Just A Reminder...
I personally urges you to scrutinize any "super "trading system by providing fast rich method or all-in-one signal to realize your dream, before paying fee to them. As we all undertand, the way to fortune is a painstaking process, much due to your hard efforts and practice, do you think people now can produce any super machine better than human brain? Please do not fall victime of "impulsive buying", cool down yourself for some days first before giving your most precious asset: "Money".
Saturday, November 29, 2008
The Trading This Week Is Quite Good...
Friday, November 21, 2008
New level to watch for USDJPY...and the Aussies
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
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.
Wednesday, November 19, 2008
Market in sideways...will be taking some break
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.
Monday, November 17, 2008
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 ;)
Friday, November 14, 2008
Missing the boat for 40 pips return
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 ;)
Thursday, November 13, 2008
My 30-min Support & Resistance
First Profit of the Month - 80 pips
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.
Monday, November 10, 2008
Trading the 1-minute chart : Part 1
- 30 - minute chart for main trend identification,
- 5 - minute chart for entry and to look for breakout trend, and
- 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
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
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.
Monday, November 3, 2008
Internet Outrage Drained 40% of my Trading Account
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 ;)