Archive for the 'forex encounters' Category

Cable Still Looks Good For a Long

Published on 4 years, 5 months ago in forex encounters, GBPUSD and losing trade. 0 Comments

Just after the release of ISM results (not much reaction on price action btw), I was looking and scanning around the few hour chart duration of cable (GBPUSD).

Placed a long position at 2.0650, Stop Loss at 2.0620

30min gbpusd

The stick has just pierced through the 200EMA/SMA lines on the top, for 30 mins and 1 hour. It’s in the 38.2 range and might swing a little within the range. If you hit the 4 hour chart, MACD might reverse to the top still,

4hrs gbpusd

I’ll hold the position (or exit) till 2.0717 region and continue to see if it breaks the trendline on the top. Good luck.

NonFarm Payroll Results, Lets Get Back And Look At The Technicals

Published on 4 years, 8 months ago in forex economic news and forex encounters. 1 Comment

Caught fire with the NFP result? Shouldn’t be if your a technical trader!

Forex Factory:USD Nonfarm Employment Change High Impact Expected

-4K

 110K

68K

GBPUSD

All duration charts were showing the candles are above 200ema/sma lines. MACD shows that there’s decent strength still for the buy side, and the breakout on the top trendline since the candle is closer towards the top (Easier to break the resistance)

NFP Sep

EURUSD

The same as of GBPUSD’s situation, no difference!

NFP Sep EUR USD 4 HRS

USDJPY

Only difference of it, breaking towards the downside. MACD, 200EMA/SMA lines, trendline breaking works here.

NFP Sep USD JPY 4 HRS

Point: Trendlines work.

Indicators Used

Published on 5 years ago in forex and forex encounters. 8 Comments

For my trading methodology, I’ve started off with CCI and Trendlines, before Dan from Life Holdings come into the picture with 200EMA as well as MACD right now at this point. From time to time I’ll insert Fibonacci retracements and Bat Indicator developed by Team Aphid.

Infinity Shares team has taught me well on the fundamental part of forex as well.

So which indicators do you actually use for your trades?

March – US ISM Manufacturing Index

Published on 5 years, 1 month ago in forex encounters. 0 Comments

I wouldn’t say its totally the index that pushed the cable out of its resistance, but definitely it’s playing a part on it. The ISM index was lower than forecasted.

Mar US ISM Release

Pound breaking out on resistance after release of news.

Entry at 1.9739, was letting it ride till it stopped out at 1.9779, a good 40 pips.

Next resistance level 1.9800. Trendline works.

You gotta be wary of fake breakouts – as tianx, Infinity Shares says.

Beware when you’re using Stop Losses or Take Profits

Published on 5 years, 2 months ago in forex, forex encounters and tips. 0 Comments

Was scalping a little with trendlines and fibonacci techniques on the pound when I realise the TP of my MT4 is not working when the desired price is met. This is the first time it’s happening to me, but I’m sure experienced traders will tell you it happens all the time.

Bottomline: Do not do this with big price deviation on Stop Losses. If it doesn’t stop you in time for any big falls, you’re gonna regret it.

ps. They execute quickly on Short and long positions instead. Duh

Having fun with Freedom Rocks

Published on 5 years, 6 months ago in forex, forex encounters and forex hedging. 0 Comments

After embarking the journey with Freedom Rocks free trial for 15 days (I’m not sure which day I am already with them). The account at FX Solutions gained at least a 100 pips.

I’ve chosen two pairs for trading; namely the USD/ JPY pair and the GBP/ USD pair.

The videos’ instructions were easy to understand and guides you extremely well to the point on how to start with how much margin, leverage.

This is how much I’ve started (since its a demo, don’t fire me when it comes to risk to rewards ratio for now :P )

Starting demo, $10,000.00
Leverage used, 1:100
Lot size, 1,000

The demo account was started on the 31st October, and still trading as of 05 November. I’ve made a few errors here and there when testing on the demo initially thus an initial fewfxsol-demo-04nov.gif hundred dollars loss, nevertheless here’s the report from GTS, FX Solutions.

Notice the current equity stands at $10,777.31 from the starting balance of $10,000 in just a few days. Though that’s not a good way to judge how things go in the long run and bad ratio management. We can always tweak and fine tune that later.

We’ll come back again for more tomorrow.

Mentors Invited

Published on 5 years, 6 months ago in forex, forex brokers and forex encounters. 0 Comments

Peter Buchner from Club-FX Trader has given me a very insightful forex run-through via Marketiva platform. And I thought he really did a pretty good and thorough job in putting across how the trading platform works, with different charts and explaining to me how the candles in the charts work as well.

Oh! And you know that Marketiva actually gives you a free $5 to use? There’s also virtual money in the account for you to demo first before trading for real with them. Do check them out

PS. Ned Weiner, an experience forex trader will be joining us as well in this community blog. I’m sure he has alot to share. Watch out for his virgin blog entry real soon ;)