PaxForex finishes week with 575 pips

A report on Friday showed that local investors from BRIC, which stands for Brazil, Russia, India and China, are pulling out money from equity markets at a record pace (Locals abandon BRIC, how is your currency trading?). The move out of equity markets is the start of a transition into forex markets as more traders flock to trade currencies due to lower entry requirements as well as leverage.
Overview of profits for the week which ended March 15th

• AUDNZD: 262 pips
• AUDCHF: 114 pips
• EURAUD: 127 pips
• USDCHF: 72 pips

Total: 575 pips

Monday, March 11th
USDJPY Short Recommendation
We recommended a USDJPY short position at 96.00 with a take profit level of 94.50 (USDJPY Tops Out). This is an addition to our existing USDJPY short position we took on March 4th at 93.20. The USDJPY has started to correct, but moved to our stop buy order which we also carry. This trade currently carries a floating trading loss of 265 pips. This represents a decrease of 18 pips compared to last week. We have adjusted our take profit level to 92.50.

Tuesday, March 12th
AUDNZD Short Recommendation
We recommended a short position at 1.2480 with a take profit level of 1.2380 (AUDNZD Trades at Top). This is an addition to our existing AUDNZD short position we took on February 26th at 1.2335. This trade currently carries a floating trading loss of 364 pips. This represents an increase of 295 pips compared to last week after we exited our hedges for a profit of 262 pips. We will maintain our take profit level of 1.2380.

Thursday, March 14th
NZDUSD Long Recommendation
We recommended a long position at 0.8185 with a take profit level of 0.8330 (NZDUSD Double Bottom). This is an addition to our existing NZDUSD long position we took on February 15th at 0.8530. This trade currently carries a floating trading loss of 171 pips. This represents a decrease of 145 pips compared to last week. We have adjusted our take profit level to 0.8360.

Exit from trades of previous weeks
AUDNZD Hedge
We closed both our open AUDNZD hedges on March 12th and March 14th for a profit of 262 pips. We opened our hedges on February 26th and March 12th at 1.2384 and 1.2520 respectively.

AUDCHF Hedge
We closed our AUDCHF hedge on March 14th for a profit of 114 pips. We opened this hedge on March 8th at 0.9760.

EURAUD Hedge
We closed our EURAUD hedge on March 14th for a profit of 127 pips. We opened this hedge on March 12th at 1.2645.

USDCHF Hedge

We closed our USDCHF hedge on March 14th for a profit of 72 pips. We opened this hedge on March 6th at 0.9475.

We had a total of three trading recommendations this week which were all additions to trades of previous weeks. They all remain pen and currently carry a floating trading loss of 800 pips. This represents an increase of 132 pips compared to last week.

Besides our three open positions from this week we also carry ten positions from previous weeks. We have two open USDCHF short positions which currently carry a floating trading loss of 152 pips. This represents a decrease of 216 pips compared to last week. We will maintain our take profit level of 0.9325. We may approach our take profit level during the next ten trading days.

We have three open USDCAD positions, two short positions and one long hedge, which currently carry a floating trading loss of 180 pips. This represents a decrease of 66 pips compared to last week. We have adjusted our take profit level to 1.0000 and expect to reach this level in the next month.

We have three open GBPUSD positions, two long positions and one short hedge, which currently carry a floating trading loss of 2,635 pips. This represents a decrease of 381 pips compared to last week. We will continue to monitor the moves in the GBP and add to our existing positions as necessary.

We have three open GBPCHF positions, two long positions and one short hedge, which currently carry a floating trading loss of 1,606 pips. This represents an increase of 12 pips compared to last week. We will continue to monitor this trade and add to our existing positions as required.

We have one open GBPCAD long position which currently carries a floating trading loss of 215 pips. This represents a decrease of 58 pips compared to last week. We will seek to add to our long position over the next few trading sessions.

We have four open EURGBP positions, three short positions and one long hedge, which currently a floating trading loss of 1,720 pips. This represents a decrease of 186 pips compared to last week. We will continue to monitor this trade and seek a profitable exit level.

We have one open EURCHF short position which carries a floating trading loss of 92 pips. This represents a decrease of 192 pips compared to last week. We will maintain our take profit level of 1.2200 and expect to reach this level in the next ten trading days.

We have two open EURAUD long positions which currently carry a floating trading loss of 485 pips. This represents an increase of 296 pips compared to last week. We will maintain our take profit level of 1.2825 and continue to monitor this trade.

We have three open AUDUSD positions, two long positions and one short hedge, which currently carry a floating trading loss of 254 pips. This represents a decrease of 352 pips compared to last week. We have adjusted our take profit level to 1.0500.

We have two open AUDCHF short positions which currently carry a floating trading loss of 359 pips. This represents an increase of 26 pips compared to last week. We will maintain our take profit level of 0.9600 and continue to monitor this trade.

Our total floating trading loss at the end of the week stood at 8,498 pips. This represents a decrease of 985 pips or 10.39% compared to last week. We will attempt to continue our positive momentum and decrease our floating trading losses at an accelerated pace. GBP related losses account for 6,176 pips or 72.68% of all losses and are down 613 pips or 9.03%. We maintain our profit target for March which stands at 1,200 pips and also maintain our goal to reduce our floating trading losses to 5,000 pips.

We hope that you enjoy your weekend and that we will see you back on Monday.