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!