Today Key Issues

Related entries: Inside Thoughts

1. The Bank of England releases its quarterly bulletin today at 9.30GMT.
2. German CPI for September is due at 13.30GMT, expect a 0.1% monthly rise and a 2.4% YoY change.
3. Mr. Greenspan will hold a speech on Banking regulation tonight after Europe closes, earlier we also have speeches by FED's Moskow and Bies.

[via ac-markets]

Thoughts: In the last three weeks, we have seen big movements very early in the week which basically set the tone of the market for that week. Thus, it is better to start slow and steady on Monday rather than rushing into too many positions. I have a feeling that I can do well this week.

Keep Trying...

Related entries: System In Focus

Despite last week's dismal performance (due to closing out a run-away losing position which should have been exited a long time ago), I still have a great belief in my trend following system and daily report. I am that guy who just needs to work on the exit strategy for my daily swing positions.

Hence, I have make mounting take profit and stop loss targets compulsory for every trades opened. The daily targets used should be reasonable and hitable for the next trading day. Those targets should be altered on a daily basis if the position is not auto-closed at the end of the day and there is still potential for the next trading day.

So....I am the guy who will keep improving my effortlessly daily forex strategy till perfection.

September Blues

Related entries: Inside Thoughts

Sorry for the lack of posts recently. Been busied with my full-time day job. September has proven to be the toughest, trickiest trading month so far, driven by a lot of fundamental developments from elections in Japan and Germany, to evaluation of Hurricane Katrina impacts.

As a result, I had suffered moderate losses in my personal trading account. Many decisions have been affected by my ignorance of the early warning signs, unwillingness to accept losses in the early stages and a busy schedule.

Hence, I have decided to let my partner to run my real trading account, while I will fully focus on what I do best during the last few months – technical analysis + signal providing + not pushing for a result. By doing so, I think I can provide an unbiased technical view and can enjoy the analytical work more. I am here to stay for a very long time and, of course, to go after a strong result.

Last Week's Highlights

Related entries: Inside Thoughts

Here are last week's highlights:

• I have posted my daily evaluation report online for 5 consecutive days.


• The daily reports have captured the indecisive mood of the market, but shown the persistence of some stronger trends (those with higher swing index), i.e. AUS/USD and USD/CAD, which should have not been ignored.


• It was a disappointed week with near 100 pips loss. Basically, I have geared myself into action too early in the week. I have missed one or two good opportunities to exit, partly due to the higher targets set.


• OK. Some lessons learnt. I will set appropriate smaller targets to capitalise the daily moves.


• I have now included key trading points (based on pivot analysis) in my daily swing strategy. For those who have e-mailed me, you will receive a copy of my latest newsletter.

Friday Report: Indecisive Week

Related entries: Daily Report

Thursday Report: A Waiting Game

Related entries: Daily Report

Wednesday Report

Related entries: Daily Report

Tuesday Report: Stay With The Trend

Related entries: Daily Report

Nothing much to report back today. It was a fairly quiet session due to US labour holiday. Just a new trend breakout for USD/JPY but avoiding it for now. Meanwhile, tomorrow strategy will be mostly staying in tune with recent trends.

Monday Report: Latest Trend watch

Related entries: Daily Report

Update: I've changed my mind and will just post my report online for everyone for a week. This report is particularly setup for trading on Monday, September 5.

Notes:
Read how I choose, enter and exit daily positions using my own formulated swing index.
The daily entries and targets are provided in my daily signals.
I've noticed that the strategy is so far averaging just about 100 pips per week (i.e. 1470 in 15 weeks).

Free Report For This Blog Readers

Related entries: Daily Report

The trend is your friend.

Price is the consensus of value of all market traders at the moment of the trade.

In order to predict its future movement, it is important that we first focus on the price actions. Price movements always come first before any real fundamental developments. Bear in mind that currencies tend to be trendier than stocks, indices and commodities. More significantly, big currency traders tend to be technical trend followers. Trend is not a trend if movement did not begin. It is important for us to analyse such price movements in order to find out the moment of trend formation.

Due to the recent big moves in forex market (i.e. dollar plummeting), I am sending out my daily report to all readers of this blog for one week and hoping that everyone is on the right side of the market. Based on my own technical evaluation, the report summarises the direction and momentum of 11 popular currency pairs. It also advises on setting up position trades based on my swing trading technique.

If you interested in receiving and assessing my report, just email me.

One Trade Won

Related entries: Daily Report

Two signals were sent yesterday after completing my report:
Long EUR/JPY
Short GBP/CHF

Summary of results this morning: 1 trade won, 1 still open
GBP/CHF
short 2.2633
exit 2.5540(+93)

EUR/JPY
long 137.30
current 137.54 (+24)

Play Of The Day: Update

Related entries: Daily Report

Entered based on yesterday report:

GBP/JPY
long 199.52
current 201.32(+180)

GBP/CHF
short 2.2604
current 2.2630 (-26)

Net gain today: +154

Trading The Minor Currencies

Related entries: Daily Report

Although we have not entered any dollar-bearish positions (amid strong price reversal in last two trading sessions and trend yet to be confirmed), the system has picked up trading opportunities elsewhere such as long GBP/JPY and short GBP/CHF (being ranked as top positions in yesterday night report). They are currently yielding +56 (current price:200.08) and +6 (current price: 2.2598) respectively.