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EUR/USD 25 October


Now, now, EUR/USD seems a nice break, after moving above barrier area and broken through upper trend line, at this time, I'm flat and waiting retracement to around 1.3970 - 1.3980 to entry long, otherwise if retracement not strong enough, I'll entry around 1.4050 long targeting 1.4100 minus spread and tolerance.
Let's wait, what the market give us.

GBP/JPY 22 October

Not one of my favorite pair, because of the spread and unpredictable move,
but sometimes it is my favorite for the animal power moving unstoppable
Well here's my trade

When price making falling wedge pattern, I see the bottom 127.00 where lies strong support (see longer time frame chart). Beside that, we have channel, a beautiful one formed at 4H.
Now when the price break wedge pattern, we have the bull coming, I hope this one moving further, pass the 61.8% fib at 128.38 so we might see the high 129.19. Well already set stop order at break even for this trade, just waiting what the end result.

Hope you like this post

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Recommended Combination
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I try to make recommendation for each style, this recommendation base on my experience, sometimes I trade base on chart pattern only, but there are some combination using indicator I like that already yield me good result in past. So here is my recommendation:
(tell yourself though, there is no guaranteed always winning combination, find the combination fit to your style where you can trade in full confidence)

Short term trade combination

This style suggested to use in 5 minutes time frame
Here is the idea, you will depend on pivot point and moving averages to open position, to set target and to set cut loss level. major rule is:
1. When price above Exponential moving average (EMA) 200, then you open long position only
2. When price below Exponential moving average (EMA) 200, then you open short position only
3. To open position either use pivot point, bounce from it
4. Target is other level of pivot point, and of course counting the daily range too, if exceed the average range, then open the trade using tighter stop loss level.

Track Record (Optional)

Swing trader combination


Track Record (Optional)


Global Indicator
EJ Candle Time - candle close or closing price is the most important of all to decide trade direction, this indicator remind us when will the candle close, so we don't need to see our clock again.

EA
Swiss Army EA - whatever the indicator, this one is a must have in combination as this EA can help you manage the trade when you are "in the money", and if you can set it right, it can manage your cut loss level so if you think you are not really disciplined with stop loss level, take this EA.

Optional
Track Record - This indicator will tell you how is your account performance, making it easier to know where you stand now compare to past. I recommend it when you have good performance though, cause if you have bad performance, maybe you'll feel desperate looking at the minus lol.
Daily Range calculator - surely as a short term trader, or day trader, you need this indicator, this indicator tells you what is the average range price can move, ex: the indicator tell us EUR/USD have daily range of 150 pips, when price already moving from high to low with range of 150, we need to be careful of bounce or retracement.


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Indicator (All)
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ATR |
CCI |
Daily Range calculator | Info - Showing average daily range for previous day, 5 , 10, 20 days range.
EJ Candle Time | Info - Showing time to next candlestick close
MA envelope | Info - Moving average envelope as it's name
OsMA |
Track Record | Info - Give information about your performance daily, weekly, monthly, etc.


Expert Advisor (All)
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Swiss Army EA | Info - trade management EA, can use auto break even, auto trailing stop. (Must have)



Trading Simulation (All)
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Trade simulator for metatrader installer | Info - Don't know what to do on Saturday and Sunday? want to become a better trader, you can train even when the market close.
Trade simulator for metatrader guide | Info - Installation guide for trade simulator


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* If you found broken link, email me so I can update or send you new link, Thank you ^_^

22 October EUR/USD setup


And this one might be chance for long, as price currently will move in sideway triangle formed. I see possibility to move to 1.4000 again today, and it "Might" go to 1.4100 if the trend line resistance broken. Let's see what happen, currently throwing some long position and will take profit at resistance (white trend line).

Important Forex Update: What the CFTC/NFA rule changes mean to you…

SUMMARY
July 21 - Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act.  Some of the effects of the bill, specifically the CFTC components with regard to off-exchange Foreign Currency trading (“Retail FX”), are to be put into effect as of 10/18/2010.  This bill has repercussions that will affect all US Citizens involved in Forex.  The goal of this memo is to break down how the recent changes by Congress, the CFTC, and the NFA will affect US retail FX clients, and how you can prepare for them.

