Closed FX Trades

For greater transparency, below are all the closed forex trades that were initiated in February, March and April 2023.

This includes the trade alert that was sent via email to all members, the setup via the chart and how the trade ended.

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The latest trade that was closed will be displayed at the top.

Open trades are available at the following section and can only be accessed by ddmarkets’ members.

Click on the charts below to enlarge.

USDCHF Trade Alert

Date: 07/05/23
Status: Closed

USDCHF long at market price (ask 0.8908)
Take profit: 0.9120
Protective stop: 0.8730
Risk Ratio (RR): 1: 1.8 (approx.)
Estimated duration: 21 days

Relevant as long as USCHF is below 0.8960

Note: This is a weekly entry. The potential drawdown is a re-test of 0.8810.

The US CPI is likely to trigger some volatility across USD pairs and crosses. We debated whether to wait for further weakness or initiate the trade at market price.

The price can retrace towards 0.8810, we are unable to determine whether it will indeed occur. We chose to absorb the potential retracement should it materialize.

At the time of this writing it may appear due to a weak CHF rather than a firm USD.

USDCHF Realized

USDCHF is trading at 0.9004 at the time of this writing, we are closing the long trade at market price.

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EURAUD Trade Alert

Date: 24/04/23
Status: Closed

EURAUD short at market price (bid 1.6448)
Take profit: 1.6140
Protective stop: 1.6605
Risk Ratio (RR): 1: 1.96 (approx.)
Estimated duration: 21 days

Relevant as long as EURAUD is above 1.6390

Note: This is a weekly entry. The potential drawdown is a re-test of 1.6550.

Australia’s CPI is due on Tuesday, which may trigger some volatility in EURAUD. The German ifo Business Climate is the key figure for today.

EURAUD Stop Triggered

EURAUD triggered the protective stop. Both EURUSD and GBPUSD climbed higher while AUDUSD remained unfazed, which created a squeeze in EURAUD.

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GBPNZD Trade Alert

Date: 17/04/23
Status: Closed

GBPNZD short at market price (bid 2.0022)
Take profit: 1.9710
Protective stop: 2.0296 (temporarily shifted to 2.0450 due to the weekend close)
Risk Ratio (RR): 1: 1.10 (approx.)
Estimated duration: 14 days

Relevant as long as GBPNZD is above 1.9975

Note: This is a daily entry. The potential drawdown is a re-test of 2.0114.

An entry may be available in both GBPNZD and EURNZD, which may suggest some NZD strength.

GBPNZD Realized

GBPUSD recent weakness is not fully reflecting in GBPNZD at the time of this writing.

Our concern is that GBPNZD will fail to post significant weakness prior to the BOE monetary policy, the outlook may vary by Thursday.

This was a very tough decision but we decided to close GBPNZD short trade at a minor profit at 1.9992.

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EURAUD Trade Alert

Date: 13/04/23

EURAUD short at market price (bid 1.6379)
Take profit: 1.6070
Protective stop: 1.6580
Risk Ratio (RR): 1: 1.5 (approx.)
Estimated duration: 14 days

Relevant as long as EURAUD is above 1.6330

Note: This is a daily entry. The potential drawdown is a re-test of 1.6550 but 1.6440 may hold if tested. Similar to our recent trade in GBPNZD, it is also a late entry.

A late entry means the price has already began the anticipated trend, as a result, we may not be entering at an optimal price.

If the potential drawdown is too high we dismiss the trade. If we expect it to be tolerated, we initiate the trade in a very transparent manner.

Despite EURAUD recent corrective gains, the entry is still labeled as a ‘late entry.’

Initiating a trade in a short trade in EURAUD means we have increased our exposure to the commodity currencies.

GBPNZD trade alert has been updated in the dashboard (desktop only at the moment). EURAUD will be shortly added.

EURAUD Realized

EURAUD is trading at 1.6276 at the time of this writing, we are closing the short trade at market price.

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GBPNZD Trade Alert

Date: 13/04/23

GBPNZD short at market price (bid 2.0038)
Take profit: 1.9690
Protective stop: 2.0220
Risk Ratio (RR): 1: 1.9 (approx.)
Estimated duration: 14 days

Relevant as long as GBPNZD is above 2.0010

Note: This is a daily entry. The potential drawdown is a re-test of 2.0113. This is a late entry (approximately +45 pips) as the selling already began. It increases the risk of incurring some drawdown (immediate drawdown).

