No positions currently open, launching new website

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All my positions I had open, including my AUD/NZD have been stopped out. I tried another position on EUR/CHF also, but it stopped out too. I’m going through a rough patch with my trading. But, in the meantime I’m working on launching a new Gold and precious metals prospecting website, Prospector Trading Post . This site features Free prospecting classified ads, a free user content generated international club directory as well as other prospecting resources including new equipment listings. If you are interested in gold prospecting, come by and check it out!

GBP/NZD position closed and another lot of EUR/CHF opened

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I had recently moved my stop up on my GBP/NZD long position to 100 pips above my entry point. Overnight it moved down and triggered the order to close it out at a 100 pip profit. However, this is far under my original profit target.

I also had another entry order for EUR/CHF opened in case it retraced some after forming that morning star as I showed on a previous post. Well, it did and I now have 2 lots of EUR/CHF open. This latest one has a stop of about 20 pips, so it is a low risk trade.

NZD/CAD Short Stopped out

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On 12/16/2011, I had a Sell entry order that triggered on the NZD/CAD pair. The entry order was located at that downward trending resistance line. I put this order in with a stop of around 45 pips above the resistance level. The pair broke through the resistance enough to trigger the stop. These things happen when trading and that’s why money and risk management is so important !

StockPools.com – Stock Picking Contest

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Stockpools.com is a FREE weekly stock picking contest from which you can either win $1000 or $25,000 in gold. This site is legitimate (see article on Marketwatch ) and is a fun way to become exposed to mining and energy sector companies. The site is run out of Canada, but is open to non-Canadian citizens, even if you are from the United States . See the website for the full details of who can register for the prizes and who can’t .

How it works: There are 10 categories of stocks with 10 stocks in each category and you pick one from each category. Category examples are: Gold majors, Gold juniors, oil, etc. Every week at the close of the market on Friday, the person with the highest percentage gain from Monday till Friday is awarded $1000 . If you happen to pick the highest gainer from each of the 10 categories, you will win $25,000 in Gold. You can change your picks from week to week, leave them the same, or you can have the site randomize your picks for you also. It doesn’t hurt to try your luck !!!!

Good luck with your picks !

EUR/CHF Long Entry

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I’ve been waiting patiently for the EUR/CHF pair to come back down to that upward sloping support line as seen on the chart. I had an entry order placed right above that line and I entered with 2 lots with my stop approximately 50 pips below my entry at 1.22252 . I’m looking to take profit a little below that resistance level located around 1.248 and I’ll be looking to close out the 2nd lot after a breakout above that resistance or a reversal pattern if it doesn’t breakout.