WHO DOES THIS BILL EFFECT?
US Citizens and Natural Citizens- The most important changes of the new rulings affect regulated brokerage/ financial institutions, leverage, and the ability to work with unregistered IB’s and Money Managers.
Counterparty Options:
Effectively, US citizens are now required to trade or work with (in respect to the services offered) an entity registered in the United States.  The following list comprises the legal choices:
  • CFTC-registered Futures Clearing Firms or CFTC-registered Retail Foreign Exchange Dealers (“RFED”)
  • A United States Financial Institution (a US-chartered bank), or bank holding companies
  • SEC-registered brokers or dealers
  • Insurance companies
  • Investment banks, or Investment Bank holding companies
  • NFA registered IB’s and CTA’s
Leverage:
The most significant rule for US citizens and natural citizens is that leverage has changed.  The rule states that as of October 18, 2010, US counterparties can offer a maximum of 50:1 leverage on the major currencies and just 5:1 on the minor currencies.  The effects of this change are more psychological than actual.  At Back Bay FX, we have seen few clients ever come close to using 50:1 leverage on any given trade or even a combination of trades.  The difference will be in how much of your equity is put into the “Used Margin” field to support an open trade.  This will therefore change how much room you have if a trade goes against you. 
Here is an example of present vs. future leverage:
Present:  Account Balance $10,000.  Client buys $100,000 USD/JPY.  Used Margin is $1,000 (remember this is the present 100:1 leverage) and the Available Margin is therefore $9,000.
In this case, your clearing firm has allocated $1,000 to hold open your position of $100,000 USD/JPY.  If the trade were to go against you, the trade could cost you $9,000 (approx 900 pips) before you should be stopped out on a margin call.  (Note, Back Bay FX would never suggest allowing you to lose so much on one trade.  Please do not overleverage yourself and use caution when trading leveraged financial products such as spot FX.)  If a margin call occurred, your account should have approx $1,000 (the Used Equity) remaining.
Future Scenario:  the same account with the same trade will have $2,000 allocated to Used Margin and you will have $8,000 as your Available Balance as you first open your position.
In practice, the leverage change will probably effect how many open positions a client has on more so than it will effect the size of their trading.
Unregulated IB’s and Money Managers:
What was included in the new laws is something that was missing last time around….a specific notation that the CTFC has jurisdiction over FCM’s RFED’s, or entities that are not otherwise regulated.  That last section is important.  The firms that use “We have a clever set-up so that the rules do not apply to me” as their sales pitch are incorrect.  Everyone operating in the US or operating a US-registered company, or soliciting and working with US clients will now fall under the CFTC’s rule-making authority.  If you are acting as a sales agent, introducer and/or clearing firm and are not registered as one of the above-listed entities, then by default (and now by law) you are subject to CFTC oversight. 
Foreign Citizens– will remain virtually unaffected because the majority of US brokers have foreign registered firms.   Non-US clients will be allowed to trade with the same settings and parameters they currently trade with at those non US firms.  For foreign clients who have been working with a US registered firm, they will have to make a decision based on the changes detailed in memo. 

