Profitable EURUSD trades after initial loss

Today I manage to profit 48 pips on the EURUSD after a very good economic numbers from the US. But initially I am taking a lossing trade on the same trading setup. And here is why I make the first loss and finally make the profitable trade.

I first identify the trade on my 30-min chart (the top chart) when the price break the blue dotted horizontal line. Once this happen I immediately go to my 5-min chart for trade entry, stop loss and exit setup.

As you can see on my 5-min chart, I draw a fibonacci line and then make my entry on the 38.2% level wtih stop loss placed immediately on the 61.8% level. Unfortunately the market accelerate on the long side rather on the short side and in just a few minutes after my entry, I am being stopped out.

Realising the market pulls back to the short side, just after my stop loss was hit, I immediately placed a sell stop order back on the original 38.2% level (1.4717). Thank Godness, the market make a strong short movement all the way to my target of 48 pips from my entry or more than twice my risk exposure.

In all, it's a profitable trading setup for this week at last. I will be looking for next trade on Tuesday and call for the week to enjoy my weekend.

Happy trading and enjoy the coming weekend ;)

Today's Price Action Reserved for Adult only!

It's not just today...but I think for this week the price action is somewhat very choppy due to the developing hurricane in the Carribean. I loss twice for this week trading to date with the biggest loss of 55 pips yesterday (Wednesday). However, if I have the luxury of time to monitor the market all day since morning of today, I would be able to profit at least 40 pips or so trading the range bound method using 3 mini lots. The bouncing price movements in the last couple of days ranged between 10 to 30 pips, and using multiple mini lots can effectively harvest a good pips to recover some losses. BUT I will only do it if I am sure (based on calculated risk and risking not more than 3% of my trading fund) the market will go my way based on the chart pattern and fundamental landscape that may influence the price movements.

Looking forward for trading opportunities for Thursday and Friday. I expect next week on Monday will be quiet as the US will be on Labor Holiday.

Happy trading guys ;)

Unfortunate loss of 19 pips in EURUSD

Today I loss 19 pips on the EURUSD as the market failed to hit my target of 1.4695 during the Asian session. To see how it all goes out, let us go through on the chart above beginning from the top chart, i.e. the 5-min chart.

Today I use 5-min chart as my trend identifier and 1-min chart as my entry, stop loss and exit. As you can see from the 5-min chart I plot a blue horizontal line to determine market break out. Once this level has been break I will wait for an entry opportunity and immediately switch to 1-min chart.

On the 1-min chart, I will just eyeball the peak and bottom level to draw a fibonacci line, and as per my trading rules only place entry at 38.2% level with stop loss at 61.8% level. As always the target must be of at least twice that of my risk.

So the market make a good move and well passed the 0% level but never make it to my target level, and it just a shy 2 pips away from my target. Another factor for this loss is, I am not monitoring the market as I was just too busy with multiple business meetings and different venues.

Poor trading week

This week trading is not that so good with me, posting only a net loss of 32 pips. Last night the market is also quite choppy and coupled with internet outrage, I was unable to trade to get a 39 pips profit in the EURUSD. I look forward for better trade next week. Until then, happy trading guys and have a great weekend.

Ultra Choppy Market Today?

The market seems to be choppy today or sort of. Eurozone posted mixed data today with the US giving good green numbers but the market more biased for long EURUSD. This long biased are being supported by higher oil and gold prices driven somehow by geo-political factor on the US - Russia relationship. However, if I were to trade the ultra shorter time frame today (the 5-min and 1-min chart) I could easily nailed some handsome 100 pips profit. I am late to realise that as I am being glued to see the 30 min & 5 min chart. It shows I still lack dynamic trading style which I need to learn to master more.

Anyway happy trading for those traders out there who made profits on the move today.

Wednesday mixed signal with EURUSD

Both my 30-min and 5-min chart on the pair giving me opposing signal. The 30-min chart main trend signifies for a short trade while the 5-min chart trend signifies for a long trade. The recent popping news on oil inventories have pushed down the Euro against the Dollar but its not enough down force for me to execute any short trade. For now for me, is just a wait and see game. But I expect the market will make some movement by Thursday as there are quite a number of economics news due to be release both from the Eurozone and the US.

Until then happy watching and trading ;)

Loss 32 pips on double EURUSD entry

I loss 32 pips on two different entries with the EURUSD. As you can see from the above chart (5-min chart) my entry were both made just below the 38.2% retracement but all the prices never made it below the 0% level and hit my stop loss at the 61.8% retracement level. The Euro then made its way up passing the 100% mark after the release of the news from Eurozone. I will monitor the market again after the US news due 8:30 am New York.

Never give up on your trading defeat. Keep on trading and look for the right opportunity. I am now looking at it....;)

Choppy market on EURUSD, staying on the sideline

The market today seems to be mix with various geo-political situation. Eventhough the prices of EURUSD on my 30-min break my resistance line marked in light blue, but the market is not giving any clear trend. So I make the decision to stay away from fishing in the choppy water condition.

See you tomorrow. Happy trading ;)

FXPRO named the Best Forex Broker

This year my favourite forex broker - FxPro.Com - has been named the best forex broker in Europe by European CEO magazine. I am very delighted with their achievements considering the challenges with other forex brokers in the EU. What I like of FxPro is that they have fixed spread on all currency pairs, with the lowest spread of 1.8 for the EURUSD. The spread will only increase during low trading volume on late Friday trading hours and Sunday trading hours.

