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

Tuesday, March 9, 2010

Another milestone... and the trade for 8th March

Another milestone, another accomplishment, another new experience. An eye opener. Thats what i feel right after the seminar we attended Black posted earlier. We open ourselves up to more possiblities. I see it as another milestone reason being, we are putting in effort to achieve what we want for life!!

But im really impressed by their offer for full refund if we dont get to triple that amount in 6mths... i really do.. if i have the excessive cash with me...

Anyways end of my thoughts lets get back to trading. The above picture shows 2 trades i enter at almost the same time. Im doing my favourite of waiting for price to retrace to how much i want before i enter trade.

Timeframe / Pairs : 1st picture EUR/USD 2nd picture GBP/USD both 4Hour

Technique : Bollinger Band + EMAs

EUR/USD was a bad one if u see properly, i hit my SL and continue down to my desired profit taking. It was crazy, at one point of time both trade was like -20 to -30 over. But everything was in place, SL TP. I just wait and be disciplined. Follow my system.(Though i lost hope n confidence after lots of RED) After my EUR/USD closed due to SL. I was like a sitting duck waiting for my GBP/USD to close as well due to SL.

Fortunately, things goes as plan, i suppose buyers rallied and lost.. price starts to go down and touched the mid of 4Hour Bollinger Band. Like what FX commented before, my 50pips profit could have been a 80pips. He got it right this time round! The price did smash through my Tp and went farther down to where i initially thought the price might hit. But in order to be satisfied n not be greedy, i just set it at 50pips profit so that if things dont go my way... i will not start bitching in this blog. BANG.... Bad move

Fundamental wise, there is no news that night except for someone speaking, cant remember who was it but Forex Factory stats that it may have some effects on GBP.

Technically, its Bollinger Band... 80% of price stays within the band (according to a trade book i read) So when price fails to breakup at GBP/USD, i shorted it and target at mid of the Band. Further analysing i realize that the downtrend maybe strong enough to hit 1Hour's lower band. Thats what i mean by the above paragraph.. it could have been a 80pips but i choose to close at 50. Low confidence perhaps?

Well for EUR/USD, i went in too early perhaps? The top side of the Band has not been tested. So a strong rally came to try reach for it... and hit my SL before going down to my desired Tp which is the mid of the Band. Patience patience patience....

Still im happy that the night end on the green side.


Theres always light at the end of the tunnel...

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