As mentioned in my Twitter, I was looking at Long Euro and short Cable. GBPUSD went without me. I managed to Long entry of EURUSD. Around +70 pips. It might go up further, but, who cares, profit target was taken.
Here is the …. CHART. (Click to view full image)
H/T to AtticMan.
This is an interesting and useful clip to explain credit crisis.
The Crisis of Credit Visualized .
A couple of blog posts that I found it to be useful. Enjoy reading.
I am quoting this from Tremble Hand Trader.
you don’t need more stuff you just need to practice what you have. That the endless search for market knowledge is wasted time. You are better taking what you know and testing and practicing that to death. After you have the basics everything else is just another layer of wasted complexity. What’s required is working on your strengths – niche development.
Sometimes, we just forget. Again and again we spent time readings books, blogs, forums to search for new strategies, new systems or the worst, new indicators. Focusing on what we’ve already known, practise repeatedly, enhance it and develop it to become our unique edge. I like the term, niche development.
Here is another post from TraderFeed
It could be argued that the mechanical accuracy of the trading method would be less important to long-term success than the trader’s ability to adapt to market shifts with risk management that takes maximum advantage of periods of valid signals and minimizes risk during periods of invalid ones.
I fully agree with the importance of developing the ability to adapt to market shifts. Nothing is going to work forever, being able to see the change and develop a plan to work in the current environment is the way to go.
I was thinking of posting some analysis, some charts here. I gave up the idea. There are blogs out there writing much better analysis than I do. Anyway, looking at the weekly chart, I would not think it is a good idea to continue shorting EURUSD. Well…I am not talking about day trading. You got the point.
In term of Forex day trading, this was a pretty quiet week for me. I missed one trade, made one winner, and watched from sideline for the rest of the week. In addition, I have been doing some futures trading on ES lately, I see trading opportunities that I have not seen before. I see good progress. I’d see if it is possible to bring my futures trading back to routine.
Something shocking, and interesting happened this week. I experienced earthquake in Melbourne! Well, a tremor to be exact. 4.7 magnitude earthquake happened around 96km away from Melbourne. I was sitting on the couch with my wife, watching Ramsay’s Hell Kitchen (did I tell you , I am fan of this f*ker? 😆 ), and the apartment was shaking for 5 to 10 seconds. Seriously, I didn’t know what to do other than waiting for it to stop, and immediately rushing out from my apartment. Nothing really serious, but this is a special experience. Who would expect earthquake in Melbourne?
Back to trading. Ocasionally, I would discuss or share my trading ideas on Twitter. In case you are interested, you can find me here.
I might be slow on posting this. But I just wanna keep a back up of this hilarious video. It reminded me John McCain/Letterman lessson 🙂 And it shows you how wrong the media can be when it comes to trading/investment. So, do you still looking for ‘Advice’ from the ‘experts’ ?
I am actually looking for long signal. Yes, I am waiting to go long. We are waiting to see how does RBA react now. Do they still think that the stimulus package is going to do any good?
Well , it is understandable why were they so confident about the stimulus package. During the Asian crisis, around 1997 to 1999 , Australia managed to grow at an average rate of 4.7%. The country’s sound foundation of strong domestic consumption was able to save Australia from past crises. Consumer consumption was the key.
They still believe in this. I guess.
Anyway, I don’t believe in what they choose to believe. But I am looking to long Aussie dollar now.
Here is the….CHART! (Click to view full chart)
