Happy New Year 1430 Hijrah (Islamic Calendar)

New year has come and I feel fresh with this new year. It seems that I can celebrate New Year mood twice in the same month. First is the New Hijrah Year 1430 and in just a couple of days, will be celebrating the lunar new Year 2009.

With this new year I would to share with you on my re-affirm vision as a trader. My vision for this new year is "I will become the world's best trader with this ONE style of trading". I will not change the trading system or look for another new trading system or style of trading which have make good income since 2007. On top of that I will further pursue my trading education and qualification to become a certified global trader.

My trading business plan for the new year is in place and intact, and has been tested many time in all trading & market environments. My trading plan calls for no human judgement interference before, during and after entering the market. It has to be "trade on what I see, don't trade on what I think".

For those of you who haven't has any trading plan, I suggest you better make one for this new year. It has to be simple and fool proof. It has to be as clear as possible on what you will do with you trading.

The trading business plan you make should have three main components namely:

1. Tested Entry Rules: A precise set of rules that must be pass before you enter a trade. Entry rules shoud be simple, direct, and leave no room for human judgement.
2. Money Management Rules: The ability to manage risk in choppy and volatile market movements. You must be able to define you maximum loss in any single trade without blowing your account for a call margin in the long-term.
3. Tested Exit Rules: Entering FOREX without knowing your exit position is a useless entry and will call for a DISASTER. Having a set of rules that define your exit is equally important as setting you entry into the market.

So if you don't have the above in your trading business plan, you'd better set it now.

Until then...I will be back again for the 2009 trading season on the 5th January 2009.

New Year Is Coming...New Trading Vision

As the count down for 2009 is coming just around the corner in less than a week. I will be sharing with you with a trading system which I have been using all this time since 2007. The system is so advance (in terms of indicators used) but very simple to use. This is the trading system that makes money for me than any other conventional trading system & method.

All this time I only post the conventional trading method and technical analysis. The purpose is to give some understanding on how to use support & resistance, trendlines, multiple time frames, and fibonacci techniques. I also try to deliver as clear as possible the importance of money management in forex trading that can be applied to any financial instruments trading.

In 2009, I will share with you another advance system, which is a method to trade the forex and other CFDs available in the market. I found that you need to understand the importance on the use and identification of support & resistance as well as the identification of the current and long-term trend to successfully use any trading method and system.

With the advance system I will share with you in 2009 is no exception as well. For me support & resistance + market trend is the basic formula for trading success. Having this understanding is just the part of it and not a guarantee for profitable trading. You will need yet another vital ingredients for great success, i.e. to manage and control you emotion.

The new vision of 2009 I will bring with you looking into vast opportunities in currency trading. I will be trading multiple currency pairs ranging from all the major pair, commodity currency pairs and the major crosses including the highly volatile GBPJPY. Here you will see how I can trade around US$1,000 a day to the bare minimum of just US$100.00 a day. As well as how I make minimal losses in volatile choppy market movements.

So I will be back for next live trading after 2nd January 2009 in time before the Mother of All market mover, the US NFP on 9th January 2009. Until then happy holiday and wishing you a Happy New Year 2009.

Trading OFF for Holiday

I will be off from my daily trading activities as from today until the first week of January 2009. So far for the month of December I made 377 pips various currency pairs such as EURUSD, USDJPY, AUDUSD, USDCAD as well as GBPUSD.

By 2009, I will be adding EURJPY, EURGBP and EURCHF into my trading portfolio. Until then, happy holiday and an advance happy New Year 2009

Aussie & Canadian making my trade today

It wasa very good trade today for two different currency pairs, one for a short trade and the other for a long trade.

The first trade opportunities developed around 10.00am Brunei with the AUDUSD. I immediately placed a sell stop order less than 1 minute prior to 11.00am, with order placed at 0.6470 with a risk of 24 pips. I marked my target of at least 48 pips away from my entry. It hit my target over an hour later.

During this time, the USDJPY also developed similar trading pattern, but I was unable to trade the pair due to equity limitation. However, I did able to spot another trade opportunities with USDCAD just before noon Brunei time. Without much hesitation and knowing a good trade nearly accompolished with the Aussie, I placed a Buy Stop order with the Canadian at 1.2546 with a risk of only 22 pips. I placed my target for this pair of 44 pips away from my entry point. Almost similar to AUDUSD, it hit my target of 1.2590 in over an hour but less than 2 hours from my entry.

All together today, I am able to bag-in 92 pips profit. As of this writing, I saw trade opportunities again the Aussie but will not trade the pair as the market will be quite thin. Until then, happy trading guys...

GBPUSD Start The Trading of the Month

If you could recall in my previous blog, I did write sometime ago I will not be trading for them month of December. But I can't help with this good entry setup on the GBPUSD, which I had been watching closely since Wednesday of last week.

Earlier today, I placed a Sell Stop order with the pair at price level of 1.5176 and, eventually it did hit this level. As of this writing the price has hit 1.4964 or well over 212 pips. It look like another good trade for the start of the new month...

I will probably close this position today, perhaps before the end of the trading day. Until then...happy trading guys ;)

The Trading This Week Is Quite Good...

The trade started good with the USDJPY being the opening profitable trade followed by AUDUSD and just on Friday another profitable trade with the EURUSD. Another good trading setup also existed when cross pair of GBPJPY, however I am not able to trade it due equity limitation.

As the USDJPY chart above showed, I placed a long trade (buy stop order) at 95.96 where the first few hours was a nerve wreaking experience as the Yen trade in the opposite direction. At the same time I also place a long trade with AUDUSD at 0.6328, with both trading ending is a very good profit by the end of Monday.

EURUSD followed suit yesterday on Friday when I placed a sell stop order since Thursday at 1.2819. It eventually hit this price level on Friday with well over 100 pips in profit.

All trading were all done on a simple Daily chart time frame by looking at extreme level of the Bollinger Band with default setting.

I will be looking again for a new trade setup opportunity by next week. Until then, happy trading and enjoy the weekend...

New level to watch for USDJPY...and the Aussies

To update on my previous post, a new high level just been developed in the USDJPY. Hence, my previous break-out level of 95.49 is void. The new level to look for a break-out and to start a long entry will be 95.96.

I also find out that another good potential break-out trading opportunities also being in the making with AUDUSD and EURJPY. So also watch out for this currency pairs next week.

While for the Yen, when I look at the upcoming news data for next week, there will be alot of news data coming out on Thursday from Japan. The start of the week, Japanese bankers will be off for holiday, and thereafter a few strings of Japanese data coming out...so watch out for these fundamental movers .

Until then...happy trading guys ;)

Eyeing on Yen for a Bull move

I am eyeing on a possible long trade with the USDJPY or the Yen. Based on my Daily chart monitoring, the Yen may take another bull moves from yesterday low of 93.55, and I am watching for the Yen to break the indicative level of 95.49 before I am considering a long trade with the Yen pair.

Well better do some homework on the next week upcoming news for the Yen from the Japanese market. Until then...happy trading and enjoy the weekend.

