US Dollar Buying Spree

Trading Log - 1Mar2009

The Dollar will certainly have the potential to see some additional safe-haven buying support. Its technical position also looks strong, as it has maintained an uptrend from the December low and it doesn't appear to have become excessively overbought. More aggressive chart based buying in the March Dollar is likely on a move through 88.57.

Bomb and H/L Bounce Strategy

Trading Log - 27feb2009

First trade today (maybe last also). Waited whole day for this trade.
Really worth it. Less pips but worth waiting for. A very perfect setup!!!

Miss 1 good trade

Trading Log - 27Feb2009

I missed 1 good trade today. The lower Trendline turn from support to resistance and bounce of it. I was hesitant to take this bounce as it was too near the support and also it is Friday aka Chop Chop day. So i was very cautious.
Well, it turn out to be a breakout and activated my Sell Stop Bomb in demo.
Miss this pips train but was able to test my new strategy.
I will wait for another perfect setup to enter.

Price step on my Bomb and exploded right on its face!

Trading Log - 27Feb2009

My Sell Stop bomb placed there yesterday was activated and exploded.
TP at +30 pips.

New Bomb Strategy - 2 wins 0 loss

Recap of my Bomb Strategy below: Simple but Explosive!
A simple rule came into my mind just now;
If Double Top/Bottom : Set TP = +20pips
If Triple Top/Bottom : Set TP = +30pips

Word of advice from my Mentor

Word of advice from my Mentor

Keep in mind that you also need your pivot point and trend lines to act as support and resistance. It is not possible to turn a profit without them. If you simply take every signal the Force generates you will fail as trading FX is not that easy or else everyone would be extremely wealthy trading FX.

What you need to do is learn the "personality" of the pair. This will take some time. Like anything else over time you eventually find the moves of the Eur/Usd (EU) almost predictable as you look at the pair form patterns you've seen time and time again. Its important that you wait for the correct setups such as TL bounces and so on. Some time you can wait hours for the right move and sometimes a fraction of that time just for 30 or 40 pips. Thats the name of the game!


"Well said and done" Chocolate Pips

Dollar Index

Trading Log - 27Feb2009

Support for the March Dollar comes in near 87.50, but uptrending channel support is

down near 86.74 today with resistance at 88.57.

Trading Log - 27Feb2009

Today's immediate Support and Resistance.
Thurs High 1.2810 Low 1.2682.

Sleepy Trade

Trading Log - 27Feb2009

1 last trade before i sleep. Short when it created a lower high.
Already took half at +10 pips. Stop to BE, let the rest run until support at WP.

Congratz Jerry on becoming a Father!

Congratulations Jerry (1 of our Force traders) on your newborn Baby Girl.
Aiya, forgot to ask whats her name.
Anyway, this is a picture of your cute lil baby girl trading Forex in the future.

P.S.: let me know her name.

Price step on my Bomb and got fried!

Trading Log - 26Feb2009

My BUY Stop above the Double Top at 1.2775 TP at 1.2795. TP of +20 pips.
Highest price went was 1.2810 at the moment.

3 Trades today

Trading Log - 26Feb2009

3 trades today at the moment. 1 BUY and 2 SELL.

Trading Bounces

A checklist on the criteria that i look for when i am trading.

Pending Orders aka Wait for price to step on my Bomb!

Trading Log -26Feb2009

I will try a new strategy. Pending orders at Double Top or Double Bottom.

Kiwano Fruit

This is an exotic fruit i bought at the supermarket the other day.
Its called Kiwano fruit. Interesting eh.. Looks like Baby Alien.

Dollar Index

Trading Log - 26Feb2009

Dollar Index - 88 and 87.5 are important areas.

Fly on the wall

Trading Log - 26Feb2009

Currently price is gyrating within 1.2768 and 1.2690. Lets see where it will go later.

Mon: High 1.2991 - Low 1.2660
Tues: High 1.2876 - Low 1.2660
Wed: High 1.2896 - Low 1.2690

Trading Log -25Feb2009

2 nice trades today.

Trading Log - 25Feb2009

Today's Open Trendlines and Euro uptrend is currently supported by lower Trendlines.
Yesterday High at 1.2887, Low at 1.2662.
S/R areas highlighted for the day.

The last 5 days High 1.2991 / Low 1.2514. (477 pips range)

Trading Log - 24Feb2009

EU bounce of the 50% Fibo of yesterday's range. Shorted it after it has created a lower high.
TP before support.

