Here are some spot FX charts to start the week. Do shoot me a comment if you have any question.
FX charts Week 27 Jan 2014
Merry Christmas & Happy New Year
Wish all my 13 readers a blessed Christmas and a very Happy New Year.
Enjoy your well deserved break, and here’s to a super profitable 2014 ahead!
*I made a small change to the post title, I think it is important to recognize that we are having days off to celebrate Christmas. Instead of using the meaningless “Happy Holidays”, let’s wish everybody Merry Christmas!
Two videos worth watching and bookmarked
Some of you, in fact, I guess, most of you have already watched these two videos. I just want to post them again on this website as a bookmark, also for future reference. Both of them are educational, and should I say, full of wisdoms.
The first video is a talk by Marty Schwartz at Armhest College early this year. Marty Schwartz, or ‘Pit Bull’ was one of the original Market wizards in Jack Schwager’s Market Wizards, Updated: Interviews With Top Traders
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Here is the video (a quick note, I am not the owner of the video, I just found it on youtube):
The second video is How The Economic Machine Works by Ray Dalio. This is really a easy to understand, and well-explain video about the concept of credits and economic structure. One of the must watch.
Enjoy!
Random trading thoughts : LOCATION LOCATION LOCATION
I have been putting in a great deal of time and effort in futures trading lately. From refining strategy, writing plans (scrapping plans), back testing (not your fancy automated testing, I basically replayed markets), setting up accounts, negotiate commissions etc.
The intensive process has almost burnt me out sometimes, but it is also a good chance for me to refer back to my old journals, some worth-reading trading books, and also do some deep thinkings about things.
So if you start reading some random short posts with some trading Craps/Wisdoms from me, you know I am working hard.
Anyway, here is something in my mind when I was back testing.
LOCATION LOCATION LOCATION
In case you haven’t noticed, trading is very similar to property purchase or development, it about Location, Location, Location. (Of course, during crazy market cycle, like what is happening in Australia right now, properties at some waste lands, or crappy locations, can also be sold for a couple of hundreds thousands, who are those buyers?!, really.). But, we are looking for consistent result, and long term prospect, then location is a key consideration. This is common sense.
Would you build a house without considering the location and the surroundings?
The same applies to trading. Why would you want to trade your freaking, holy-grail like pattern in any place? Do you wonder why did your favourite chart pattern stop working? Maybe a quick refer back to your trading journal might help. Pull out the charts, figure out why it failed.
Sometimes, when things get complicated, I like to refer back to the basic. How to make a trade? The simple rule on the first page of my trading journal is Location, Path, Management. I think you can guess what are these 3 words referring to. If not, you need to spend sometimes to think about them before making your next trade.
I hope this short post gives you some food for thought.
Until next time, trade well.
FX charts for week 21 Oct 2013
While my main focus is in Futures trading, I am still keep an eye on spot FX for swing trading ideas. Just thought I would share some FX charts which I am watching.
I hope these charts help. You can always click on the charts to view in original size.
AUDUSD:
Still looking at buy on dips.
EURUSD:
Looking to buy at dips
USDCHF
Looking at potential short around 0.9120
GBPAUD
Looking at potential short around 1.7030
Trader Education Week by EWI
I wish I can start posting regularly again soon. Some personal businesses needs my attention lately.
Anyway, I thought I would write a quick post about this educational event which might benefit some of you.
Elliott Wave International (EWI) is hosting a free Trader Education Week, October 2-9. Register now and get instant access to free trading resources — plus you’ll receive more lessons as they’re unlocked each day of the event.
You have an opportunity to spend the next week learning how you can spot high-confidence trade setups in the charts you follow every day.
Here is the short introduction about EWI, and the educator:
Jeffrey Kennedy, EWI analyst and one of the world’s foremost market technicians, has taught thousands how to improve their trading through his courses, subscription services and as an adjunct professor of technical analysis at Georgia Tech University. Now you have the opportunity to be a student in his online classroom, as he takes complex technical methods and tools and breaks them down so that you can apply them to your trading immediately.
So, if you are interested, Register today and get your first 4 free trading resources immediately, plus we’ll alert you to valuable new resources unlocked every day beginning October 2.
