I posted CHFJPY chart in chart.ly and twitter over the weekend. I saw a potential short setup. While CHFJPY is in the resistance zone, I am waiting to see if it stalls there before going short.
Though I have yet to see any immediate advantage of posting on chart.ly, it looks pretty interesting. I’ll try to post some charts there, but that’s only for experimental purposes. I prefer to to keep the ‘secrets’ here, on my own website. 😆
Anyway, here is the… CHART!
I did not take a single trade this week. This is partly due to a series of heavy weighted economic figures scheduled this week. The main reason is because of some urgent issues in family that need to be handled. I am still watching market in the early morning, and late night when I am available.
It really hurts to see your loved one in such bad condition. It hurts me more when I realized the fact that there were early signs and warnings which I did not pay enough attention and focus too much on my work and myself…Well, I am not going to write too much about this now. But, the fact is I am feeling bad now, both emotionally and physically. Anyway, life still goes on, I am not going to let myself be trapped in this situation.
Take a closer look at your loved ones in your family. They deserve more attention than you have thought.
Posting will be light to none this week, and I hope things will get into full swing next week. I will be active on my Twitter, sometimes, 140 characters work for me. If you are interested to listen my nonsense, and shameless/fatal market calls, follow me here.
Have a good week.
I am not going to post charts today. In summary, my Long positions of GBPJPY and USDJPY were slaughtered , Long AUDUSD made it all back with additional profit.Read my twit here.
If you live or visited Melbourne, Australia before, you should know about our most ‘Fabulous’ and ‘efficient’ public transport system. Let’s only talk about Tram here. With a 10 times 2 hour ticket, each trip will cost you $2.90, and without a valid ticket, if caught, a fine of around $120 will be charged.
I am not working for the transportation company, I do not care if they are making profit or loss. However, does it do you any good by not paying for the ticket? Let’s assume you travel from home to office everyday, and what is the Risk reward ratio and accuracy here?
Talking in the trading language, each win will give you $2.9 profit. And each loss will cost you $120. How accurate does your system need to be in order to win the game? You need 100% winning rate. I have prepared the following table.
Why do you even bother to take this trade? I don’t get it. Maybe the feeling of winning (not paying and not being caught) covers the fact that risk reward ratio is not with us. Relate this to your trading, how are you doing? And, whether to pay for the tram ticket or not, it is up to you 🙂
This is another trading idea comes out from my weekend chart scan. NZDUSD is another short pattern, that is targeting 0.560-ish, 0.5570-ish, and 0.5520-ish as 3 targets. These offer 1:2, 1:3, 1:4 R/R. We have official cash rate and RBNZ rate statement released this coming Thursday, so watch out.
I can be very wrong again, as always. However, it all depends on your trade and risk management skill. I am not going into that again. I wrote a related post Accuracy vs Risk reward ratio.
Here is the…. CHART! Let’s see how it works out.
Short position of USDCHF was established at the same time as my EURUSD trade mentioned in the last post. Technically, I was bearish about Dollar. Another classical text-book pattern. Profit target was hit on Friday with +2R , a perfect way to end the week. It has been a decent week with +7R. I am not trading on Friday.
On a side note, Oanda has been behaving abnormally today. There were times it prompted me ‘Server Busy’ and failed to log into my account, and quote was lagging, and , as I am writing now, my ‘Activity’ tab is empty. Well…. Any of my 12 readers encounter the same problem?
Here is the…. CHART!
*Update : Communicated with Oanda support, upgrade work of platform is going on, and Activity tab is disabled.
Trading idea of Long EURUSD pays off today. Profit target was achieved and position was closed with +3R, or +200 pips (does pips count make me sound awesome? whatever…).
I guess, patience played the major part of this position. Well, I should admit that, there were times that I really wanted to exit earlier. Fortunately, I am old enough to know when to leave the machine, shut down the platform and enjoy some wine.
Alright, enough ranting. Here is the …. CHART