Market in sideways...will be taking some break

The market movement this week is somewhat flatten. Even after I look at all major currency pairs. But I expect there will be some explosion when the current market trend break at some point. Maybe another short trade or vice versa.

Right now, I need to take a break and will now switch to Daily chart. Daily chart is very relaxing for me but to trade it will require good equity strength. What I would like to do with Daily chart is to look for trend breakout, and from here I will switch to lower time frame.

As in my previous posting in this blog, a break of the 0% fibo level will trigger another new trade opportunities. Right now my cash equity does not allow me to trade right from the Daily chart.

Until then...happy trading.

The market today seems having some choppy waters. After the release of US economic numbers which looks good than forecast, US Dollar briefly gain some bullish tone but then retreat to some previous level.

As you can see from my 5-min EURUSD chart above, the pair is in the ranging mode and the risk is just way too high for my trading account. The risk from 38.2% entry level all the way up to 61.8% level is well over 64 pips.

So I just simply stay away from the market at the moment until some new trend develops. It may develop later today. Happy trading guys ;)

Before reading this, please read the Disclaimer.

With my personal observation on the current market situation, the EURUSD is in the ranging mode. If you refer to my Daily chart above, EURUSD is now in between the 38.2% and 0% level of the Fibo. The main trend for the Daily chart still shows a bear market with some retracements. A reversal may occur if the price break 61.8% level or a continuation of the trend will occur if the price of the EURUSD breaks the 0% level. Personally, I will be looking for another short trade with the Euro and expecting another bear push if the current price break the 0% level.

Looking for a challenging trade next week. Until then happy trading guys ;)

Missing the boat for 40 pips return

Today could be another good trade for a 40 pips short trade with EURUSD, with minimal risk of 21 pips. However, since the trend breakout occurs around the afternoon 15 minutes before the Friday prayer, I have to take my own way and have to miss the boat for another great opportunity. Another trade potential also occur this afternoon aroun 4:00 pm (Brunei), but again I miss that opportunity as I am attending an occassion for Haj season of my close relative.

As of this writing, new resistance level just developed in my 30-minute chart at 1.2662...so I will be watching this level to breach for another short trade opportunity. But I need to be very careful today...it's Friday...so false signal may occur.

Happy trading ;)

My 30-min Support & Resistance

As you can see from this 30-minute chart I am looking at for the EURUSD, my immediate resistance will be 1.2387 (the blue line). Once this price line is break or tested, I will look for a short trade entry. From here I will be using my favourite tool, the fibo!

Until then, happy trading guys ;)

First Profit of the Month - 80 pips

Yesterday I made a loss of 17 pips in the EURUSD. I overlook my entry and actually enter on a wrong trade at a wrong time. I made a short entry whereas the signal was going for a bull. Fortunately, today I made a profit of 80 pips doing short trade with EURUSD from 1.2491 at around 11.20 ish and finally hit the target around 3 pm at 1.2411

My total loss this month including last week unfortunate NFP is 37 pips, not including last month worst ever loss (due to internet outrage).

Right now if you are going to enter the market, I suggest try to stay on the side. It's way to choppy and most likely the market going north for some retracements. By the way for the 80 pips profit, I am using 30-minute and 5-minute time frame.

*All times indicated here are in Brunei time.

Trading the 1-minute chart : Part 1

In using the 1-minute chart for my trading, I use multiple time frame. It consist of the following time frame:

1. 30 - minute chart for main trend identification,
2. 5 - minute chart for entry and to look for breakout trend, and
3. 1 - minute chart to make entry and stop loss as well as target

You will realized the above time frame will have fast moving price and will require you to monitor the market movement every minute. This can be very exhaustive. For this what I like to do is to look for trend breakout on either 30-minute or 5-minute chart. If I can find or see a new trend developing and break the current resistance or support, I will start to sit infront of my laptop screen until I can find the perfect spot for an entry with good probable result of profiting from it.

For novice or new trader, I DO NOT encourage you to trade in this way. The market movement is quite fast and a lot of market noise are generated with false signal. If you have been with the FOREX market for quite some time you may taste this water condition.

In the next part I will try to share with you how I personally trade the 1-minute chart. Until then, happy trading...

The Most Liquid Currency Pairs in FOREX

Many would not know the most liquid currency pair in the forex market. I always come across this problem with new traders who just joined the bandwagon. Most will start or being introduced to trade less liquid and high price movements such as GBP/USD, USD/CHF or even GBP/JPY. Sometime new traders are being introduced to a lower spread but technically challenging USD/JPY.

For any new traders out there who just know about FOREX market, I better suggest to you all to trade the most liquid currency pair, that is the EUR/USD. It is also dubbed as the 'Big Dollar' in the forex market. Why? Well the Euro are being use by one of the largest economic bloc, roughly the size equal to the United States in both population and total GDP. As of today Euro are being used by Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Slovenia and Spain. In the future even Turkey will be included.

EUR/USD pair has the most deep liquidity that the next most traded currency pair in the FOREX market, USD/JPY. In total market volume statistics, EUR/USD accounted for well over 28% of global daily trading volume, according to BIS. With this deep liquidity, the spreads for this currency pair normally offered less than 3 pips and as low as 0.9 pips. My forex broker, FXPRO offer a fixed spread of 1.8 pips for EUR/USD and as high as 5 pips during low trading volume usually occur only on early Monday trading hours (Brunei time) and every first Friday of the month.

The other major currency pair like USD/JPY are more technically challenging than trading the EUR/USD that sometime offered similar spread. The GBP/USD and USD/CHF usually moves in wide gaps than the Euro moving more than 30 pips during news break or after breaking or testing some technical levels. This behavior can easily hit stop loss technical level.

And as I just writing just now, if you are new to forex market...test drive with EUR/USD first and don't try to test and/or pick the fast moving currency pairs like the GBP/USD. But, the choice is yours...happy trading guys.

November Trade...Technically Challenging

It's hard to trade with very low cash inventory. The first week of trading this month were being losers, with the latest lossing trades during Friday's NFP. But my losses are keep to a maximum of 20 pips. If you read my previous blog entry, currently I am trading on a tick-by-tick tactics with only EUR/USD, getting in and out of the market with as less as 10 pips and as much as 30 pips per trade. Additionally, I only trade after the market noise well after all news have been released or announced.

I am projected that I will recover my over 40% losses (due to Internet outrage) within a period of 2 months. It's going to be a hard work and I have to glued to my laptop monitor trading the tick-by-tick tactics. In December I will not be trading a lot as that month will be very tricky.

Internet Outrage Drained 40% of my Trading Account

During the last week of trading in October, I experienced an internet outraged and it drained over 40% of my trading account. The problems start to occur when after placing my short trade with EURUSD, I am unable to get good internet signal to place my stop loss point. I am in that situation for quite some time until nearly 3:00 am (Brunei time). My only reference for the market movements was CNBC channel, and I only able to watch helplessly to the sudden bull movement of EURUSD.

Right now, to what I would like to call 'damage control', is to trade at the most minimum risk and to re-build my cash inventory. There's some good profitable and big movement in the market but I am unable to get into the boat due to the risk involved which are way too high for my trading account to handle.

