Short-term trend is up and bull flag pattern in play. You either wait for the upper trend line to be broken and enter on retracement to 8900 level or enter now at the clean break of 8900 level. Support sits at 200 day moving average which currently sits at 8585 and coincides with 8550 level which serves as support in May 2011 and resistance in June and July 2011. First target 9300 and second target at 9700. Lets watch how this trade plays out in coming weeks and months. The positioning of this trade also supports the bearish bias on EURUSD as USDCHF is highly inverse to EURUSD.

Trade summary: Long at 8900, stop at 8540, first target at 9300 and second target at 9700.

I am not trading silver as spreads and daily movements in Silver "currently" does not suit my risk profile.

Long since 9616 (see last post on 25 July with forex open positions) and trailing stop is now sitting at 96.70. I am aiming for 99.50 and I'll let this trade work out itself i.e. either limit of 99.50 will hit or trailing stop will hit. This trade is up by 200 pips. Trade less and trade well!

USDCAD was closed at break-even.

Long $CHFJPY from 96.16 (100 pips plus profit). I'll move stop to break-even and will trail the stop when yearly high at 97.98 is hit.

$USDJPY - closed for profit at 85.15

$AUDCAD - closed for loss, stop was hit at 1.0200

$NZDJPY - closed for profit, trailing stop hit at 66.90

$AUDNZD - closed for loss, stop hit at 1.2600

Bottom line, 2 closed for profit and 2 closed for loss and I am still in the game. Why, because I trade small lots to test my strategy, learn patience and enhance my skills so that when I trade bigger lots I have the confidence in each of my trade. I can also set wide stops to avoid any stop outs as a result of unnecessary noise and high volatility. My strategy works best when pairs are trending. Range bound trading is no good to my strategy. Lets see where we get to with 2 open trades as of 25 July i.e. $CHFJPY and $USDCAD.

EUR/CAD long trade was stopped out. However, EUR/AUD and NZD/JPY trade are now in the money with 350 pips profit. I'll look forward to ride the trend with trailing stop in place. This will test my patience and whether I can resist closing this trade manually. 

The two new trades I placed today are short CAD/JPY and long AUD/CAD. I'll post the charts over the weekend.

With reference to forex open positions posted last week USD/CAD was closed for profit and CAD/JPY was stopped out so it was breakeven week. Lets see how these 4 open trades unfold over the next few days / weeks. I'll wait for the pull pack in risk currencies i.e. EUR/USD, AUD/USD and NZD/USD all of which have now triggered long signals, however, risk reward ratio is simply not attractive at all.