23 February

So check it out! My first time playing at $0.50 per pip (Thanks to my confidence in the high win rates for the past few Mondays!)

The price hits my signal line at 1.2790 at 9 p.m. signalling me to go short.



The range between my 7-9 p.m. box is 1.2847 - 1.2790 = 57 pips.

At around 9 p.m., I executed a short trade at 1.2790.

Stop Loss Target was at 1.2847 (57 pips) Risk

Take profit target was at 1.2733 (57 pips) Reward (includes spread)



To put a long story short, between 11p.m. - 12a.m. Price sailed through my take profit target.



Thus, profit for today;

1.2787 - 1.2733 = 57 pips

57 pips - 7 pip spread = 50 pips

50 pips X $0.50 = $25

There is definitely something magical about my system and the forex markets on Mondays folks. I believe I have stumbled upon something new.

Till next Monday...happy pipping!

16 February

A low faring week this week...

So price hits my top line signalling me to go long.



I enter the trade at 1.27802, about 4 pips too late.

Profit target is at 37 pips above my signal line at 1.2815. However, since I executed the trade late, my profit will only be 33 pips if Profit target is hit.

Stop Loss target is also 37 pips below this line at 1.2741. (See Chart)


Price remains on top of my signal line until 11 p.m.

My trade gets stopped once my Take profit level is hit at 1.2815 between 10 - 11 p.m. (See chart)


Thus, [33 pips - 5 pips] x $0.25 = $7.00

Nothing to celebrate about but at least I am still in the green.

Isnt Monday trading just so magical?

I am thinking of upping it to $0.50 per pip next Monday. Lets see how it goes...

13 January - 15 February

I have not been trading for almost a month.

First I went for my Chinese New Year trip to KL

Then I had 2 Weeks of NAtional Service Reservist.

I was analysing my Charts for the past 3 weeks. Every Monday had been profitable. Wasted opportunities. Anywayz, I will trade tomorrow (16 February) So stay tuned.

And please leave some comments. I feel so alone here.....lol

12 January

Posts from this week on, employs my new money management rules. Please refer to the above updates for my money management rules.

My new money management rules made me a decent amount of pips this week. So lets get right into it!

Looking at the chart below;



My resistance line is at 1.3445 (T2) and support line is at 1.3383 (T1)

My range between support and resistance from 7 - 9 p.m. is 1.3445 - 1.3383 = 62 pips

From 9-9.30 p.m. Price hit my support line (T2) signaling me to go short or sell my EUR/USD pair.


(1st Position)
I entered a sell position at 1.3383 (T1)

My take profit target was 1.3383 - 62pips = 1.3321 (T3) See chart.



My stop loss was my resistance line (T2) at 1.3445

(2nd Position)
Between 9.30-10 p.m. price retraced all the way up to my midrange line (T3). I opened one more sell position at around 1.409 (T3).



By 10 p.m. price had already gone down making my second open position profitable.

10p.m.-11p.m. Price hits my support line at 1.3383 (T1) again and continued to plunge all the way down until it hit my Take Profit target at around 1.3321 (T3).


Both my positions ended up profitable.

Result:

From position 1,

1.3383 - 1.3321 = 62 pips
62 pips - 7 pips (spread) = 55 pips

From position 2,

1.3409 - 1.3321 = 88 pips
88 pips - 7 pips (spread) = 81 pips


Total pips in profit, 55 pips + 81 pips = 136 pips

Total profit in cash, 136 pips x $0.25= $34

Another happy week. Will be back next Monday to continue sharing my trades. You may like to bookmark this page or join my blog as a follower to see how my new money management rules play out in the long run.

Till my next post....

5 January 2009

Happy New Year everyone.

Special New Year greetings to my 2 followers, Amit Sharma and Marcus Lee. Welcome and New Year greetings to my newest follower, Eshwar.

My first trade for 2009 gave me a profit of $34! My biggest achievement yet! I am excited to share this trade with you below.

Look at the chart below (Chart from my trading platform):


Between 7-9 p.m., my High price was at 1.3698 (T2 line on the chart), my Low price was at 1.3552 (T1 line on the chart).

So here was my plan.

Take profit target was:

1.3698 (T2 line on the chart) - 1.3552 (T1 line on the chart) = 143 pips

Stop loss was also 143 pips.



Look at the chart again (Chart from my trading platform):



Between 1-2 a.m., Price hits my 1.3552 (T1 line on the chart) line. This signaled me to go short.

