Think like George Soros

Small profits for two days straight

2010-08-31T22:30:00.000+08:00

It was not the best of my performance but at least they are in the money for straight two days. Was not sure how market is moving and only took small profits for EUR/USD.

Today marks the third straight profit month for me. Well done!

Your trade results will show if you are doing what is correct or you are doing what you like

Quiet Friday with dramatic moves at night

2010-08-30T16:58:00.000+08:00

Market last Friday was very quiet as investors are watchful over what Bernake has to say.

Interestingly, he did not say much and market just go haywire for a good 2 hours. Market dived and surged with no reason, simply chaotic.

As there is no clear sign of where the market is going, it is best to just take small profits and exit. There's always another day to take money off the table.

Your trade results will show if you are doing what is correct or you are doing what you like

3 months straight profits

2010-08-27T10:17:00.000+08:00

System is getting stablised and for the past 3 months, the account has been staying positive. Profit has been ranging from 7pips to 15pips. Looking at possible increase of profit target.

Looking forward for another 3 months of straight profits to confirm that the system is sustainable.

Your trade results will show if you are doing what is correct or you are doing what you like

6pips long EUR

2010-05-24T22:59:00.000+08:00

Big plunge during Asia timing, 3pm and invalidated short term uptrend. Grabbed 6pips long EUR.

Your trade results will show if you are doing what is correct or you are doing what you like

19 pips short EUR

2010-05-21T21:46:00.001+08:00

Another day of drastic up and down for EUR during Asia Timing. Market moved up almost 200pips and plunge almost the same amount in the late afternoon.

Despite that, the one hour time frame showed signs of reversing i.e. market is moving up. Wonder if the news of unsustainable US economy outweighs the Europe economy that is breaking down.

Nonetheless, grabbed 12pips short EUR. Grabbed another 7pips short EUR as market retraces to Moving Average.

Your trade results will show if you are doing what is correct or you are doing what you like

12pips short EUR

2010-05-20T21:53:00.000+08:00

Market is ranging today. Moving average whipped up and down since Asia Timing. Short EUR and grabbed 12pips before news announcement at 10pm Asia Timing.

Your trade results will show if you are doing what is correct or you are doing what you like

18pips short EUR

2010-05-19T21:35:00.000+08:00

EUR hit all time low!

At Asia Time, 3pm odd, EUR suddenly shot down by 60pips within few seconds. Within short time, it went up again. Short EUR and grabbed 18 pips. Moving average at 5mins chart showed market is turning direction.

Your trade results will show if you are doing what is correct or you are doing what you like

Trade with caution on USD pairs today

2010-03-18T06:09:00.003+08:00

Did a scan on the news calendar and there is a string of news announcement affecting USD pairs in the morning, asia timing.

Unless you have deep pockets, or you are trading on higher timeframe, it is better off to keep sideline in the morning. At smaller timeframe, price movement is hovering around the 34ema in the early hours during asia timing - hugging the ema is probably sounds more appropriate.

Notwithstanding this, the larger timeframe is showing a downward trend for CHF. Forex traders should find opportunity to take on a short position.

Your trade results will show if you are doing what is correct or you are doing what you like

20091008 usdjpy 20pips profit didn't offset the losses

2009-10-08T12:29:00.002+08:00

Profit from jpy this morning didn't offset the losses from eur last night. Losses last night due to near miss of profit target. Losses snowballed to this morning -99pips. Important not to leave trade overnight.

Your trade results will show if you are doing what is correct or you are doing what you like

20091007 eurusd 16pips profit offset 26pips lost for usdjpy

2009-10-07T21:11:00.002+08:00

Morning's trade on usdjpy landed into 26pips loss. Entry when there is no clear trend and market was consolidating. Should avoid entry when no clear trend and when market consolidates.

Clear downtrend for eurusd at night and exited at profit of 16pips.

Your trade results will show if you are doing what is correct or you are doing what you like

20091006 usdjpy 17pips profit

2009-10-06T23:55:00.001+08:00

Your trade results will show if you are doing what is correct or you are doing what you like

20091005 gbpusd 28pips profit

2009-10-05T23:35:00.001+08:00

Your trade results will show if you are doing what is correct or you are doing what you like

20091005 eurusd 25pips profit

2009-10-05T22:44:00.000+08:00

Your trade results will show if you are doing what is correct or you are doing what you like

20091005 gbpusd 14pips profit

2009-10-05T22:42:00.000+08:00

Your trade results will show if you are doing what is correct or you are doing what you like

20091002 gbpusd 19pips profit

2009-10-02T07:50:00.001+08:00

It is amazing that I yet have another straight win. Using indicators together with fibo and trend is definitely a powerful tool!.

Your trade results will show if you are doing what is correct or you are doing what you like

20091001 eurusd 21pips profit

2009-10-01T19:38:00.002+08:00

Another round of good trade. Getting a hang of the trading system. Yuppie!

Your trade results will show if you are doing what is correct or you are doing what you like

20091001 gbpusd 24pips

2009-10-01T12:39:00.002+08:00

Yet another correct trade. Use indicator together with fibo and trendline is very useful. Take note.

