30 Nov Short Scalping - Eur/Usd

Done with my trades tonight, was suppose to do a full report here but unfortunately, as per my previous post, FXDD is undergoing a transition and i am unable to view my transaction history. I think i will wait for their email on the monthly statement, and until their Report Viewer is ready before im able to publish the record.

Anyway wasn't that bad tonight, enter awhile before the start of New York session. Im scaling myself down to 5M & 15M chart. Dont want to confuse myself to bigger timeframe price action. Trying to stick to and practise on my intra-day trading style.

As usual, my first trade was always like a "testing water". Sometimes u enter a very very small lot, u tend to become more focus in the price movement. Thats what i read from an experienced trader. And when u get hold of that focus, u can 'feel' the market movement better. And i sacrificed my first trade for that, it hit my first trade s/l. And although i profit 4 out of 5 trades tonight, i didnt win big. +5 pips tonight. At least i find myself not revenging the loss trade, i picked them up 1 by 1, small piece by small piece.

Basically just watching price action, candlestick forming for confirmation. All my trades were very short while. I love my last trade. And im beginning to love Divergence Trading.

Check out the two pink line. A regular bearish divergence. What follows? Price dips. But never enter the trade solely on one signal. It came with Shooting Stars, Evening Doji Star, and top of my blue (down)trend line. I believe none of them should be served as the only signal for ur trade decision. But so far, they serve well, together.

Black November Report:
Due to school exams first half of the month, my number of trades this month are reduced by half. Lesson learned, i did not go into crazy revenge trade or big lot this month. Sadly, still making loss this month.

-44 pips. But these 44 pips were much safer pips than the ones in my previous months (Money Management). This makes me feel better. Im trying to approach my trades in a day-to-day basis, and not let my yesterday's loss affect today's trade. I think we all should do that.

Black

Short-term Trades on Eur/Usd

Couldn't resist and entered a trade today on the Asia session. I think i wasn't so used to be trading in the day becuz from the time i started demoing my trades and through the past months of my trade, i have been only trading New York session (cross London session), which is about 8pm - 12am Singapore time.

I have been trying to discipline myself not to trade any time of the day when i could, juz because im working a full time job. i think i need to filter down when i can trade (the right session), and the right mentality (as in not when there is a family gathering or rushing to go out in an hour), in another words, i need be wad i call 'specialize'. from my previous posts, i think u can see that i have been using much indicators, which could be confusing me instead, becuz basically i did put there without much attention paid to some. so i decided to remove most of the indicators and only focuses some that i frequently use. don't want an information overload. it makes u much harder to decide into a trade.

Didn't scalp well on the New York session, my first trade was too eager to go in. But manage to recoup on my second trade after giving myself much time to analyse. As Bottle always said, wait for the right price to go in. I have a full time trader friend who told me last week after a catching up with him, he says, "You should get out of that exciting phase. Forex trading should be boring and mechanical".

It struck right into me. I guess he was right, i didnt thought of this. I think i still need time for this. We are human being, we need time to change.

-20 pips today.

Black
I need consistency..

Hidden Bearish Divergence on Eur/Usd

Another divergence signal. they call it the Hidden Divergence short Eur/Usd where price is making a Lower High (LH) and oscillator is making a Higher High (HH), a hidden bearish divergence.

Check out my markings in Pink. Although price hit to 1.5042 (continuing as i wrote this, a little heart pain if only if only i was still in the trade, but we have to have target in a trade), i set my t-p only at 1.5055. a short scalp of +8 pips only. thats it for my night.

Before

After (still going down)

Black

Technique + Patience = Profit

Hi guys this is Bottle and i am here to share with you a good profittable trade that i hope you can benefit from it as well. Notice the title's equation, yes both technique and patience are key element to this trade of mine. As im typing now, the trade is still ongoing...

Ok some stuff about the image. Its USD/CHF pair. 4H timeframe. Yellow is my signal. Green my entry and Red my target.

It starts with the Yellow circle giving me a signal. First white small candle shows weakness and unable to penetrate my FIBO. After that, a bullish candle appears and so is my Stochastic crossover going up. This are good signals and proven techniques. But, where is my entry going to be? Thats when patience come in. FYI, the price was about 10 to 15 pips above my entry at first. It hovers there for quite sometime. So if you are watching the price, the urge to enter is very strong. Fortunately, i was patient enough to wait till it hit my Buy Limit that i set just above the 5EMA. I see 5EMA as a support before it moves up. My Stop/Loss below the Bollinger lower band and TP(Red) on the next FIBO resisitance. Trailing stop in place. So this is a 100% profit trade.

But what if i entered the trade prematurely? I would be suffering a float loss at start and not be able to reach my trailing stop of 25 so soon. Well, its true that sometimes it missed my Buy Limit by abit when i do this, but this way protects me. By entering with a good price, my Stop Loss can be further(Withstand retrace) and my Target Profit can be nearer (Hit Faster) you see.

Yup thats all folks!! Patience patience!! I can do it! You can do it! WE CAN DO IT!

Well guys, tell you a secret, i HAVE BEEN LOSING!!!! You know, my previous post tells of not setting Stop Loss and getting my own ass ripped... yes yes it still haunts me... Having nightmares of candlesticks sticking in my throat... DONT REPEAT THE MISTAKE THAT I COMMITED!!!! So even when i post of good profittable trades, im still losing.. perhaps like some of you new guys out there. Im just sharing what i think works. But still, i believe that some day i will be up in the clouds... pissing down and smile ~~

Bottle
Once you learn to quit, it becomes a habit. <==== I WONT QUIT!! AH WOO AH WOO!!

Latest Broker Announcement - FXDD.com

Good day people, guess most of active traders under US based brokers have already heard this news some time back. Our current broker, FXDD is in the process of registering with the CFTC and joining the NFA, and they are in full compliance with all applicable NFA and CFTC regulations. And Sunday November 29th, 2009 is the implementation date for the above. Cut the long story short, here are the changes:

1. Major currencies leverage will be set at 100:1; all others will have leverage of 25:1. Affected currencies for 25:1 will be the USD/TRY and the USD/MXN. Gold and silver leverage will be set at 100:1.

2. Official FXDD account statements will show position offset on a FIFO (First in, First out) basis.

3. FXDD does not recognize hedging. Oppositing orders are offset immediately. Meaning you can no longer buy and sell the same currency pair at the same time on the same primary account.

4. No more daily MetaTrader statement via email. Official daily and monthly statements will be emailed directoy from back office.

And we're suppose to download the latest compliant version of Meta Trader before the implementation date. Oh dear, if you are under a US based broker, i'm sure majority of them are being regulated. Thats what happen whenever economic bubble burst happens, everything are being regulated again... causes restriction on innovation of financial instruments.. though regulation are for the benefit of preventing another recession..

Sadly, for FXDD users, we're given such a short notice period for changes. Meaning by the time market open next week, all ur positions have to be re-calculated based on the new leverage requirements. basically, we have only 2 1/2 days to get these done. what happens if u don't? if by the time market open next Monday and u're in a position too highly leveraged, u gonna get a MARGIN CALL! << note that this word SUCKS!

Well, anyway, small players like me ain't much affected, maybe yet. but pity those bigger players. maybe this isnt happening in foreign brokers areas like London, or Switzerland. Im sure one way or another, (switching broker or altering our money management with the new leverageetc) we all will get this thru' yea.

Black