Gold and Silver on Mon 28-Feb-2011

Gold 28-Feb-2011 week:

Suspect Gold to trade in consolidation range 1418-1393, current price 1411 is toppish with resistance capped at 1419, breaking above this point will lead to 1430.

Current Support 1400,
Support2: 1392.
Breakout point to the bottom: 1389 (this will be the level for my SL if I were to Long).

For short trade, suggest to short when market comes to 1419 with reversal sign.
Prefer to pick long after the correction :)

Silver

Short view, bearish sentiment based on weekly reversal pattern + daily reversal at recent high 34.326 cents, current resistance 33.768 cents.

Would this week form a new high slightly above 33.768? Prefer to short at 33.80 region SL 34.20-34.40 (40 cents) with reversal pattern on intraday chart looking forward to 31.84 target.

Breaking above previous high 34.326 uptrend will continue to 35.80.

DJIA and Nasdaq 100

DJIA

Last week, Ayumi the Novice trader said....

The dynamic change is like a prelude to the next chapter of a music ensemble. I am waiting for a market breakout! I love the reduced day range, and I love increased volume, many transaction has been carried out, it can be traders closing position, it can be traders adding position for the next ride. Now tell me, which side are you in?

We mentioned that the Dynamic change (reducing trading volume and trading range) is like a prelude to the next chapter, and we began to see that effect on Tuesday immediately!

DJIA has come to test the support of 12000, lowest recorded 11987 and closed at 12134 for the week (DJIA was down -2.1% for the week).

The correction has come close to 12000, but DJIA never close below this level.
Early of this week, I expect DJIA to trade between 12150 - 12050 narrow range, pull up to 12300 before a meaningful breakout either to the top 12400 or bottom 12000.

If DJIA closes below 12000, I expect DJIA to test support 11800.
If DJIA closes above 12400, expect the uptrend continue to 12600.

Nasdaq 100

Correction is far more faster than imagination.
I thought the correction will take 2-3 weeks to complete, but 2 days, Nasdaq 100 tested the strong support 2300 in 2 Days, only.

Nasdaq 100 opens at 2355 make a weekly low at 2285 and closed at 2347, I would say Nasdaq 100 is less bearish compare to DJIA, prefer to trade long when market come to 2335 region.

Related: DJIA and Nasdaq 21-Feb-2011


Learn to manage your risk, trader and gambler are no difference unless one know when to take the cash from the table, be it your profit, or capital.
Learn how to effectively manage your risk by attending our workshops, contact my mentor JC at jc@pwforex.com.
Find out more from Trader ProMaster Website: http://www.traderpromaster.com/

Cheers and welcome on board, Traders!
Ayumi

All my Weekly Forecasts: Click Here

Gold on 25-Feb-2011 (Fri)

Strong temptation to Long Gold at 1407 SL 1392 (5 pts)
Target 1420
need to carry position over weekend...

Patience...

Price Behaviour Courses

Quote from Jimmy FX..

The New Turtles – Trading Traders Scam – Mike Baghdady is a bankrupt

26 Jan 2011

One course I sure as hell won’t be attending (although I will admit I did apply at the start) is Mike Baghdady’s Turtle program. I’ve realised that this is no more than a publicity stunt in order to entice more people onto his “Paid For” course. He has had more than 8,000 applicants and will select 10 people to be part of his trading program. What he doesn’t tell you is that he was made bankrupt in New York Sept 2010. So not very successful in trading one would hazard a high probability guess. His last roll of the dice is to come to the UK and make money on his Price Behaviour Courses.
If someone came to me with odds of 800:1 in order to be mentored with a New York city bankrupt trader, I know what my answer would be.
Bankruptcy Court Judgement Below :

Attend at your peril !

Related: About Price Behaviour Courses

Ayumi Comment: I won't attend, not because of rumours or court judgement, because I find current multiple trading setup thought by my Sifu DAR Wong giving good trading result, and the growth and improvement is far more beyond the levels I have ever imagined.

I need to work more on myself and STOP shopping for system.

Dance Instructor

Considering of the offer as dance instructor at a boutique gym...

