This is an update from the long position I made a few days ago. The trade is now running at +120 pips profit. The condition is still valid so I’m sticking with the long position. This is an experimental trade and posting this for educational purposes only.
The idea behind the trade is a contrarian position.
Another position I entered using the same strategy last week is this.
USDCHF 4hr short position
The strategy is proving to be profitable with +110 pips already made in this pair. Of course, it needs a little more polishing but I think it is proving to be promising. Its easier to implement as well so when I get started with automated trading.
In total we have +230 pips a very promising experiment! And we are profiting 2 out of 2 trades. That’s 100% accuracy. Of course its too early to tell. But I’m very excited with this new system. Its easy and profitable.
A textbook candlestick pattern spotted on AUD/CAD. A perfect opportunity would be to wait for the next candle if its a bull candle then its a valid signal. If not, then its false alarm. Risk takers can enter on this pair now on the long side. I’ve never seen a candle stick pattern as light as a day as this one.
I was surprised by the news when it was revealed that the US Government will be shutting down. This could be a great opportunity if you’re that kind of trader. How can we make money with this news?
The answer is… You don’t trade.
This site has been created for the sole purpose of teaching myself how to trade forex. By documenting it, I realized that people have also been able to make something out of it and help them get started. During the years I have been trading, there’s always 1 rule that I always remember when I hear news like this. Follow your trading plan.
Your trading plan has a purpose. You created that plan. If a news comes out, and you abandon it, you’re into a world of trouble. Part of trading forex is the discipline to say NO, no matter how enticing the news might be for you to make a profit.
Always remember to never trade the news. If you’re a kind of trader that uses the news, then thats good. More power to you. Why the hell are you on my site by the way?
What a good day to do forex trading! I just woke up this morning and quickly checked the forex charts. I know many people will tell you that you should not trade on mondays because a lot of noise going on. But I’m still a new forex trader and just want to learn some experience. Hopefully, the trade I’m gonna show you will be profitable and we learn from each other.
Here is the graph of the chart at GBP/USD pair Feb 8:
I’m expecting a bullish reversal up to later this day but not too much. Probably check it once in a while. I bought 3 lots of it. Why did I chose buy instead of sell? Because there is a fight in the price with is shown by the large pin bar. So I’ll expect it to go up. Not much though but I’ll post the results later tonight.
Update on GBP USD Trade:
Good night guys. I’m about to sleep and just to check my forex trade in the GBPUSD pair. Here is the chart now.
looking good. Hope to continue the upward movement and so I’ll stay in the current trade. My profit so far is:
46.3 Pips or $1,389.00 Profit. Looking good indeed!
Update: Feb 9
Morning once again. At this point, I’m at -18.0 pips.
And a new candle stick is forming. Based from yesterday’s chart, its not much of a difference and I’ll interpret it as something that the buyers and sellers are just equal. There will be a trend forming in the next or so candle stick and I’m expecting it to go up. If not, I’ll just exit the trade if I get below my stop loss of -50 pips.
Update Feb 9 11pm Philippines Time
Decided to close the trade.
Its a profitable trade with 41.6 pips and $1248.54 profit.
Howdy! Its been a while since I last made a post here. Sorry for all the people who still read this blog. I’ve been busy with life and other things. But forex trading will always be one of those things that I could not give up. I always check the market, once a day. And only take a position unless I’m very sure that the trade will have a high probability of success. Do I trade as frequently as I used to? No. But I still trade when I think there is a high chance to profit. I think I’m growing into more of an investor in this regard, rather than a trader. Because I don’t want to watch over trades everyday once I made a position.
As I grow as a trader, I realize that respect for the market is more important than any other skill. When I respected the market, I don’t go for trades that are “pwede na” (just about right) to my criteria for entry. It should be exactly as I want it. I guess respect and discipline comes hand in hand.
I made this trade last Feb 5, 2014, Shorting USDCHF. a 4 hour chart using Ichimoku. And its been going along just fine… I still don’t see any warning signs that the trend is going to reverse, so I’m still holding unto it.
Large bars are quite a fascinating sight especially if you’re riding it. And it can also be a fishy one. I always think of it with a grain of salt and always think that nothing lasts forever. Having said that, the large bar on EURUSD that formed on the 8 hour chart seems to be a bluff and it will now go down.