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

Wednesday, September 23, 2009

Trendline and Fibonacci Retracement

basically been only watching eurusd pair 95% of the time on my trading. september seems to be bad month for the dollar. well when we look out for signal when we trade, we look for indicators showing the same long or short signal, and also the chart patterns the prices are form. below is one of recent screenshot i took on yday's demo trade.

i went on short, with trailing stop on my demo. looks pretty sweet. on the other hand on my live account, i did a sell limit, and to my horror, it hit my sell limit by breaking out top. price went up to another fibo level cum top of trendline, a very good place to do another average down short trade, so i did again. with both trades on, 3% stop/loss, profit at individual trade target. reminding myself of wad bottle told me, place ur p/l at wher the might price hit, instead the amount of money u wanna profit. price eventually went downwards, hitting my profit target, 1 hour before USD annoucement on leading indicators. forecast was better than previous, which leads to the breakout downwards that hit my profit, but instead, the actual data was lower than forecast, which was bad for the dollar, price spike up 1 hour after the news. today it came to another high of the year.

i'm not trading tonight, it juz broke out of my the trend and pricing i analysed. waiting for another signal to form before i embark. furthermore im juz back frm night classes and i wont be in my best condition to analyse, these are things we have to consider during trades. i kept a trade journal for every trade i execute. i have to be accountable for every trade i do, regardless of seriously bad move or superb move. i hv to make sure none of the trade i executed with comment 'err i dunno why i short but i guess it will be going down hehe'.

21 Sep downtrend


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