All this while, I am only trading on the 1-minute chart to reduce my risk with very small stop losses usually offered trading the 1-minute chart.

I will be waiting for the mother of all market mover this Friday night around 9:30 pm Brunei. I will be using the hedging technique and trading the 1-minute chart.

Until then...happy trading guys ;)

A good Trade, profit $1,000!

I have a good trade on 22 Oct, with a good profit of $1000.00 in less than half an hour. I short EURUSD from 1.2892 (38.2%). I now hunt for another good trade this week and before the end of the month to build-up my cash inventory for next month NFP volatility.

Profit over 252 pips since Yesterday!

Last week losses and the week before finally pay-off today, at least when my trade manage to profit well over 252 pips in less than two days, from my short entry at of 1.3167 with the EURUSD. The Euro this week getting hammered by the USD really hard. By the way, I am now using a higher time frame to determine trend and for trade execution. I use 4-hour and 30-minutes chart respectively. This change of tactics is in line with the current market range volatility.

I am currently hunting for another trade today. Until then...happy trading guys :)

A Bad Week and New Trend needs new strategy

I hardly can trade for this week. Honestly I did two trades this week until today (before the New York session start), with very minute profit of just 1 pip, and the other trade on the 16th, I manage to reduce the loss from 30 pips to just 10 pips.

The market just behave differently than I used to be or maybe to some of you may notice this. Due to this, I immediately make a conference call last night to one of my mentor in Europe. He immediately says it's due to stronger than usual market volatility than the last year. Simply just look at the above EURUSD Daily chart. Take a closer look on the ATR indicator.

If you compare the range volatility of last year in the same month, it is far much different than today's volatility. There is just a big gap or leap starting early of this year. The most significant great leap in range volatility happens last month!. Now this sign tells us the range volatility have change dramatically which prompt us to change our trading tactics. If last year a 30 pips stop loss may be reasonable, now with the current volatility range that stop loss tactics may or may not work anymore. We all have to revise the way we approach and enter the market.

Within this week or so, we all saw that the market moves differently when certain economics numbers being released. That also posed us some curiosity on what & why the market does not move as it used to be. Further study on this matter, as what my mentors told me, is when George Soros the currency speculators and hedge fund manager said the supply of USD is tightening and thus create the awkward market movements.

I am waiting for the next market move after the New York session kick start. I am still using the fibo technique, but I love to use trendlines during this time to determine trade entry, stop and target. My target rules still stays, i.e. twice the risk.

Until then...happy trading guys ;)

Choppy Tuesday

Hemmmm another not so good trading market day. It all started when the EURUSD shows no action when the German ZEW number posted a bad numbers than forecast. Euro keeps on climbing and then just after the US session start and decision on the Fed's bailout plan were revealed, the market start to sell the Euro and buying the USD.

This is choppy and quite dangerous for the unwary traders. My action today remains the same as yesterday...keep on the side line until the market settles. Remember the risk or no-risk forex game?

Risk to High for entry

The EURUSD is seems to be making another dive. But after some assessment on the market condition and technical evaluation, the risk today is way to high of well over 88 pips far exceed my 3% maximum risk exposure rules. So eventough it may looks a good fall for a short trade, I will not make any entry today. The risk is just way too high.

Risk or No Risk Forex Game

For the past few days I wonder why the EURUSD getting hammered down and why today the USD lossing its strength. Fortunately today, I just found the answer! According to CNBC it's a risk or no risk game play in the currency market, said one forex analyst & strategist from GFT. Last week the market was risky and nearly everybody market wide, went panic and selling their shares from the stock market. When this scenario happens, everybody parked their cash in safe currency such as USD, JPY and even CHF. This week, the equity markets are getting stable in Europe and the US...at least and people starts to pull out their cash from USD, JPY and the CHF.

Hence, this is currently what happen in market. Just remember, if the market turns risky where everyone seems to panic, they will put their money for the USD, JPY and the CHF. If people think the risk is calming down they will take their money back from the USD, JPY and CHF and starts buying other major currencies.

Currently, I did not see any reason to buy any currencies at the moment. The chart seems ugly. So I better just stay on the sideline until everything settles.

Happy trading guys ;)

What happen during NFP? And how I do for this week?

It's Hari Raya festive season and I have to attend quite a number of open houses around, especially relatives and close friends. And of course, the business collegues. Unfortunately on last Friday, during the release of US NFP, I am unable to catch the boat as I was at my friend's house and I only realised the time about 7 minutes before 8:30 am New York.

When I rushing getting into my car, plug-in my broadband coupled with my slow laptop during start-up sequence, I missed the boat by over 40 pips and the time has passed 3 minutes after 8:30 all important timing! And I really missed it....there's a good potential to profit at least 50 pips out of the strong southerly move on the EURUSD of well over 100 pips after the news released!

So as for this week...well not that well. I am not able to pay good attention to market movements as for the past 2 days still busy with hari raya things. Yesterday alone I loss over 60 pips and today I had a loss on EURUSD by 26 pips. I am not focusing on the market and I feel this is the reason why I jump on the market and making losses. I put less time to analysed the market condition and macro economic factors, and the all important Support & Resistance level at certain time frames.

I expect my trading for this week will be less and perhaps under performed. Coming this Thursday, I will be leaving Brunei for KL for a business meetings with a very very very tight schedules until Saturday.

By Sunday I shall be able to make some post-mortem market analysis of the week for the next week trading opportunities.

Anyway, I will keep on posting my trading activities for this week up until tomorrow. Until then Happy Hari Raya and have a nice trade!

The Law of Chart

As promised for today, here is the article on The Law of Chart which I am able to share with you from Surefire Forex Trading. It's a long article and maybe boring if you are in a hurry. Please do not skip a paragraph of this article. You need to digest between the line to fully understand it. It takes me some time to master and apply it into my own trading practice. So don't worry if you can't master it in a week or so.

While I am not trading for the past few days, I managed to have a look on the market until the last Friday. And from my post-trading that I made today, the market seems very choppy and in the period of consolidating. All my charts from the 4-hour down to the 5-minute chart does not agree with one another. I guess due to the long awaited bailout plan bill of US 700 billion still hanging around within the Congress.

But I hope by next week the Congress in the States can make up their mind about the current economic situation before the US NFP. I will resume my trading by monitoring the market behaviour on Thursday all the way up to the last minutes before the released of the US NFP. I will be entirely trading on the 1-minute chart.

Until then...happy weekend and have a great celebration on the soon to come Hari Raya.

Last trade of the month with 50 pips profit

Today I had another good profitable trade going long with the EURUSD. By using the advanced method of Sure-Fire Forex Trading, I place my long position at 1.4649 with target place at 1.4699 at about 1:47 am (Brunei). The market hit my target at 2:10 am from a little risk of less than 30 pips.

From here, I am withdrawing my profit of about 300 pips to enjoy for the festive season that will be coming soon. I will not be trading for the remainder of the week until the next US NFP in October. You might be asking why I am not re-investing my profit...well pretty simple rules that I use and practice. I recall Brian Dolan advice "Take your profit periodically, or else the market will take it for you." Experience will tell you it's a good piece of advice.

