MMDC result: $573 profit

This week market didn’t have any direction, best time to lose money in the market. Good news is the whole week I traded half of the regular position size, which resulted in less profit, only 573 dollar gain this week. In this kind of market, I shouldn’t complain about any profit.

Double top,GBP/USD

Double top in the 4h chart formed just after US session in GBP/USD pair. I had no reason to sit aside; I was worried about some big news in EU session though. GBP/USD bought Some success in the end.

Trend line trading:

Trend line trading is one of the most popular trading system that I use, as far as I remember most of the time it’s bring very good outcome from this system. So what you need to know to trade trend line system, answer is, you just connect two valid points and bingo, you are in the right track. Monitor the price when it comes close to the line, how it behaves, if it started to move away from the line, than its time to jump in the trade after the completion of the candle (what ever time frame you are trading). If the price break throws the trend line, wait for the pullback to enter the reversal entry.Detail of this system is available in my course.

MMDC results

Not a good start this week, one trade I made yesterday did not work out well, lost around 170. So I decreased my lot size according to the rules. I put the stop loss after 20 pips increment, which worked very well in AUD/JPY,CAD/JPY and EUR/GBP pair but USD/CAD disappointed me.

Change in market sentiment:

Gross Domestic product (GDP) is the primary gauge of the economy’s health. Healthy economy should create job in a moderate phase, job hiring dropped from last quarter, which does not support that. US GDP advance increased from -0.7 to 3.5% which moved the market sentiment in the New York session. Economic commentators say that stimulus plan and “cash for clunker” helped the economy to recover from the recession. The national association for business economics thinks this growth will slow to a 2.4 percent pace in the October –December quarter. So we might observe a mixed economic data in near future.

Melbourne cup day interest rate rise:

Is it still on? Markets have priced in a 67 per cent chance that the Reserve's cash rate will go from 3.25 to 3.75 % - which would be the biggest rise in almost a decade - when it meets on the Melbourne cup day. The release of the Reserve's bullish views boosted Australian dollar over the last two weeks. This week some important indicators is showing some weakness in the US economy. Especially US consumer confidence and new home sale down by big numbers. Australian economists are also concerned about the inflation; interest rate rise won’t help the situation. So let's see what the reserve bank has to offer.

MMDC results

Shorted GBP/USD and EUR/USD, both shown no momentum, closed them with little gain. I was also concern about new home sale data, which is a market mover .I hesitated to trade CAD/JPY which could have been a good trade.

My million dollar trading challenge results.

A positive start of my million dollar challenge (MMDC) kicked off last night. As I said I will only be trading on the 4h chart, which gives way less opportunities then 1h chart .EUR/USD dropped dramatically in the Monday New York session and last night had an announcement in consumer confident which dropped from 53.2 to 47.7.I am not trading based on fundamental changes, but how can you avoid the news. I was already in the trade in the time of actual announcement; I was cautious and tightened my stop from 100 pips to 70 pips. Yes market fell like a stone and made my day J

Myfxbook

Nice site to track your trading, real or demo. Looks like a good trading community growing there. Some of the real accounts are doing beyond my expectation, I am wondering what their experience is? Some trading strategies posted in the site look promising to me. I might track my trading on that site..
https://www.myfxbook.com/

My million dollar trading challenge.

I have decided to throw a challenge to myself to reach a million dollar goal, trading forex live in front of the millions of internet users. I haven’t set the target date, since other aspects of the trading rules are opposing the time span.

1. Starting capital $20000 AUD
2. I will be using 1:3 leverage maximum
3. I will only risk 2% of the current capital, means dollar amount I will risk will vary in every trade.
4. Risk and reward ratio 1: 4.wich is not too bad in forex trading arena.
5.Projected winning ratio 70%,someone can argue it is too high to be true.But my previous results suggested more then 60% of the trades are successful , so why not give it a push .
6. Only time frame I will be using is 4 hour. But in my other trading I will be using both 1&4 hour chart.
7. Only trading signal I will be using is simple trend following system using pull back to enter a trade and RSI to exit the trade(EMA and MACD are the main indicator in that system)
8. Pair I will be trading :EUR/USD,GBP/USD,USD/CAD,AUD/USD,AUD/JPY,EUR/JPY,GBP/JPY and EUR/GBP.
9.I will record entries and exits of the trades and will post on the blog.
10.End of the week I will review the trade and change the position size.

A List of Factors Which Determine Currency Value

How to Calculate Rollover Interest?

Trade using bollinger bands

When the market is moving sideways,what do you do?what is the best way to trade in this situation.I tried pattern to enter in the flat market,but not so good results from it. Breakout trading same problem ,winning raitos are not so good.If you are with me ,try the Bollinger Bands,you will like it. See my trades ,just follow the bands,thats it.

EUR/JPY short

Trading trend line and Price action are traders favorite tools. I don’t have the statistics, how successful they are, but I am very happy with their results.

What a day!

What a day? Every major pair had a nice run, which was very well traded, the way my strategies work. All three targets were hit without any hesitation. These kinds of days are needed to be well managed, to be able to generate a living from the market.

Swing set up

I have always been interested in swing trading but mind set and interest is two very different things,I guess.I like the idea that in swing trading you have long time to analize a trade ,which could be a help to make bigger profit.Prolem is I am reluctant to set a bigger stop ,which is the key to this long set up.I am in the EUR/GBP short,i'll see how it goes.

A Look at the Aussie Dollar and What It Might Tell Us About Stocks

This week's trades

This week i made a record ,by winning 9/10 trades.Here are the three biggest winning trades all in the GBP/USD pair.I wanna start trading future index,if anyone has suggestions regarding e-mini,it will be much appreciated.

Stop Placement with Average True Range (ATR)

CFD trading

I had quite a few trades this week; I am just posting my first CFD trade, which was DAX index. I still do not know a lot about CFD trading but I thought I should diversify my trading rather than trading forex alone. I have always been interested in index future trading; this could be my sweetener instead of sugar.

Coogee cliff walk from my mobile

Trade from yesterday

Easy set up ,the pair made a new high in the mondays Asian session but yesterday failed to hold on to that high. That was enough reason to go short this pair.

EUR/JPY long

Nice tight range always a sign of good breakout ,this time breakout was good but lost its momentum after 20 pips .Thats not bad if you are a scalper,for me it is not a good trade when it loses its momentum,i was ready to close the position at break even,but 4h chart looks so strong that i let it run.