Your trade results will show if you are doing what is correct or you are doing what you like

20090930 eurousd 29pips

2009-09-30T22:21:00.001+08:00

Another good result for euro.

Your trade results will show if you are doing what is correct or you are doing what you like

20090929 usdchf 22 pips profit

2009-09-29T00:04:00.001+08:00

System looks good so far. Another good win.

Your trade results will show if you are doing what is correct or you are doing what you like

20090925 usdchf 21pips

2009-09-25T23:32:00.002+08:00

Hold out long enough at 1hr and not affected by noises at smaller timeframe?

Your trade results will show if you are doing what is correct or you are doing what you like

20090924 GbpUSD 27 pips

2009-09-24T23:16:00.000+08:00

Your trade results will show if you are doing what is correct or you are doing what you like

20090924 EuroUSD 18pips

2009-09-24T23:12:00.002+08:00

More indicators showing the same directions - nothing but down. Good for entry.

Your trade results will show if you are doing what is correct or you are doing what you like

20090924 usdjpy 18pips profit

2009-09-24T12:29:00.002+08:00

If trading is all about increasing the probability, then do we want to make technical analysis complex? It applies the same when you go to casino, its all about probability and having the edge.

Your trade results will show if you are doing what is correct or you are doing what you like

20090923 GBPUSD trade 30pips profit

2009-09-23T23:59:00.002+08:00

Testing out a new method for trading - hopefully less stressful. Will be forwardtesting for 100 trades to establish if this is good method to use.

Your trade results will show if you are doing what is correct or you are doing what you like

11 Aug 09 17 pips profit

2009-08-11T22:56:00.001+08:00

Euro 1hr is going south and testing the pivot line. 5mins timeframe tested the pivot line a second time in the morning. Took a short position and grab 17pips.

Your trade results will show if you are doing what is correct or you are doing what you like

3 Aug 09 Euro, Chf and Cad (20, 10, 10 pips profit)

2009-08-03T15:15:00.002+08:00

Entered trades for Euro (short), Chf (long) and Cad (long) in the morning. All 3 trades at 1hr crossed the i-regression and red arrow indicated trading opportunity. Went to 5mins timeframe to find good entry and closed position in the afternoon. Initial target profit is at 1hr emas. Panicked a little and adjusted the profit taking for euro (20pips) and chf (10pips). Shortly after both pairs moved towards emas (potential profits of additional 20pips each).

Your trade results will show if you are doing what is correct or you are doing what you like

4 Stupids Things and 1 Best Thing to Do

2009-08-01T23:38:00.003+08:00

The first stupid thing you can do is to close a position early because you think it is going to go against you. Just because you have an edge over the market does not mean that price will immediately shoot up or down to your target. Price will move up and down and will even probably move against you before it moves in your favor. If you let FEAR of LOSS get you, you will lose money. If the market is going to take you out, let the market take you out by taking out your stop. That is why it is there. The odds are still in your favor.

The second stupid thing you can do is to close a position early because you don’t think (or you are AFRAID) that it won’t reach your target. If you don’t play the odds properly, you will not realize the full profit potential. That is a lot of effort for nothing. Even worse, if we make some mistakes along the way The system is designed for a 20 pip target, GO FOR IT.

The third stupid thing you can do is to get greedy. Just taking 5 or 10 pips can be considered GREED as well as FEAR since you are so afraid of loss that you get greedy for those 5 or 10 pips compared to the potential loss of 20-40 pips. Don’t let it get you, follow the rules and be happy with your 20 pips.

The fourth stupid thing you can do is move your stop, believing that the market will eventually go in your favor. This is the fastest way to lose money. We are DAY traders. Yes the market may go in your favor but it may move 300 pips the other direction before it does, if it does. This could take weeks or months and you have a limited account balance. If 5% of your account is tied up waiting this position out, guess what. You are missing 20 other opportunities to make money instead of just sitting there waiting, down a hundred pips while you miss the opportunity to make 20 trades for 20 pips each. Maybe you break even, when you could be up 400 pips. JUST DON’T DO IT.

The best thing to do is TURN YOUR COMPUTER OFF and go do something else once you place your trade, and place your stop and limit, . You are now in automatic mode, and the market will take you out, either for a profit or for a loss. This is the best way to eliminate the temptation to succumb to FEAR or GREED and do something stupid. If you are trading and following the rules of your system, and not making money, you need to take a look in the mirror. It is not the system that is the problem, it is you.

Your trade results will show if you are doing what is correct or you are doing what you like

Trading Mantra: Trade without Fear & Greed

2009-08-01T23:32:00.002+08:00

1. Objectively identify my edges - I have a system here that works.

2. Pre-define the risk of every trade.

3. Completely accept the risk. Consider the money GONE.

4. ACT on my edges without reservation or hesitation. Follow the rules and take every trade that meets the conditions.

5. Pay myself as the market makes money available. Take the 20 pips and be happy, or trail your stop. Even if compounding my account, pay myself something out of my profits each month.

6. Continually monitor my susceptibility for making errors.

7. Understand the absolute necessity of these principles, and therefore I never violate them.

Your trade results will show if you are doing what is correct or you are doing what you like

31 July Aud trade in 1hr frame

2009-07-31T22:19:00.002+08:00

Depending on the red arrow in 1hr frame as a guide to enter, profit to be taken @ EMA @ 1hr.
5 min should be used to enter in a better postition. 5 min reg need to be focus on for take profit or enter point , to be explore.

