nov 2010

November 2010 was a profitable trading month for me. My entries example in this post.

long time no blog

My post after such a long pause. Took 2 long entries yesterday in Euro.
Waited for the 15mins candle to confirm before jumping in.

one of my screen FX Dashboard

One of my screen with FX Dashboard. Includes currency, commodities and stock market meters.
Also in this dashboard is the Forex Calendar news.

9 Sept 2010

Textbook trade on 9th Sept 2010. Long and Short both gave some nice pips. : )

Merdeka

- My 20pips chatter -




Month of August was a profitable month for me.
Stick to trading 15min confirmation.
I need to improve on my discipline and risk management.

- Trading hours 3pm -12midnight only
- No trading during Asian session
- Avoid news trading
- Always wait for confirmation

My daily target is 20pips or 1% of my account.
Monthly goal of 400pips.

Pic below is my last trade for August. Entry at 1.2700 TP at 1.2784 for +16pips.

FKLI 26-08-2010

Ok, besides EUR/USD charts. Here is my 2 cents on what trade could have been taken on 26/08/2010 for FKLI. Although i don't trade FKLI, i just want to share my trading ideas and strategy.

As you can see from the chart, FKLI filled the gap at 1390 and formed support in this area.
In other words, price filled the gap, formed double bottom and blew right up.

My trading idea would be to wait for a 15min candle to close above the previous candle.
After closing i would wait for the next 15min candle to pullback and enter buy on the pullback for a better price and a smaller stoploss.

As you can see from the chart, this is a trade with good Risk : Reward ratio in hindsight.

All i want to say is, Trade Naked aka without indicators. You will definitely become a better trader. Remember Price is King. Screw those indicators, throw those MACD, RSI, STOCHS away.


Freshly squeeze quotes

“Every winner needs to master three essential components of trading; a sound individual psychology, a logical trading system and good money management. These essentials are like three legs of a stool – remove one and the stool will fall, together with the person who sits on it. Losers try to build a stool with only one leg, or two at the most.”

- Alexander Elder

27/08/2010

27th August 2010

Perfect entry trade. Entry on the pullback right to the pip.
Took full profit when price reached the trendline area.

i am back!

My month of July trading account curve

After a hiatus of 3 months , i am back from holidays and the world cup. I started trading again in July in my micro account with a balance of $62.35. My lotsize was 0.02 or 20 cents per pip. I had an extremely great start in the month of July - profit of $120.39 or a whopping 600 pips!

My strategy is based on 15mins chart. Only candles, no indicators whatsoever. I don't need MACD, RSI, ADX, STOCHS etc. I just need the basic charts to tell me the price action.



My trading charts. Candles don't lie.

I will continue trading this straegy live with my micro account until i achieve 3 - 6 months consistency.

Trading

I am currently trading and joining Tim Chandler's Price Action room - Candles Don't Lie.

Really learnt a lot after joining for a month now, the strategy is based on 15mins candles without using any indicators at all. This strategy has improved my trading tremendously, now i have more courage to trade pairs like the Eur/Jpy and Gbp/Jpy. I am trading this strategy on micro lots until i have more confidence and mastered it.

"Being too early on the trade is the same as being wrong. Entries are everything."

May 2010

May 2010. Starting the month with renewed mental strength for trading. Lets see what does this month offer.

random picture ~

My Cooliris Wall

29th March 2010

Euroduckie's last trade of the day~ Short at the break and retest of trendline.

R:R 1:1 - 20pips Take Profit and 20pips Stop Loss.

Thats all for the day. Cheers!



Fade 1.3500 for a scalp.

R:R 1:1 - 10pips TP with a 10pips SL.




Euro approaching Daily High after bouncing of the lower trendline.




Euroduckie entered Long on the bounce of trendline.
R:R 1:1 - Took profit on 20pips with a 20pips stop.

1.32 looms

A U.S. stock rally evaporated abruptly Thursday as a strengthening dollar sapped gains in commodities and related shares, largely overtaking bullish sentiment that came with upbeat results from the retail and technology sectors.

A three digit gain was evaporated into a mere 5 points gain.

