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

Saturday, November 7, 2009

Last Trade of the Week 6/11/2009!

Hellooo dooody boooby guys!! Last trade for this week was a good one! Managed to close one 50pips trade worth for the night. Months of continous chart and candle looking + studying is taking it effect now~!~!~!~!


Bottle, "OKAY!!!!"
PS - The EMA lines are edited to be FAT and JUICY for your easy reference. My actual ones are slim and skinny. We are NICE people! =D

Ok some things to note before i go. The technique used in the above image is 5EMA crossing under 20 EMA in a 4H chart. Time of trade is around 10pm to 12am. Traded pairs EUR/JPY.

Note that RED line is 5 EMA while BLUE line is 20EMA. The red circle is the area of analysis. And the small blue circle is my point/price of entry.

It all started with those small candles consolidation as we can see right before my red circle. Then a long white candle came out. It signals break down. It also triggered what i've been waiting for. Crossunder of the EMAs. With the confirmation of my Stochastic ( both pointing down). I PATIENTLY waited for the candle to retrace back to the blue circled area. Exactly @ the Fibonacci resistance before go Short on the trade. Notice that it went even higher eh? Well mayb im not good enough or wat, i cant predict the exact level it will retrace to eh~ But at least i waited for a retrace of 10+ pips before i go in. Minimised my risk (farther SL) and maximised my profits!

Some thoughts to share - Reason i came out earlier is because market is closing @ 5am into the weekends. Usually i will TP near the support of the Fibonacci. And also due to me setting a target of 50pips for today. So i keep to my words. Just incase things happen eh... And true enough as u can see from the chart. If i were to be a little bit more greedy and set lower and goes to sleep. It would have retraced. Main objective is to go enjoy my weekends with ease. And not thinking of my Fx =D I have been losing countless hours of sleep during the weekdays due to Fx!! Running trades and stuff u know?

Last but not least. This Cross under technique was used in 4H chart reason being 4H chart filters out "noise". It tends to be more accurate. But at the expense of getting into the trend later u see. Give and take ya? Most impt thing? PROFIT!! So patience guys patience!!

I can trade this signal so can u!!!

Nothing great in this world has ever been accomplished without passion.

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