Your trade results will show if you are doing what is correct or you are doing what you like

30July 09 14pips profit from CHF given back to market

2009-07-30T10:08:00.001+08:00

GBP is not good for trading with a spread of 5pips! Ended up giving early 14pips profit from CHF to the market. .....

Your trade results will show if you are doing what is correct or you are doing what you like

29 July 09 Euro 15pips

2009-07-29T11:08:00.003+08:00

Did a redemption at night with gbp. Profited 8pips - possible profit of 2opips.

Exited by stop loss. Lost 30 pips - avoid entry before and after important news release.

Exited Euro with 9pips profit.

Exited when momentum is exhausting and grabbed 15pips.

Your trade results will show if you are doing what is correct or you are doing what you like

28 July 09 AUD 20pips

2009-07-28T19:56:00.004+08:00

AUD has been up for the entire day. Finally see exhaustion at 1hr. Entered at 5mins to short and grabbed 20pips. Missed out 3 good trades in the afternoon.

Your trade results will show if you are doing what is correct or you are doing what you like

27 July 09 EURUSD Using Momentum for entry not exit

2009-07-27T08:48:00.005+08:00

Did a short in the morning. Result of 7pips. Potential profit of 40pips if kept longer.

Another 7pips taken off the table from Euro for short.

Entry when indicators are in favour. Use momentum for establishing the strength of trend. Exit only if indicators are weakening, not just momentum alone. Profited 2 pips - could have been 10pips.

Took a look at the market in the afternoon. Eur surging to price of 80pips from my entry price! What a miss of huge profits. Oh well, that's just one of those days.

Your trade results will show if you are doing what is correct or you are doing what you like

Things successful forex traders do - from Investopedia

2009-07-26T23:22:00.003+08:00

Approach

Trading Timeframe
Methodology / Strategy
Pairs that validates by the strategy

Attitude

Patient. Wait for strategy to validate entry.
Discipline. Pull the trigger when strategy tells you so, especially for stop loss.
Objectivity. Do not be emotional, just rely on your strategy that gives consistent result.
Be realistic on how much you can earn from your trading timeframe.

Implementation
No system will trigger a 100% sure win. The art of profitability is in the management and execution of trade.

The Bottom Line
There is only profit-making or loss-making trade. Therefore, remember the following 2 rules

Rule 1: Never lose money
Rule 2: Remember Rule 1
Your trade results will show if you are doing what is correct or you are doing what you like

Factsheet for 6 major currencies

2009-07-26T14:16:00.004+08:00

British Pound Factsheet
The British pound is the official currency of the United Kingdom. Next to the U.S. dollar and the euro, it is probably the most widely held reserve currency.

Trading Mechanics
Quote Convention:
Value of a Pip for a 100k lot: USD $10
Currency Nicknames: Sterling or Cable

Most Active Trading Hours
2:00AM ET / 2:00 GMT+8, London Open
4:30AM ET / 4:30 GMT+8, UK Economic Releases
8:30AM ET/ 8:30 GMT+8, U.S. Economic Releases

Key Currency Crosses
EUR/GBP
GBP/CHF
GBP/JPY

Central Bank - Bank of England (BOE)
Mandate: Price Stability;
Keep Inflation below 2%
Created: 1694
BoE: Mervyn King

General Economics Statistics
2007 GDP Estimate: GBP 1.35 Trillion (USD $2.7T)
Population*: 60.9 Million
Interest Rate**: 1.0%
Inflation*: 4.70%
Trade Balance*: -8.2 Billion GBP
*National Statistics Oct 2008, **Bank of England Feb 2009

Market Moving Economic Releases
BoE Rate Decision
Claimant Count
Consumer Prices
GDP (Gross Domestic Product)
Industrial Production
Retail Sales

Important Correlation
GBP/USD and FSTE

Japanese-Yen Factsheet
The Japanese yen is the official currency for Japan.

Trading Mechanics
Quote Convention: JPY
Value of a Pip for a 100k lot: USD $9.40

Most Active Trading Hours
7:00PM ET / 7:00 GMT+8, Tokyo Open
7:30PM ET / 7:30 GMT+8, JPY Economic Releases
8:30AM ET/ 8:30 GMT+8, U.S. Economic Releases

Key Currency Crosses
EUR/JPY
NZD/JPY
GBP/JPY
CAD/JPY
AUD/JPY
CHF/JPY

Central Bank - Bank of Japan (BOJ)
Mandate: Maintain Price and Financial System Stability
Created: 1882
BoJ Governor: Masaaki Shirakawa

General Economic Statistics
2007 GDP Estimate: JPY 480 Trillion (USD $4.37T)
Population: 127 Million
Interest Rate*: 0.10%
Inflation**: 2.10%
Trade Balance†: -324 Billion JPY
*Bank of Japan, Nov 2008
**Statistics Bureau Sept 2008
†Japan Ministry of Finance, Sept 2008

Market Moving Economic Releases
BoJ Interest Rate Decision
Consumer Prices
Corporate Goods Price Index
GDP (Gross Domestic Product)
Retail Sales
Tankan Report

Important Correlation
USD/JPY and Nikkei

Canadian Dollar Factsheet
The Canadian dollar is the official currency of Canada. The USD/CAD is the sixth most actively traded currency pair by turnover, according to the Bank of International Settlement’s 2007 FX report.

