My Trade Setup

Trade setup for today: potential short on AUDUSD. All other pair are remain reassessing to me.

EURJPY Trade Update

Upload_28 April_5:16 GMT

My ultimate target for this trade 123.29. Total Pip to date = 76pip. 80% profit already taken. So 20% will follow the market until SL is hit.

My Trade Update

• USDJPY Trade Closed, SL hit down -46 pip (4H Core Strategy)
• GBPUSD Trade Closed, SL hit down -75 pip (4H Core Strategy)
• USDCAD down +17 pip (Long Term Trend Trade, DAILY)
• EURJPY  +75 pip (Trade Triggered based on Cross MA, T1 & T2 set to next resistance level)
                                                                             (Note: TP1 Reached: 80% profit taken)
  ( 27 April 2011, 22:24: GMT )

LONG EURJPY

BUY @ 120.70  SL: 119.26
TP1: 121.42
TP2: 122.13

My Trade Update

• USDJPY +16 pip (4H Core Strategy)
• USDCAD +37 pip (Long Term Trend Trade, DAILY)
• GBPUSD -36 pip (4H Core Strategy)

         ( 27 April 2011, 00:01:22 GMT )

SHORT GBPUSD

Open Short position GBPUSD @ 1.6485, SL: 1.6551, TP: 1.6379

SHORT USDCAD

Open Short position USDCAD @ 0.9518, SL: 0.9591, TP: 0.9409
(Note: Long term trend trade)

Stopped Out 3 times in a Row

I got stopped out on USDCHF and USDJPY trade yesterday so that mean according to my written trading rule, its better to stay away from the market if these happened. Let the market pass for this remaining two day, there always be a good opportunity to enter the market after this.

LONG USDJPY

Open Long position USDJPY @ 82.99, SL: 82.36, TP1: 83.19, TP2: 83.73

Stop out on NZDUSD Trade

1. Stop loss hit on NZDUSD Trade. So down -75 pip.
2. USDCHF trade gain +5 pip.
3. USDJPY pair did not closed above UT1. Let wait & see again @ 12.00pm / 4.00 GMT.

BUY USDCHF

4H candle closed above trendline

BUY @ 0.8992
SL: 0.8942
TP1: 0.9052
TP2: 0.9099

For this trade im using new customize indi & ea.

Today Trade Setup

As for today there a few pair that im waiting for signal on a closed below/above 4H trendline. Those pair are:

• BUY  USDCHF
• SELL/BUY  USDJPY
• SELL  EURJPY
• SELL  NZDUSD
• SELL  AUDUSD

I will update my blog again if any of this pair give the trade signal.

SHORT EURJPY UPDATE

Trade Summary

1. SHORT  EUR/JPY @ 119.25,
    TP1 = 117.83,  TP2 = 115.68

2. SL moved to breakeven.

3. TP1 = Hit.

4. Closed @  116.90 with total 235
    pip.

SHORT EURJPY

On break of 4H trendline

ENTERED SHORT/SELL  EUR/JPY @ 119.25
TP1 = 117.83
TP2 = 115.68

Test

This just to test my twitter feed .. :)

Trade Setup

After the market big moved yesterday, all pair had to be reassessing and there no opportunity trade as I seen for now.

The EURJPY trade was closed after reached T1 with total pip of 149 (refer to page above for the summary)

My long trend AUDUSD trade, SL moved to 1.0430 and total pip as for now 285pip. This pair is still on the bull side & I am gonna keep riding the trend until next week.

New Trade Update

On my AUDUSD long trend trade total PIP up to date know is +241 pip. I had moved my stop loss to 1.0411 with gurantee profit of 151pip. I would like to hold this trade for a few more day.

There are 3 pair for potential trade in 4 hour chart (refer to respective chart)

• EURUSD
• CADJPY
• AUDUSD

I entered SELL on EURJPY early this morning after candle closed below LT1, stop loss above 122.22, 1st target 119.34 & 2nd target 117.12.

Trade Setup Update

Refer to AUDUSD, EURUSD & EURJPY page

EURJPY update

Refer to EURJPY page above

New Trade update

Untuk minggu ini saya berminat untuk SHORT EURUSD, GBPUSD tapi selepas ada signal iaitu 4hour candle closed below LT1. Untuk chart sila lihat di page atas.

Minggu lepas USDCAD trade kena SL so rugi -38pip. Awal pagi tadi buka order SELL di EURJPY walaupun patut masuk malam tadi, target pip mungkin lebih kurang 100pip untuk 1st traget.

Long term trade pula: AUDUSD saya masih ON lg, update pip terkini = +237.

