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