Looking to buy EURCHF

16 Jan, 05:59 - EURCHF seems to be sitting around an immediate support of 1.4696, and based on the Daily chart candlestick, it might be going for the long side if the current trend continue.

My action for this pair: - I place buy stop at 1.4815 with stop loss a distance away at 1.4675. My target for this pair will be at least 100 pips or near the 200 pips figure.

By the way I loss on 15 Jan trade with the EURUSD. The signal given to me by kuasaforex indicator seems to be a false one. Moreover, I jump in quite late and during heavy volume trading happening. Thus, I get a requote from my broker over three times and I was given a bad price than anticipated. Lesson learned from this condition for me is not to push the trade under heavy trading volume, where other traders pushed their orders.

Thin Range Trading condition ahead of ECB

20:26 Brunei - Market is very quite with very small volume movement. Especially with the EURUSD as the ECB will due to release Minimum Bid Rate. The pair currently under very thin range bound trading. Yesterday was a good long trade for the USDCAD. I will update again with trading position I might be taking after 20:45 of the ECB announcement released.

Unable to trade Monday

Due to poor internet connection yesterday, I am not able to take any trade the market offer. Anyway I believe some of us [the forex traders] enjoy good profits yesterday for those who trade all the major currency pairs. I like the EURUSD movement yesterday which a discipline trader could easily pocket an easy 100 pips.

Monday, 12 Jan: Asia Market Outlook

2203 GMT [Dow Jones] ASIA OUTLOOK: Little change in FX majors so far with quiet trade as Japanese market shut; USD/JPY around 90.10 vs 90.30 late in NY on Friday, EUR/JPY at 121.40 vs 121.36, EUR/USD 1.3472 vs 1.3438. Stocks have negative cue from Wall Street, which fell in wake of data Friday showing more U.S. labor market weakness; NZ shares though have ticked up 0.2% early. Data include Aussie ANZ job ads 0030 GMT, Korea export/import price index 0300 GMT, India industrial output 0630 GMT. China trade, M2 data due. Thailand has by-elections to replace sacked MPs after airport protest. Europe has German manufacturing turnover, UK RICS housing survey while in U.S. there's Federal Budget, Lockhart speech.(RXM)

Expect USDJPY going below 90's

In the coming week, based on the daily chart analysis, if the current price of 90 with USDJPY break below 89.71, I expect a further short towards 89 or 88 price range. This is based on my daily technical analysis with an immediate support coming at 89.71 and a break below this will push the pair further. Most probably towards the low of Dec 17, 2008.

GBPUSD: Shows some upward push with a target towards 1.5512 or towards the high of Dec 17, 2008. A reversal from the current trend may see the pair to go towards the support of 1.4859 before finding direction of new trend.

EURUSD: The pair now has break the support of 1.3469 and I will wait for next week for trend confirmation for another strong trend continuation. A further break below this support will see a further bearish trend of Euro towards at least 1.3310.

USDCHF: A possible top may now be created at this point of 1.1130's area, however a break above 1.1250's calls for further bullish trend.

AUDUSD: The pair may now change it's momentum from bullish towards bearish cycle. The pair will be going bearish toward the support of 0.6950 and a break from here may see the pair to go further sliding downwards to 0.6750's level

All of the above market summary is of my personal analysis from the current week for next week market momentum. All analysis are based on Daily chart by observing current support and resistance as well as daily bar characteristics.

Catching the big waves

Some of you will realised of why I did not trade when there's strong trending market. Actually I trade during those time using additional technique I used before in all my previous posting last year. But you need to know where you enter or ride the waves.

One way to enter in which I like to use it, is utilising the little S&R (Support & Resistance) that develops by the market maves in the 1-minute chart. In a strong up trend market movement like the case with GBPUSD within this week, I will enter at the break of the small resistance and placing my stop loss at the most recent support developed by the market waves. I will then place my target at least twice of the risk I placed for my stop loss.

However, you need to remember before you commit to such trade you must ensure that all 3 indicators in the TRIPLE timeframe must be of the same color. In a strong up trend, all 3 indicators must show the blue color.

Happy trading guys...and I will be back for another live trade next week. I will stay on the side line today knowing the US NFP will be released. Tsunami might be created, and my naval vessels can't cope with that kind of waves...

No position are possible to be open, as the market today somewhat making stronger bull against the US Dollar. My target for GBPUSD is also not possible and the pair has now hit the R2 levels. I may not be trading if the market has hit R2 level, as the likely chances for the market to reverse may occur from here.