Chatted with RC, she said that it is not a must to attend certification, at least, not necessary at the beginning of the instructor business, she suggested that I teach like her, choreograph and just do it.  Ayumi already has the techniques, choreograph for beginner / intermediate.

Just do It!

Thanks to Ev0n, thanks to RC, thanks to Daniel...

What about certifications?  If I really want to attend certification, she suggested me to go to Nancy, 3 months of private coaching from their Belly Dance Academy will be good!
Private Class: RM200 per hour.

Trilled,
Ayumi

Trading: Holiday~ No trade for the remaining of the week. :)

Gold and EUR/USD

Gold rose above $1411 and Silver $33.50 an ounce, weak US dollar boosted the demand for precious metals.

Technically, Gold has completed the 1/3 retracement (Low 1392) and set to go up higher target 1423.
the Breakout point is 1405.  Support 1394.

I didn't get my entry on Monday, market didn't come to 1385, lowest 1388 and rocket to TG1: 1395 within 2 days.  Today, intraday trade preference is to Long @ 1407.7 SL 1403 TG 1420 (EOD).

Related: Weekly Forecast on Gold


EUR/USD

My view for the week is to long on EUR/USD.
I entered two trades but were stopped out with minimum losses.


Quote my Weekly Forecast and Trade Setup:

Monday: Plan to Long when market comes to 1.3650, SL 1.3620, TG 1.3750
For the Week: Long at 1.3570, SL 1.3530, TG 1.3850 or close by End of Week, whichever come first.

-30 pips for intraday, -40 pips for weekly position.
and Market is trading up! as per the forecast, EUR/USD closed at 1.3750 (my first target).  Weekly Target remains at 1.3850.

Aggressive Trading Long @ 1.3716 SL 1.3680 (-36 pips) TG 1.3850 (EOD)

Personal preference is to trade EUR/USD for today.
I am yet to update for P&L for the week, will do it during weekends.

I have updated a New Blog Page
Visit Upcoming Events Now!

my Live Spaces

I received a mail saying that MSN Live Spaces is going to close on 16th March 2011.

MSN Live Spaces is working with WordPress for the migration.
Since I maintained a WordPress blog that kept all my previous postings, migration is not an issue.

Decided to keep the Live Spaces a separate entity.  The integration is good, because whenever we created a new blog post in WordPress, friends in my MSN Messenger would be able to see it immediately.

Honestly, WordPress provides users better blogging experience with more widgets and flexibilities, and easy customization.

I started to blog since 2005, and it has been... 7 Years!
I browse through the old blogs... 2009, 2008, and I am at 2007 now, I feel wonderful, and I also admire myself.  (ops! haha)

I wish to pat my own shoulders and say well done, this blog reminds me of the hardwork, reminds me how we plant our seeds of learning and growing, how we continue to nourish the rightful thoughts and good practices.

For Continuous Improvement, For the Betterment of Mankind.
Cheers!

DJIA and Nasdaq 100

I started to use Microsoft Office 2010, the software is so intelligent!  I love the new features :)
I added Ayumi the Novice Trader RSS link to my outlook mailbox, I can see that Microsoft Outlook automatically group the topic if they have the same title.
It makes my life so much easier!

Subscribe to Ayumi the Novice Trader by Email
It will automatically feed to your mailbox daily 11am-1pm (GMT+8) when there's new post in my blog.

Or you may want to come back regularly and contribute to my page loads!
Back to Ayumi Trader Blog, click here: http://ayumi216.blogspot.com/


Dow Jones Industrial Average (DJIA)

When I see DJIA closed at 12391 this week, I am so excited and I hope all readers are thrilled as I am, I want to laugh my lungs out. PowerWave is freaking amazing, market has just hit the WTP!  If you have neglected the concept, come back and refresh the knowledge, refresh your skills, get ready for the next move.

Again, DJIA has progressed as per our forecast, hit our target price, closed as per the level we mentioned here!  DJIA has gained 125 pts (+1.01%), closed at highest 12391, lowest 12193.

Trading on DJIA need a lot of patience, day range has been diminishing, we have average range of 100 pts early of this month, but we only have 80 pts as of last Friday, volume start to reduce from Monday except a volume spike on Friday.

