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 ;)

Trading EURUSD & USDJPY with the most simplest system

On Monday onwards I will be adding new trading system & technique to trade the EURUSD and USDJPY in the most simplest way. I will be trading on both Daily chart and a combination of multiple time frame using SRDC system and an advanced system created by Mark McRae.

SRDC will be the most simple. SRDC stands for Support Resistance Daily Candlestick and as the name says will only be traded with Daily chart. The system is way much better than Avi Friester system. SRDC can be applied to any currency pair.

All you have to do with SRDC system is to look for yesterday's High and Low candlestick point. Then place a pending order, a Buy Stop on yesterday high price and place a pending Sell Stop on yesterday low price. And you need to do this just prior of the start of new candlestick on the Daily chart.

I will be only trading on EURUSD and USDJPY for obvious reason - the low spread. With FxPro I get a 1.8 pip spread on EURUSD and a 2 pip spread on USDJPY. Profit objective for this technique is only 10 pips with stop loss at 20 pip.

My experience with this technique is quite good and it constantly giving me well over 90% profitable trades and I only trade once a day. I will be posting my live trading on a daily basis with this SRDC system.

The advanced system created by Mark McRae will utilized four EMAs, a good understanding of drawing trend lines, and looking the other three indicators namely MACD, Williams % and RSI at a predefined custom settings. I will not go into much details on the parameter setting for this system as all information are protected by law. Releasing it will get me into trouble. But I will show you how I use the system, how good and how simple the system really is despite it's complex nature.

The main objective here is to show that I when using both system can give me a good risk to rewards ratio. Mark McRae system so far has a very good rewards or profits with lower risk exposure. SRDC gives better simplicity and constant daily profit.

I will be back tomorrow. Until then have happy weekend ;)

Recommended & Trusted Broker:

Long of EURUSD & USDJPY

I am looking for a long trades for both pairs. But I need some confirmation with the USDJPY before I can enter any trade. However, today I placed a Buy Stop order for the EURUSD with entry at 1.5869, target placed over 60 pips from entry and a tight stop of 25 pips. The stop is slightly shy from my 3% risk exposure.

The EURUSD making a dip of 1.5831 today and now retracing upwards heading into my aimed entry price. No major news ahead until Tuesday so I expect my target may be hit today or tomorrow. Happy trading guys ;)

Recommended & Trusted Broker:

Soon to start trading the shorter time-frame

In the coming weeks, I will be trading on the 5-minute and 1-minute chart with the two most liquid major currency pairs. After practicing it for almost 8 months, and it consistently made some good profits, I decided to get it online and live with real money trading the shorter and lower time frame.

Both the 5-minute and 1-minute chart will be traded with EURUSD and USDJPY as both currency pair have lower pip spread. My forex broker – FxPro.com – offer 1.8 pip spread for the EURUSD and 2 pip spread for the USDJPY and this lower spread is very vitally important with the shorter time-frame.

GBPUSD and other currency pairs have higher pip spread and sometimes have lower liquidity, which can be very dangerous and hitting stop losses quickly.

Target profit objective on this lower time-frame will be usually not more than 10 pips, but occassionaly it may go up to a max of 20 pips per trade. It usually lasted in less than 30-minutes per day. Once I get 10 pips in a day, I will stay away from the market and take a day break until the next trading day. Because….I tell you it will be very exhausted monitoring the market in the lower time frame.

I will be posting my chart and results for my new trading techniques as it happens. But don’t get it wrong, my previous trading system and techniques still remains and will be used during trending market. But I might drop the EA trading for this.

Until then…happy trading guys ;)

Recommended & Trusted Broker:

No Go decision

I just received an emails from my currency strategist and currency analyst both in New York and Europe. They do not allow me to trade the Euro based on my risk that I put on previous posting. So I won't be trading the Euro based on the previous setup. Anyway it's your call if you wish so.

Happy weekend guys ;)

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Dollar Sliding due troubled market

Friday’s troubled market in the US has forced the Dollar to slide down quite rapidly despite good number from the US Trade Balance than forecasted. The Euro and the Pound becomes the beneficiary of the sliding Dollar.

