Daily forcast

Daily Forex Signals – 14 Jul 2011
Jul.14, 2011 in Forex Signal Leave a Comment
EUR/USD
From around 1.41, it is more likely to go up to around 1.4170 or 1.42, and after that, it might have potentially to go down.
(Current Price: 1.4136)

GBP/USD
It is more likely to go up to around 1.6130 or higher, and after that, it might have potentially to go down.
(Current Price: 1.6100)

Popularity: 1% [?]

Daily Forex Signals – 13 Jul 2011
Jul.13, 2011 in Forex Signal Leave a Comment
EUR/USD
It is more likely to go up to around 1.4070 or 1.41, and after that, it might have potentially to go down to around 1.40 or lower.
(Current Price: 1.4033)

GBP/USD
It is more likely to go up to around 1.5970 or 1.60, and after that, it might have potentially to go down to around 1.59.
(Current Price: 1.5931)

[Read the rest of this entry...]

Popularity: 1% [?]

Daily Forex Signals – 12 Jul 2011
Jul.12, 2011 in Forex Signal Leave a Comment
EUR/USD
It is more likely to go up to around 1.4070 or higher than 1.41, and after that, it might have potentially to go down.
(Current Price: 1.4033)

GBP/USD
It is more likely to go up to around 1.60, and after that, it might have potentially to go down.
(Current Price: 1.5919)

[Read the rest of this entry...]

Popularity: 1% [?]

Daily Forex Signals – 11 Jul 2011
Jul.11, 2011 in Forex Signal Leave a Comment
EUR/USD
It is more likely to go up to around 1.43 or higher, and after that, it might have potentially to go down.
(Current Price: 1.4258)

GBP/USD
It is more likely to go up to around 1.61 or higher, and after that, it might have potentially to go down.
(Current Price: 1.6043)

[Read the rest of this entry...]

Popularity: 2% [?]

Friday,17/06 Outlook

Daily-Down trend and not oversold yet.

H4 -Rest-1.6225,Supp-1.6074

H1-Rest-1.6167, Supp-1.6097

M15- Rest-1.6167, Supp-1.6137

Strategy :

Long-

1.Waiting Indi#3 valid on H1, Indi#3 on long track now. Rest 1.6167 should be breakout 1st and target will be H4's rest-1.6225.

2. Indi#2 already valid..just waiting confirmation.

Short

1.H1 need to be breakout the suppt-1.6097.

2. Wait for the H1 indi#2 and #3 valid and confirm continuos of downtrend.

To be continue during London season.

My Trading Plan

I'II update on WK25.

Here we go....

This trading plan is a complete set of rules that covers every aspect of my trading life.It contains various methods, strategies and trading rules that will give me an edge over most traders. Sticking rigidly to this plan will improve my changes of success.

A trading plan includes a few unbreakable rules along with more flexible recommendations that call for an exercise of judgement. My judgement will grow with experience.

I wan to be a Forex trader because i want the type of lifestyle it could bring if i follow my rules and succeed. Having my own restaurant and job, limit me to trade more time but i like the idea of the independence trading could bring.

I understand the road ahead will be challenging, maybe the most challenging thing i have ever done and i must set my expectations accordingly.

I am discretionary trader and primary use the technical analysis. However, i understand that fundamentals are important and hence i study news items and economic releases. I accept that i cannot control the market; however, i can control myself which i will do by strictly following my trading plan as detailed in this blog.

I am a day trader and will have no trades on overnight unless there is a good reason and appropriate stops are in place.

i will trade only 3 times on days with consistant pips target.

Continue again...

Currency Pairs
1.GBP/USD
2.USD/CAD

Why this pairs? Strategies
. GBP/USD and USD/CAD : Volatility and liquidity. Good Swing high and lows 30-60pips. Use Custom Indi (Profit Santai). Also bounce off strong support/resistance. at least once a day these pair will put in a 60pip+ run from swing high to swing low.
I understand that the 1st 3 hours of the london session 8.00am to 11am and the first 3 hours of New York session 1pm-4pm are the busiest sessions and will try to trade these when time permits.

Timeframe
I will use a top-down approach.I will use higher tmeframe charts like the Daily and 4H to look the "big picture". I will identify the Daily trend, Support and Resistance, Pivot and Candle formation.

Pre-session Routine

I don't dive straight onto my computer and trade the 1st thing i see. I switch on my computer, Load my trading platform, open my trading journal and then logon to http://www.forexfactory.com/ to remind me of news announcements especially on major news. I will also read the main news and technical analysis at http://www.forexfros.com,www.fxopen/ and http://www.actionforex.com/.

I will do top-down analysis of the charts as detailed above starting at the daily chart and working down to the 15min. I will check the long and short term trends.

I will keep updating my trading plan..till end of wk25.

Goals!

Setting goals provides direction to the trader. To quote Tom Copeland "You've removed most of the roadblocks to success when you've learned the difference between motion and direction." Envisage a mouse on a treadmill here – don’t be the mouse. With a series of goals traders have something on which to focus and direct their energies. We can see the forest despite the trees! Focus in turn leads to more productive actions, and less wasted time and energy.

Motivation

To start ask yourself “where do I want to be?” and “what motivates me?” Write these down in your journal. Motivation and goals go hand in hand. Motivation is the engine, and goals are the destination. You must look at what motivation is necessary to get me through the tough times? Be honest with yourself at some level trad-ers are attracted to this game because of the money you can earn. But, I have found that money alone is an insufficient motive. All good traders I know LOVE the game for itself. The fact that we get paid for it is merely a bonus. This love for the game is incorporated into the vision we want to achieve as a result of our trading and that vision is the oomph that gets us through the tough times. It goes without saying that for successful traders, trading is fun!