The dynamic change is like a prelude to the next chapter of a music ensemble. I am waiting for a market breakout!  I love the reduced day range, and I love increased volume, many transaction has been carried out, it can be traders closing position, it can be traders adding position for the next ride.  Now tell me, which side are you in?

I expect DJIA to make another series of bullish candle, 12450-12500 is the target of the week.
S1: 12290
S2: 12260

On the dark side.... (short side) If DJIA closed below 12260 this week, expect DJIA correction to take place, short and expect correction until 12000 region in 2-3 weeks time.  Expect 12000 a strong support now, BUT, if 12000 failed, there will be another series of correction and the trapezium trade is on!


Nasdaq 100

I am so glad that the Nasdaq 100 has come to 2400 target last Wednesday, readers must be happy collecting the post-CNY AngPow hahhaa...

Nasdaq 100 settles at 2392 for the week, highest 2403, lowest 2371.  Posted another weekly gain of 13 pts (+0.5%).  Outlook for Nasdaq 100 is neutral, although we maintain ultimate target at 2440, if Nasdaq posted a loss this week and close below 2360, I reckon that the correction is going to take place until 2300 strong support in 2-3 weeks time.

R2: 2440
R1: 2420
Current high 2403.
S1: 2380
S2: 2360

For the week: observe to Long when market come to 2380 SL 2372 TG 2420.
Honestly, I prefer to trade on DJIA than Nasdaq 100, we can compare the strength, you will find out that the bullish strength is Nasdaq 100 is weak.

Gold and Silver on Mon 21-Feb-2011

Gold has posted +32 pts gain (+2.3%) last week and it has exceeded my target price of 1382 and settles at 1389 for the week, highest 1391.

Current resistance of 1393 will be taken out anytime on Monday, hopefully Gold can hit initial shadow before going to test the previous high 1423.

Strong Resistance 1423
Current Resistance 1393
Current support 1380
Strong support 1367

To Long aggressively, or to sit and wait for Gold to come to support?
Erm... I queued to Long at initial shadow whole of last week on Gold, but couldn't get my entry, I remind myself of the Maximum Adversity - our master market will do everything to hurt the traders' account to 100%!

While we have yet to see reversal, I will still trade on Long.  This week, I will be more aggressive.
Monday: Long at 1385, SL 1380 (support), TG1 1395, TG2 1423.
The resistance at 1393 is unlikely to pull the market down for a steep correction, reckon 1385 the best level to Long.  If Gold posted a gain on Monday and close above 1393, I'm going to hold this Long position until my ultimate target of 1423 for the week.


Silver

Very very bullish on Silver, when Gold posted 2.3% gain, Silver, has gained 27.1 cents (+8.3%) and settles at 3261.2 cents for the week, highest 3285.0 cents.

When market present a strong bullish sentiment, I am worried... >.<  How would the correction looks like when it happen?

Thus, trading in Silver, I prefer to do intraday trade to Long when market come to 3242 cents, SL 3215, TG 3350 / EOD, stay out if market turns to 3180 cents.


Related: and
http://www.scribd.com/doc/37142259/The-Universal-Principles-of-Successful-Trading#outer_page_30

Weekly Forecast (FX)

EUR/USD

EUR/USD has posted a gain of +167 pips this week, lowest 1.3426, highest 1.3713.
Resistance 2: 1.3850
Resistance 1: 1.3750

If we look into the Day chart, EUR/USD uptrend has been secured with a 1/3 retracement that has completed last week.  Coming week, I am looking at EUR/USD to test R2: 1.3850. Forecast Range for coming week: 1.3550-1.3850.

Support 1: 1.3620
Support 2: 1.3570

Monday: Plan to Long when market comes to 1.3650, SL 1.3620, TG 1.3750
For the Week: Long at 1.3570, SL 1.3530, TG 1.3850 or close by End of Week, whichever come first.

GBP/USD

Bullish on GBP/USD, finally GBP/USD it has breakout from the diminished trading range and GBP/USD is set to go!  GBP/USD close at 1.6247, High 1.6261.

Resistance: 1.6350 (Double Top)
Support 1: 1.6170
Support 2: 1.6080

To play safe for coming Week, I will standby to observe for Long when market comes to 1.6180 SL 1.6140-50 TG 1.6350.
Some traders may want to short at 1.6350 resistance, I will close my Long at resistance, and observe for reversal sign to short at 1.6350-450 region.