Trading Log - 24Feb2009

Short trade today on a uptrend. Risky and contrarian.

Trading Log - 24Feb2009

The New Currency - AmeriDOllar

Rumors saying US going to have a new currency - AmeriDollar!

Forex Traders Gathering

Event

Chocolate Pips will be organizing a FX Gathering tentatively on March 12th in Kay-El.
For those interested to share their experiences in FX, you are most welcomed.
Share your indicators, trading style - be it naked or non naked, preferred trading time, money management, pivots, fibs.. etc..
Lets come and trade live together whether DEMO or LIVE account. Just come.
If all else fails, you can still come for a cuppa coffee. : )

Contact Chocolate Pips if you are interested.

P.S. - No fakers, braggers, idiots or arrogance allowed. Just come with a sharing heart!

RC DEAF MISSION

I will be helping RC Deaf Missions to sell some of their artworks from the Deaf artists. All proceeds will go to the mission to help the Deaf community. If there is anyone interested, please contact me through here.

Alternatively, you can visit their website at - http://www.rcdeafmissionsmalaysia.com/

Has EURO turn BULL?

Trading Log - 21Feb2009

The week ended with a bang with a huge move with the Euro gaining 250 pips on the day. Is this a bull move for the Euro or just a correction in the current downward trend?

Right now we can't say whether this is a correction or a reversal. We will just watch the levels and let the markets tell us what we are going to do.

However the gap created last weekend was filled on Friday's bullish move.

Dollar Index

Trading Log - 19Feb2009

This morning the Dollar Index was below the 2 Hour MA.
And down it went when London Open.

*Mistake today* Should have look for BUY opportunities in EUR/USD instead of SELL.

Had a loss of 20 pips today shorting EU.
Have to gambatte again, dun give up!

当猪仔爱上一个女孩

Review of yesterday's trade

Trading Log -19Feb2009

Review of yesterday's trade. There was 3 good short signals.

First - It happened when price rejected the confluence pivot points.
Second - Price created a double top and followed by a nice short.
Third - GMT1230 low support turn resistance, price bounce of the resistance.

Dollar Index

Trading Log - 19Feb2009

Dollar index has broken the lower TL and its moving below the 2 hour moving average.

EUR/USD and Dollar Index

Trading Log - 19Feb2009

Lets see what happens in EUR/USD today. There are 2 resistance above, 1.2621 and yesterday's high of 1.2640.

Dollar Index keeps going up. It hit a high of 88.082 yesterday. USD going strong is supporting the EU downtrend.
At the moment Dollar index is going down.

Trading Log - 18Feb2009

Shorted EU when it went to the highest resistance and bounce of it.
Scenario C happened.

Trading Log - 18Feb2009

This is my view on EUR/USD today. I will look for a bounce of yesterday's resistance.
3 scenarios i will look into.

GU and EU correlation

Trading Log - 16Feb2009

GBP/USD and EUR/USD correlation. Not much volume today as US is having holidays.

Trading Log - 16Feb2009

EUR/USD at lower TL now.

DO Straddle

Trading Log - 13Feb2009

Another profitable day of Straddling Daily Open. Both took profit of +10 pips.
Today's TP was faster than yesterday.

Trading Log - 12Feb2009

BUY and SELL at DO with small lots, both TP at +10.
Shorted EU after London Open. It created a double top and went right down breaking all support. Currently it is standing at the support of yesterday's low.

New Strategy

I will start a new strategy on trading EUR/USD. I will post my results if i did it on that day.
Simple strategy.
When the Day starts, Buy and Sell at the Daily Open. Both TP at +10 pips. Trade micro lots so that you have enough buffer to recover!

Straddle on USD/JPY

Trading Log - 11Feb2009

I did a Straddle on USD/JPY early morning today. Buy and Sell at the same time, the TP for USD/JPY in Buy was lower as Resistance was very near. All in all, i will continue to either keep buying USD/JPY or straddling this pair.

Trading Log - 11Feb2009

Currently price is in a triangle. I will wait for a breakout of this triangle, pullback to test either S/R and enter on the pullback.

I am expecting scenario A or B. I would prefer Scenario B, it looks like a descending triangle to me.

Trading Log - 11Feb2009

Shorted after it create a lower high at 1.3075, it couldn't break yesterday's high of 1.3093.
Good short after an exhilarating day.

P.S. : At the time of writing this, GOLD reached a high of 917.67. If i put TP at 916.00, i could have made +2000 pips. After all GOLD did reach a high of 929.20. I will practice on trading XAU/USD more!