While Euro dipped below 1.3300 and stayed below. 1.3200 is a viable target now.
Nearly 2000pips drop from 1.5150 since Nov 09.

my Setups

Some of my really good setups this week.

20pips take profit with a 20pips stoploss. R:R 1:1

what went on this week~

The EUR is still range bound and trades very much news related with an endless chain of reversals, while the USD Index delivers fake break downs and reversals around the 80 level. On Thursday a rumor was started that the Fed will raise the discount rate after the close, because it did so a month ago. The rumor was false, but whoever started it made good money on it. The noteworthy currency is the CAD. It is close to breaking par against the USD again. Canada remains the only country that did not get caught in the recession because its banks weren’t allowed to gamble.

If you are not long stocks from months ago, then now certainly is not the time to go long. I am waiting for a rollover to short these markets. Whatever pundits want to make you believe, there is no recovery. Hundreds of container ships are still anchored without cargo. Foreclosures and bankruptcies are still hitting highs. In the US we see people walk away from homes that they actually can afford to pay, because the mortgage balance is much higher than the value of the home will ever be in the future. These strategic bankruptcies will be the kiss of death for housing in the US. Don’t be fooled by Friday’s market action though. It is quadruple witching and moves may be skewed as the last holdouts roll out of their positions.

Euro resumes downtrend

Entry short after Euro broke the lower trendline. Greek concerns is still weighing on the Euro. Next week will determine whether 1.3430 breaks or bounces. Looking to reenter shorts on rallies to resistance.

Euro Bearish Engulfing Daily Candle

Price rejected 1.3800 yesterday and created a bearish engulfing candle. I am still neutral bias in medium term. I will be looking to short Euro in short term intraday trades, looking to book profits and staying flat before FOMC meeting.

Euro in consolidation

Euro is still in consolidation mode. I am waiting for a breakout from this range either way.

Consolidation for 4 weeks

Euro is still consolidating. No new trades at the moment.

NFP Friday

After choppy sessions this week. My strategy will still be sell on rallies.
Greece debt problems , Spain's property woes and economic downturn.
The issue of european currency union illusion. Divergence in competitiveness in European countries caused the divergence in current account.

1.3850 is next?

Euro formed a triple bottom and its in a corrective move, the next resistance will be at 1.3850 where the trendline and important SR levels reside. This corrective move is supported by Greece's austerity plan.

A pending sell order will be placed at 1.3845 to catch the bounce from that area.

After CNY trade.

After a week of break from trading because of CNY, i did my 1st trade today shorting Euro.

1.3646-50 is a strong resistance area. H4 created an inverted hammer today and closed below the Resistance. Entry short at 1.3630 and Stop Loss at 1.3650. Added position at the break of 1.3587.

Big Ben news tomorrow at 11pm will definitely move the market, my strategy would be buy stop and sell stop before news.

Waiting for EU decision on Greece

All eyes on the EU meeting today. Looks likely some assistance for Greece will be forthcoming, a debt guarantee probably at a minimum. Stating the obvious; a declaration that no assistance will be forthcoming and the euro can expect to get hit pretty hard.

Euro is closing in on the Hourly trendwall. It can either break or bounce of it. Waiting for news of Greece's aid.

Euro Chart

Euro hit the trendline and bounced of it and Euro is forming a bear flag pattern. I will be looking to short Euro when the bear flag pattern breaks to the downside.

EU to the rescue or maybe not?

Speculation on Rescue for Greece helped pushed Euro higher and rumors saying European Union would not save Greece sent it lower again. Buy the rumor and sell the rumor day.

PIIGS cant fly because its not halal !

‘At Barclay’s Capital, PiiGS No Longer Fly.’ Unfortunately, another dismal soul at Bloomberg must have taken offense and updated the online headline in the piece it to this [emphasis added]:

Swine Acronym Ordered Out of Barclay’s Reports (Bloomberg, Feb. 5, 2010, Alexis Xydias, Rita Nazareth and Lynn Thomasson)

The securities unit of London-based Barclays Plc told analysts yesterday not to use the acronym for Portugal, Italy, Ireland, Greece and Spain in notes to clients, according to a memo obtained by Bloomberg News. The mandate from Valerie Monchi was sent to research staff.

