Wednesday, November 18, 2009

Thursday, November 12, 2009

5 min Spike Strategy

5 min Spike Strategy

What are spikes?

1. Spikes or long 5 min candles must be 15 pips or more.
2. Price must spike to SR levels, sometimes right to the pip.
3. Spikes indicates price exhaustion ( A last dash to the finish line aka SR level)

How to trade spikes? ( especially in a ranging market)

1. Wait for price to spike to SR levels.
2. After the spike has formed, wait for it to reverse.
3. Entry is when price reverses and breaks the high or low of the spike.
4. Entry is always in the opposite direction of the current direction of the spike.
Example: Bullish spike to Resistance, we sell at the low of the bullish spike.
5. Entry 1 pip above /below spike.
6. Take profit @ 10pips ( high probability) or Close partial.

Wednesday, November 11, 2009

Tuesday, November 10, 2009

How to trade a ranging market

Trading in a range
How to trade it besides buying low or selling high.

Sunday, November 8, 2009

3 Musketeers

If DAX, OIL & GOLD is all up. Bias for Euro should be Long~

Asian Session fakeout

Early morning Asian session Long candle cannot be trusted!!

Thursday, November 5, 2009

Tuesday, November 3, 2009

Dollar Index gone cuckoo?

Major spike in Dollar Index, Euro fell 176pips today. Currently trading @ 1.4640.

Edit: Its a spike by the broker : Broco Trader, i have no spikes on other platform with Dollar Index

Sunday, November 1, 2009

November 09

Awesome October~ Very happy, my profits in my trading account were very good and i also got my broker's spread rebate (USD241.50) from CashbackForex for the month of September. Bought myself Percy Jackson's Lightning Thief and sequels, altogether 4 books. Now waiting for The Lost Symbol by Dan Brown in paperback version.

Gambate in November and December~

Aiming big next year and getting my red Peugeot 308~!

We may see more downside in Euro before a bounce back up~

If the daily supporting trendline breaks, we may see more downside.