5 - 9 Mar 2007 Summary

Let's wrap up this week's trading session. I had spent numerous hours reading, analyzing my charts and calculating pips and it had been a hectic week - with the recovery of stock markets, NFP week etc. There were very tense moments that I felt like banging my head to the walls. And a good trader cannot have any emotion ;)

Oh well, in any event, I still made some pretty nice pips and achieved my weekly target:
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Target Pips: 250 pips
Total Accumulated Pips: 288
Total Open Red Positions: 4

Notes:

• Always take a look at the action bias before deciding to place any order.
• Pre-London, 90% of the times, GU will go up (as well as GJ). But, this is NOT always the case.
• During news for the US which will affect EU & GU, usually, the end results will be a bit tricky. I've seen many times EU & GU both went down although the news were bad for the US economy. Agan, this is NOT always the case. Sometimes, shit does happen. Okay, I lied. A lot of times :)
• Don't rush into the NY session. Things could turn ugly. Be patient and always monitor the trend first. Do not trade an instrument that has no clear direction.
• After a breaking, to place a late order, be sure to draw the fib lines.

I'm terribly tired. I feel like I've drained all my energies after a terribly good sex. And I shall have my drinks, ciggie and rest now. Have a good weekend ;)

26 Feb - 3 Mar 2007 Summary

Well, I didn't manage to reach my target last week. EU went as I anticipated (up-trend), but I didn't enter and exit my orders at the right positions (due to lunches, good-nite sleep etc). GU, on the other hand, went crazy. The US possibly going into a recession (according to Alan Greenspan), last week's global stock market massive crash wiping out close to $1.8 trillion market value (thanks to China) and carry trades unwinding and surging Yen, all have made it worse. I woke up this morning (Monday Mar 5 2007) only to find that EU has changed its trend to down-trend and broke the 1.3100 barrier to go to as low as 1.3071.

Oh well. Here's a summary for last week's trading activity:
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Target Pips: 250 pips
Total Accumulated Pips: 244
Total Open Red Positions: 5

Notes:

• Always find out (through a lot, I mean A LOT, of readings) what the market sentiments are. Do not rely on other people. Be a learned trader.
• Do not blindly follow what other people are saying. Do your own research and follow your own judgements. Be a confident trader, fear is not an option.
• To improve on placement of orders. Always look at the pivot points, fibs, resistance and support.
• Try to avoid Pre-London - I tend to make a lot of mistakes.
• PATIENCE is a virtue. Losers go home, and winners screw the prom queens. Heh.

This week's instruments are still EU & GU. They are both on down-trend. EU will test the 1.3070 support and may go down to as low as 1.2860 while GU may break the 1.900 support. Stay tuned ;)

19-23 February 2007 Summary

I've not been able to blog as much as I thought I could. I've been terribly busy with, well, trading obviously ;) Other than that, I'm also running a software company, and so my day is hectic as hell, from looking at the charts and fundamental news, placing some orders to meet my daily target to coding C#, attending meetings and so on.

However, here's a summary for last week's trading activity:
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Target Pips: 250 Pips
Total Pips Accumulated: +297 pips

My main instruments are EU & GU. I don't think I can do others at the moment. The daily trend for EU is UP, however, there might be a possibility of overbought soon. Thus, some cautions should be taken. The trend for GU, on the other hand, is down, I believe. However, the US economy is pretty bad (some say it might go into a recession soon), you will see that GU is rising, and the trend might change.

Some mistakes I did that are worth noted:

• Always look at the trend before placing any order. Do not go against the trend.
• If possible (although the temptation is hard to resist), do not trade during news releases.
• I would not recommend using Stop Order. I had one or two triggered by spikes and the movements were reversal which resulted in negative pips.
• To look out for Pre-London which usually occurs at 3:30 PM GMT +8.
• To always look for Pivot, Fibo retracement points when placing an order to maximize pips
• Don't be greedy. Set a TP for each trade, and don't keep changing the TP unless tipped. Take your profit to reach the day's target and go to bed.

Remember, a good trader always plans his trade and trade his plans, well, not really ;)