This contest is a good chance to help discipline yourself,
I like the rule where you must setup limit entry, target and stop loss order,
anything that is execute using market order will get lower score.
So You must look and join if you want to turn into better trader.
I myself join this contest and here is my profile,
please visit, and give support, thank you ^_^
http://www.dukascopy.com/tradercontest/?action=blog&trader=hawman
Showing posts with label Forex. Show all posts
Showing posts with label Forex. Show all posts
Just follow the trend, EUR/USD overall still downtrending, not so strong, but the situation still support for EUR/USD short. I'm taking chance to short this pair while it break the MA 200 at hourly chart and having retest of it. Setting my cut loss level just above the 200 and waiting the result. Hoping for good result.
Following other prediction and rumor, I hear rumor that market going to collapse in 2 days and up to 2 weeks, situation is the same like 2008 only bigger. Well my bias is short, so if this issue come true, my position get benefit from it, but I still fear what will happen next if world throw into turmoil. Scared but if must then just happen fast.
It's a strong move down today, we have already expected this movement from very long time ago, where I set the sentiment for EUR/USD at 1 June. What is the next move, is it able to go further?
I think yes, we might have 1.3880 this week or next month, to fulfill monthly chart test of low and breach.
Surely in line with fundamental news that QE2 end this June,
Time for a chart
A triangle formed at EUR/USD, If I want to buy this thing, surely it's time to do it with tight stop loss, But seeing all the momentum down that is very strong, I won't do it yet, waiting for any clear sign from reversal candle. Otherwise it is going to break nicely today.
Let's wait, If break, test of low 1.3975 is on the table and further down to 1.3930, 1.3880 in card.
Have a nice day
I think yes, we might have 1.3880 this week or next month, to fulfill monthly chart test of low and breach.
Surely in line with fundamental news that QE2 end this June,
Time for a chart
A triangle formed at EUR/USD, If I want to buy this thing, surely it's time to do it with tight stop loss, But seeing all the momentum down that is very strong, I won't do it yet, waiting for any clear sign from reversal candle. Otherwise it is going to break nicely today.
Let's wait, If break, test of low 1.3975 is on the table and further down to 1.3930, 1.3880 in card.
Have a nice day
As I have said before, I expect trend change from bullish to bearish and now it happen, lead by Dow Jones which falls more than 200 point. I think 1.3880 is possible.
and now it open the possibility, today yield me 152 pips, and that feels really good,
If you take my words, I'm shorting this behemoth down no matter what happen before NFP or next week ECB meeting.
All I know is technically EUR/USD is doomed with dark cloud cover appear in monthly chart.
now take my other words for your safety, "Sell on rally" for EUR/USD till you see a rally that is going to heaven hehehe.
Have good sleep,
and may the green pips with you
and now it open the possibility, today yield me 152 pips, and that feels really good,
If you take my words, I'm shorting this behemoth down no matter what happen before NFP or next week ECB meeting.
All I know is technically EUR/USD is doomed with dark cloud cover appear in monthly chart.
now take my other words for your safety, "Sell on rally" for EUR/USD till you see a rally that is going to heaven hehehe.
Have good sleep,
and may the green pips with you
Here come my first trade, just a resistance trade, not my short term system, a long term system, seems scary to short here as I see W pattern developing, well just a small risk trade to open the my week. If fail then must go on with next trade. My short level is 1.4420 TP if possible trend reversal 1.3850 with first safe level to take profit at 1.4360.
waiting for the result, there is CHF retail sales news at 2.15 GMT+7, might move the market and move EUR/USD as USD/CHF counterpart.
Have a nice day and may the green pips with you
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)
Daily Range calculator (Optional)
Trade simulator for metatrader installer (training)
Trade simulator for metatrader guide (training)
Swing trader combination
Track Record (Optional)
Trade simulator for metatrader installer (training)
Trade simulator for metatrader guide (training)
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.
===========================================================================
Indicator (All)
===========================================================================
ATR |
Awesome |
Bands |
Bears |
Bulls |
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
Ichimoku |
MACD |
MA envelope | Info - Moving average envelope as it's name
Momentum |
OsMA |
RSI |
Track Record | Info - Give information about your performance daily, weekly, monthly, etc.
Zig zag |
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)
===========================================================================
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
===========================================================================
* If you found broken link, email me so I can update or send you new link, Thank you ^_^
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).
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.
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
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
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