Until next month...happy trading guys ;)

Brian Dolan is Chief Currency Strategist of FOREX.com
All trading method and system is the property of Surefire Forex Trading developed my Mark McRae and not the works of this blog owner. Shall you require further information about the trading method and system kindly purchase the e-books to get online & live tutorials from Surefire Forex Trading.

A great start on Monday with 83 pips

The 4th week of the month start with a great trade. Today I manage to profit 83 pips on a long trade on the EURUSD. As usual with my practice, it start from a big time frame of the 30-minute chart when the price break my marked 1.4558 level. Once the price break this level, I immediately switch to my 5-minute chart and wait for an entry. It took me several hours to make an entry. I have to watch the market from 3:40 pm until I passed the Sungkai at 6:30 pm where I placed an auto execution mode (pending Buy Limit order). With this in place, my MT4 trading platform will automatically execute trade for me when the price hit my 38.2% retracement level.

The market finally hit my entry at 8:29 pm and finally hit my target and exit at 10:35 pm with 83 pips profit. All this is achieve with only minimal risk of less than 40 pips or less than 2% of my trading fund. Until tomorrow...happy trading guys ;)

Trading with Moving Averages

As promised, for those of you who wish to understand how to trade the Moving Averages (MA), or simply just want to know more about MA, here is a good article from surefire-trading.com by Ty Young. Simply click here to download.

Information, charts or examples contained in this lesson are for illustration and educational purposes only. It should not be considered as advice or a recommendation to buy or sell any security or financial instrument. We do not and cannot offer investment advice. For further information please read our disclaimer.

Good Friday with 68 pips profit

I have a good trade shorting the EURUSD today with a good 68 pips in hand. As usual I trade after the break of price in the 30-min chart before I switch to my 5-min chart. I start entering the market at the 38.2% level (1.4257) and placed my target twice that of my stop loss at 61.8% (1.4285).

No Trade on the 18th

The EURUSD makes a rally on the north side with clear indication for a bull signal, but for me this might just be a corrective pattern for another next bear trend of the pair. Unfortunately, I cannot place any good trade during the reversal price action of the EURUSD because both my 30-min and 5-min chart does not agree with one another.

On the other side using the advance method, I was off guard, aka asleep when the price movement give that good opportunity. It occur sometime passed the midnight in Brunei. I missed to take up over 30 pips profit potential. But well there's always tomorrow....

Until then happy trading guys ;)

A good start on Wednesday with 50 pips

I really like the beginning of this week. This early Wednesday morning I profit another 50 pips from my short trade on EURUSD. I just simply use the advance method that I share with you all yesterday. I enter the market once my trendline has been break and take my profit at 1.4145.

I will wait for the next entry opportunities later today. Happy trading guys ;)

Another whopping 93 pips!

I love the market volatility for today. I bagged another 93 pips on a short trade with EURUSD. The above 5-min chart will tell you how I get it. I made my next entry after I realised the market make a new lows on the 30-min chart then switch to the lower time frame (5-min chart) and immediately draw the fibo line. I place my entry at exactly 38.2% level and placed my target over 2 times by risk at the 61.8% level. After a few hours while I asleep, the market hit my target of 1.4082...

Nice happy trading today...all in all for Tuesday I made a profit of 153 pips ;)

60 pips profit on EURUSD range trading

Let me share with you the advance technique from Sure-Fire Forex Trading. This method, which I can only show the chart without going into details how to do it and when, is so effective during range bound trading or when there's no clue on where the market will be going. I usually use it during this times...where market has really no direction.

Using the above method I can maximise my profit...in today's case 60 pips. I enter the market once my blue trendline has been breach and place my target exactly twice that of my risk. But to use this method you must be very patient and willing to wait for the market to offer this opportunity.

I am really sorry I can't give you all much details on how to use this method, because it's the property of Mark McRae trading system. I suggest you purchase his trading method & system at Sure-Fire Forex Trading.

Happy trading guys ;)

Monday choppy market...Missing good entry Tuesday

The Monday market condition was somehow choppy and only the best will survive. The Lehman Brothers and Merill Lynch headlines creates the havoc across all markets worldwide. Yesterday, I cannot enter the market as all my trading indicators does not agress with one another, except on the lower time frame (the 5-min and 1-min chart). But I don't have the opportunity to monitor it during the day due to my tight meeting schedule.

Again early this morning I missed another good entry to make 80 pips if I short the EURUSD. I will try to catch some market movement today after 4pm....that is my only free time for today to monitor the market.

Until then happy trading...

Is FOREX trading illegal in Brunei?

This question has been in existance among the Bruneians for sometimes. Some advised me it's illegal and some said it's legal. Before I start trading on my own, I worked for a large bank in Brunei and deals with inter-bank transaction and deals with the government funds on a daily basis in a minimum value of not less than 8 digit figures. From the deparment I worked with in the large local bank (I don't want to disclose the name of the bank due to non-disclosure agreement that I bound to) I am being exposed by the Deputy CEO at that time how the banker rotate the bank funds and make money just overnight by placing money overseas and hold their funds in a number of financial instruments.

One of the financial instruments is forex, that if you really know how to fully utilized it is the money making financial vehicle after treasury notes, bonds and inter-bank overnight placements. But bank has very strict and tight rules in forex trading due to the liquidity of the financial instruments and at that time, I cannot trade forex for the bank without authorization from either the bank MD (Managing Director) or the Deputy CEO. And the risk exposure is being limited to not more than 1% of the trading fund!

Forex trading in Brunei so far is only legal for the big guys like the bankers. The Brunei Government through the Ministry of Finance (MOF) clearly prohibits any company or individuals that are not a licensed financial consultant to offer forex trading to the public. The MOF also repeatedly warned the public not to easily fall into forex trading schemes by any organisation, companies and individuals that are not fully licensed by the MOF.

Personally I have a friend worked with the MOF under the FID that controls banks, financial institutions and financial instruments within Brunei. To date there's no companies or person in Brunei are licensed to offer financial consultant for forex. Thus, if you hear anybody that claimed that can offer forex trading consultant or training in Brunei, do not easily enrolled in their program or offer. It is simply illegal!

I overheard that some group of people in Brunei that offer forex trading training, usually the gathering took place at one of the prominent hotel and shopping mall. And sometime daringly took place at IPA! If you do find them or about to join them, firstly asked them about their financial consultancy license. For sure they will have a hard time to show it to you. Beware, this is illegal!

Why it is illegal? They will not be responsible for any loss in your fund and they simply do not have the financial protection act as laid down the MOF. If you refer to the MOF, for a company to offer a forex trading or similar financial instruments to the public, a company must have a minimum financial liquid capital pledged with the MOF not less than B$25 million. However, if you have only B$25 million but do not have an experienced money managers within the organisation and the MOF not satisfied with the company management team, you will be unlikely to get the legal license to offer forex trading to the public.