Euro position closed...Next trade GBPUSD

My earlier trade with the EURUSD just has been closed by my trailing stop loss with a profit of just 13 pips. The pair hit the R1 level and now currently floating around that area of resistance.

My next trade that I am monitoring right now is the GBPUSD. As shown on the above chart, all 3 indicators are already in the Blue zone which signal for a long trade. So all I need now is just to wait for the 1-minute chart to give me a next entry signal.


A few minutes ago I come across the following news/speculation from Barclay Capital "1155 GMT [Dow Jones] GBP/USD finally responded to divergence on the daily and weekly charts, rallying out of its recent range and making a new high for 2009 of 1.4988, notes Barclays Capital. This breakout is far from conclusive proof that a more sustainable bounce is underway says the bank, as the rate remains in a wedge like formation and below its 50 day moving average, which comes in at 1.5110. However, while it holds above support at 1.4730 BarCap says it gives this fledgling uptrend the benefit of the doubt and looks for it to extend toward the 50 DMA at 1.5110. GBP/USD now trades at 1.4944. (GST)"

I will be setting my target for the pair at R2 as support for the above speculation. Right now GBPUSD trading at 1.49560

EURUSD gain strength after being punished

6:41 pm (Brunei): I just enter a trade with EURUSD for a long trade at 1.36040 with a stop place at just about the Blue BBands in the 1-minute chart. My target profit level today for this pair is set at R2.

Reason behind my decision is that on my main trend (30-min chart) all the signal is in Blue and this is further confirmed by my 5-min chart, with all three indicators in the blue zone. So I immediately enter upon the close of the bar right after the first blue dot in the 1-minute chart. I also set a trailing stop loss to protective stop to reduce risk.

I will wait for this pair to close before I can trade other currency pair. Other pair that I may consider would be EURCHF and EURGBP. Until then...I will update on the trade development as it happen.

Happy trading guys

Trading Summary: Tuesday 6 January

I did not execute any trade as the indicators does not agrees with one another on the currency pairs that I monitored. Moreover I am too tired to continue trading all nights, and there's no point to trade the forex market with such great fatigue. So I end up asleep at about 11pm Brunei time.

However for those of your guys able to stay awake until the early mornings after 2 am, I am sure you can get some good trades with profits around the region of 30 - 60 pips. This early morning at about 8:30am (7 Jan 2009) for those of you guys that a free to trade the forex, you may catch AUDUSD with Retails Sales Trend coming out at about that time. Looking at my 30-minute chart of the AUDUSD, it seems ok for a Long trade. But the other remaining chart, i.e. the 5-minute and 1-minute still in the red zone. If I were to trade I will be looking for both chart to turn into blue. My target will be either R1 or R2 for this pair.

Happy trading guys...

Market Summary

2211 GMT [Dow Jones] U.S. SUMMARY: EUR continued its retreat vs USD, GBP as investors speculated about a rate cut from ECB next week; after bottoming early at lowest level since Dec. 12, EUR generally trimmed its losses, aided by release of minutes from Fed's December policy-setting meeting, which evoked a bleak outlook for U.S. economy, though EUR continued recent sharp decline against GBP. U.S. data like factory orders, ISM services index were also poor. EUR/USD at 1.3509 late vs 1.3616 Tuesday (and off low of 1.3312), USD/JPY at 93.83 vs 93.33, EUR/JPY at 126.66 vs 127.10, GBP/USD at 1.4924 vs 1.4685, USD/CHF at 1.1165 vs 1.1090. Stocks closed higher despite more grim economic data and Fed warnings about depth of current downturn. Hewlett-Packard gained 8.2% after launching discount laptop with emphasis on video graphics, while American Express rose 5.6% and General Motors added 6.2%. Dow +0.7%, Nasdaq +1.5%, Philly semcions +5.1%. Alcoa shares down 3.5% after-hours, as it cut capex outlook. Treasurys improved from early steeper losses after well-bid 10-year TIPS auction and on heels of massive offering of corporate supply; 2-year yield down 1.6 bps at 0.80%, 10-year down 3.2 bps at 2.46%. Comex February gold settled $8.20 higher at $866/oz as support held at key moving average, USD gave up some initial strength and traders continued to eye developments in Middle East. Crude futures fell as marked paused to evaluate if oil could continue to rally in face of severe economic downturn; Nymex February crude settled down 23 cents at $48.58/bbl.(RSH)

A Sea of Uglies

10:25pm (Brunei) - It seems that all major currency pairs and major crosses at this time showing uglies of chart. All of the indicators does not agree with one another. Even with EURCHF I cannot make an entry due to unclear indicator with the 5-min chart, same happens with GBPUSD with the 5-minute chart. Anyhow GBPUSD post a great strength of 100 pips towards S1 in the 1-minute chart. But again I cannot make any entry with this pair due to unclear signal of the Starlight with the 5-minute chart.