Motivation cannot exist without goals, and goals cannot exist without motivation. Each loses meaning without the other.

Only then do we consider how we are going to get there. Setting goals also decreases anxieties, because we have a better idea of where we want to be. As we start achieving our goals, we develop self-trust, self-confidence and a positive attitude. All es-sential traits for trading success, you see how important your daily journal is in both gauging and attaining your goals.

In order to generate trading goals:

1. Think first about the motivations you listed in your journal. As Neal says in the Tricks of the Floor Trader, "you can-not master the market until you master yourself"
2. Think about what you need to do to achieve your ultimate aim
3. Consider what is stopping you achieving your aims.
4. What price will you have to pay to achieve these goals?
5. Are you willing to pay that price?

In order to be effective, trading goals need to be specific. They have to be measurable otherwise you are courting disaster. Be-gin with money management; given 90% of traders fail this is crucial.

Why do they fail? Most traders do not respect money!
Why do traders always talk in gross numbers?
Why do many traders struggle to buy a RM7.99 cent Big Mac yet be oblivious to losing hundreds and thousands of dollars?

Most traders over-look the psychological and money management disciplines and seem fixated by the trading methodology. They count their chickens before they hatch so to speak! Why – because it is easy to do and that is the way society shapes us – everything is a punt, the horses, the lotto, Las Vegas, the stock market mania and you can even go as far as marriages and families nowadays. Everything is a video game! You can’t turn off the screen and start again – this is real! Think “Survivor” NOT “Who wants to be a Millionaire?”

You see what you are up against – stick to your journal & your goals belligerently and stick with your trading mates. There is a huge difference between a trader and a gambler – you don’t want to be at a meeting greeting one another with “ High I am turbo and I am a trader” “My addictions are…………”

Daily Trading Journal

Record your thoughts and emotions on a daily basis with a Daily Trading Journal to improve your trading. This is one of the easiest and simplest steps that can be undertaken and also one of the most important. Think of your day of trading as nothing more than an information gathering exercise. Imagine all that information and experience you collect as you trade. Everyday no matter what level you are at as a trader you learn something new. Without a journal you are throwing so much of it away and significantly without a journal you are in serious danger of repeating your mistakes. In this regard, keep-ing a journal is a money and risk management technique. By identifying possible trading problems, you can start to resolve them. And enhance your trading system.

What should you record in your journal?

1. Have a copy of your goals, and note your progress in achieving them. Do this daily and at week’s end and then for a macro perspective do it at month’s end
2. The anatomy of every trade. Write down, from the moment you started analyzing a stock to the moment after you sold it, how you felt at each key moment about every activity you undertook. For a scalper this may indeed a brace of trades as you are in a groove. For a basket scalper it alludes to the set ups you reacted on.
3. Evaluate & compare how you should have reacted, in light of what your trading rules book. For example, how did you feel as you approached your stop-loss? Write down what feels good and what feels uncomfortable about what you are doing. Remember your aim is to get into a zone, a groove or a flow.
4. Be alert to outside influences, news, market emotion, other traders - ask yourself do they help or hinder.
5. Notice a pattern, types of stocks, sectors, single positions, and multiple positions – what suits your personality? Are you letting things happen because something doesn’t suit you & you don’t speak up?

What do I get from the journal?

1. Discover yourself and your trading when you actually record your thoughts – this is a necessity to bring your trad-ing to the next higher level.
2. Learn the importance of tracking all your trades and learn how to interpret your performance to improve your trading results.
3. Learn how to view your trading from a macro to a micro level of performance and what information is really im-portant and what isn’t!
4. Know when you are in the flow, think of our emotions as more of an invaluable guidance system. When we're feel-ing good, the energy is flowing freely our emotions are telling us, 'that's right, you're in the flow, you're where you belong.' When we're feeling "negative" emotions such as fear, loathing, anger, etc we become self-destructive. It is like there is a little man inside you cutting you off from your power source and causal effect is you resist the well being that always surrounds you – it is simply whether you see it!
5. Nothing is more painful than to be cut off from your source, and negative emotion is the quickest, most reliable signal of being off-track. You need to know when this happens, what leads you that way off course and you have to believe that you "deserve" to succeed and that suffering is not in some way ‘character building,’ Yes it is but this stage in your trading you could do without that bit of character building!
6. Guess what when your emotions are in check trading the benefits are huge for your whole life! The positive en-ergies flow onto others around you and back to you – a perfect circle! “What goes around comes around” 7. Of course if that circle is broken it becomes a downward spiral and that is what we guard against and that is why we never stop keeping the journal.

Why A Journal

Before we move forward ask yourself these questions:

1. Do you feel anxious and stressed when you trade?
2. Are you working harder but still losing in the markets?
3. Do you feel wound up at the end of a trading day?
4. Does the market feel like a hostile place for you?
5. Are you failing to execute your trading signals?
6. Are you searching for a trading system?
7. Are you consistently losing?
8. Do you live in a land of hope?

Did you answer yes to any of these questions?

Don’t worry it is estimated 85-90% of all short-term forex traders lose money.

Simply put you will probably continue to lose thus repeating the same mistakes over and over again until you are wiped out fi-nancially, physically, and emotionally. That is when you worry!

First step is you must develop a "Trader's Mindset", and secondly you must keep that mindset!

To reiterate;
· 20% of your trading system is your trading method & money management · 80% is your trader psychology