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 ;)