I am looking at loonies pair. From the daily chart, it forms a pretty nice short setup. A lower high seems to be forming. Btw, this is a Heikin Ashi chart. And recent bullish momentum of USD seems to be flat out. Maybe market is just waiting for the interest rate statement on coming Wednesday?
So what is your take on this? Short? I have a short bias now.
[photopress:USDCAD10Dec2007.JPG,full,alignleft]
I am thinking of doing a review for the year, but I don’t feel like going through the numbers on the blog this time. There were some major changes in my career, and life and it led to change of my trading style and trading instrument. I left my old job, and I left Singapore. I migrated to Melbourne, Australia taking up a consultancy job. Difference of time zone kinda ‘forced’ me to start looking into currency trading in details. In term of trading profit, yup, this is another positive year for me. The figure is roughly around 10% for the year.
I gave some thoughts about my trading. Trading is something that I really love to do. Maybe it is because, I am still doing it in part time basis. No financial pressure is affecting my trading activity at the moment. I am not sure if I happened to go full time, can I still enjoy the game like I do now? Well, I can’t answer it now. At least, for now, I love this game.
I have experienced the thoughts of ‘I hate my current job’ or ‘I should start trading full time and leave the stupid job’ phase. I believe, most of part time traders experienced this during their trading journey. However, I come to realize that, I love trading the market, but it is not an excuse to leave my current profession. Part time trading can be challenging, fun, profitable, and most important , relaxed. Full time trading is a totally different phase of career, it is a career switch, a life change etc. It requires proven skills, track record and capital. I will do that, when the time comes.
I am in the new country, new culture, new life. There are problems and challenges ahead. But I am sure trading is still part of my life for the coming years.
I am not trading today. It is NFP day, by the way. I decided to have a quick look at Aussie dollar pair. Though it holds pretty well at 100 day moving average, bullish momentum does not seem to be building up just yet. To my opinion , it is going to be chopping around at the moment, if not breaking down. I am still being patient to wait for my long entry to appear. 🙂
Here is the………… CHART!
[photopress:audusddaily07dec2007.gif,full,alignleft]
I have not been trading currency for the past two weeks. Last week, it was because of my busy day job. While this week, I am just being a chicken. :lol
I am not the only one doing this. Echo to the post by Hector. I am standing away from the currency market for the time being as well. Basically, I am not a news trader. I don’t know how to trade the news, to be exact. So, why gamble? This is probably the busiest week of the month as far as fundamental announcement goes: AUD Interest Rates, CAD Interest Rates, GBP Interest Rates, EUR Interest Rates, NZD Interest Rates, US Non Farm Payrolls, etc.
I call this a chicken-style of trading. Trading will be resumed after the dust is settled.
I have been receiving comments on Tim‘s new book since my last review of his book. And I thought it will be nice to open up the discuss ion without much comment filtering.
HOWEVER… I have just realized, there is a person, who has been writing long and negative comments about Tim by using different email address and nicks.
Jon T. | edsrc231@comcast.net | IP: 76.26.205.149
Ben S. | ben004@msn.com | IP: 76.26.205.149
Steve Cohen | rety132@yahoo.com | IP: 76.26.205.149
Uhm..Is he going to kill Timothy someday? :lol
Come on, be a big guy, go and attack him at his nest. Here is just a little space to blog my trading…Tim, over to you. 🙂
We are at the end of the month again. Here is something that I would suggest my readers and traders to do. Let’s take out any percentage of your trading profit generated this month, and donate it away to any charity organization, church or schools. Be 1%, 2% or 10%, any amount, make this a habit, and do it monthly. Of course, do this only when you are in profit for the month.
So, think about that, the more you are able to give, which means, the better you have been in trading. Share your profit in the good way, and it will come back to you from another side, it is a cycle. You are happy to be a profitable trader this month, why not make some people in need smile too? (Man, you can be proud as a profitable trader now! 🙂 )
Here is the charity shop I am going to do some shoppings this month
What is yours? Share it in the comment!