FREQUENTLY ASKED QUESTIONS:
Q:   I plan on just staying with GAIN UK; they are regulated by the FSA, will I be ok?
A:   GAIN or any other US affiliated broker (FXCM, ALPARI, FXDD, FX SOL, CMS, etc) are all forced to send US citizens back to their US offices by 10/18/10.  Because they are regulated in the US then they are forced to abide by all rules associated with its regulators.
Q:  Can I work with an Off-Shore broker who is not affiliated with a US entity (e.g. ForexPro)?
A:   As far as we are aware, NO.  Under the new rules, firms accepting US clients must be registered with the CFTC.   If you look at the example of CFD’s, and/or spot Oil – US clients are not allowed to open CFD accounts with non-US brokers because the CFTC rules state that CFD’s are not available to US clients.  No respectable counterparty wants to potentially incur the wrath of the CFTC by allowing US clients to trade CFD’s. 
Q:  When will all of this happen??
A:  The official date is 10/18 but we feel that the brokers will move your accounts by 10/15.  It is difficult to say when you will be notified, because each broker has their own timeline, but we believe it will be around October  5th or 6th for notice and 10/15 for the brokers to repatriate funds.
Q:  What if I have open positions?
A:   Once again this is an individual broker position, but we believe that accounts will be moved as is, without clients having to close positions.
Q:  Will I get a Margin call when it is transferred to 50:1 and I am in a draw down?
A:  The answer is most likely YES.   This is very important as there are a few ways to work with this, and it WILL affect your account.  The most important contact is your specific broker (or BBFX).  Ask what their policy is on this and how they can help.  You can also close out some positions to avoid a total sweep of positions and massive equity hit.  Contact us for additional solutions.
Q:  I am an Irish Citizen living in the United States; do the rules apply to me?
A:  In our interpretation of the rules, YES.  We believe that the rules affect those people domiciled in the United States, not just US citizens.  If you are living and working in the US as residents than you have to play by the US rules, this is our opinion and not known as a fact yet.  Additionally we believe that US citizens living outside the US will be able to trade as foreign citizens (under the jurisdiction they currently abide by).
Q:  I am a US client and work with a Money Manager who is not registered.  If he works at an off – shore broker can I still work with him?
A:   Good question; if the manager is a US citizen, NO.  There are no US citizens that can work with other US Citizens unless they are registered by one of the entities mentioned above.    Do not believe anyone who tells you differently.
Q:  The leverage change will be the end of FX in the US.  I am taking my money elsewhere, don’t care about the consequences.
A:  Our opinion is that few clients we have seen use anywhere near the 100:1 leverage that had been available.  We believe that 50:1 leverage will have little effect on client’s ability to trade as they have been trading.  Clients that were using 100:1 or close to it are taking large risks in a volatile market  and should not be expecting to be profitable.
Q:  “I need hedging” for my EA’s to work!
A:    There are some firms who have found an effective way to allow netted positions to show up as hedged positions on an intra-day basis.  BBFX notes and advises that “hedged” positions do not properly show true market exposure and have been used in the past to mask client losses.  If you choose to use the “hedging” features available at some of our partner firms, please ensure you ask a registered representative about the pros and cons of “hedging”.

WHAT ARE MY OPTIONS?
One-on-one consultation
Since the inception of the retail Forex market, choosing a Forex broker has never been an easy task. It has always been a general rule of thumb to go with a U.S. based, NFA regulated firm; but that  all changed  (specifically because of hedging rules in the US – May 2009) when registered firms began opening in the UK and other countries (AUD, CHF, etc..).  So what is a trader to think when industry regulators seem like they are deterring traders from trading the way they want?  Unfortunately that is not an easy question, but one that the industry is now facing…
As an established introducing broker, Back Bay FX has been consulting with clients for years.  We aim to custom fit our clients with the best clearing firm/s to suit their specific trading needs.  At Back Bay FX, we’ve already done the due diligence necessary for recommending brokers to traders depending on a number of different variables.  These variables include, but are not limited to: trading style, trade frequency, explanation of the new changes including leverage, account size, funding options, platform type, and account type.  Regardless of what trading style you have or platform you need (MetaTrader 4, Currenex, etc.), Back Bay FX has options for you that will allow you to continue trading under the conditions that you choose.
If you would like more information about these changes, to open an account and learn about the 10+ brokers we offer for both US and Foreign citizens, or just ask some questions, please do not hesitate to contact us at:

Copied from Backbayfx

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Forex: GBP/USD 23 September setup

Well I miss a really big move when cable move to near 1.5500 as I already planned before, the move is around 200 pips. What a shame, but it's okay, I'm not losing money lol, there is still more chance in the future.
For now, seems like we have triangle consolidation here, the best choice is wait till price close outside of the range, for me, I think it will go up more, because the fed already hinted that they will approve QE-II in next FOMC meeting. I dare to say the dollar will weaken more till end of year, but who knows what will happen, let's wait what the market tell us. If cable goes above 1.5750 I'm going to hold it until 1.6000 or more to 1.7000.

Forex: GBP/USD 21 September setup


Remember last time I mention 1.5500? the price falling beautifully to that level, not at fix number 1.5500 but you can see clearly a beautiful bounce for around 55 pip. Well, I miss it, because I'm sleeping when that happened.

Because it's already happened, what I want to do now is stay sideline, because tonight there is FOMC meeting to decide rate and also most important announcement from the Fed about quantitative measure for economy, if the fed decided to give more stimulus then we'll have *pump*, *pump*, *pump* (weakening in dollar as fed injecting money to economy).