So I placed my sell order at 1.3552.
Take profit target was 1.3409. (143 pips profit)
Stop Loss target was 1.3698 (143 pips stop loss)

I must confess. I was worried. Stop loss was huge. But I was tired at 2 a.m. I still had work the next day. So I shut off my computer and went to sleep.

Price remained range bound until 12 p.m. the next day. But I stuck to my strategy.

Looking at the chart again (Chart from my trading platform):, you can see price breaking my short signal line at 1.3552 again between 1-2 p.m.


Price continued to fall and hits my take profit target of 1.3409 between 4-5 p.m.

Thus, my profit for the day was;

143 pips - 7 pips (spread) = 136 pips
136 pips x $0.25 = $34

Good start to the new year! I will stop trade for this week and see you guys next Monday!

Reader's e-mails!

I am always excited to receive e-mails from you guys. However, please try to ask questions under the comments section under every post. This will save me the hassle of copy-pasting your questions and others can also learn from your queries. Thank you.
Also, if you have queries on Easy-Forex™ just click on this link: Easy-Forex™ and go to their FAQ section.

Try to restrict your queries to discussing trading strategies on my blog. That is what my blog is for after all. :)

I have had an e-mail from Stan with regards to Forex safety using my forex platform.
Question
"How safe is our money using easy-forex?"

Here is what they say in their FAQ section:

Answer
Literally, the best. Easy-Forex™ treats the issues of data security, privacy, integrity and backup with the utmost attention and care. This is achieved through:

• Ensuring authorized access only, Easy-Forex™ uses two layers of top class firewall: one at the server level and one at the application level.
• For user authentication and data transfer Easy-Forex™ uses an advanced SSL by Verisign
• Separating the application servers (the servers that handle our clients'' online activity) from the transaction information: those are stored on a different data server.
• For data recovery, integrity and replication Easy-Forex™ uses two different server farms, physically located away from each other. Data has to be synchronized in both locations, thus cannot be tampered with. All the information on the servers is stored encrypted.
• The physical security of each server farm is very high. Armed guards are situated 24 hours a day, and access to the premises is strictly forbidden except for authorized personnel.

Another e-mail from a Metatrader user, Kenzie, asked,

" Do you have to leave the computer running when you have excuted a trade? When I place trades on my forexmeta, I have to leave the comp running. at the end of the day whatever profit i make, i have to pay the electrical fees"

Answer:
Well Kenzie, Easy-Forex™ Trading Platform is the only Forex platform that enables users to start trading immediately. With no software download required you may login to your account and trade anytime, from anywhere.

What this means is, once you execute a trade, you can switch off your computer until you want to check on your trades again. Just make sure the "Rollover until..." date is specified to the period to the period you wish to trade.

29 December

I am beginning to love my forex system!

So here is how my chart on my easy-forex platform looked like yesterday.

As you can see, my high price between 7-9 p.m. (GMT +800) was 1.4358 and my low price was 1.4273.

So my take profit target would be 1.4358 - 1.4273 = 85 pips.

My stop loss target would also be 85 pips.

Looking at the chart again, you can see how the price hit my 1.4273 line, signaling me to go short.


Thus, my take profit target would be 1.4273 - 85 = 1.4188

However, I have a confession to make. I had a tiring day yesterday as it was our Annual General Meeting at my work place yesterday. I came home, set up my chart and I FELL ASLEEP!

I woke up at around 9.50 p.m. and rushed to my comp.

As you can see from my chart, between 9-10 p.m. price hit my 1.4273 line, signaling me to go short.

So I immediately placed a sell order at the open of the 10.00 p.m. candle. Looking at the chart, you can see that I entered my short position at 1.4296 at 10.00 p.m.

However, I did not change my take profit or stop loss targets. I just prayed and kept my fingers crossed. I shut down my comp and went back to bed. (Did I mention? It was a tiring day?). Trading on my easy-forex platform enables me to shut down my computer and leave my trade running until it hits my take profit or stop loss targets.

Today, I looked at my account and was pleased to find that my trade had been profitable. :)

Look at the chart again. Between 1 - 2 a.m. the price hit my take profit level at 1.4188 and continued falling.

Thus, my profit for the day was:

1.4296 (short entry) - 1.4188 (take profit target) = 108 pips

108 pips - 7pips (spread) = 101 pips

I traded on the $2500 account ($0.25 per pip)

Thus, my profit in cash was:

101 pips x $0.25 = $25.25

Happy ending for me. :)

I will stop trading this week on that happy note. I will see you guys next Monday on a brand new year of 2009!

HAPPY NEW YEAR EVERYONE!!!

