Saturday, June 11, 2011

Amazing wave

This is the 2nd week I am trading with the wave, target with wave.
enter with wave.

There were 2 losing trade, 1 in Gold, 1 in GBP/USD upon the first attempt to short.
There were 1 winning trade on Gold, I took profit at 1L, which last night the market proves to me that Fibonacci level and Power Wave can be amazing, but it is up to me, to decide whether I want to trade until 2nd target or not, and endure a little pain when I see the profit shrank by half, before it touches to my 2nd target.

2nd trade is on GBP/USD, that I see the amazing work of market pattern, the trend cycle and fibonacci levels works perfectly, profit target is reached within 2 days, floating with +200pips now.

I am going to learn, to try to add one more position when GBP/USD rebounces early of next week (13/6-15/6).
My 1st short position were entered at 1.6450, the day high on Thursday (9/6) is 1.6462.

My 2nd short position will be 1.6353, SL 1.6380 (slightly above Friday 10/6 high).
From the chart, 1.6320 would be a more ideal place to short as there's a slight resistance at that level. Em.... Lets see what market can do until Wednesday 15/6.

My 1st short position target were at 1.6205, I plan to adjust to 1.6050.
If market could not rise to 1.6350, I will move target to 1.5950.

I just checked on Daily Chart, EMA triple crossing just happened, and the strong support EMA200 is also on 1.6050 line.

The best thing can happen to GBP/USD waterfall, is GBP/USD meeting 1.5950 (march'11 low).

I am going to learn to capture more, as I promised myself to make my best winning trade 10x my best losing trade in the coming 12 months.

I am a bit excited, and at the same time a bit nervous, observing myself doing this trade.
To date, the best I done is 380pips, which if GBP/USD trade successful, this is a whole range of 400 pips (1.6050) - 500 pips (1.5950).

I am nervous with the profit, I worry that it will run away from me. I am fearful, and doubt my capability in this trade.
At the same time, I am excited, and looking forward to myself, making another high in my trading journal. Marking another milestone in my trading journey.

I wish many associates can benefit from my success.
I believe trading skills can be imparted, from one dedicated Sifu and one sincere Mentor --> to a novice like me.

Success is to be shared, with consistent effort, and patience, champion can be nurtured, can be created, we can be our own champion.
We can create value to others, and we can be happy always.

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