1July 09 Good Trade yet exited too early

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

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

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

Trading Hours GMT +8

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

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

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

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)