Trading Mechanics
Quote Convention:
Value of a Pip for a 100k lot: USD $9.68
Currency Nicknames: Loonie, Buck

Most Active Trading Hours
7:00AM ET / 7:00 GMT+8, CAD Economic Releases
8:30AM ET/ 8:30 GMT+8, U.S. Economic Releases

Key Currency Crosses
CAD/GBP
AUD/CAD
EUR/CAD

Central Bank - Bank of Canada (BOC)
Mandate: Price Stability; Keep Inflation near 2%
Created: 1934
BoE Governor: Mark J. Carney

General Economic Statistics
2007 GDP Estimate: CAD $140.9 Billion (USD $128.1B)
Population*: 33 Million
Interest Rate**: 1.0%
Inflation*: 3.4%
Trade Balance†: CAD $4.7 Billion
*Statistics Canada, Oct 2008,
**Bank of Canada Jan 2009
†Statistics Canada, Oct 2008

Market Moving Economic Releases
BoC Rate Decision
Consumer Prices
Employment Change
GDP (Gross Domestic Product)
IVEY PMI (Purchasing Managers Index)
Retail Sales

Important Correlation
CAD/USD and Oil

Swiss Franc Factsheet
The Swiss franc is the official currency of Switzerland. The USD/CHF is the fifth most actively traded currency pair by turnover, according to the Bank of International Settlement’s 2007 FX report.

Trading Mechanics
Quote Convention: CHFMeans
Value of a Pip for a 100k lot: USD $9.09

Most Active Trading Hours
2:00AM ET / 2:00 GMT+8, London Open
1:45AM ET / 12:45 GMT+8, Swiss Economic Releases
8:30AM ET/ 8:30 GMT+8, U.S. Economic Releases

Key Currency Crosses
EUR/CHF
CHF/JPY
GBP/CHF

Central Bank - SWISSNATIONALBANK (SNB)
Mandate: Maintain Price Stability; Inflation Target of Less than 2%
Created: 1907
Central Bank Governor: Jean-Pierre Roth

General Economic Statistics
2007 GDP Estimate: CHF 500 Billion (USD $424B)
Population*: 7.6 Million
Interest Rate**: 0.50%
Inflation†: 2.90%
Trade Balance**: 1.43 Billion CHF
*Swiss Federal Statistical Office June 2008,
**Swiss National Bank Feb 2009,
†Swiss Federal Statistical Office Oct 2008

Market Moving Economic Releases
Consumer Prices
GDP (Gross Domestic Product)
KoF Leading Indicators
Retail Sales
SNB Interest Rate Decision
UBS Consumption Index

Important Correlation
USD/CHF and EUR/USD

Euro Factsheet
The euro is the official currency of 16 states in the European Union, known collectively as the Eurozone.

members of the eurozone*
Austria
Belgium
Cyprus
FInland
France
Germany
Greece
Ireland
Italy
Luxembourg
Malta
Netherlands
Portugal
Slovenia
Spain
Slovakia
* As of January 2009

Trading Mechanics
Quote Convention:
Value of a Pip for a 100k lot: USD $10
Currency Nicknames: Anti-Dollar

Most Active Trading Hours
2:00AM ET / 2:00 GMT+8, London Open
4:00AM ET / 4:00 GMT+8, Economic Releases
8:30AM ET/ 8:30 GMT+8, U.S. Economic Releases

Key Currency Crosses
EUR/GBP
EUR/CHF
EUR/JPY

Central Bank - european central bank (ecb)
Mandate: Price Stability; Keep Inflation below 2%
Created: 1998
Central Bank Governor: Jean-Claude Trichet

General Economic Statistics
2007 GDP Estimate: EUR 8.8 Trillion (USD $12.32T)
Population: 320 Million
Interest Rate*: 2.0%
Inflation**: 3.6%
Trade Balance**: -64 Billion EUR (seasonally adjusted)
*ECB Jan 2009,
**ECB Sept 2008

Market Moving Economic Releases
ECB Rate Decision
German Consumer Prices
German GDP (Gross Domestic Product)
German IFO (Business Confidence)
German Unemployment
Manufacturing and Service Sector PMI

Important Correlation
EUR/USD and Oil

US Dollar Factsheet
The U.S. dollar is the official currency for the United States. 85% of all currency transactions involve the U.S. dollar.