Next week, especially Monday I expect the Euro may hit my expected target of 1.5982 or within the area of 1.5980’s, and there maybe a possibility that the Euro may hit 1.6000 level if the crude oil price hit or break the $150 level per barrel.

Despite the above analysis I will only execute my Euro entry without the assistance of EA, if it retrace to 1.5885 levels and keep a tight stop of 30 pips. However, the opportunity of using an EA to trade the Euro will also be good by next week. This week the EA give me a profit of well over 80 pips. Alternatively, if the Euro traded against the Dollar below 1.5850, I will not dip into the market except with the assistance of EA to find the right level to execute the trade.

I will stay aside from trading the GBPUSD pair as I feel uncomfortable with the market movement for the past few weeks.

Until next week, happy trading guys ;)

Recommended & Trusted Broker:

Ultra-Trend Indicator System

Now as promised this is how an Ultra-Trend indicator that I use, seen here in action today with the USDJPY example on the 4-hour chart.

To use it is quite simple. Just look for the blue line at the bottom of the this chart. When ever the blue line cross up the red line it mean BUY signal. If the blue line cross below the red line it mean SELL signal.

I find it quite useful on the higher time-frame from 30 minutes chart upwards. However it still work for the 15-minute chart with experience.

And this indicator will be given FREE if you open an account (mini or standard) with fxpro.com with us.

See it's very simple right..... Happy trading guys ;)

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EURUSD Plugged after Bernanke, USDJPY in the making

EURUSD initially makes a good uptrend to 1.5752 after last week bottom slide during the London session but it was short lived, when the US session open. After Mr Bernanke said that the Fed may extend lending facilities the Euro then progressively start to slide and find its bottom at 1.5634. Eventually posting an unrealized loss with my EA, currently at 56 pips. Both the 4-hour and 30-minutes chart shows the Euro are in the range bound mode with no clear direction to start any serious non-EA entry for me.

Bernanke speech do helps the USDJPY to gain some good level and now in the making for another high. We saw the Dollar accelerate to 107.52 during the US session and continues its upward trend. I am looking to enter the USDJPY pair if the trend able to break the high of 107.74 (July 7) with target of at least 80 pips and a tight stop of 31 pips.

Happy trading guys ;)

Recommended & Trusted Broker:

EURUSD expert advisor makes profit

Earlier during both the Asian & London session, the EA makes good 60 pips profit until the open of US session which it post a 24 pip loss. I manually intervene the system as the market makes the opposite trend due to, I guess, lower crude oil prices than during the Asian and London session. Crude oil now down over $3.00. In total, today's trade net a profit of 35 pips.

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USDJPY mixed trend ahead

Over this weekend, I am looking at 3 major currency pair based on this week post market analysis. GBPUSD still have the bearish signal within the 4-hour chart but if I look at the Daily chart for the long term view, it tells me to go bullish. But the bullish power or strength for this pair on the Daily chart seems getting week for the past few months.

On the USDJPY it tells the same story as the Pound but with much stronger tone. Looking at my Daily USDJPY chart, the signal represent for a bearish side. It has been bearish ever since March of this year. But over the past two months the trend has been going up, with the highest so far this year at 108.57 level. Breaking this level again will give us another stronger push northward.

On the medium to intra-day term, by looking at the 4-hour chart for the USDJPY, tell another different story, where the tone tells me to go for bull market trend. As long as the Dollar trades above 106.76 against the Yen, it is BULL all the way except if it goes southerly 102.60

For those who can accept 30 pips loss, I can recommend this entry setup:

Entry : Above 106.50
Stop : 30 pips below entry
Target : 107.20 or 107.60

I will be back for the Euro analysis. Until then happy trading guys ;)

Recommended & Trusted Broker:

FxPro.Com

EA trading will resume Monday for EURUSD

After nearly a week I switched off my EA from trading the EURUSD pair (due to US NFP), I will resume my EA (Expert Advisor) early this coming week Monday. The EA constantly giving me up to 30% profit month after month.

Even when using EA, I still observed the market for other opportunity both with EURUSD and other major currency pairs. For other pairs I trade with Ultra-Trend indicator that I will show it to you soon.

Happy trading guys ;)

Recommended & Trusted Broker: FxPro.Com With the Lowest EURUSD spread of 1.8 pip.