Ok. Am back again this Christmas week. On Monday, my forex system did not work out. But I bounced back on Tuesday trading $0.50 per pip. See how it all went down this week. For anyone interested in the forex platform I use, it is easy-forex.

22 December

Between 9 to 10 p.m. Singapore time, on my forex platform, price broke the 1.4017 line signaling me to go long. (See Picture below)

However, it proved to be a false signal as price plummeted to my Stop Loss Line at 1.3947

Click to see a bigger picture:






High Price: 1.4017
Low Price: 1.3947
Difference between High Price and Low Price
= 1.4017 - 1.3947
= 70 pips

Therefore,
Stop Loss = 70 pips
Take Profit = 70 pips

(Risk Reward Ratio = 1 : 1)


How the Trade Went

Price hits my Stop Loss before 1859 p.m. the next day. :(

Thus,

Entry = 1.4017
Stop Loss = 1.3947
Take Profit (Target) = 1.4087


Monday Result: -70 pips - 7 pip (Spread) = -77 pips

Profit: -63 pips x $0.25 = -$19.25

Sticking to my trade rules, I traded again on Tuesday at $0.50 per pip. Here is how it went.

23 December

Between 9 - 10 p.m. Singapore time, price hit my 1.3976 line signaling me to go short. (See picture below)

Click to see a bigger picture:



High Price: 1.4015
Low Price: 1.3976
Difference between High Price and Low Price
= 1.4015 - 1.3976
= 39 pips

Therefore,
Stop Loss = 36 pips
Take Profit = 39 pips

(Risk Reward Ratio = 1 : 1)


How the Trade Went

Price hits my Take Profit before 1859 p.m. the next day. :)

Thus,

Entry = 1.4015
Stop Loss = 1.3976
Take Profit (Target) = 1.3937


Tuesday Result: 39 pips - 7 pip (Spread) = 32 pips

Profit: 32 pips x $0.50 = $16.00

Net Profit for this week: - $3.25

Well, not a great week. But nonetheless, I am sticking with my system!

Well, a losing trade was bound to happen sooner or later. I'll take a break for now.

I'll be back next Monday. Time to spend the week with loved ones.

Merry Christmas Everybody!

15 December

Oooooooh yeah Baby! Another successful week. See how it all went down today...
From 7-9 p.m Singapore Time as shown on the graph;


Click to see a bigger picture:






High Price: 1.3516
Low Price: 1.3447
Difference between High Price and Low Price
= 1.3516 - 1.3447
= 69 pips

Therefore,
Stop Loss = 69 pips
Take Profit = 69 pips

(Risk Reward Ratio = 1 : 1)


How the Trade Went

Price hits my Take Profit before 1859 p.m. the next day. :)

Thus,

Entry = 1.3516
Stop Loss = 1.3447
Take Profit (Target) = 1.3585


Monday Result: 69 pips - 7 pip (Spread) = 62 pips

Profit: 62 pips x $0.25 = $15.50

8 December

From 7-9 p.m Singapore Time as shown on the graph;


Click to see a bigger picture:





High Price: 1.2881
Low Price: 1.2842
Difference between High Price and Low Price
= 1.2881 - 1.2842
= 39 pips

Therefore,
Stop Loss = 39 pips
Take Profit = 39 pips

(Risk Reward Ratio = 1 : 1)


How the Trade Went

Price hits my Take Profit before 1859 p.m. the next day. :)

Thus,

Entry = 1.2881
Stop Loss = 1.2842
Take Profit (Target) = 1.2920


Monday Result: 39 pips - 7 pip (Spread) = 32 pips

Loss: 32 pips x $0.25 = $8

5 December

This week had been rough! But I am sticking to my strategy and following my trade rules to the tee. Here is how it all went down this week.

1 December
From 7-9 p.m Singapore Time as shown on the graph;

myLot User Profile

Click to see a bigger picture:



High Price: 1.2679
Low Price: 1.2609
Difference between High Price and Low Price
= 1.2679 - 1.2609
= 70 pips

Therefore,
Stop Loss = 70 pips
Take Profit = 70 pips

(Risk Reward Ratio = 1 : 1)


How the Trade Went

Price hits the low price from 9-10 p.m. Singapore time. But it hit my Stop Loss before 1859 p.m. the next day. Bummer!

Thus,

Entry = 1.2609
Stop Loss = 1.279
Take Profit (Target) = 1.2539

However, Price hits my Stop Loss.

Monday Result: -70 pips - 7 pip (Spread) = -77 pips

Loss: 77 pips x $0.25 = $19.25
Dang! Forced into Martingale. Will be trading $0.50 per pip on Tuesday.