Trading Mechanics
Quote Convention: USD
Currency Nicknames: Greenback, Buck

Most Actively Traded Currency Pairs
EUR/USD
USD/JPY
GBP/USD
AUD/USD
USD/CHF
USD/CAD

Most Active Trading Hours
2:00AM ET / 2:00 GMT+8, London Open
8:30AM ET/ 8:30 GMT+8, U.S. Economic Releases

Central Bank - Federal Reserve (Fed)
Mandate: Price Stability and Sustainable Growth
Created: 1913
Central Bank Governor: Ben Bernanke

General Economic Statistics
2007 GDP Estimate: USD $13.84 Trillion
Population*: 305 Million
Interest Rate**: 0.25%
Inflation***: 5.40%
Trade Balance****: -USD $59.3B
* U.S. Census Bureau Oct 2008,
**Federal Reserve Feb 2009,
*** Bureau of Labor Statistics Sept 2008,
**** U.S. Bureau of Economic Analysis Oct 2008

Market Moving Economic Releases
Consumer Confidence
Fed Interest Rate Decision
GDP (Gross Domestic Product)
Non-Farm Payrolls
Retail Sales
Service and Manufacturing ISM
Trade Balance
Treasury International Capital Flow Report (TIC)

Important Correlation
USD/JPY and S&P 500

Your trade results will show if you are doing what is correct or you are doing what you like

24 July 09 CAD good trade

2009-07-24T22:01:00.002+08:00

10pips!

Your trade results will show if you are doing what is correct or you are doing what you like

24 July USDJPY losing some steam

2009-07-24T12:48:00.002+08:00

Was doing a quick glance in the morning across the 6 pairs at 1hr frame and saw potential losing steam in USDJPY. Went over to 5mins to further investigate to find that indicators are in favour of short. Entered the trade with confidence and wrap up 22pips.

Your trade results will show if you are doing what is correct or you are doing what you like

2009-07-24T08:44:00.001+08:00

This is a loss trade. Should avoid entering trade (short) if it has not hit the top of i-reg and the momentum is still showing uptrend. This rule only invalidates if the 1hr charting shows otherwise.

Your trade results will show if you are doing what is correct or you are doing what you like

22 July 09 GBP and JPY

2009-07-22T17:23:00.001+08:00

Another 2 good trades.

Your trade results will show if you are doing what is correct or you are doing what you like

21 July 09 USDCAD rally up 90pips!

2009-07-22T08:25:00.003+08:00

If you were still awake at 11pm, you would have seen the USDCAD rally. The rally continued all the way till 1am SGT. It would have been such a sweet sweet profit of 90pips, if only my eyes and my brain were obedient enough to see it through....Congrats to those who caught the wave...

Your trade results will show if you are doing what is correct or you are doing what you like

21 July 09 successful trade yet again

2009-07-21T21:53:00.003+08:00

Above are the night trades. Profited 20pips plus. Still following the rules applied during the day. More volatility so able to grab more pips when ITM. S/L remains the same as in the day.

Your trade results will show if you are doing what is correct or you are doing what you like

21 July 09 Good day trades for EUROUSD and CHFUSD

2009-07-21T19:50:00.002+08:00

5pips

5 pips

10pips

Your trade results will show if you are doing what is correct or you are doing what you like

20 July 2009 trading at 1hr

2009-07-20T22:39:00.001+08:00

25pips profit
5pips profit

Your trade results will show if you are doing what is correct or you are doing what you like

Observing pairs at 4hrs - Asia Timing

2009-07-16T08:16:00.004+08:00

Its being crazy at work, so I am switching to observe 4hr timeframe. There are a couple of pairs that have symptoms to move downwards - in line with overall downward trend. I placed a green arrow on entry point. Let's see if they move inline with the overall trend at the end of today. EuroUsd probably is a weak downward movement.

Checked out the positions for the charts above. USDJPY did well on Thursday - more than 100 pips. Only EuroUSD is not doing well, other than that, the rest of the charts are in the directions I wanted.

Your trade results will show if you are doing what is correct or you are doing what you like

2009-07-14T23:30:00.003+08:00

Short coz bb just turn blue, cci seem quite low below -100,
EMA looking to turn down, TTL line also look down trend
I have a good feel,
win 15 pip

Your trade results will show if you are doing what is correct or you are doing what you like

13 July 09 Good Trades at 5mins

2009-07-13T23:37:00.003+08:00

Look at how the candlestick move when CCI hits -100 and +100. Good profits!

Your trade results will show if you are doing what is correct or you are doing what you like

Do you trade on news at 15mins?

2009-07-13T08:06:00.003+08:00

Did a trade with straddle method last Friday on news release at night for Euro/USD. Result was good. Bag around 30pips. However, it did not hit target profit so I let it run over the weekend. This morning, market was on a uptrend. Not sure how strong this uptrend will be. Let's see it at the end of the day.
End of the day check on the open position and was surprised to see profit ran up to 50pips! Straddle method is really good for trading on news. It is widely used for options trading too

Your trade results will show if you are doing what is correct or you are doing what you like

Candle stick signs for Trending market

2009-07-10T08:47:00.001+08:00

Find this useful to identify trends with candlestick:

Trend is normal. Rising white bodies signal ascending trend and falling red bodies signal descending trend.
Trend is getting stronger. Rising longer white bodies with no lower shadows for ascending trend; falling longer red bodies with no upper shadows for descending trend.
Trend is getting weaker. Candle bodies become shorter and for ascending trends lower shadows occur, for descending trends — upper shadows.
Trend consolidation. Small candle bodies with both upper and lower shadows.
Trend is changing (not accurate signal). Very small candle body with long upper and lower shadows.

