000 loss.
--The Puts I bought (and sold) to protect my gold, the first time around. ($11,000 profit)
---My S+P puts which expired worthless with a loss of $3,100. I am considering buying them again. Obviously, I should have gone out to July or August.

AND Trader Outlook. Looked pretty ugly at first because of a trading mistake, but it has started to turn around as you can see.

If you're still short CAD/YEN...

...like I am (in my intermediate account...4 days to 2 weeks), then take a look at the daily chart. Yesterday, this pair closed below the 55EMA. Remember, I originally started looking at the CAD/YEN because of the break in the 6 month trendline we discussed a few weeks ago.

Now, we are looking for the pair to possibly hit the 200EMA...we'll see.

Oh, by the way, did anyone see the post we did about oil topping at around 72 back in June? When I say we...I mean a trade I made because Adam and Market Club have been huge drivers of this account's positive gains.

Shorted a half a GBP/USD position

Shorted a half a GBP/USD (@1.620) position in case we get a rotation to 1.6290 area, where I would short more.

Thanks to my Trader Outlook account, below...

I am looking for a short trade in the US/Yen if we get a close below 94.87 on the 4H chart. Targets will be 94.45 and 93.84.

If we get a close below 131.40 on the Euro/Yen I will look to 129.71 as a first target, and 127.32 as a second (of course moving my stop up after taking half off.)

Ready, steady...

I ended up covering half my newest CAD/YEN trade for about a $700 profit and the other half was covered at breakeven. Originally, I looked for 80.20 or so, but the MACD on the hourly was turning up, so I got out. There will be more trades, so watch out.

REMEMBER: the DOW is trading below the 200ma, 50ma and the 20M averages, and the NASDAQ was not great yesterday...stay tuned...

Nice being agreed with!

I have mentioned this guy numerous times in this blog because his equity analysis (which ties in with FOREX significantly) is terrific. He doesn't give me a red cent to gush about him...but I do anyway, because he knows the markets.

His name is Jack Steiman of Swingtradeonline.com and, using trendlines and other technical indicators, he discusses his doubts with equities in this pdf that you can download. I have had a lot of doubt that equities would continue to make gains for a while now (even though I have wavered from time to time.) It just didn't make sense that any market would continue up without breathing first. We could be talking about wheat and that would apply.

Anyway, my CAD/YEN trades are profitable as we speak...but they are more intermediate.