In case GBP/USD started to slide from current high 1.6260, and formed a bearish candlestick pattern on week chart, I believe the bear will take the Cable South to test 1.5300 in by end of April-2011.

USD/JPY

It is not easy to get my entry last week, it missed by 6 hours!  As my order is good till 4pm, I didn't get the short entry... USD/JPY is trading at the middle of the range that I do not wished to trade, I prefer to stay out!

Transaction (FX)

USD/JPY

Short USD/JPY at 83.45, SL 83.80 (35 pips), TG 82.80 / EOD

Related: Weekly Forecast (FX) on 14-Feb-2011

Gold on 17-Feb-2011 (Thu)

My queue to Long Gold at 1367 is not hit, however, market has progressed as per our forecast and hit our initial target 1378 and came close to our weekly target 1382. Gold recorded a high of 1381.57 yesterday.

While it has made a high of 1381.57, Gold began to slide and current sentiment is that Gold may travel in consolidation with a strong resistance at 1382 for the week.

I reckon Gold to consolidate and current support 1360, 2nd support 1352.
No trade for today.

Related:
Gold on 16-Feb-2011 (Wed)
3 Majors and Gold on 15-Feb-2011
Gold on 14-Feb-2011 (Weekly)

Gold on 16-Feb-2011 (Wed)

Gold has break above the resistance of 1368 and closed at 1371.
We didn't get our entry to long again yesterday, but closing above the resistance signals that the bull still have way to go.  This is good and I will continue to queue for Long, and target as per our weekly forecast 1382, with minor resistance at 1378.

Today's trading plan:
Long Gold at 1367, SL 1363, TG 1382

Related: Gold on 14-Feb-2011
Related: 3 Majors and Gold on 15-Feb-2011

3 Majors and Gold

EUR/USD

Market move in favour, our Short at 1.3570 is not hit, highest EUR/USD go is 1.3557 (13 pips different) and reached our target 1.3430 and rebound, lowest EUR/USD go is 1.3426.

For position trade, still favour market to continue its downward movement to 1.3380 for the week, before a clear rebound to happen, favour to wait patiently for EUR/USD to come to R2: 1.3620 to pick a short position.

For today, stay out from EUR/USD.

GBP/USD

GBP/USD is trading in small range of 100 pips (1.5950 - 1.6050), will only be interested when GBP/USD trade to channel top 1.6100-6150 region, or strong resistance 1.6280.  Stay out.
Refer to my weekly forecast for more details.

USD/JPY

USD/JPY didn't come to our entry price, yesterday, USD/JPY started the week at 83.45 and trading down to 83.07, rebounded to opening price and consolidate.  USD/JPY is trading at 83.26 now.

It is risky to trade in the middle of the range, we might get killed up or down... :)
Stay out until market trade near the extreme top, place short near top of the range 83.50-83.60 SL 83.80 TG 82.80.

Gold

Sifu has covered a EMA50 strategy on universal instrument, and although Gold didn't trade to 1350, meaning it didn't come to our entry price like what we specified in our forecast, but capture Gold at opening and closed yesterday will result a minimum 6 pts profit.

Gold is trading at 1363 now and very near to the current resistance 1368, if Gold can breakout higher, next target 1382.

Aggressive Long 1357 SL 1353 (yesterday low) TG 1365-68.
Some traders may want to turn short at 1368, therefore, it will have a lot of price action when Gold is there, stay alert.

Related: Gold on 14-Feb-2011
Related: Weekly Forecast (FX) for 14-Feb-2011

DJIA on Tue 15-Feb-2011

On DJIA Chart, our entry at 12238 is close to the day low and closed by EOD realised profit 30 pts.

Lets introduce CFD trading to the readers, every broker will have different price, 24 hours, and margin requirement is different too.  Some offer USD1 mini contract, some USD2, some SGD2...

Wall Street (2 mini contract) - underlying instrument = Dow Jones Industrial Average:

more on CFD to come...