Your trade results will show if you are doing what is correct or you are doing what you like

9 July 09 EuroUsd good trade

2009-07-09T23:56:00.002+08:00

Your trade results will show if you are doing what is correct or you are doing what you like

Enter Trade with AND Exit Trade with OR

2009-07-09T00:00:00.003+08:00

Entering a trade is a process of asking AND answering questions

Is the trend up or down
Is the market choppy
Are prices trading above or below the Wave
Am I waiting for pullback or bounce
Am I waiting for a breakout or breakdown
A I setting up a momentum trade or a swing trade
Where are my swing highs and swing lows
Did my Fibonacci retracement and extension level give me secondary confirmation
Have my trendlines, support, and resistance levels formed a chart pattern
Are there any reports to be released today

Exit trade at stop-loss OR profit targets.

Your trade results will show if you are doing what is correct or you are doing what you like

8 July 09 Good trade for EuroUsd Again

2009-07-08T23:57:00.002+08:00

Market experienced a selldown (illustrated by a gap down). It is puzzling as there is no news announcement... Entered after the gap and exited near the support line. Small amount but I expect more downtrend over the night. Sure looks bad the following day as it went down to as low as 1.3832. Market might range a little - rest a little before which it decides to continue the downtrend or move up. Judging from the major trend, supported by minor trend, I am downtrend bias. Let's see how market moves in Asia Timing later in the day.

Your trade results will show if you are doing what is correct or you are doing what you like

US broker not allowed to carry trade over to next day?

2009-07-08T21:03:00.005+08:00

By now you are probably well aware that NFA has made a new rule that prohibits US Forex Dealer Members from carrying customer accounts with opposing positions in the same account past the end of the trading day ("no -hedging"). The rule also requires all positions to be closed in historical order, otherwise known as 'first in first out' (FIFO). There has been wide speculation among user groups what these changes may bring, how they are going to affect the Metatrader platform, how automated trading scripts are going to be affected (Expert Advisors) and what retail trading is going to look like in the future.

The 'No-Hedging' rule has been in effect for over a month now and as many of you can attest most of the statements of "doom and gloom" have been highly exaggerated. The FIFO rule implementation has been extended once already and there is continuous talks amongst all companies, platform vendors (software companies), and NFA as to what will be permitted and how things should be working out. In the midst of these changes some dealers have decided to use the rule changes as a selling point for their offshore service centers. They try to amplify the uncertainty and to play on the customers' fears. It is unclear if they are well equipped to maintain a properly operating MT4 platform in these jurisdictions. Most of them have very little history of operating one. It is certain though that it would be costly and inconvenient to close everything and move an account to an untested firm.

The advice is not to make hasty assumptions based on the loose talk from people who spread rumors.

Your trade results will show if you are doing what is correct or you are doing what you like

7 July 09 Another Good Trade for EuroUsd

2009-07-07T23:36:00.001+08:00

Short and gotten 15pips profits. Took a glimpse the next morning and the movement was shocking!!! It breached the key pivot point and plunge like crazy@@
That could be potential profit of more than 80pips...

Your trade results will show if you are doing what is correct or you are doing what you like

7 July 09 Another Good Trade for EuroUsd Sample

2009-07-07T21:22:00.001+08:00

Your trade results will show if you are doing what is correct or you are doing what you like

Da Vinci and Fibonacci

2009-07-07T08:47:00.004+08:00

In case you didn't know, Da Vinci is also into Fibonacci. In the seminar I went to last Saturday, the speaker shared that Mona Lisa and the Vetruvian Man are all drawn using the Fibonacci Figures!

While you wait for your trading signals, do go to this website to learn more about Da Vinci and his relationship with Fibonacci. http://library.thinkquest.org/27890/applications6.html

Your trade results will show if you are doing what is correct or you are doing what you like

6 July 09 Sample of good trade for EuroUsd

2009-07-07T08:20:00.002+08:00

Last night around 12.00, EuroUsd has some good trade (long). All indicators align with the trend (short and long timeframe). Potential profit of 50pips (15mins).

Your trade results will show if you are doing what is correct or you are doing what you like

NFA new rulings

2009-07-07T08:17:00.002+08:00

If haven't heard, this is something you need to go check out with your US forex brokers - Under the new NFA ruling, some US forex brokers may not be able to honor your stop loss. If your broker is affected, switch now.

Your trade results will show if you are doing what is correct or you are doing what you like

EuroUSD relationship with GbpUSD

2009-07-06T11:51:00.002+08:00

The 2 pairs should always be inline. If their direction/trend is in conflict, don't enter trade if if signals/indicators tell you so. This is to reduce risk.

Your trade results will show if you are doing what is correct or you are doing what you like

Do you trade on news at 15mins?

2009-07-05T23:23:00.005+08:00

These are the main reports which can be possible to trade using straddle method (options trading uses this method as well).