Expect EURUSD Downtrend Continues

In the coming weeks, I would expect the EURUSD pair will make another new lows if it break the 1.4600 level. From here it may hit this year lows of near the 1.4400's level (January 2008). This I think can be achieved based on my technical analysis of the EURUSD Daily chart and the 4-hour chart that conforms the current trend still going low. The RSI and MACD on both chart are well below the 50 level and below the 0 level respectively. However, all this will depends on the news releases from both the Eurozone and the US of A, that will fueled the movements.

I will back for more as soon as trading start Monday 18 Aug 2008. Happy trading guys ;)

Oil fresh new lows, sliding Euro further

The crude oil price today make another new lows during the New York session to $111.39. This price action has accelerate further heavy slide of Euro against the Dollar. With that as well it has break my down trend resistance marked at 1.4698 and fueled further with good economic numbers from the US, I finally made another short trade for the EURUSD.

On the 5-min chart as soon as the price retrace to my fib 38.2% level, I enter a short entry from 1.4707 and set three separate targets. There are 1.4664, 1.4633 and finally 1.4584. However, no matter what happen for today, I will close all my trades at least 30 minutes before the market closing. All entries have a tight stop loss of less than 20 pips.

I will be back to update on my trade. Happy trading guys ;)

Final Target EURUSD Hit, total 73 pips

Just 6 minutes after midnight Brunei time (6 minutes after lunch in New York), my ultimate target of 1.4831 hit, giving me a net profit of 73 pips. As of this writing, the market is still pushing down and probably may even hit 1.4785. That will be at least 119 pips from my original entry of 1.4904

It's a good week so far this month. It's time to call for the day and I'm now head to bed. Happy trading for tomorrow guys ;)

Short entry EURUSD from 1.4904

Prior to the release of US Gas Inventory, my 30-min chart prompted me to immediately go to 5-min chart as the price has break my resistance level of 1.4887, for at least a 44 pip target and an ultimate target of 73 pips. I expect my first target to hit just before FOMC Member Stern release his speech. He's notable for hawkish tone. I place a very tight stop of less than 20 pips for today's entry setup.

I'll be back to update on my trading ;)

EURUSD choppy today

With the mixed data from the EuroZone, we all see the market condition is somewhat choppy for almost the entire day. During both Asian and European session the market stayed unfocus. Hopefully, during the open of US session we shall be able to see some direction, after the release of US data.

Until then happy trading guys ;)

Good EURUSD move yesterday

Yesterday was another good profitable trade with risk. I net 55 pips on EURUSD from a short trade of 1.49440 and revised my profit target to 55 pips instead of 57 pips at 1.48890, sighting slight market up movement. The start of my second week trading is pretty good. Today the market seems to be consolidating and no good trade setup seems to be in sight both for EURUSD and USDJPY.

Short Opportunity EURUSD

I just see a probable short trade opportunity developing at both the 30-min and 5-min chart. I am now placing a Sell Limit order at 1.4944 and target for 57 pips with a tight stop of 20 pips. I still monitoring the market movement and it seems stall around the 1.4936 and 1.4939 level.

Will be back on the result. Happy trading guys ;)

EURUSD target hit, position close

I resume my Friday trading today from 1.50125 with my Friday's target of 1.49850. It quickly hit my target in the next 22 minutes after I execute my entry. In total it gives me a clean 67 pip profit, but I miss my ultimate profit target that I set to hit at 1.4937 as I don't have the opportunity to re-enter the market at the level after 1.49850 target is hit.

In total for the first week of August I net 56 pips profit. I will progress with the second week trading later on Monday during or after the Asian session. Until then, happy trading guys ;)

Short on EURUSD

I entered a short trade on the pair after the release of US wholesale inventories after another miss entry made today. My entry have the potential to give me a profit of at least 67 pips from my entry point at 1.5052 with a stop loss 30 pips away from my entry. However, I just close my position just now at 1.50125 fearing of holding my position over the weekend. Resulting in 39 pips profits in hand. I will reopen my position on Sunday to get into my target of 67 pips from my closing price trade of today at 1.50125.

Happy weekend guys and happy trading ;)

Internet is Back...good to trade forex

The internet at my home is back. I am now looking at both the EURUSD and USDJPY for trade opportunities. The 4-hour chart of my EURUSD now give me a short signal which is good amid the heavy slide of the Euro. All of my time frame on my MT4 now gives a short signal across the board.

I will update as it happen today ;)

Internet outrage...No Trade :(

I am experiencing an internet outrage back home, where my connection start to cut-off around 5 am today. I cannot access live feed chart data...and again I miss good trade opportunities across EURUSD, USDJPY and GBPUSD. I can only access the trade information via public connection at the cafe through demo forex.com platform. But I am not opening any of my trading platform within the vicinity of public connection because somebody might access our trade information.

Well there will always be next available trade next week and the days ahead of us. So no worry and I don't regret. This month I am expecting to go for broadband connection, so I can go mobile to trade anywhere anytime.

Happy trading and enjoy the coming weekend

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.