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.