"Take Risks: If you win, you will be happy; if you lose, you will be wise. Nothing ventured, nothing gained."

Thursday, September 24, 2009

Trendline and Fibo, Part Two

been re-reading on babypips.com during office hours as these few days im quite free in office. trying to drill in some of indicators, advices and chart patterns into my head. even printed a couple of notes which i will pass to bottle on our nxt meet-up.

i also find it interesting to read on blogs, forums and ppl's view on forex. i read quite a number this afternoon. basically i will name a few here. one of them said forex is like a battlefield and we trader shd be like the sniper. go in get in the kill and out we go. having too many trades and overexposure leads the sniper to get exposed and killed eventually. another one was about being forex trader, in order to excel, we shd be dedicated in reading up books, articles and forums and that our learning in this field should be ON-GOING!

had a short trade tonight, after watching the price for VERY LONG. i stared at the price movement for more than one and half hours. structuring trendlines, fibonacci, look for day resistance and support. i spot two opportunity, when price breakout below. expect a retracement once it hit my fibo, but it was still 3 points away from my fibo, and that i slowly see the price retraced. look at the pic below on first retracement. and then i slowly waited, second breakout downwards, this time it hit my fibo, for about a minute before i go a long quickly. i waited patiently for things to go through my plan. NEVER alter ur plan. this time price retrace slowly to my p/l. i expect it to go to 1.4780, but usually i set 2 points below my profit limit due to the spread size and usually to play safe (due to past experiences).

luckily, it went as planned. price retracement within my trendline + fibo target. i ripped more than my daily target. now its time to rest.

23 Sep


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