Related: DJIA and Nasdaq 100 for 14-Feb-2011

Weekly Forecast (FX)

EUR/USD

Bias Down.
Target for the Week: 1.3430
R2: 1.3620
R1: 1.3570
S1: 1.3430
S2: 1.3250
Intraday trade for Monday: Short 1.3570 SL 1.3620 TG 1.3430 (by EOD).
Need to close this trade by End of Day (EOD) because EUR/USD may also pull up to 1.3620 (observe recent 3 weekly long candle with short body).

GBP/USD

Weekly Chart shows Strong Resistance = 1.6280.
Current trading range is not normal for GBP/USD, this market may trade in range 1.6100 - 1.5850 bias down to test support.
Upon breakout to the downside, expect strong support at 1.5650.
breakout to the upside, expect GBP/USD challenge double top 1.6280.

Do not like to trade in consolidation. Stay out.

USD/JPY

Intraday trending up, with strong resistance at 84.00-84.50 region.
Expect correction to continue, minor support 82.85-82.65.
Support 81.75.

Intraday trade for Monday and consider shorting USD/JPY at 83.60 SL 83.80 TG 82.80.

Charting by Broco Trader (MetaQuotes Software Corp)

Valentines

It is a quiet, quiet morning...

Quiet night last night, we sleep early before 10pm.. ^_^
I believe people are over the street, college girls are selling roses, mens are scratching their heads planning for a memorable events.

All hard-work will be rewarded!  I wish all a happy valentines day, and hope that every one can feel love, no matter you are married, single, attached, or free like a bird.

I spend a wonderful day yesterday by taking care of myself well, rest a lot, laugh a lot, and shed some tears too :)  Stay with someone important, be with someone important, spend some good time, we are blessed with so many good things in life, thanks to the bad things that makes good things looked soooo good and soooo wonderful.

Hope that my health can recover asap, hope the world peace and harmony.
Ayumi

Gold on 14-Feb-2011 (Mon)

Gold faced a little resistance on 1367-68, observed a double top on 4 Hour & 1 Hour Chart.
Signals that Gold may just do another small correction to Current Support 1350, and breakout Current Resistance 1368, if Gold has successfully breakout higher, next target 1382.
Aggressive Long can be placed at 1350, but make sure to secure the trade with a SL at 5-6 pts away.

However, Gold may also dip to 1338-1340 strong support to chop! chop! chop! the long traders.
If that is the case, prefer to plant Long when Gold come to 1338-40, till then Gold may continue its consolidation between 1338-1368 before breakout to either direction.

DJIA and Nasdaq 100

Dow Jones Industrial Average (DJIA)

DJIA posted a 2nd week gain of +181 points (+1.47%), closed at 12273, highest 12285.
12300 is within reach (another 27 points), target for this week aim at 12387-12400.
Intraday trader can long DJIA at 12238-258 SL 12210 TG 12330 / End of Day.

If DJIA posted a bearish candle on Monday, abandon long as we reckon market to do a healthy correction for this uptrend to continue, observe for opportunity to long when market comes to support 12020. My trading plan will then revise to: Long at 12020, SL 11980, TG1 12300, TG2 12400 (2 weeks).

In case DJIA break below 12020, expect DJIA to continue to dive to 11800.

Nasdaq 100

Nasdaq 100 has successfully break above previous double top 2336 and posted weekly gain of +39 points (+1.64%), close at 2379, highest 2381. In view of the current uptrend, 2400 is within reach, next, we expect the uptrend to continue lifting market towards 2440 target by end of this month.

Current support 2370, Support 2353, Strong support at previous top 2336.
Intraday Long at 2375, SL 2369, TG 2390.

If market open Gap down again, favour to pick long at Support 2353-55, SL 6 pts away and patiently ride the trend until 2400 target. In case Nasdaq 100 trade below strong support 2336, stay out.

DJIA on 11-Feb-2011

If DJIA cannot break above 12254, and with pressure from the fundementals, Ayumi reckon DJIA to correct tonight, if not tonight, current price action will be narrow until next week, for Long trades, can look for opportunity to:
Long at 12020, SL 11980, TG1 12300, TG2 12400 (2 weeks).

12020 is also the neckline for the head and shoulder pattern in making, if in two weeks time DJIA cannot break above recent high of 12254, it shows that the bullish momentum has slowed down and a more healthy correction need to take place.

