There are two types of traders:

1. You see your trading setup presents perfectly, it ticks all your boxes(for example, price closed above moving average, x-day moving average crosses above Y-day moving average, or ascending triangle is formed, head-n-shoulder appears etc), and you start punching keyboard, submit your order. I call this Kangaroo trader.

2. You see your setup present perfectly. However you are trying to think more, looking for something that would possibly fail your setup (like a bit of fundamentals, market sentiments, and even your gut feeling etc), then you decide if going to punch the keyboard. I call this Koala trader.

I was the Kangaroo trader, but the longer I trade, I realize I am, in fact, a Koala. Note, these two types of traders are not better than each other. Being the Koala, as usual, I made mistakes, missing profitable trades. Sleep away the potential profit. Which type of trader are you?

I was looking at GBP/USD. To reveal some ‘secrets’ to you, my long setup presents now. But, my gut feeling tells me to stay away from the idea. I can’t really explain why do I feel that way. I might be very wrong and missing out another good run.

Here is the…… trend score! We are looking at a weak uptrend at the moment.

About this tool

And Here is the ………CHART!

[photopress:gbpusd09march2008daily.gif,full,1]

Secondly, do you have a feeling that market has already priced in the weak NFP result, and we had sold too much of USD? Maybe. You know I am not bullish about USD, for sure. But, I guess, we are looking at some rebound, pull back. What do you think? I have been into the ‘Priced-in’ factor recently. It happened to Aussie dollar as well. I might discuss more about this later.

Here is the……CHART! No, I am not looking at candlesticks pattern, so stop guessing how do I trade. 😆
[photopress:USD09March2008.jpg,full,1]

OK, I am heading out for some nice Asian food and grab my coffee. I will continue my Sunday charts scanning later.

Have a good day.

Firstly, I am not sure if I am going to trade in the coming week. We have interest rate statements from Australia, New Zealand, Canada, U.K , ECB, and Bernanke is going to say something, and to make it more interesting, U.S unemployment Rate is coming. I might just sit in front of my screen watching the market and watching some Japanese soap dramas. The week is probably too volatile for an old man like me to trade. :o:

Anyway, it is another Sunday night chart scanning session. GBPJPY jumps out. I admit that this is the pair that I traded the less, and with the least success in the past. 😆 Generally, I see the strength in YEN since last week. And , at the same time, I got a feeling that GBPUSD is hitting resistance soon. I am holding a negative view of GBPJPY. Well, as usual, I am always wrong 😀 . Let’s see how it works out.

Here is the ….. Trend Score. We have a strong downtrend grading towards GBPJPY.

About this tool

Here is the…….CHART!

[photopress:gbpjpy03march2008daily.gif,full,1]

I am done for the week. Trading preparation will be resumed over the weekend. Now is the time to enjoy coffee and forget about trading. 😀

If you are reading my blog, sorry, I am going to show off again :-). Nah, but, I do think I perform pretty well recently. (OK, I am still a humble Asian Chinese man…)

I completed all my Aussie trades. I exited the trade when we are hitting historical high 0.94 again. I am sitting on ca$h now. 😀 But, I am not done with Aussie. I am waiting for 0.94 to be cleared. I will get in again. I love Aussie. Aussie chicks are irresistible , Oops, I mean Aussie dollar 🙂

This trade ends with + 2.5R. Over the past two weeks, AUD/USD has generated few hundreds pips of profit. I forgot the figure, anyway, that’s not the point. I think I made another good trade.

Btw, I would like to declare February as Aussie Month!. 😆

Trading plan

Probably, I will not be trading this week, to avoid making some stupid trades.

Here is the …… CHART!

[photopress:audusd27Feb2008.jpg,full,1]