11/09/2012 – Thanks Super Mario +374

Its been a quiet summer for me trading wise, but that’s starting to change.  I’ve been traveling overseas so it makes it hard to keep up to date with markets but it suits my longer term, low-maintenance, way to trade.  I’ve had three direct positions open recently.  Two of which have closed in the last few days, mostly due to Mario Draghis comments rather than anything else.

First up GBPSUD

Cable was in a STAM 2 buying environment so I was just waiting for a set-up on the Daily chart. One appeared on the 30th August, I got long at 1.5793 with a stop at 1.5742 for a Risk of 51 points.

My target was at 1.5993. Why?  Because it was in front of the big round number of 1.60 and would give me a nice 200 pips or approx 4R return.  Trade triggered, went sideways for a day or two and then headed north strongly which only accelerated towards the end of last week off the back of the Marios words and the NFP.  Price hit its target on Friday afternoon and I was done.  As you can see price has continued to head north a good 70+ points past my target but that’s ok.  I still took a nice 4:1 profit and with my trade it was a very simple set & forget trade.

USDCHF

USDCHF was in a STAM 2 Selling environment so like Cable above I was just waiting for the right set-up to appear.  I got an entry signal, got short at 9584 with a stop at 9643 and a target of 9410 which was 10 pips in front of the daily 200 MA.

Like the cable trade the position triggered in, went sideways and then dropped at the end of the week.  It tickled the soft underbelly of my target earlier today and then when sat trading with a client we watched it hit target this afternoon.  Most satisfying, I admit.    That trade had a trade risk of 59 pips and a target of 174 pips so just slightly under 3:1.

So two trades, set & forget, left on the system, just checked every other day or so and a nice profit of 374 pips / 6.9R / 3.4%.  Very nice. Very simple and very achievable for others.  If you’d like to learn more about how I do it then check out my ‘How Can I Help You‘ page.

Until next time, trade well.