The Piigs nickname has grown increasingly popular in the last month as investors dumped assets in the euro zone’s smaller economies on concern the countries will struggle to control budget deficits…

…Usage of Piigs grew following the rise of the BRICs acronym for Brazil, Russia, India and China, coined by Goldman Sachs Group Inc. Chief Global Economist Jim O’Neill to describe four of the world’s biggest emerging markets.

And, pigs are really pretty nice creatures according to this information from the Humane Society that was included in the Bloomberg piece:

…The Web site of the Humane Society of the United States describes pigs as “highly intelligent, curious animals who engage in complex tasks and form elaborate social groups.”…

X marks the spot in UJ.

Convergence of lower trendline and upper trendline. A good place to enter trade.

4th Feb 2010

EUR/USD perfect textbook trade yesterday. Support at 1.4026 turn Resistance and price reverse when it reached the resistance. Big Panda sold at that level.



EUR/JPY is in a range. Waiting for a nice breakout with technical and fundamental backing.


AUD/USD is also in a range. Waiting for a nice breakout as well.

NFP day again Friday~

Its NFP day again on Friday. Best way to trade is to straddle both sides of the market.
Buy stop above and sell stop below. Take profit is best before important SR areas.

3rd Jan USD/JPY

USD/JPY has been consolidating for 1 day in that pink box. Consolidation is my friend.
Long at the break out of 90.50 or the consolidation box.

AUD trade

Sell stop below the consolidation area. AU broke support when AUS announced no hike in interest rate yesterday.

Euro and UJ

USD/JPY is stuck in the range of 90.50 and 89.80. Waiting for a clear breakout and entry on the pullback bounce from the SR level. Currently we are seeing both USD and JPY strength due to the risk aversion nature of the market.



Euro has finally reach the 1.3900-1.3800. 1.3800 is an important support, 50% fibo point.

Euro's fall

The euro fell broadly on Wednesday, hitting a four-month low against the dollar on concern about Greece's fiscal problems and breaking below a key chart level that could signal a bearish trend for the currency.

The euro's slide below its 200-day moving average of around $1.4296 initially gave investors a technical sign to sell the currency, and its break below $1.4250 and the December low near $1.4220 later triggered loss-cutting orders and sparked broad euro-selling, traders said.

Strategy: Sell on rallies~

Symptoms of a trader

Excerpt from forexlive.com

Symptoms of motion sickness can include:

• Generally feeling unwell
• Excessive production of saliva
• Headache
• Nausea
• Dizziness
• Hyperventilating
• Heavy sweating
• Weakness
• Losing colour in the face or turning red
• Vomiting.

Sounds a lot like most traders I know with bad positions.

Spike Strategy

Wednesday's spike strategy. Have fun!

Lucky Pips~

Nice spike in my broker at 7am. Hit my buy limit at 1.4467 and TP 20pips straightaway in 2 seconds!

Not so lucky afterall, my broker took back the money i made from the spike. LMAO

Good service quality after MT4 price spikes

By Alexander || January 12, 2010 at 05:44 GMT

|| 0 comments || Add comment

If anyone was affected or lost money today because of the price spikes/mis-quotes from FXXD’s MetaTrader 4 platform today, I’m happy to have received this e-mail after following up on the issue:



Dear FXDD Customer,


Thank you for your patience, we are aware of the issue which has occurred today in regards to the Spikes. The reason for this is do to a wrong price feed which we have received, if your account was affected then we will definitely look into it and either credit or debit it as it should have been. Honestly I have worked for this Broker for many years and something like this does not happen. As mentioned earlier we do encourage our clients to step up and come in with any issues, we are very quick with resolutions and investigations.


Thank you very much for your business and the cooperation, I am here at your service for any further issues you may have.




Kind regards,


Alex xxxxxxxx

won NickB price action video course

The year just keeps getting better and better. After winning a macbook air. I won a forex trading video called NickB Price Action Analysis Course~ This course will definitely help my trading tremendously.

http://www.forex4noobs.com/blog/forex-signals/price-action-analysis-course-winners/

6 Jan 2010

Bearish flag formation in Euro on the Daily Chart.
80% possibility of breaking down. However if if breaks up, it will violate the flag pattern.