Saturday, November 27, 2010

Weekly Forecast (FX)

A trader with no idea of the price locality in a market trend will naturally has no idea of cut-loss point for his existing position.

Most (new) traders play the game with greed of wanting fast monies but not aware of unlimited losses if sit in adverse trend.  Thus, trading becomes a wager.

New traders always prefer to hit an instant entry when market moves.  This is even worst when market swings or u-turns that shatter them.

*** Never let the market trend runs against you randomly by setting your maximum risk tolerannce. ***

I was once confused how can one of the respected coach maintain his stop loss at 30 pips or maximum 40 pips away?

I checked my trading record, and I found that I have many trading plans that have maximum risk tolerance nowadays.

for FX 40 to 50 pips, for indices, 100 points.

And I come to realise that --- I thought I am good, but somehow, *shy* I am ignorant... Why doubt while the masters can do it? *Bow* to the masters and coaches.
We can make it, we can always target to initiate our entry from top regions / or from bottom regions of a trend, sharpen our entries is the clue.

Don't let greed and fear affect my decision.
If market just did not come to my price, just let it be, tomorrow will be another day.
If tomorrow I still cannot get my entry, just let it be - this shows that my forecast of market trend is correct!

(you know who said this?  Answer: My all time favourite mentor JC said this! during a mindset tuning session with another full time trader)

I just need to be patient, to sharpen my entry, my stop loss, and my target price.

I just need to.

You are right, but you just cannot make the money for yourself, yet.
The time will come.  We just need to work harder.


Major Currency - USD/JPY
Close: 84.08

Monthly Candle: Bullish Engulfing Pattern from Bottom 80.24.
Weekly Candle: continuous of 4 weekly candle going up and up!
Daily Candle: Bullish!

Pick reversal to enter Long: Entry near 83.55. SL 30 pips,
or Short near top region 84.50 - 84.80.

Close: 1.3237

EUR/USD has just completed the whole trapezium and the result is soooooo amazing!
+700 pips profit.
Dear associates, remember to practice and back test and do it again and again.

You miss this, but don't miss the next.

Now EUR/USD has traveled to the next Trapezium Z1 line.
Successfully close below this Z1 line (1.3180) would mean we can prepare to Sell.

Down Trend is obvious, short when market retraces, or practice initial shadow entry to short.

R2: 1.3580
R1: 1.3380
S1: 1.3180
S2: 1.2980

Close: 1.5587

Falling knife.
Falling knife.

Trading near its EMA200 on Daily Chart, Ayumi suspects the market to do some consolidation in the coming week, trading range around 1.5550 - 1.5880.

Will only short when market trade near 1.5880, Target at 1.5400 region.
Avoid trading this pair for the moment.

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