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.