GBP may set for a Bull...Euro still hammered by USD

As of 7.10 pm (Brunei) there's still no trade that I can execute in the currencies that I am looking at with Kuasa Forex indicator. First I will like to discuss EURCHF that I am aiming to trade as soon as the 1-minute chart making some bull run. I'm looking for the indicator to turn blue first before it resume into RED.

From the chart above of EURCHF, my main trend the 30-minute chart is in Bearish signifies by the RED indicators (notice all three indicators in RED). The 5-minute chart is also in RED, the same with 1-minute chart which prompts me for a short trade. I am now just looking at my 1-minute chart to look for a next short trade. Before I can do that I need some retracement...so I just wait for a blue indicator to develop before I can trade for the next RED dot.

My target will be at S2 with a stop loss to be defined as the market develops.

Asia Market Outlook

Jan 5, 21:50 GMT [Dow Jones] ASIA OUTLOOK: Mild gains in USD, EUR vs JPY in choppy early trade though AUD/USD off initial highs; USD/JPY at 93.46 vs 93.33 late in NY, EUR/JPY 127.23 vs 127.10, EUR/USD sticking near 1.3611. Stocks have slightly negative cue from Wall Street, with oil posting another rise, which may hurt transport names; U.S. futures mostly flat in screen trade though NZ shares though for now +0.4%. On data front, Australian PSI at 2230 GMT, Philippine CPI. Later there's UK nationwide monthly housing review, CIPS services PMI, eurozone services PMI, flash inflation estimates; in U.S. there's ICSC/Goldman Sachs chain store sales, Johnson Redbook index, ISM non-manufacturing index, factory orders, pending home sales, ABC/Washington Post consumer confidence. (RXM)

Welcome 2009...with a more challenging Trade

2008 leaves us with many memories, both the bad and the good ones. I have a good trading years with the 2008 despite the roller coaster ride created by the turmoil in the global financial market, especially the US of A. I can be proud of my self of choosing FOREX as my trading career due to its unique charateristics. Most interestingly with the FOREX market, I can profit either the market going up or going down. I am not going to explain how the market works...but if you would like to know more you can simply surf to http://www.babypips.com/ or purchase a book called "Currency Trading for Dummies".

As I have mentioned in my previous posting, in 2009 I will be sharing with you with the trading indicators that I have been using since 2007. It's called Kuasa Forex or in English "Forex Power". I can frequently trade the forex market with this indicator more often than any other kind of indicators. What I like most about this indicator is it's SIMPLICITY.

If you don't have one of this indicator, I generously provide and link on the right of this blog for you to purchase. It's cheaper than any other indicator and only cost RM97.00 and comes with a lots of FREE e-books and bonuses. Mind you, the e-book for Kuasa Forex only comes with 'Malay' language. This year I devoted this blog for non-Malay speaking trader to successfully trade the Kuasa Forex indicator in English.

SIMPLICITY is what I like about this trading indicator. All you have to do after you download all the Kuasa Forex indicators into your MT4 platform, all you need to do and see are:

BUY - When all three indicators, the BBands, Ashi and Starlight are in BLUE

SELL - When all three indicators, the BBands, Ashi and Starlight are in RED

The indicators only can works if you have MT4 platform. If you don't have one simply go to my favourite broker http://www.fxpro.com/ or click the FXPRO.Com icon above to get a FREE MT4 trading platform.

Now, for you to easily follow on how I trade the forex market in this new year 2009, you can download my own trading procedures of using the Kuasa Forex indicator here.

I will be trading live real account with mini-lots starting on the 5th January 2009. Here you can view how I trade using Kuasa Forex indicators live. Please note, I will only post close entry trading chart and position into this blog. This is due that I am using lower time frame to trade with 1-minute as my entry chart and 30-minute chart as my trend chart.

I look forward to post live trading and sharing it here...until then happy trading guys ;)