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.