But if you trade personally with a licensed company such as GAIN Capital Group, FXCM, Alpari UK Ltd, Oanda, ODL Securities or FxPro you can legally trade forex. Personally I need to add here about forex...forex trading alone is far more riskier than stock market. It is very volatile, very liquid and the market movement can easily be moved by so many market variables such as equity markets, bonds, commodities, inflation, and more.

A person should NOT trade the forex market without proper training and mentor. You can easily make losses without it. I trade the forex market with mentor in London, New York and South Africa. All have forex trading experience of well over 15 years in the market. Whenever I am in doubt about the market, I will always ask one of the mentor to give some guidance. The mentorship service are not FREE.

Only trade forex within your capital limit and with mentor as well as within the legal envelope.

Forex Journal?

Sometime this week I recieved an email from a publisher of the Trader's Journal magazine, and it inform me that they are now offering a new trading magazine called The Forex Journal. It's nice to see that there is a dedicated magazine for forex trading. I hope to subscribe to this magazine sometime by the end of next month. It will cost around US 75.00 for Brunei subscriber annually.

No Trade on Friday

Choppy market and some fear on the Ike hurricane approaching the US coast have make the Friday market condition not attractive for me to trade. After all, none of my trading indicators agrees with one another. The chart picture on Friday was ugly.

For next week, I expect the market will make its way back south after a strong rally of Euro against the US Dollar on Friday. I place my own target of next week to get at least 100 pips in profit.

Until then happy trading and enjoy the weekend.

88 pip profit with EURUSD today

A good profitable trade for today fueled by poor ecomonic condition within the Eurozone and lower commodity prices. This condition have elevated the US Dollar against the major currency. Earlier today at around 10:00 am Brunei I enter a short trade on the EURUSD from 1.3986 and aimed an 88 pip profit target. My target eventually hit at 5:00 pm.

It all started from another down leg on the 4-hour chart when it breaks by marked purple horizontal line. From this moment I hunt the market for entry opporunity by drawing a fibo line on my 30-minute chart. Immediately, I placed a sell limit order at the 38.2% level retracement with the usual stop loss at 61.8% level or around 33 pips from my entry. I then usually placed my target at least twice that of my risk.

Looking for another profitable trade in the day to come. Until then happy trading guys ;)

Stop loss hit...now waiting next wave

During the London session, my earlier entry during the day at 1.4124 hit my stop loss that is 43 pips away from my entry. My initial target was over 100 pips but market only make it to over 70 pips then gradually making some reversal over a period before it hit my stop loss just before 5:00 pm (Brunei).

Right now, I am waiting for the next wave that may be generated by the US Pending Home Sales. Price breaking 1.4050's level will make some opportunity for my next trade, providing there will be some good retracement towards 38.2% level. As of this writing the market is coming back to the 1.4130's level after the US number posting a lower than expected number of -3.2% vs expected -1.5%.

I will see how the market develops after yesterday GSE bailout on the troubled mortage firms. Until then happy trading guys ;)

Euro skydive too fast...No trade

The Euro today take a great plunge of well over 200 pips..very rapidly that the risk is just way high for my trading account to handle. The risk for todays trade exceed my 3% risk allowance limit. At time of this posting, the EURUSD seems to make some consilidating works, coupled with quiet New York market session. There raise some worries about the new hurricane developing over gulf in the US which prompted the crude oil to jump a dollar higher than last week closing price. But very little movement can be seen from that effect.

So no trading for today...hope to see some market movement again tomorrow and the rest of the week. Watch out as well on this week OPEC meeting begining today until Wednesday.

Until then...happy trading ;)

A little profit at the end of the week

I was a little bit frustrated on the Friday trading, just before the US NFP release where I was about to the trade the news. 15 minutes before the golden 8:30 time, my internet connection experienced connection problems. Around this time I was about to place to pending orders on my MT4 platform, one a buy stop at 1.4260 and the other a sell stop at 1.4238 and expecting either one of my pending order will be striked by the market strong movements.

But it all went by the minutes and the hours and I missed over 50 pips opportunity. My internet connection resumed normal operation just after midnight Brunei time or just after lunch in New York. I attacked the market quite late and managed to enter the market just about the 38.2% level retracements and I bailed out the market approximately 40 minutes before the closing time. I bagged around 30 pips profit, and by this time the spread on the EURUSD have widened by 5 pips.

Anyway a good week for the start of the month. I hope to trade good trades in the coming weeks. Until then happy fasting month of Ramadhan and happy weekend.

Euro slides over a hundred pips

The market today make a huge leap to fall over the cliff especially the Euro against the Dollar. I am sure the cable also make the same price action. The move is well over a hundred pips, but I did not have that opportunity to trade for two reason.

First, earlier during the London session the price action was not that hectic for me to prompt any entry...only after the Trichet made his speech the price began to make the moves. But marke movements was just to fast that all my trading indicators can't cope with and lost sight of it. The price action did not make it to my 38.2% retracement level. I think today Mr Trichet drive the Buggati rather than the Mercedes.

Secondly, I fall asleep at 10pm (Brunei) and again miss the other opportunity that was available on the 1-hour chart, just after the release of US ISM Non-Manufacturing PMI.

But not too worry, because tomorrow's US NFP will bring in another opportunity. I will not trade before 8:30 pm Brunei tomorrow until the relase of the market shattering NFP.

Until then....happy trading guys ;)

101 pips profit in EURUSD

Today I managed to profit 101 pips on the EURUSD from yesterday last entry. If I take into account of yesterday loss I managed to profit around 6 pips net. It all happens when I realised that on the 4-hour chart makes a new low and then I switched to the 30-min chart for my entry instead. The target finally hit the 1.44150 price at 12:35 (New York) afternoon Brunei time.

Happy trading guys ;)

Biggest Loss in a Single Day

I don't know of what happen to me today. I am too addicted to trading today, it's just like I am taking some drugs or whatever. In this single day I trade multiple lot one after another after, and keep on trading when my orders were being stopped out. In total I traded 5 short traded on the EURUSD and none making any profit. And in total I just accumulate an astonishing 95 pips loss!

I just cannot explain why, but I don't feel any emotion today but I think I try to be a robot but with greed. Even as I write this post, I placed another sell stop order at 1.4516, with a stop loss placed 30 pips from my entry and a huge target of over 100 pips.

Let just see how it goes. But in all trade I never risk more than 3% of my trading funds. I will keep you all posted of the outcome with my hyper trading mood today...but never make any winning trades.

Be happy trading ;)

Profitable Monday with 55 pips

Monday of this month for me is so special. It gives me a 55 pips profit on my EURUSD trade, and it's a good start for a good month. In fact, if I have the time to monitor the market today I can get over 70 pips profit. But with all the round of business meeting during the day, I just don't have the time to monitor the market even for as little as 10 minutes. It just happen I have some paper work to finish in front of my laptop that I find this opportunity to enter the market.
Lets now see how it all began and work just now...

I first scanned the 30-min chart for short trade opportunities as the trend is down since last week. It happen that today, the price breaks the low of last week Friday. From here I immediately switch to the 5-min chart and look for a successive downward price movements, where here I draw my fibonacci retracements line.

