This is something I don’t wanna see, given Aussie dollar is my home currency at the moment. :o: While the world equity markets were beaten seriously, Aussie dollar is hammered. Weekly chart is no longer as beautiful. uhm… We have a new lower high and now trying to break the previous low…What the…. Let’ see how it goes for the rest of the week.

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Here is the…..CHART!

[photopress:audusdweekly22jan2008.gif,full,alignleft]

I received an email from one of my forex broker

Dear Client,Please be aware of the substantial volatility in the international markets today and manage your open positions accordingly. If you need assistance, please do not hesitate to call the Trade Desk.

Sincerely,

xxxxxxx

Here is the email from my Futures broker

Dear Sir/Madam

Investing in a Volatile Market

Please take note that the ongoing turmoil in the global financial markets creates a situation where your equity balance may be reduced substantially within a very short period of time.

We would like to strongly advise you to monitor your positions closely and voluntarily put in additional funds (cheques will only be considered received upon clearance) to prevent your equity balance from depleting below the margin requirements.

If you need any assistance please feel free to contact our dealing desk.

Thank you.

Risk Department.

All sounds the same tune. What they basically mean, is, take care of yourself. Enjoy, but DON’T lose your pant. Remember, it is always OK to stay away if you don’t know how to trade at the momement.

I was thinking to post some charts today. I gave up the idea. I read some blogs, and it is interesting to see one thing in common. Quite a few Futures, Stocks and Currency traders were having a tough week. Uhm… So, here again I am putting up this old post by Trader-X. Chasing success. I know, you are going to do that. So read this now.

most people jump from indicator to indicator, time frame to time frame, method to method. They will use something for a few days, hit a bump, and move on to something different all together. One day the holy grail is a XX period moving average, the next day it is MACD or an oscillator. One day it is a 30-minute chart, the next day it is a 5-minute chart. One day it is buying the break of the first inside bar, the next day it is a pullback from the high.

I call this “chasing success”. The bottom line is the person does not spend enough time on any one method to really understand and execute it properly. They bounce around, and before they know it a lot of time has passed and they are still struggling.

If you pick something and stick to it, you get good at it. Once you get good at it – once you perfect it, THEN you can add something else to your arsenal

Another one, from Eyal, 1 week of not being on top of my game doesn’t wipe out years of trading, not in skills and capability nor in money. Man , I like the attitude 😀

Have a good week ahead.

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Ok, I was too busy enjoying dinner at a nice Korean restaurant in Melbourne downtown, and watching Australian Open. Ah..Andy Roddick is out! :o: So, No trade again, on Friday. Anyway, I had a tough week, so I chose to stay away from market for awhile.

I exited a swing trade position AUD/USD last week. I have no idea what’s wrong with the kangaroo. Darn! The weaker USD doesn’t help. But, again, I am still NOT turning bearish. We might again trapped into a trading range. Ok, I am not a perma bull of Aussie dollar, but, I don’t see the bear coming just yet. Maybe I am blind. Let’s see. So now, I am applying ‘wait-and-see’ approach again

Here is the…….CHART!

[photopress:audusd18jan2008daily.gif,full,alignleft]

How’bout some Kiwi? I day traded NZD/USD with some peanut profit. The trading range continues. I am staying neutral at the moment.

Here is the….CHART!

[photopress:nzdusd18jan2008daily.gif,full,alignleft]

Here is the trading secret: ‘Never chase a trade’… enough ? 🙂

GBP/CHF and USD/CHF were in my watch list today. However, the market decided to run away without me. So no trade for Thursday. Well, It is not a bad thing. It is always good to give myself some time to cool down after a losing day. Anyway, I was enjoying the Australian Open! Ana Ivanovic rocks. Basically, I would say Serbian players rock, they are playing pretty well recently.