The Law of Chart

As promised for today, here is the article on The Law of Chart which I am able to share with you from Surefire Forex Trading. It's a long article and maybe boring if you are in a hurry. Please do not skip a paragraph of this article. You need to digest between the line to fully understand it. It takes me some time to master and apply it into my own trading practice. So don't worry if you can't master it in a week or so.

While I am not trading for the past few days, I managed to have a look on the market until the last Friday. And from my post-trading that I made today, the market seems very choppy and in the period of consolidating. All my charts from the 4-hour down to the 5-minute chart does not agree with one another. I guess due to the long awaited bailout plan bill of US 700 billion still hanging around within the Congress.

But I hope by next week the Congress in the States can make up their mind about the current economic situation before the US NFP. I will resume my trading by monitoring the market behaviour on Thursday all the way up to the last minutes before the released of the US NFP. I will be entirely trading on the 1-minute chart.

Until then...happy weekend and have a great celebration on the soon to come Hari Raya.

Last trade of the month with 50 pips profit

Today I had another good profitable trade going long with the EURUSD. By using the advanced method of Sure-Fire Forex Trading, I place my long position at 1.4649 with target place at 1.4699 at about 1:47 am (Brunei). The market hit my target at 2:10 am from a little risk of less than 30 pips.

From here, I am withdrawing my profit of about 300 pips to enjoy for the festive season that will be coming soon. I will not be trading for the remainder of the week until the next US NFP in October. You might be asking why I am not re-investing my profit...well pretty simple rules that I use and practice. I recall Brian Dolan advice "Take your profit periodically, or else the market will take it for you." Experience will tell you it's a good piece of advice.

Until next month...happy trading guys ;)

Brian Dolan is Chief Currency Strategist of FOREX.com
All trading method and system is the property of Surefire Forex Trading developed my Mark McRae and not the works of this blog owner. Shall you require further information about the trading method and system kindly purchase the e-books to get online & live tutorials from Surefire Forex Trading.

A great start on Monday with 83 pips

The 4th week of the month start with a great trade. Today I manage to profit 83 pips on a long trade on the EURUSD. As usual with my practice, it start from a big time frame of the 30-minute chart when the price break my marked 1.4558 level. Once the price break this level, I immediately switch to my 5-minute chart and wait for an entry. It took me several hours to make an entry. I have to watch the market from 3:40 pm until I passed the Sungkai at 6:30 pm where I placed an auto execution mode (pending Buy Limit order). With this in place, my MT4 trading platform will automatically execute trade for me when the price hit my 38.2% retracement level.

The market finally hit my entry at 8:29 pm and finally hit my target and exit at 10:35 pm with 83 pips profit. All this is achieve with only minimal risk of less than 40 pips or less than 2% of my trading fund. Until tomorrow...happy trading guys ;)

Trading with Moving Averages

As promised, for those of you who wish to understand how to trade the Moving Averages (MA), or simply just want to know more about MA, here is a good article from surefire-trading.com by Ty Young. Simply click here to download.

Information, charts or examples contained in this lesson are for illustration and educational purposes only. It should not be considered as advice or a recommendation to buy or sell any security or financial instrument. We do not and cannot offer investment advice. For further information please read our disclaimer.

Good Friday with 68 pips profit

I have a good trade shorting the EURUSD today with a good 68 pips in hand. As usual I trade after the break of price in the 30-min chart before I switch to my 5-min chart. I start entering the market at the 38.2% level (1.4257) and placed my target twice that of my stop loss at 61.8% (1.4285).

No Trade on the 18th

The EURUSD makes a rally on the north side with clear indication for a bull signal, but for me this might just be a corrective pattern for another next bear trend of the pair. Unfortunately, I cannot place any good trade during the reversal price action of the EURUSD because both my 30-min and 5-min chart does not agree with one another.

On the other side using the advance method, I was off guard, aka asleep when the price movement give that good opportunity. It occur sometime passed the midnight in Brunei. I missed to take up over 30 pips profit potential. But well there's always tomorrow....

Until then happy trading guys ;)

A good start on Wednesday with 50 pips

I really like the beginning of this week. This early Wednesday morning I profit another 50 pips from my short trade on EURUSD. I just simply use the advance method that I share with you all yesterday. I enter the market once my trendline has been break and take my profit at 1.4145.

I will wait for the next entry opportunities later today. Happy trading guys ;)