As you can see from my 5-min chart, I then quickly placed a sell limit order on my MT4 trading platform on the 38.2% level with stop loss at 61.8% level, I.e. In today's case about 20 pips. Then I calculate to have at least twice my profit from the risk of 20 pips. Anyway, I placed my target level at 55 pips from my entry point. The market hit my target level in about 7 hours later.
See how easy it is to trade the forex market with the Surefire Forex Trading method. It's so easy and tools is very simple. Looking forward for a new trade on Tuesday.

Until then happy trading guys!

Profitable EURUSD trades after initial loss

Today I manage to profit 48 pips on the EURUSD after a very good economic numbers from the US. But initially I am taking a lossing trade on the same trading setup. And here is why I make the first loss and finally make the profitable trade.

I first identify the trade on my 30-min chart (the top chart) when the price break the blue dotted horizontal line. Once this happen I immediately go to my 5-min chart for trade entry, stop loss and exit setup.

As you can see on my 5-min chart, I draw a fibonacci line and then make my entry on the 38.2% level wtih stop loss placed immediately on the 61.8% level. Unfortunately the market accelerate on the long side rather on the short side and in just a few minutes after my entry, I am being stopped out.

Realising the market pulls back to the short side, just after my stop loss was hit, I immediately placed a sell stop order back on the original 38.2% level (1.4717). Thank Godness, the market make a strong short movement all the way to my target of 48 pips from my entry or more than twice my risk exposure.

In all, it's a profitable trading setup for this week at last. I will be looking for next trade on Tuesday and call for the week to enjoy my weekend.

Happy trading and enjoy the coming weekend ;)

Today's Price Action Reserved for Adult only!

It's not just today...but I think for this week the price action is somewhat very choppy due to the developing hurricane in the Carribean. I loss twice for this week trading to date with the biggest loss of 55 pips yesterday (Wednesday). However, if I have the luxury of time to monitor the market all day since morning of today, I would be able to profit at least 40 pips or so trading the range bound method using 3 mini lots. The bouncing price movements in the last couple of days ranged between 10 to 30 pips, and using multiple mini lots can effectively harvest a good pips to recover some losses. BUT I will only do it if I am sure (based on calculated risk and risking not more than 3% of my trading fund) the market will go my way based on the chart pattern and fundamental landscape that may influence the price movements.

Looking forward for trading opportunities for Thursday and Friday. I expect next week on Monday will be quiet as the US will be on Labor Holiday.

Happy trading guys ;)

Unfortunate loss of 19 pips in EURUSD

Today I loss 19 pips on the EURUSD as the market failed to hit my target of 1.4695 during the Asian session. To see how it all goes out, let us go through on the chart above beginning from the top chart, i.e. the 5-min chart.

Today I use 5-min chart as my trend identifier and 1-min chart as my entry, stop loss and exit. As you can see from the 5-min chart I plot a blue horizontal line to determine market break out. Once this level has been break I will wait for an entry opportunity and immediately switch to 1-min chart.

On the 1-min chart, I will just eyeball the peak and bottom level to draw a fibonacci line, and as per my trading rules only place entry at 38.2% level with stop loss at 61.8% level. As always the target must be of at least twice that of my risk.

So the market make a good move and well passed the 0% level but never make it to my target level, and it just a shy 2 pips away from my target. Another factor for this loss is, I am not monitoring the market as I was just too busy with multiple business meetings and different venues.

Poor trading week

This week trading is not that so good with me, posting only a net loss of 32 pips. Last night the market is also quite choppy and coupled with internet outrage, I was unable to trade to get a 39 pips profit in the EURUSD. I look forward for better trade next week. Until then, happy trading guys and have a great weekend.

Ultra Choppy Market Today?

The market seems to be choppy today or sort of. Eurozone posted mixed data today with the US giving good green numbers but the market more biased for long EURUSD. This long biased are being supported by higher oil and gold prices driven somehow by geo-political factor on the US - Russia relationship. However, if I were to trade the ultra shorter time frame today (the 5-min and 1-min chart) I could easily nailed some handsome 100 pips profit. I am late to realise that as I am being glued to see the 30 min & 5 min chart. It shows I still lack dynamic trading style which I need to learn to master more.

Anyway happy trading for those traders out there who made profits on the move today.

Wednesday mixed signal with EURUSD

Both my 30-min and 5-min chart on the pair giving me opposing signal. The 30-min chart main trend signifies for a short trade while the 5-min chart trend signifies for a long trade. The recent popping news on oil inventories have pushed down the Euro against the Dollar but its not enough down force for me to execute any short trade. For now for me, is just a wait and see game. But I expect the market will make some movement by Thursday as there are quite a number of economics news due to be release both from the Eurozone and the US.

Until then happy watching and trading ;)

Loss 32 pips on double EURUSD entry

I loss 32 pips on two different entries with the EURUSD. As you can see from the above chart (5-min chart) my entry were both made just below the 38.2% retracement but all the prices never made it below the 0% level and hit my stop loss at the 61.8% retracement level. The Euro then made its way up passing the 100% mark after the release of the news from Eurozone. I will monitor the market again after the US news due 8:30 am New York.

Never give up on your trading defeat. Keep on trading and look for the right opportunity. I am now looking at it....;)

Choppy market on EURUSD, staying on the sideline

The market today seems to be mix with various geo-political situation. Eventhough the prices of EURUSD on my 30-min break my resistance line marked in light blue, but the market is not giving any clear trend. So I make the decision to stay away from fishing in the choppy water condition.

See you tomorrow. Happy trading ;)

FXPRO named the Best Forex Broker

This year my favourite forex broker - FxPro.Com - has been named the best forex broker in Europe by European CEO magazine. I am very delighted with their achievements considering the challenges with other forex brokers in the EU. What I like of FxPro is that they have fixed spread on all currency pairs, with the lowest spread of 1.8 for the EURUSD. The spread will only increase during low trading volume on late Friday trading hours and Sunday trading hours.

Expect EURUSD Downtrend Continues

In the coming weeks, I would expect the EURUSD pair will make another new lows if it break the 1.4600 level. From here it may hit this year lows of near the 1.4400's level (January 2008). This I think can be achieved based on my technical analysis of the EURUSD Daily chart and the 4-hour chart that conforms the current trend still going low. The RSI and MACD on both chart are well below the 50 level and below the 0 level respectively. However, all this will depends on the news releases from both the Eurozone and the US of A, that will fueled the movements.

I will back for more as soon as trading start Monday 18 Aug 2008. Happy trading guys ;)

Oil fresh new lows, sliding Euro further

The crude oil price today make another new lows during the New York session to $111.39. This price action has accelerate further heavy slide of Euro against the Dollar. With that as well it has break my down trend resistance marked at 1.4698 and fueled further with good economic numbers from the US, I finally made another short trade for the EURUSD.

On the 5-min chart as soon as the price retrace to my fib 38.2% level, I enter a short entry from 1.4707 and set three separate targets. There are 1.4664, 1.4633 and finally 1.4584. However, no matter what happen for today, I will close all my trades at least 30 minutes before the market closing. All entries have a tight stop loss of less than 20 pips.