See some short position? well I'm taking scalp position, currently up around 20 pip and already break even, not a big position comparing to what I want to take at 1.5500. Just ignore this position as it's counter trending relative to longer trend.

Forex: GBP/USD 20 September setup

If you are looking for short, then it is already too late for now for safe short.
Currently the price moving in bullish area, so to be at the safe side we must play it long until the price tell us not.

Last time when G/U making new high, we see clear divergence in MACD, when the hanging man and bearish engulfing candle appear *Wham* money in the pocket.

For now I think 1.5500 still far, MACD still at bullish side, if you are aggressive, taking long at MA 50 might be good idea (For me, I'll pass, because I don't have much time to monitor the trade).
With all the setup, I'll wait at least till price moving to around 1.5500, see what happen, place bulk order when the direction clear.
Conclusion: No position yet

Continuing Of my dream

Last time, I have mentioned 3 of my biggest dreams,

Now I am going to congratulate myself for achieving the nearest one
3. I am going to graduate this month August from university where I left it to pursue work experience, now it's time to graduate.
It is August, and it is exactly as I visualize and dream, but I would like to mention other thing that happened and I think that is amazingly astonishing.
What really astonishing was:
1. 2 years ago, I tell myself, I'll do this seminar without any audience...
you know what, I'm such an introvert guy and shy hehehe.
2. 2 years ago, I tell myself I am going to get at least B for my thesis
3. 2 days before seminar, I'm telling my girlfriend, 5-6 names that will probably test my thesis, and I tell her 2 names that I want to test my thesis.


Right now, you must have know what I want to say, you bet!
I got my first wishes
I got my second wishes
I got my third wishes
I got my dream!


All of them work as I dream, no audience, B, 2 name exactly as I want.
At this point, my conviction that LOA (Law Of Attraction) working is very strong.
It is my addiction right now, it is my passion right now.


Other truth I haven't written is, 2 years ago (22 September 2008) I dream made $1,000 from $10 and that dream happen only 3 month from the day, I made more that.
The point I want to tell is, tell yourself to dream, you can get whatever you want if you think you can.


recently I'm reading Napoleon Hill books, "think and grow rich". in this book, it tells success of Andrew Carnegie, Charles M Schwab, Edison, Ford, and many more. this book go in detail and showing you the formula how you can do it like them.
I love it, especially when telling about faith, always in every religion talking about faith, but never teach how to setup faith in your life. I am not a religious person, but maybe that description is wrong, because I'm religiously believe dream, think it possible and reach it.


Other aspect is burning desire, I'm just halfway finishing the book, can't tell a lot of things, but this book helped me a lot to keep my way straight to my dream.


So, What is your dream / desire? write it down in exact definite measurement, exact time you'll reach it.
after that before going to sleep, read it loud 2 times.
when you wake up, read it again loudly 2 times.
embarrassed?
Ask this question,
How much do you want to pay to achieve your dream?

Dream

Yes, this is what I want to do for long time,
Now I do it, do you know that telling other people your dream will help you achieve your dream.
Actually I don't but that's what my mentor and my friend tell me, they have experienced success by telling their success to other people and also helping other to achieve their success. I'm an admirer of "the secret" and I think that make sense.
So here goes, this is my dream,

1. I am going to get $100,000 in one year exactly at 23 July 2011. Where this money coming from I don't know, but I know I am going to get it in my hand of course from honest and fair way.
2. I have one woman who I want to marry, and I wish to marry this woman when I reach age 27 or latest 23 May 2012
3. I am going to graduate this month August from university where I left it to pursue work experience, now it's time to graduate.

That's my three dream, I have more dream to write, but this three is my major dream and I BELIEVE I'll get it. How I'll get it I still don't know, the third one I almost throw it out, but the one who I love help me and keep me strong so I can finish the 50% part safely. I'm optimistic it'll end gracefully.

Okay let's continue to what we want to do in this blog, I love trading, I setup this blog so I can share the knowledge from kind person who I learned from, every person is special and deserve success, this blog is about helping how to achieve the success you want in your life, maybe what written here not only about trading, but I hope the content can entertain every reader and perhaps if you feel helped, feel free to refer other or tell them how to reach their success.