If DJIA break below 12020, expect support at 11800 for DJIA rebound.

I am learning the Futures / Pre-Market price vs DJIA, and it seems that most of the time they are ±50 pts different... How do we get the best entry?

Taken losses on EUR/USD trade

My Long on EUR/USD has been triggered SL, realised loss -40 pips.  I look back into the chart this morning, I question myself: why would I long when I can see the trend is coming down?

Isn't it that I have told myself last month that I M NOT GOING TO TRADE AGAINST THE TREND?

The cough and cold is getting better, and worse, my fever has gone, but the running nose and cough stay.. I could not sleep well at night, I either wake up coughing, or running nose at the middle of the night, worse part is... from 4am onwards, both of them (cough and running nose) is unstoppable.

Guess I need to stop trading for the week for the physical body to endure the suffering, the body deserve a rest after taking home so much profit...

Happy trading traders, wish all have a wonderful trading week.

Oh ya, last night I dreamed of DJIA falling, after making a high of 12300 and fall to 10000... crazy mind telling me crazy numbers....

Weekly Forecast (FX)

EUR/USD

EUR/USD started to come down after it tested the top of 1.3860 last week. From Day Chart, it has found a little support at 1.3543 (equivalent to 1/3 Fibonacci Retracement). I forecast EUR/USD to rebound to 1.37 this week before continuation of the downfall.

From intraday chart, we observed an innerwave up, likely to hit 1.3672 - 1.3728 early of the week, however, would EUR/USD hit above 1.3750 will depend on Fundamental news.

Strategy:
Early of the Week, enter Long with initial shadow: Long EUR/USD at 1.3580 SL 1.3540 TG 1.3680.

GBP/USD

With the market pattern of GBP/USD, current support is 1.6034, resistance 1.6170, strong resistance 1.6276.
Suspect GBP/USD to rebound too, however, if GBP/USD can rebound from this low and break above 1.6170, it is very likely to challenge double top.

Compare this two major pair (GBP/USD and EUR/USD), Ayumi reckon that GBP/USD is slightly bullish compare to EUR/USD.  Therefore, tendency of GBP/USD breaking above 1.6170 is high, but there's no chart formation / pattern that we are familiar.

Prefer to stay out from trading GBP/USD as we are at the middle of the trading range.

Gold and Silver on 7-Feb-2011 (Mon)

Gold

I wouldn't know whether this is my personal bias or because I missed the entry...
but I would still prefer Gold continue to come down to 1294 before going up higher.

Gold has break above flag formation on Thursday and close at 1348 on Friday.  Coming week, Gold may continue to come up to 1365, this is the point where I reckon the market reversal to happen.

If Gold shows reversal at 1365, I will observe for short and my target exit at 1294.
If not, then 1307 (28/1) would be the lowest price we can get from Gold.

Aggressive Long can plant at 1344 SL 1338 TG 1365.
Observe for short opportunity at 1365 for the week.


Silver

Coming week, reckon silver to face resistance at 29.45-29.55.
Support 28.85 and 28.00.
No recommendation to trade.

DJIA and Nasdaq 100

DJIA didn't get affected by NFP, we can only see the effect within 1 minute after announcement...

Dow Jones Industrial Average (DJIA)

Last Friday DJIA closed at 12092, break above strong resistance 12050, from weekly chart, DJIA has gained +268 pts, equivalent to 2.2% gain.  With DJIA breaking above 12050, we are looking forward to 12300.

On Monday, Intraday trader can pick long using Initial shadow entry, Long at 12077 SL 12046 TG 12160, must close the position by end of day because we observed that the bullish momentum has start to slow down.  And we believe prior to hitting 12300, DJIA may want to test previous top 12020, or major support of 11950.

No recommendation of short, no reversal sign yet.


Nasdaq 100

Nasdaq closed at 2338 on Friday, and break above previous top 2336.
Nasdaq took one week to recover its losses on previous Friday (28/1), and we found a new major support at 2260.
Since Nasdaq 100 has crossed above previous high, we reckon the market to continue to rise to 2400, with our ultimate target set at 2440.
On Monday, Aggressive trader can Long at 2330-27, SL 2320, TG 2350.

