Tuesday, November 4, 2008
TRADE OF THE DAY - GBPUSD
This morning after looking at a bunch of chart, I have selected GBPUSD as trade of the day. GBP is weaker compare to other currencies. It would be much better to short it. At the moment hovering around 1.5960 and waiting for a confirmation to trade. Watch out for it.
Monday, November 3, 2008
THE RABBIT HOLE IS FAR INDEED
It seems that the rabbit hole is far indeed. It has moved too far that the trend has turned but now its time for a reverse trade. I am not going to give you a signal but fyi, GU, GJ and GCHF is going long now.
Update:
Volume has been very low for the whole day. A long signal presented itself but with no volume to support it, its not turning. With such a low volume, pairs just slide with the trend. No trade for me anymore. I have ate my stop loss today.
Update:
Volume has been very low for the whole day. A long signal presented itself but with no volume to support it, its not turning. With such a low volume, pairs just slide with the trend. No trade for me anymore. I have ate my stop loss today.
Sunday, November 2, 2008
GOOD MORNING FOREX
As usual its Monday morning, but unlike before this morning its a fast mover. As usual forex class started at 9am. Who entered the morning class should be in profit by now. I personally got 100 pips off EJ. Now I am not trading anymore. Monday morning got a lot of work to be done. See you again at 3pm.
UPDATE: 3:56PM
As promised earlier. I am trading again at 3pm. This time the signal is not as favourable as in the morning. We have here is a short signal in an uptrend formation. Still it is tradeable but the level of risk is higher.
In the chart there are 2 symbol of hands pointing up and down.
Hand pointing up:
1. Time: 9am Malaysian time
2. Signal: MA cross and RSI>50
3. Trend: Uptrend formation. This is easy picking. I entered 5 minutes earlier and exit 100 pip later. I could have followed the trend but due to office work on monday morning I cannot monitor it. An early exit of 100 pip on Monday morning is not a bad trade.
Hand pointing down:
1. Time: 3pm Malaysian Time
2. Signal: MA cross and RSI=50
3. Trend: Uptrend formation. This is a hard trade. Short signal on an uptrend formation. This trade most probably be a short one. At the time of writing, SL has been moved +10 pips. So I am at a profitable position now. Let see how far the rabbit hole goes.
UPDATE: 3:56PM
As promised earlier. I am trading again at 3pm. This time the signal is not as favourable as in the morning. We have here is a short signal in an uptrend formation. Still it is tradeable but the level of risk is higher.
In the chart there are 2 symbol of hands pointing up and down.
Hand pointing up:
1. Time: 9am Malaysian time
2. Signal: MA cross and RSI>50
3. Trend: Uptrend formation. This is easy picking. I entered 5 minutes earlier and exit 100 pip later. I could have followed the trend but due to office work on monday morning I cannot monitor it. An early exit of 100 pip on Monday morning is not a bad trade.
Hand pointing down:
1. Time: 3pm Malaysian Time
2. Signal: MA cross and RSI=50
3. Trend: Uptrend formation. This is a hard trade. Short signal on an uptrend formation. This trade most probably be a short one. At the time of writing, SL has been moved +10 pips. So I am at a profitable position now. Let see how far the rabbit hole goes.
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