• Nonfarm Employment Change
• Trade Balance, Import Prices m/m
• Producer Price Index m/m, PPI excl. Food and Energy m/m
• Durable Goods Orders
• Gross Domestic Product q/q (p), GDP Deflator q/q (p)
• Nonfarm Productivity q/q
• Retail Sales m/m, Retail Sales excl. Autos m/m
• FOMC Interest Rate Statement

Your trade results will show if you are doing what is correct or you are doing what you like

Trading Plan for 15mins timeframe 4 July 09

2009-07-04T21:59:00.005+08:00

Establish Trend First
Go to Hourly chart to establish previous day’s direction/trend. Draw Fibonacci to establish key retracement / extension level

Indicators should align with Trend
Go to 15mins to ascertain if signals from various indicators are aligned and inline with direction/trend at Hourly chart to enter trade (Go see indicators set for 15mins timeframe)

Remember, indicators used must be able to show you momentum, strength and trend

Candlestick should align with Indicators
Signal from candle stick should align with the indicators and trend before entering trade.

Remember, key signals from candlestick are Hammer, Shooting Star, Engulfing and Doji (Go read up)

Ideal if chart pattern aligns
If the chart pattern is also aligned, it will be ideal for bigger profit target (Go read up)

Enter Trade?
If candle stick at alert is 8pips or more than 15pips, wait for retracement before entering trade

Go to 5mins to ascertain if it is indeed good before entering trade

Remember, avoid taking trade near resistance / support line

Stop Loss?
Stop Loss approximately 20 pips. If entry is right, should not go beyond 10pips OTM.

Exit Trade?
Target 10pips. If trend is strong at higher timeframe, expect profit to run more. Exit if near resistance / support line

Impact of news?
If there were news (impt ones), it might cause chaos to the market and trend might be disrupted momentarily. E.g. Oil and stocks for Euro and Gbp. Be wary of such news

Your trade results will show if you are doing what is correct or you are doing what you like

2 July 09 Follow the Rules for Gods Sake

2009-07-03T12:58:00.005+08:00

Past 2 trades are bad. Indicator looks ok yet trade still ended up loss. Is it market choppy? Nope. Because I tried using trending tactic on a market that goes ranging 90% of the time? Nope.

Because I enter before all the rules are fulfilled. Loss more than I earn for this week.....

Your trade results will show if you are doing what is correct or you are doing what you like

2 July 09 Don't enter trade near key pivot point

2009-07-03T06:54:00.004+08:00

Entered trade near the key pivot point is a bad decision. Candlestick went down and beyond my s/l. It was only at wee hours that price rebounded beyond my profit target. Avoid trading near key pivote point. If not, go for recent high/low as s/l

Your trade results will show if you are doing what is correct or you are doing what you like

Choppy Week to Trade?

2009-07-02T08:35:00.002+08:00

Was looking at the announcements for this week at forexfactory and was shocked to see so many important ones coming out this week! (see those red folders...)

As what my trader friend said, this week is going to be rather choppy. For traders out there, be cautious...

Your trade results will show if you are doing what is correct or you are doing what you like

1July 09 Good Trade yet exited too early

2009-07-02T08:08:00.006+08:00

Entered the trade at night when the setup was perfect. But I was OTM for quite a while and I started to question if my decision to enter was right. It was only then when about midnight that market started moving. Price went down real fast and hit close to my 10pips profit target. Unfortunately, it retrace at fast rate too. Fearing that it might reverse, I exited. There is small profit made but if I followed my rules, I would have had bigger profit.
Morale of the story: If you are prepared to set aside an amount to loss, take a plunge for bigger profit!

Your trade results will show if you are doing what is correct or you are doing what you like

30 June 09 Big Move after poor consumer confidence result

2009-07-01T08:26:00.005+08:00

Last night's consumer confidence result was below forecast, causing USD pairs to move real big time.

EUROUSD went down more than 200pips over the night! If you hang on till midnight, 150pips of profit will be in your pocket.

Congrats to those who held on to trade last night.I only gotten a small profit out of the huge profit!

29 June 09 Good morning USDJPY

2009-07-01T08:21:00.003+08:00

Early morning was a good trade for USDJPY. Market was in trend and ride with it for a 20pips profit.

Trading Hours GMT +8

2009-07-01T08:09:00.005+08:00

If you are trading in South East Asia Timing, refer to the trading hours below.

Asia Timing is mostly in range. After 2pm, you will usually see market continuing the direction from previous day.

Use of Fibonacci

2009-06-30T21:43:00.005+08:00

2 Uses of Fibonacci - For retracement and extension. But there are also other uses for Fibo.

Fibonacci can be a good resistance/support line. Therefore, setting target at / near Fibonacci is ideal.

Strength of trend is determined at the various percentile. More than 61.8% indicates strong trend, 50% is neutral, 31.8% or less indicates weak trend.

Sometimes setup can fail

2009-06-30T01:12:00.003+08:00

Succesful day trading during Asia Timing (10 pips)

Setup can be invalidated at times. In the later part of the night, the price is in trend and exceeded the initial entry price.

Should probably consider using the recent low as the s/l. Note that s/l in recent low is more than 30 pips - therefore there must be decision what the s/l should be set at.

Another attempt to enter trade when setup is good. Later in the night, the price moved in trend.

Potential further profits of 20-25 pips if held position longer. Should probably consider the recent low as s/l.

