A Day Of Rest

Sorry, no trade for this week. Don't get me wrong, forex market is open for trading as usual. I have two floating positions since last week, so I can't do any trade by now. Actually, the duo is floating in profits, and the size is somewhat bigger.

So, that's all for now, happy trading.

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Trading Results: Second Trade

Actually, GBPUSD is going up to build the momentum, and I've made an adjustment to reduce profits, but finally the pair fall down in a very huge movement. However, I've made it green, just not green enough. My weekly target got hit and I've made profits, but not much. I can make more profits if I keep my original trading plan. Adjustment, is necessary to reduce the risk.

By the way, I'm happy to hit the green pips. I'll formulate my third trading strategy today, or maybe the day after today. This time, I'll trade more than one pair. It's good to trade if we know what we are doing. But first, please understand that forex trading is a psychology thing and the risk involve is always there.

Happy trading for all forex traders.

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The Game For This Week

Finally, I get my hands on EURUSD and USDJPY pair, while playing GBPUSD at the same time. So far, GBPUSD is still floating. This pair climb up as high as 1.5815 before going down. My target at 1.5615 is still far, but this pair is heading to that point in a bearish pattern.

Watching USDJPY end up with another short trade as this pair is climbing so high to 91.13 in a very steep movement. So, I've put this pair into the trade at 90.91 in a larger scale. This pair is very unique and somehow, safe to trade. I was expecting this pair to fall down to take profits at 89.85 which is my target point to take profits.

Now, EURUSD is climbing high to 1.3785 before moving down. I take this pair into the short trade at 1.3765, expecting to take profits at 1.3575. This trade, however is a normal trade without any additional scale.

I'll post the updates of my trades later.

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Additional Trade For GBPUSD

There's a need to open another position for GBPUSD as this pair hit the resistant level. Yup, another short position for GBPUSD. This pair passed the test for resistant level, which make the resistant level even more significant.

So far, USDJPY don't have any significant movement. The pair still oscillate at the same level which make it very uneasy to determine direction of this pair. So, I better stay away from this pair at this time, for the level of uncertainty is very high.

EURUSD is moving down after the retest for resistant level fail. The main bias for this pair is bearish, so it's not recommended to take the bull. So far, there's no sign of reversal. However, I'm not going to trade EURUSD at this time for some reason.

Stay tune for the trade updates.

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Trade Updates

The trade was triggered, but I failed to hit the target just by a few pips. So, GBPUSD pair is heading up to test the resistant line at 1.5720 before moving down. So, I've made an adjustment to take profits at 1.5615 without any additional trade.

As for USDJPY, the pair move up to test the resistant at 90.15 and passed the test, which lead this pair to move down. It's a good pair to watch, but this pair can move unexpectedly wild.

That's all for trade updates.

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Another Forex Trading Idea

Welcome back to forex trading. This time, I want to make it simple and straight-forward. So, I've done a simple analysis on GBPUSD for 1H chart using support and resistant. Resistant of this pair is located at 1.5725 and support at 1.5585 level.

Currently, this pair is heading to support level for a test. So, it's good to short this pair down at 1.5675 and take profits at 1.5585 support level for something around 90 pips. Well, that's enough for my weekly target. We'll see what happen in a few days.

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Weekly Trading Result

Expectation for GBPUSD pair is going good. The weekly target got hit, resulting in +180 pips for a bullish trade. Last week, I set the trade for GBPUSD and you can read about this here. Well, it depends on how trader scale their trade. I play it small because this is the first time I set the trade based on support and resistant strategy.

It make forex trading so simple and fun. You can just set and forget. However, analysis will take a while before you can come out with a trade idea. As for me, I play it on weekly basis because I don't have enough time to watch the market everyday. I have a job so I trade forex as my hobby, more or less as a part time.

I will post another trade idea for next week tomorrow. The strategy will be based on support and resistant. This time, I'll expecting something less than 100 pips.

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What About Resistant And Support?

Resistant and support are two significant element in forex analysis. Ability to determine support and resistant line is crucial to become a successful trader. So, I will take this two elements into consideration. One thing to understand, when support is broken, it will turn into a new resistant, and so when resistant is broken, it will turn into a new support.

Well, let's take this idea into practice. Take a look at the chart below. It's GBPUSD H4 chart. Based on my technical analysis, this pair will move up to test a broken support which turn into resistant at 1.5836 level. So, I set a pending order to buy this pair at 1.5595 support line. This is my trade idea for next week which taken resistant and support into consideration.

Stay tune for the trade result.

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Time For A New Start

Finally, I got busted, and my trading account is totally lost. My primary account end up losing something around $35, but my back-up account still manage to stay in green by $3. Something is not right with my trading system. So, I have to figure out what's wrong here. Since the beginning of 2010, I've lost too many trades. Not like the end of 2009, where I make a lot of pips, which can cover my car down payment as well. But now, market behavior gone wild.

Most of the time, my common mistake is to trade against the trend. When I got busted, I try to trade the trend. Unfortunately, I jump in at the end of the trend. Secondly, I trade without proper leverage and trading size, so I got busted by something called Stop Out aka SO.

I was thinking of going back to school, The School of Babypips. Forget everything that I've learn so far and make a new start. This time, I want to make it right, refreshing my mind and trade using my new mind set to become a successful trader, who can make pips, keep it and do it again.

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EURUSD Unusual Bearish Movement

I have no idea why I keep believing that EURUSD will move up. Almost every available technical indicators and expert analyst out there confirm the bearish pattern of this pair. There is something we called HOPE that this pair will soon stop moving down, and make a bullish movement. I was trapped in this pair, because I keep thinking that bearish movement will stop very soon.

I break the rule which said, "Trend is your friend". I trade against the trend, which set me in a very serious loss. However, my capital still can withstand the wrong move. I'm not happy with this but nothing else I can do, so I just let it go to whatever direction which is far beyond my control, and I don't want to think about it anymore.

Literally, I don't know the reason for this unusual bearish movement. Never before this pair move like this. We'll see what happen in a few days. High probability of loss to me.

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