I will be back to update on my trade. Happy trading guys ;)

Final Target EURUSD Hit, total 73 pips

Just 6 minutes after midnight Brunei time (6 minutes after lunch in New York), my ultimate target of 1.4831 hit, giving me a net profit of 73 pips. As of this writing, the market is still pushing down and probably may even hit 1.4785. That will be at least 119 pips from my original entry of 1.4904

It's a good week so far this month. It's time to call for the day and I'm now head to bed. Happy trading for tomorrow guys ;)

Short entry EURUSD from 1.4904

Prior to the release of US Gas Inventory, my 30-min chart prompted me to immediately go to 5-min chart as the price has break my resistance level of 1.4887, for at least a 44 pip target and an ultimate target of 73 pips. I expect my first target to hit just before FOMC Member Stern release his speech. He's notable for hawkish tone. I place a very tight stop of less than 20 pips for today's entry setup.

I'll be back to update on my trading ;)

EURUSD choppy today

With the mixed data from the EuroZone, we all see the market condition is somewhat choppy for almost the entire day. During both Asian and European session the market stayed unfocus. Hopefully, during the open of US session we shall be able to see some direction, after the release of US data.

Until then happy trading guys ;)

Good EURUSD move yesterday

Yesterday was another good profitable trade with risk. I net 55 pips on EURUSD from a short trade of 1.49440 and revised my profit target to 55 pips instead of 57 pips at 1.48890, sighting slight market up movement. The start of my second week trading is pretty good. Today the market seems to be consolidating and no good trade setup seems to be in sight both for EURUSD and USDJPY.

Short Opportunity EURUSD

I just see a probable short trade opportunity developing at both the 30-min and 5-min chart. I am now placing a Sell Limit order at 1.4944 and target for 57 pips with a tight stop of 20 pips. I still monitoring the market movement and it seems stall around the 1.4936 and 1.4939 level.

Will be back on the result. Happy trading guys ;)

EURUSD target hit, position close

I resume my Friday trading today from 1.50125 with my Friday's target of 1.49850. It quickly hit my target in the next 22 minutes after I execute my entry. In total it gives me a clean 67 pip profit, but I miss my ultimate profit target that I set to hit at 1.4937 as I don't have the opportunity to re-enter the market at the level after 1.49850 target is hit.

In total for the first week of August I net 56 pips profit. I will progress with the second week trading later on Monday during or after the Asian session. Until then, happy trading guys ;)

Short on EURUSD

I entered a short trade on the pair after the release of US wholesale inventories after another miss entry made today. My entry have the potential to give me a profit of at least 67 pips from my entry point at 1.5052 with a stop loss 30 pips away from my entry. However, I just close my position just now at 1.50125 fearing of holding my position over the weekend. Resulting in 39 pips profits in hand. I will reopen my position on Sunday to get into my target of 67 pips from my closing price trade of today at 1.50125.

Happy weekend guys and happy trading ;)

Internet is Back...good to trade forex

The internet at my home is back. I am now looking at both the EURUSD and USDJPY for trade opportunities. The 4-hour chart of my EURUSD now give me a short signal which is good amid the heavy slide of the Euro. All of my time frame on my MT4 now gives a short signal across the board.

I will update as it happen today ;)

Internet outrage...No Trade :(

I am experiencing an internet outrage back home, where my connection start to cut-off around 5 am today. I cannot access live feed chart data...and again I miss good trade opportunities across EURUSD, USDJPY and GBPUSD. I can only access the trade information via public connection at the cafe through demo forex.com platform. But I am not opening any of my trading platform within the vicinity of public connection because somebody might access our trade information.

Well there will always be next available trade next week and the days ahead of us. So no worry and I don't regret. This month I am expecting to go for broadband connection, so I can go mobile to trade anywhere anytime.

Happy trading and enjoy the coming weekend

Good Opportunity with EURUSD, but trading signal void

The news from both the ECB and the US supports the Euro to slide further against the Dollar. It creates what I call a wonderful short trade opportunity with EURUSD. But the trading signal of 30-min and 5-min chart is against with each other, which void my entry calculation. If I are to enter the market just now, I can easily harvest 67 pips at the target of 1.5363 and a minimal risk of just 20 pips.

It happens like yesterday where I totally did not monitor the market. When I open my chart before the start of today's trade, the market give a very perfect entry setup and perfect signal to give me over 50 pips.

I missed the good entry of today and yesterday. Now, I just wait for the 4-hour to give me a better trade in the coming days. I will update on my trading as it happens.

Happy trading guys ;)

USDJPY Break resistance, entry developed

By referring to the above 30-min chart, the pair broke my marked resistance point, and thus created some good opportunity for an entry today. The price broke the marked blue line resistance point earlier, and while I was busy doing by day business task. If I have the spare time, I would had entered a trade and take at least 18 pips (108.59) based on my risk & profit probability calculation. The most will be at 108.79 as take profit level, where from the attach chart is still not hit.

I am now looking & analyzing the EURUSD chart for any possible trade. But I guess the best entry will be tomorrow just after ECB release its rate decision.

Until then happy trading ;)

Euro climbed 1.5500

After yesterday Fed statement which may give a positive Dollar sign, the Euro climbed to break New York high. Some may asked why? Well quite easily, I guess most traders now taking advantage of buying the low prices Euro just before Thursday European main event news on rate decision. Both BOE and ECB will release their rate statement on Thursday. I am now waiting for the big move to trade on Thursday.

Happy trading guys ;)

Waiting for FED news

No doubt, there are good signal earlier today for the EURUSD. But past experience have told me hard lesson for this Tuesday's upcoming news. So I will be looking for any trade opportunities after 2.15 am (Brunei) when the Fed release its statement.

Until then...happy trading ;)

Monday trade outlook

I will be still trading on the short side for the EURUSD and long for the USDJPY. A break of 1.55324 will prompt me to go for another short trade with the Euro. For the Yen the break of 107.775 will prompt for my next trade.

Within this month, I am thinking of buying another laptop to cater for the increasing trading activities. Moreover, I will be studying several new currency particularly USDCAD and AUDUSD. Perhaps GBPUSD trade will also be added as an actively traded currency pair within this month or so.

I will post more of my trade next week. See ya then. Happy trading ;)

Trading Performance Status

Beginning from the month of August 2008, I will be posting my trading performance result in this blog. You can see how I performed on my trading, profitable and losing trades on the right bar of this blog, just under the tag ‘Trading System’. Trades on 1^st August will not be counted, as I assumed the trade on that date to be of July.

Happy trading guys ;)

Trading the NFP with EURUSD

For yesterday trade I am using the Sure-Fire Forex Trading system & method. Simply it offers simplicity and a clear cut risk/reward probability ratio. I am using 30-min and 5-min chart to calculate the risk as well as my entry and exit point.