Key News to note when trading Forex

2009-06-29T16:16:00.001+08:00

Employment Growth
Interest Rate decisions
Trade Balance
Gross Domestic Product
Retail Sales
Durable Goods
Inflation reports (Consumer Price Index and Producer Price Index)
Foreign Purchases report (TIC Data)

Takeaway from SGX seminar - What it takes to be a successful trader

2009-06-27T16:29:00.000+08:00

3Ms to successful day trading
Method - Your strategy
Money Management - Risk / Reward Ratio
Mind - Psychology, remember to manage greed and fear. Most importantly, be patient and enter when the setup is in your favour

What differs 5 star trader from 3 star trader
Positioning size - Increase size when trade is in your favour. Remember, only do that when there is perfect setup

2 rules to note if you want to survive longer in trading
Always trade in trend
When your trade is wrong, cut loss and move on - don't be naive to think you are your own stop loss mechanism

25 June 09 Trade small profit in Asia Timing

2009-06-25T21:15:00.000+08:00

This trade is a wasted trade. There should be 25-30 profits but has turn into losses because of hoping the market will continue to trend down.

This night trade is bad entry. Even when RSI shows to long, the MACD does not agree.

This is a good trade during Asia Timing. This is because profit is kept within 10pips and slightly more.

24 Jun 09 Proven trade is better at night

2009-06-25T14:47:00.001+08:00

Once again proven that trading during Asia Timing should limit the profit target to not more than 20pips. I will scalp 10pips or slight more so that profit does not turn into losses which is shown in the above trades.

This night trade shows potential of profit going beyond 30pips. Unless you can monitor through the night, it is best to take profit off the table before you sleep. Price retracement could have gone beyond entry price and it this case it move with the trend.

Sampe of good trade at night.

23 Jun 09 Good Trades always happens at night

2009-06-25T14:43:00.000+08:00

These are bad trades during asia timing. When market ranges, putting profit at 20pips can be risky. Best to put trade profit at 10pips.

This is a good trade at night time. If monitor the open trade, it could go beyond 30pips.

22 Jun 09 Lucky Trades (Asia Timing)

2009-06-25T14:41:00.001+08:00

The above are trades during Asia Timing. They are lucky trades to garner more than 20pips. One should note that market is often in a ranging mode during Asia Timing and therefore should not put big profit target to prevent turning profit into losses.

What then should the profit target be?

Think like George Soros

Small profits for two days straight

Quiet Friday with dramatic moves at night

Recommended reading: The Quants

3 months straight profits

6pips long EUR

19 pips short EUR

12pips short EUR

18pips short EUR

Trade with caution on USD pairs today

20091008 usdjpy 20pips profit didn't offset the losses

20091007 eurusd 16pips profit offset 26pips lost for usdjpy

20091006 usdjpy 17pips profit

20091005 gbpusd 28pips profit

20091005 eurusd 25pips profit

20091005 gbpusd 14pips profit

20091002 gbpusd 19pips profit

20091001 eurusd 21pips profit

20091001 gbpusd 24pips

20090930 eurousd 29pips

20090929 usdchf 22 pips profit

20090925 usdchf 21pips

20090924 GbpUSD 27 pips

20090924 EuroUSD 18pips

20090924 usdjpy 18pips profit

20090923 GBPUSD trade 30pips profit

11 Aug 09 17 pips profit

3 Aug 09 Euro, Chf and Cad (20, 10, 10 pips profit)

4 Stupids Things and 1 Best Thing to Do

Trading Mantra: Trade without Fear & Greed

31 July Aud trade in 1hr frame

30July 09 14pips profit from CHF given back to market

29 July 09 Euro 15pips

28 July 09 AUD 20pips

27 July 09 EURUSD Using Momentum for entry not exit

Things successful forex traders do - from Investopedia

Factsheet for 6 major currencies

24 July 09 CAD good trade

24 July USDJPY losing some steam

22 July 09 GBP and JPY

21 July 09 USDCAD rally up 90pips!

21 July 09 successful trade yet again

21 July 09 Good day trades for EUROUSD and CHFUSD

20 July 2009 trading at 1hr

Observing pairs at 4hrs - Asia Timing

13 July 09 Good Trades at 5mins

Do you trade on news at 15mins?

Candle stick signs for Trending market

9 July 09 EuroUsd good trade

Enter Trade with AND Exit Trade with OR

8 July 09 Good trade for EuroUsd Again

US broker not allowed to carry trade over to next day?

7 July 09 Another Good Trade for EuroUsd

7 July 09 Another Good Trade for EuroUsd Sample

Da Vinci and Fibonacci

6 July 09 Sample of good trade for EuroUsd

NFA new rulings

EuroUSD relationship with GbpUSD

Do you trade on news at 15mins?

Trading Plan for 15mins timeframe 4 July 09

2 July 09 Follow the Rules for Gods Sake

2 July 09 Don't enter trade near key pivot point

Choppy Week to Trade?

1July 09 Good Trade yet exited too early

30 June 09 Big Move after poor consumer confidence result

29 June 09 Good morning USDJPY

Trading Hours GMT +8

Use of Fibonacci

Sometimes setup can fail

Key News to note when trading Forex

Takeaway from SGX seminar - What it takes to be a successful trader

25 June 09 Trade small profit in Asia Timing

24 Jun 09 Proven trade is better at night

23 Jun 09 Good Trades always happens at night

22 Jun 09 Lucky Trades (Asia Timing)