Happy Lunar New Year!

Tonight NFP, I stay out, and enjoy the precious time with family.

Reading the Universal Principles of Successful Trading by Brent Penfold, and he has summarised the common mistakes made during 1st - 3rd year of trading.  Highly recommend this book :)

Waiting for the trading setup, and design of our trading plan is two separate idea.
From my understanding, we have to wait for the market, to form a pattern, then only we trade according to the pattern that we are familiar.

If we are trading breakout, identification of the channel, support and resistance is important.  Once market has breakout from this range, we do not enter the market immediately, instead, we initiate our trade plan accordingly.

If we missed the entry, there's always another day to enter the market, there's always another hour, another week...

It is ok when I cancel Gold trade last night, we missed the profit of +12 pts, it is alright because market is always there, 24 hours, we can always enter, and exit.

We can enter the market anytime, or wait for the best price to enter, with minimum risk, and minimum stress :)

Happy Lunar New Year, Happy Holiday! 

Gold on 2-Feb-2011 (Wed)

Gold didn't break above 1345 but start to consolidate before the next move.

We realised that Gold is currently trading in a flag, and for intraday trade during consolidation, we can long when the price come to the base of a flag.

Recall my Long on Monday @ 1328, Gold down to as low as 1322.58, my SL 1322 is not triggered, and later at night hit TG 1340 (+12 pts).

And everything come to a similar setup tonight...
Long 1327 SL 1322 TG 1345 (resistance).

900 pips

Last round, I took 6 months to accumulate 900 pips.
and took 3 months to gradually lose them all through consistent losses with controlled risk.

But over 3 months of losing trades, less than 30% of winning, I have lost confidence in myself, I almost wanted to give up, I feel very low in value, useless, and messed up.

I cried in front of mentor JC for hours, even mentioned that I wished to give up.

This round, I took 1 month to accumulate 900 pips, again.
would I be taking 2 weeks to lose them all?

From the frequency of trading now, this is not going to happen.

As what master Aaron said... it is about determination, perseverance, and hardwork.

If we can stand up from the place we fall, if we have doubts and we try to figure out, if we find out what our mistakes are, and promise to do it better each and everyday, we can make it, and we will be doing 1000 times better than last time.

We cannot guarantee the result, we cannot guarantee this is a winning trade or not.

One thing we can guarantee, if we put our heart to learn, do the work, we can improve, and one day, we will make it happen.

If you said give up, but your heart says no, stand up and be strong.  You can make it happen.
Open up your journal, check your trades, you will get a clue.

DJIA hit TG 12033!

I'm very happy that DJIA hit 12033, closed at 12040, made a new day hi 12050 last night. :)

For the first time, I sit on a trade, from 11600 to 12033, which records 433 pts profit.
This trade itself has created 676 pts profit with two positions!

And this means that I hv renewed my record, from 380 biggest win, to current biggest win 660 (take round figure) vs Biggest loss 120.

Well, best gift ever from CNY!
New year, new record, I'll have higher Risk : Reward ratio to work on now :)

EUR/USD on 1-Feb-2011

Quick update on EUR/USD:

On Sunday our regular weekly FX forecast, we mentioned to:

Many signs of EUR/USD reversal.. pick short when EUR/USD come up to 1.3680.
for a healthy correction to take place, this reversal will find its support at 1.3480, major support at 1.3330.

Position trade: Short 1.3680, SL 1.3710, TG 1.3480.

Intraday Long at 1.3573 SL 1.3533 TG 1.3680. This order must be cancelled if there's no price movement until midday (GMT+8).
Overhead resistance 1.3750-800, if EUR/USD break above this level, then it will continue go north again with our target 1.4030.

However, for the intraday Long trade, I planned, but I didn't put the order in.
It is a very good trade, lowest EUR/USD go is 1.3568 (entry 573, -5 pips lowest).
If we followed this trade we would have bring +107 pips home (take profit at 1.3680).

In fact, EUR/USD surged to 1.3738 yesterday and closed at 1.3690.

My position trade to short EUR/USD is on hold, observe the development of EUR/USD consolidation.  EUR/USD might go ahead to test the double top at 1.3750-800 region today, if it breaks above 1.38, then I would abandon short.