Let me show you how it all works yesterday by first looking at the main chart to identify the trend on the 30-min chart:

The red leading EMA indicators are well below the lagging EMA, colored here in gold. The immediate support level is at 1.55631. So I am looking to the price to break the 1.55631 to look for an entry. Once the price break this level just before the US NFP released, I will go to a 5-minute chart to determine my entry and my risk.

As it happen EURUSD break the 1.55631 support earlier during yesterday’s trade, and I immediately switched to 5-minute chart. When you look at the 5-minute chart below there are some opportunities to enter the trade. But from my experience, I discount that as false entry. Why? Remember the rules, don’t trade before the big economic news or else you will be eating up alive by the market rouge waves.

I only draw fib lines just before the news and place pending order only after the market making some wild moves. You can see it moves up wildly and down out of a sudden. If I enter early I will surely hit the stop loss point. With this technique never enter early. It is far much better to wait for a confirmation. Let the market settle and find it ways.

As always I make my entry at 38.2%, place my stop at 61.8% and set my target at least 3 times my risk.

And walaa! See how much the market can give me with this technique. It’s well over 41 pips from a risk of just 14 pips.

Pre-NFP Friday Outlook

Based on today’s price range where the high (resistance) is 1.56991 and the low (support) is 1.55688, and the current price trends seems to head low, I would expect the EURUSD will be dipping lower again.

I will trade after the release of US NFP at 8:30 pm (Brunei) and will observe the market condition by as early as 8:00 pm (Brunei). Shall the EURUSD penetrate or trading below 1.55688 I will focus on short trade. Alternatively, if the EURUSD trading above 1.56991 I will focus on long trade. Subject to trend line confirmation and the development of the candle bars between the support and resistance line of today.

See you tomorrow for the great wave. Happy trading guys ;)

Updated Version of SRDC

The basic version of the SRDC objective is to filter out false move or signal created by the market. From the Daily chart, we need to add Bollinger Band (Period 21 with Deviation 3) and SMA 84 at Close.

As part of filtration technique, the SRDC rules require a trader to use multiple time frame say 1-hour and 15 minute chart. The daily candle support and resistance will act as guide for trend breakout.

In order to enter for a trade a simple rules must be obey, i.e. as follows:

Long : Price must be above the 84 SMA
Short : Price must be below the 84 SMA

Price must not be touching either the 84 SMA or the middle band of Bollinger Band.

The Outer Band (Upper & Lower) must point in the direction of the trade or price movement. If price going low the Outer Band must be pointing down not up. If price going high the Outer Band must be pointing up and not down.

A trade must ensure the he/she have enough room between entry point and the Outer Band to allow the trade to develop a suitable exit point. The exit point is when the price touch the Outer Band.

The stop loss for this technique will be the point where the middle band of the Bollinger Band currently position.

I will show this technique in real market condition as it happens. Happy trading guys ;)

Waiting for news to trade

I am not posting any trade setup today as today we all will be expecting wild ride from the Euro zone multiple trade data. So my strategy is to wait for the news to make some movements within the market, particularly EURUSD and use any breakout point as entry opportunity. Today I will be using Sure-Fire Forex Trading method to increase my profit probability.

I will update on the event and any entry opportunity as it happens. Happy trading guys ;)

Loss EURUSD with SRDC, but profit with Sure-Fire

My SRDC method today post a loss of 20 pips as the price briefly reverse from my entry point on EURUSD. But taking the Sure-Fire Forex Trading system will give me better profit margin with minimal risk. Let see how it works as illustrated by the chart below:



Sure-Fire Forex Trading system use somewhat similar breakout technique like the SRDC but using different trading approach. It require the trader to use multiple time frame, where longer period chart time frame to identify trend and lower chart time frame to make entry. I like to use 30-min, 5-min and 1-min chart. The 1-min chart will not be discussed here as it will require advance entry technique.

My 30-min chart give me a signal to go short (sell) based on the signal given by the EMA where the red line cross below the gold line. Before I can make any entry the price must first break the most recent support line which today is at 1.55581. Once it break this price I will immediately go to the 5-min chart to find an entry point.

For any entry, the Sure-Fire Forex Trading rules that a trader must use a fibo line where an entry must only be executed when the price start to retrace from 38.2%. Target must be at least twice the risk and in today's case the profit potential is 3 times the risk at 1.55271 or 38 pips against risk or stop loss of 11 pips (1.55761) at the 61.8% point.

As you can see from the 5-min chart, I can easily achieved my profit in less than 1 hour from my executable entry. In case you wish to now more about the EMA that are use in this system, I suggest you personally purchase the e-book. I cannot give the full parameter settings here as it will dragged me into legal trouble with Mr Mark McRae, owner of Sure-Fire Forex Trading.

Happy trading guys ;)

Trade Setup: 30 July 2008

Yesterday my SRDC trading method yield $100 on EURUSD and on USDJPY despite earlier loss on USDJPY. It all hit the target just after 9 pm Brunei. Today may be the same story as of yesterday as the market seems to be in directionless movement. CNBC reports, today maybe quiet until Thursday market data will make some move on the currency market with Friday as the mother of all movers & shakers when the US NFP will be released.

So let's take a look on my trading setup today starting with EURUSD followed by USDJPY. The blue dotted line represent my Buy Stop and Sell Stop order currently in place:




As always, I put my stop loss 20 pips from every entry with 10 pips target profit.

Happy trading guys ;)

Loss on USDJPY

The mixed data on the Japanese retails and unemployment has created somewhat choppy market wave. My trade hit it's stop loss just now when the price climb briefly to 107.535 and my account loss 20 pips. However I still have EURUSD pending orders and I will likely delete my other pending buy stop order on USDJPY as precaution with the choppy market volatility.

Never give up in trading guys. I am addicted to it...so happy trading ;)

Trade Setup: July 29, 2008

Here are my trading setups for both EURUSD and USDJPY for today, Tuesday 29th July 2008 using SRDC (Basic) method:


Place buy stop at 1.57681 with stop 20 pips away from entry and target at 1.57781 (10 pips). I also place sell stop at 1.56836 with stop 20 pips away from entry and target 1.56736.

Here is the trade setup for USDJPY:

Place buy stop at yesterday's high of 108.065 with stop 20 pips from entry and target at 108.165 (10 pips). I also place sell stop at yesterday's low of 107.335 with stop 20 pips from entry and target 107.335 (10 pips).

I personally feel that the USDJPY will hit the target first today if the Japan number is better than expected earlier today.

Until then, happy trading guys ;)

Easy profit on EURUSD & USDJPY

As I described yesterday the SRDC method is quite easy and profitable. See how it works and how I make easy money early Monday trading...

I easily profit from EURUSD on short trade from 1.57020 and take profit at 1.56920. That is an easy $100 profit in the very early Monday morning. Now let see the USDJPY trade below...

I make a long trade with USDJPY from 107.804 and take the profit at 107.814...another easy 10 pip profit with very minimal risk. A very profitable trade in less than 1 hour!

Can you see now how easy the SRDC trading method is? It is so easy and really money making method.

I finish my trade now. I will get a new trade tomorrow morning after the close of today's trade. Happy trading guys ;)