2 December
From 7-9 p.m Singapore Time as shown on the graph;


Click to see a bigger picture:




High Price: 1.2706
Low Price: 1.2620
Difference between High Price and Low Price
= 1.2706 - 1.2620
= 70 pips

Therefore,
Stop Loss = 86 pips
Take Profit = 86 pips

(Risk Reward Ratio = 1 : 1)


How the Trade Went

Price hits the high price signaling a long entry from 9-10 p.m. Singapore time. But it hit my Stop Loss before 1859 p.m. the next day. Bummer!

Thus,

Entry = 1.2706
Stop Loss = 1.620
Take Profit (Target) = 1.2792

However, Price hits my Stop Loss.

Monday Result: -86 pips - 7 pip (Spread) = -93 pips

Loss: 93 pips x $0.50 = -$46.50
Net Loss (Weekly): -$65.75

Forced into Martingale again!! I will be trading $1.00 per pip on Wednesday.


3 December
From 7-9 p.m Singapore Time as shown on the graph;


Click to see a bigger picture:



High Price: 1.2663
Low Price: 1.2616
Difference between High Price and Low Price
= 1.2663 - 1.2616
= 47 pips

Therefore,
Stop Loss = 47 pips
Take Profit = 47 pips

(Risk Reward Ratio = 1 : 1)


How the Trade Went

Price hits the low price from 9-10 p.m. Singapore time. But it hit my Stop Loss before 1859 p.m. the next day. Bummer!

Thus,

Entry = 1.2616
Stop Loss = 1.2663
Take Profit (Target) = 1.2569

However, Price hits my Stop Loss.

Monday Result: -47 pips - 7 pip (Spread) = -54

Loss: 77 pips x $1.00 = $54
Net Loss (Weekly): -$119.75

Arrghhh.....forced into Martingale again!!!!!!! I will trade $2 per pip on Thursday. :(


4 December
From 7-9 p.m Singapore Time as shown on the graph;

Click to see a bigger picture:


High Price: 1.658
Low Price: 1.2588
Difference between High Price and Low Price
= 1.2658 - 1.2588
= 70 pips

Therefore,
Stop Loss = 70 pips
Take Profit = 70 pips

(Risk Reward Ratio = 1 : 1)


How the Trade Went

Price hits the high price from 9-10 p.m. Singapore time. My Take Profit was hit between 11-12 p.m. (GMT +800)

Thus,

Entry = 1.2658
Stop Loss = 1.2588
Take Profit (Target) = 1.2728

Price hits my Take Profit.

Monday Result: 70 pips - 7 pip (Spread) = +63 pips

Profit: 63 pips x $2.00 = $126

Net Profit: $6.25

Phew! Out of Martingale with a net profit this week! :) Shall return Next Monday trading at $0.25 per pip again!

24 November

From 7-9 a.m. (New York Time) which is 7-9 p.m Singapore Time as shown on the graph;

Click to see a bigger picture:


High Price: 1.2776
Low Price: 1.2659
Difference between High Price and Low Price
= 1.2776 - 1.2659
= 117 pips

Therefore,
Stop Loss = 117 pips
Take Profit = 117 pips

(Risk Reward Ratio = 1 : 1)


How the Trade Went

Price hits the high price from 10-11 a.m. New York Time. (10-11 p.m Singapore time)

Thus,

Entry = 1.2776
Stop Loss = 1.2659
Take Profit = 1.2893

Between 12 - 1 a.m. , Price hits my Take Profit.

Monday Result: 117 pips - 7 pip (Spread) = + 110 pips

Profit: 110 pips x $0.25 = $27.50

17 November:

From 7-9 a.m. (New York Time) which is 7-9 p.m Singapore Time as shown on the graph;

Click to see a bigger picture:


















High Price line: 1.2681
Low Price line: 1.2622
Difference between High Price and Low Price
= 1.2681 - 1.2622
= 59 pips

Therefore,
Stop Loss = 59 pips
Take Profit = 59 pips

(Risk Reward Ratio = 1 : 1)


How the Trade Went

Price hits the high price between 12-1 a.m. New York Time. (12-1 p.m Singapore time)

Thus,

Entry = 1.2681
Stop Loss = 1.2622
Take Profit = 1.2740

Between 1 - 2 a.m. , Price hits my Take Profit.

Monday Result: 59 pips - 7 pip (Spread) = + 51 pips

Net = +51 pips

Profit: 51 x $0.25 = $13