Forex Trading JournalForex Trading on EurUsd, GbpUsd, UsdChf, UsdJpy and EurJpy. My focus are in day trading and also longterm trades which are based on both technical and fundamental analysis. I also take high considerations to macro-economic factors. My aim is to become an expert trader.Validation of Current Procedure to Open Position- February 8, 2008 Objective:To validate the current, opening & closing procedure.Procedure:Open positions based on current opening position procedure.Develop the position to be a positive move.Acceptance Criteria:The positions shall not trigger stop-loss.The beginning risk capital is usd9.5k, to validate the procedure, the total amount of the risk capital shall be not less than usd100k after 4 weeks of trading.This shall verify the technical procedure.Results: Week 1 - 94% profits. Week 2 - No profit,...http://forex-tradingjournal.blogspot.com/2006/03/validation-of-current-procedure-to-open.h... Procedure Prior to Open a Position (Update 1.1)- February 8, 2008 I just make a big mistake! I followed all the rules but it comes to me i am in still a losing position. Well what happen is I miss the real important thing to do: TO CHECK WHERE THE MARKET IS GOING!!! This really has kicked me to the wall. So this is the added rules, hopefully this will become a perfect rule and would save me from kicking myself again.Check the trend: Is it upward or downward.Use 4hr chart to check the trend using MACD histogramto check the major trendGo to smaller scale (1hr)..http://forex-tradingjournal.blogspot.com/2006/03/procedure-prior-to-open-position-update.h... Rugi 20% - Apa Dah Jadi- February 8, 2008 Dalam trade yang lepas saya kerugian 20% daripada total risk capital saya. Ini merupakan kerugian yang besar, tetapi saya berkeyakinan ianya boleh dipulihkan semula. Tiada masalah.Yang menjadi persoalan di sini adalah bagaimana ianya boleh berlaku. Ini menjadi satu perkara yang agak besar.Kronologi:Saya bermula trade dengan keuntungan beberapa point pada waktu pagi. Kemudian saya exit position ini. Pada sebelah malam saya dapat portfolio ini telah melonjak agak tinggi, saya merasa agak kerugian.http://forex-tradingjournal.blogspot.com/2006/03/rugi-20-apa-dah-jadi.html Procedure Prior to Open a Position- February 8, 2008 It is very intense and emotional when deciding in the forex. So I have written these procedure to help me facilitate the decision making process in opening a position.Print chart of the currency pair.Analyze pattern of the chart, whether it is:reversal pattern, orcontinuation patternAnalyze the volume of the chart, watch for:high (peak) volume, climax bottom or topvolume trend vs price movement, whether it is reducing or increasing with the price movement.Analyze MACD:watch for...http://forex-tradingjournal.blogspot.com/2006/02/procedure-prior-to-open-position.html Weekly Forecast: Saturday February 18th- February 8, 2008 Saturday February 18th 8:35 AM ESTEURUSD (1.1939) - Weekly ForecastTrading range: 1.1845 - 1.2135Trend: UpwardOn Monday the US Markets are closed due too President's Day. The main factor moving the dollar stronger during the last few weeks were the expectations for continues raising of US Interest rates. Also the US economic is moving very well especially the positive news from US Unemployment sector. The key economic events for the coming week are US Leading Indicators, Durable Orders and FOMC.http://forex-tradingjournal.blogspot.com/2006/02/weekly-forecast-saturday-february-18th.ht... Fibonacci Retracement Level- February 8, 2008 After studying the Fibonacci Retracement for EurUSD, I found that the retracement level is oftenly around 50% & 61.8%. For Euro, I found that the maximum retracement occured around 10-12 mid-day and around 5-7 pm (GMT +8).I am still studying the retracement level for USDJPY, and it looks like the retracement level is also around 50% & 61.8%. The time when the maximum level of retracement occurs is still under study & observation. Forex Trading Journal Some right reserved.http://forex-tradingjournal.blogspot.com/2006/02/fibonacci-retracement-level.html Stochastic on 4 hr Chart- February 8, 2008 This method i found seems to show where the trend will direct in the near time. The method is the same as the stochastic short term trade method but will give more pips to the trade but in a longer time.One more thing that i just realize is how to minimize risk by using multiple position on one trade. by this if margin call occurs only one or two position will be close while preserving other position to develop profit.I haven't trade for 1 12 month. Still practicing using virtual trading. ...http://forex-tradingjournal.blogspot.com/2006/01/stochastic-on-4-hr-chart.html When to Trade if You want to LOOSE Money- February 8, 2008 This is the time not recommended to trade:Friday : Unpredictable market. trade and will loose all money made the rest of the week.Sunday : Little movement, negative pips when new week begins.Holiday : Slow market.News report : unpredictable market.No trade during this time. Remember. Forex Trading Journal Some right reserved.http://forex-tradingjournal.blogspot.com/2006/01/when-to-trade-if-you-want-to-loose.html New Chart Setup- February 8, 2008 Ini merupakan chart setup terbaru saya. Terdapat beberapa indicator baru yang digunakan. Gabungan dari indicator ini boleh memberi gambaran ke mana arah market akan pergi. Setiap indicator mempunyai fungsi yang berlainan:Moving Average (MA) - cross over MA21 & MA8 memberi pengesahan perubahan arah trend.Stochastic - Amaran tentang kemungkinan reversal.Squeeze - Memberi tempat entry & exit pada carta.Volume - Volatity marketMomentum - kekuatan market pada masa tersebut.MACD - Amaran awal.http://forex-tradingjournal.blogspot.com/2006/01/new-chart-setup.html MACD Trend Reversal Detection Method- February 8, 2008 The MACD is a very important indicator, showing the difference between two moving average. This is the most reliable and simplest method available for trend detection. In simplest way of using:if the MA and MACD converge, this would be the signal for bullish reversalif the MA and MACD diverge, this is the signal for bearish reversal Some eg:Converge:Diverge:Very simple and reliable method, tested several times by myself and give 100% correct result and overruled the Fundamental Analysis. ...http://forex-tradingjournal.blogspot.com/2005/12/macd-trend-reversal-detection-method.html |