Such a Pretty Setup

Just a quick update on earlier post the trade plan was violated so no trade was taken on USDCHF. It was looking good enough where the lower trend line is respected by price but there was no breakout to the downside, instead price show strength to go up thus no entry was taken. Anyhow I like the way former support now acting as resistance, coloured as orange in chart below.

Tomorrow is holiday for all market "Good Friday", I won't be expecting to take any trade tomorrow. The volume in the market is too thin and I don't likely to enter market on this condition.

Have a nice weekend everyone and see you on next post.

Read More and Photos After The Jump...

USD Still Weakening?

I doubt my ears as I've heard fellow trader expecting the US Dollar to gain strength within this two weeks. I don't think that it would matter much for him with his naked scalping technique. I barely see any connection from the economic calendar to his technique except for avoiding high-impact news.

Ok, today I found a beautiful setup in USDCHF with it nice down-trend and price is within Dynamic Area forming a nice triangle pattern.

What worries me is that today is Tokyo holiday and I will wait for London session to further see how price act and tomorrow is friday-holiday before the weekend. I don't think there would be enough volume to support this plan. Nevertheless it would be great to reduce my lot size.



I will only trade the breakout of this triangle to the downside and no other. Read More and Photos After The Jump...

Millionaire Traders: On CNBC

Hi everyone,

I'm now trying to gain my discipline and this is one of the video that I found that stress the word disciplined very much. This guy is very much looks devoted to market and he found his success.

Enjoy.

Read More and Photos After The Jump...

Trading Is About Psychology

What differentiate amateur and professional lies great in psychology. It is the biggest thing that you must control in trading, for me it works to hold me from entering wrong trades. When it fails to hold, as a trader it means a great loss. Lose control of thy own self is the greatest shame.

My last short position on AUD/JPY was a good one but since I've entered only one position, I have only one profit target. It was only 50 pips shy to meet the target and the floating profit was +150'ish pips already. I would have taken the profit but maintaining the trade plan, I let it float before it rise slowly to my stop-loss.

This is where I lost control and it was full of impulse trading, trade after trade, even after squeezing out some pips later that night. In the end my newly freshened account balance shrunk. This is how to lose money in trading, "follow your emotion".

All that I'm doing now is forbid myself from entering any trade for today. I went off the office, cool off, figuring why I was so emotional and so on.

I'm now looking at EUR/CAD for it nice wedge formation on daily chart. Read More and Photos After The Jump...

Nice Descending Tringle, One Lose, Winner At Last.

Hi guys,

Yesterday I took two short trades on AUD/JPY. First trade cost me a -45 pips, don't you just hate it when price just touch your stop loss and never really move higher than that. After my position was closed price didn't keep showing any strength and with strong believes that price will continue to weaken, I've entered again at the same level as before(94.40). Only this time with impulsive trading, I doubled the lot-size and entered only single position, I got a strong believe on this one.



As now, the trade is still open, I'm targeting the price will moved to 92.00. I've considered to let it reach it target for 1-2 days since this trade is based on 4H chart trend and nice descending triangle or flat-bottom triangle formation. This is like text-book formation and for me it was so inviting. Maybe the first trade that I've entered was too early, If I should correct what I did on this trade is to wait the price action after it penetrated the bottom trend-line. Wait that the triangle bottom to become resistance and not influenced by impulse.

Read More and Photos After The Jump...

I've Been Knocked Out ( With Profit )

Hallo everyone,

News is one of the major market driver and this is me updating that my position on GBP/JPY has been stopped-out by USD news around 11.00pm GMT +8 at level 206.35. This trade has netted me +438 pips. It has been somewhere around +700'ish pip before and since this pairmade a sudden turn-around I'm glad to take out some profit out of it.



Personally, I don't think is too sudden. If we take a look at daily chart we could see that this pair has been showing reversal candle, a hammer and a beautiful text-book doji, for 2 days already. I think I could have perfected this trade if I move my stop-loss to just a little above yesterday high. I think that my greed has gotten to me at the moment of analysis. Maybe this is just a correction before continuation of trend. Let's just see.

Trade with planned, not with hope, fear and greed

Read More and Photos After The Jump...

I Presume This Is a Tough Week

Hello everyone,

Just a quick-update to mention about interest-rate announcement this week, they are very powerful to push forex volatility. Even-though currently sitting in the market with profit, but seeing the list of news (interest-rate announcements) for this week make me think that my stop-loss would be hit anytime soon.

Well, if I'll be stop-out this week, I think I want to rest for a while after series of losses and implementing this blog, plus I have to go back home(my hometown) on Friday around US market open for election process, I'll be there for the whole weekend. Election, I must fulfilled my rights on this one.

My GBP/JPY trade after USD : "ISM Manufacturing Index" news currently sitting +542 pips. Level 206.00 that use to be support really did show some resistance now. All other pairs that I trade using demo account also still maintaining it stop loss. May these pairs grow weakens after each news. :P

Congratulations to any of you that trade these great weaknesses(with real-account) in the market right now.

Ok guys. Read More and Photos After The Jump...

Great Demo Weekend

Hi folks,

Hope you guys have a nice weekend, since I've settled my weekend commitment, I'm thinking of updating this blog a little bit. Last week is another downside for me, my account balance shrunk to it tiny amount. Nonetheless I've made a right choice with my live account and also a few right choices with my demo account.

I also trade in my demo account, seeing the progress it made. GBP/CHF, I really think I should trust my feeling for it with my live account. The trade is based on daily trend, currently it is sitting at +668 pips, I would have made a killing in my live account, but as much it is. It's done for now, It's to doubtful for me to enter the pair with live account as for I didn't see any consolidation just yet and I don't have any margin left except for my GBP/JPY trade.

You can see below of my successful trades but only using demo account. :|



EUR/CHF is another pair that I've traded with my demo account. It was based on daily timeframe, so I believed that it will give profit generously. I've closed half position at 1.5850 with +195 pips, the second half portion of the trade is now sitting at +228 pips. My approach for this second half is to hold on and adjusting my stop loss accordingly.



I also did open 2 position on GBP/JPY in my demo account. I entered at preferred price compared to my live-account as it show price weakness but of course it need a bigger risk(In my live account I'm incapable of bigger risk). I failed to set a target-profit at that time (I trade on poorly planned plan), currently this trade is sitting at +435 pips, I've moved the stop-loss around 200'ish pips to cover for some live profit in case the price reversed. I believe we can see anther action(if price move down) at 204.50 maybe such as now at 206.00, since 204.50 used to show support before I believe it will some support there. But since I believes that this trend will continue, I would let the stop-loss decide it.

Ok guys, cheers. Read More and Photos After The Jump...