We are still opting for the trade as we can tolerate the potential drawdown.

GBPNZD Realized

GBPNZD selling pressure is fairly high at the time of this writing.

Our concern is that it will be met with corrective gains that may chip into the unrealized profit. As a result, we are unexpectedly exiting the trade.

GBPNZD is trading at 1.9885 at the time of this writing, we are closing the short trade at market price.

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EURCAD Trade Alert

Date: 03/04/23

EURCAD long at market price (ask 1.4608)
Take profit: 1.4895
Protective stop: 1.4440
Risk Ratio (RR): 1: 1.72 (approx.)
Estimated duration: 21 days

Relevant as long as EURCAD is below 1.4650

Note: This is a weekly entry. The potential drawdown is a re-test of 1.4545.

The decision to cut crude oil production triggered strong gains in crude oil, which in turn strengthened CAD. From a technical angle, we see some room for corrective gains in EURCAD.

As EURCAD already began correcting higher (which makes it a slightly late entry), we may witness some drawdown but it is common with entries that are based on the weekly chart.

EURCAD Realized

EUR posted moderate gains (as opposed to a weak CAD).

Our concern with the recent bullish spike in EURCAD that it may lead to corrective weakness.

If we suspect the potential retracement may be a large chunk of the unrealized profit, we prefer exiting the trade.

EURCAD is trading at 1.4737 at the time of this writing, we are closing the long trade at market price.

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USDCHF Trade Alert

Date: 23/03/23

USDCHF long at market price (ask 0.9148)
Take profit: 0.9235
Protective stop: 0.9074
Risk Ratio (RR): 1: 1.18 (approx.)
Estimated duration: 7 days or less

Relevant as long as USDCHF is below 0.9160

Note: This is a 4hr entry The potential drawdown is a re-test of 0.9120. There are intraday indications for some USD strength.

USDCHF Realized

USD strength was well-noted in USD pairs and crosses, USDCHF is lagging behind. As a result, once a retracement will take place, USDCHF may correct lower.

While we did realize some profit, we expected a greater reaction in Dollar-Swiss. USDCHF is trading at 0.9180, we are closing the long trade at market price.

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NZDUSD Trade Alert

Date: 10/03/23

NZDUSD long at market price (ask 0.6145)
Take profit: 0.6520
Protective stop: 0.5960
Risk Ratio (RR): 1: 2.0 (approx.)
Estimated duration: 35 days

Relevant as long as the price is below 0.6200

Note: This is a weekly entry, the potential drawdown is a re-test of 0.6070 with potentially spiking lower towards 0.6000. We have entered at a fairly high price as the bullish correction is already underway.

We are ware of the negative interest of holding a long position in NZDUSD.

NZDUSD Realized

NZDUSD reached a minor resistance level at the time of this writing (around 0.6263). Failure to break above may trigger some corrective weakness.

We decided to exit the trade rather than absorb the potential retracement, which may drive the price lower towards the entry price.

These are tough decisions to make, we have decided not to absorb potential retracements that may have a large impact on the unrealized profit. NZDUSD is trading at 0.6241 at the time of this writing, we are closing the long trade at market price.

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USDJPY Trade Alert

Date: 21/02/23

USDJPY short at market price (bid 136.00, entry order)
Take profit: 127.50
Protective stop: 138.50
Risk Ratio (RR): 1: 3.4 (approx.)
Estimated duration: 35 days

Note: This is a weekly entry, the potential drawdown is a re-test of 138.00. We are aware of the negative swap that will be incurred at the rollover.

Weekly-chart based entries tend to require larger stops than daily or 4hr entries. The FOMC minutes that is due later this week may trigger some volatility across USD pairs and crosses.

USDJPY Realized

USDJPY was realized ahead of time due to the intense selling that took place in the market in a fairly short period of time. Heavy selling often results on aggressive retracements, which we are unwilling to incur.

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GBPUSD Trade Alert

Date: 14/02/23

GBPUSD short at market price (bid 1.2210)
Take profit: 1.2115
Protective stop: 1.2285
Risk Ratio (RR): 1: 1.26 (approx.)
Estimated duration: less than 24 hours

Relevant as long as GBPUSD is above 1.2185

Note: This is a 4hr entry. The potential drawdown is a re-test of 1.2270

GBPUSD Realized

Date: 14/02/23

We are closing GBPUSD short trade at market price (1.2134)

GBPUSD Post Exit

Date: 14/02/23

How GBPUSD traded following the exit.

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