Kita tengok macam cerita market hari ini mcm mana, kalau ada apa2 perkembangan nanti malam karang saya update lagi.

Trade Update

Baru upload trade setup, Chart cuma sempat upload EURUSD saja .. nanti chart yg lain upload kemudian .. ada meeting kejap lg jam 9.00am hehe

SHORT TERM USDCAD TRADE (TRIGGERED)

Trade was Triggered, for more update please refer to USDCAD page

My Long Term AUDUSD Trade (Update)

Baru saja update ini trade atas permintaan saudara Alex, market sekarang sdh kembali bullish. Update PIP = 145, sikittt lagi mo sampai target hehehe.

Liteforex Sniper Contest

Hari ini join contest di liteforex, pertandingan dlm masa 24jam saja. Mana tau ada nasib ni malam cuba saja la. So far position tangga ke-70 daripada 547 peserta. Pendapat saya kalau mo menang kena main high risk, kalau ngam .. untung, tapi kalau salah .. nah lingkup terus margin call ba. Tia apa .. target masuk top-10 saja pun ada hadiah sudah.

MY BASE EQUITY METHOD

With you initial trade you risk 3% of your capital

When you have three winners in a row you increase your risk to 4.5%

If you then have one loss you revert back to 3%

If you have two losses in a row you go to 1.5% risk

If you have four losses in a row you go to 1% risk per trade

You then wait for two winners in a row before going back to 3% risk

You will be trading larger sums when you are winning and trading smaller sums when you are losing

This system helps to preserve capital

- bots

Interesting Story to Share

Today I would like to share with you some interesting conversation that I had with a new friend of mine, Greg.

We talked about trading forex and what it takes trade forex successfully.

One thing is clear for both of us; everyone wants to get rich quick trading the forex market. Is that possible at all? The answer is yes. Theoretically. 

 

A trader with $1,000 in his account can't have $50,000 at the end of the year. Well, it is possible only if they take huge risks and don't care about losing their deposit...

 

I personally have met 2 traders who had a fortunate encounter with luck, and they earned more than $100,000 with less than $1,500 deposit. LUCK!

 

But do you know how many people I know that lost the $1500 account time after time trying to make the "big" hit? So Greg said that he believes if we try to explain it slowly to traders, new and veterans who still don't see success, it could make the difference.

 

Well, let's be honest, we can't change the world, but even if only 100 traders will make it, we achieved our goal! It is all about you. If you have the ambition, if you have the belief, if you have the tools and a mentor that takes you under his wing, you will be doing really well. So Greg created a course that covers it all. As I've said before, there are no "holy grails" and never will be. Being a trader takes a while and might involve a string of losses. You can't win without losing...

 

Forex is no different from all other things in life. When you cook, it takes few hours to create a great meal. You cut vegetables, put sauces, etc, etc... but how long does it take to eat it? A few minutes!

 

The same here in forex. You learn and learn and learn. Several months or even years. Only then you enjoy your meal. Only then you have a system that works for you and you can eat!

 

It is amazing to have a dream. But first you have to make the dream come true. No winner believes in coincidence. You have to make things happen.

How Long Does It Take To Become A Successful Currency Trader?

It's probably the most asked question when you are new to forex trading - "How long does it take to become a successful currency trader?"

We get asked this quite often, and, we'll be honest with you, - it's impossible to answer. It really depends on your focus, your commitment, and your discipline.

It depends on how often you study forex charts, and how focused you are when you are working.

Many new traders say they are working, but what they really mean is that they are checking emails, browsing websites, spending time in forums, etc

Now, don't get me wrong - all these things need doing, but you have to have a degree of balance in the amount of time you allocate to them. 

If you only have 3 hours per day to learn currency trading, and you spend 2 hours browsing forums and websites, and 30 minutes on emails, then you only have 30 minutes left to do productive work that will move your business forward.

You must make sure that you pay attention to the type of work you're doing and whether or not you're being productive. Surfing the internet, constantly checking your email, talking to friends on internet messaging, etc is not considered productive, unless you're doing some useful research.

No-one can guarantee you'll be successful. BUT, provided you put in effort towards doing productive work, you can become a successful forex trader.

Remember, the first step is getting started. If you don't start taking action, you will never achieve any success.
A little bit of "targeted" action every day will soon move your online forex business forward, and you will start to notice an improvement in a short space of time.

Set yourself a daily target, and make a written note daily on whether or not you reached your target. Having a written record will hold you accountable, and help keep you focused on the things you need to do.

Having your first success in online currency trading, even if it's a small pip one, will help to motivate you and strengthen your commitment to becoming a successful trader. Half-hearted work isn't work, that won't help you at all. In fact, it will just end up frustrating you. Just keep moving forward and learn as much as you can.

