Forex Trading - Season 2

I've made a decision to trade based on Kuasa Forex trading system, however with some modification. Some of my trading rules:

1. Trade only for EUR/USD, GBP/USD, GBP/JPY and USD/JPY.
2. Time frame: 30M.
3. Determine entry on M1.

Moving average line is included at close price for 5 and 20 period. I'm trading using MetaTrader4 platform, which is good for me.

Trading idea for today: Short GBP/USD at 1.5965 and hold, based on M1 scale.

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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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