How long it takes you to become a successful currency trader is really in your hands. You must take action to start moving forward. Keep telling yourself that failure is not an option.

TAKE ACTION TODAY! Start studying forex and take a free demo account. It's the only way to go!

Trade Management – Even more Important than Money Management

Trade management consists of the following activities:

• Assume risk
• Reduce risk
• Eliminate risk
• Maximise profit

Assume Risk

You assume risk when you enter a trade. The value of risk is the difference between your entry price and the stop-loss.

"Winners think in terms of how much they can lose. Losers focus on how much they can win." (Larry Pesavento)

So - heedng the wise words of Larry Pesavento. Before entering a trade the first thing I think about is - what will be my risk on this trade? Factors to consider are:

• Is there a logical place to put my stop loss? e.g. the other side of a nearby support/resistance line, trend line, Fibonacci level, or the price level at the X point of a Gartley or Bat pattern etc. Or, ideally, any combination of these.
• Will that stop loss take me over my leverage and trade risk limits? Is the risk on this trade going to be too large - or will it, when added to my other open positions, blow my leverage rule? (The general rule I use personally, is to keep my trade risk below 3% of my account and leverage below 5:1).
• The next question is - "Is price at a level that makes the risk reward ratio acceptable?" (In my case that means 1:2 or more). If not then I don't take the trade yet. I'll wait for price to reach a level that makes my risk reward ratio acceptable.

The decision to assume risk means you must have accepted that loss already from your account. If you get stopped out for a loss, then so be it. Move onto the next trade.

I never move my stops out wider. Unless of course, I made a mistake when I first entered the stop into the trading platform.

See Trade Identification and Scaling In for further ideas on identifying and entering trades.

Reduce Risk

After placing the trade it makes sense to reduce your risk at the earliest opportunity. On the other hand you don't want to get stopped out with the normal ebb and flow of the market.

This is what I do. I tighten my stops when price gets past the Fibonacci 23.6% of the CD leg. Why? - Very often the 23.6% Fib acts as a Support/Resistance level where price reverses back to the PRZ. When that happens you're pretty much back to square one.

But once past the 23.6% Fib, price is often on its way and that leaves me room to tighten my stop - or, under certain circumstances, move my stop to breakeven.

Eliminate Risk

It is essential to move stops to breakeven at the earliest opportunity. So just what is this "earliest opportunity" - and when is it too soon?

Derek Frey - (see Derek Frey webinars on Fxstreet.com) - recommends one of two rules, to be used whichever occurs sooner.

1. Put stops to break even when the price reaches the half way mark between the D point and the B point.
2. Move stops to breakeven when your original risk has been overcome. So if your stop loss is 30 pips from entry, then when price is +30 pips you put stops to breakeven.

I use very similar trade management rules - when the reversal appears to be going with a reasonably strong momentum. Then I will put stops to breakeven a few pips before either the 38.2% or 50% Fibonacci levels on the CD leg.

However, when price action is particularly slow, I set my stops to breakeven a few pips before the 23.6% Fibonacci on the CD leg.

That's because the 23.6% on CD, although a weak support/resistance area usually, can often be be rollover point for a continuation of the CD leg direction. Then price can either start going sideways in a consolidation, or even continues the CD trend more assertively.

As, in fact, happened with this GBP-CHF bullish crab pattern above

Now we've minimised our risk, it's time to look at maximising profit.

Making a Profit

This is the key reason for trading a minimum of 2 lots. When price reaches a certain level, as described above, the thing to do is take profits on one position, while putting stops to breakeven on the other position.

This way you take a small profit, while effectively getting a free trade with the remaining position.

In the example above, there is a doji candle on the 23.6% Fibonacci of the CD leg, signifying some uncertainty at that price level. When that happens, I set the stop loss of one position to breakeven at that level, (after that candle closed), and take-profit on the other position for a small profit.

On the other hand, if price had driven assertively through the 23.6% on the CD leg, (no slowing down of price action, no reversal candles etc) then I would have set my stops to breakeven at the 38.2% or 50% Fibonacci levels, by taking-profit on one position and letting the other one ride out the trade.

I then trail the remaining position and let the market stop me out. Its the way I prefer as it keeps my emotions out of the equation.

The way I do that is by trailing my stop to a few pips before the previous Fibonacci level. Or to the nearest Support/Resistance level nearby, if there is one.

Alternatively, if you prefer, you can set a trailing stop - which keeps your stop a fixed relative distance away from price.

Either way, this effective trade management technique will ensure your trade is terminated either at a profit that is maximised, or at breakeven, when you get stopped out by the market.