Candle-Line

Merry Christmas & Happy New Year

2009-12-26T02:19:00.002+11:00

Hi guys...

I would like to wish u a Merry Christmas & Happy New year 2010,

I am currently having a 9-5 job (internship) for my study purposes it will last for another 2 months..therefore i would like you guys to excuse me from not updating my blog recently,

However i believe that everything that i have got in this thread will be very useful for you especially if you are new to forex and price action so just have fun reading my blog and wait for my return ^^

Cheerss...Thank for everything guys...!!

Alex

27 October 2009

2009-10-27T11:27:00.006+11:00

Good morning guys...,

In the Asian session, I saw a some possible trade setups that might just be avalaible during the later session.. Here are they:

AUD/USD

NZD/USD

UPDATE (US SESSION):

I was in library and my position on GBP/USD that i took yesterday hit my take profit area..

NZD/USD

CHEERSS..!!

2009-10-20T18:41:00.004+11:00

Today is tuesday 20 October 2009..

I take a short trade with GBP/USD...this picture should tell why..

When I open my chart i saw a bearish engulfing pattern has been formed at the resistance...and what i do next is to wait for a good time to sell this pair...

Update2: GU turns its back on me an hit my SL...

Well, the other pairs that i am looking right now is UJ and GC..seems it will reach support level soon..and if a candlestick pattern agree..i will buy these pairs ...

Update2: i never took this trade but..it seems nice if i had bought it..^^

Cheerss...

Alex

2009-10-19T13:43:00.004+11:00

Today is 19 October 2009- Asian session...i saw some opportunities and like to share with you all...the first is..AUD/JPY, bellow is the daily time frame of the pair and do you smell some pattern over here??

I have taken a short trade, in case it turn backs to outer space.. my stop loss is 15 pips above the high of this shooting star..

UPDATE2- EURO SESSION: (AUD/JPY) things are looking fine in daily chart though some retracement are seen...

GBP/CHF

To me it seems like GC are out of steam and probably going to go down anytime soon...if there are any reliable pattern @ the resistance area (coloured in yellow) then i wont be hesitate to jump in..

Update2-EUROPE SESSION:

I will maybe look for buy setup for GC...let see..will update on this for sure...

USD/CHF

Its a rather choppy market for this pair...no clear trend is defined,however can you see something in the picture above?? there are strong S/R + FIB confluence...it MIGHT BE a good short...

Update2(EURO SESSION):

I took the trade but using different brokers, so there might be some different in the chart..however price action remains the same..here is my chart from IBFX broker

and here is from FXPRO

Will keep you up to date..

Cheerss....

scanning through EU

2009-10-16T14:47:00.006+11:00

Hi guys...just a quick post...i saw a bearish engulfing pattern might formed on EUR/USD...and if it form..there might be a good opportunity to short this pair..here is the picture

UPDATE: TRADE TAKEN....based on the candle formation

Let see how it goes..

Update 3...Price moves nicely to our favor...i will lock onto some profit in case it turn the other way...

Update 4: Close position for +55 pips profit...

Note: *The first chart is from FXPRO broker while the second is from IBFX, they have different closing time but pattern is still a pattern...so i took it from IBFX.

Cheerss

Great Short Setup @ GJ

2009-08-31T22:42:00.002+10:00

I bet a lot people missed this GJ action...(me too >.<)

This is the perfect shorts example..!!

Alex

Hi guyss....

2009-08-12T00:36:00.003+10:00

Hi guys...its me again..it has been quite sometime since my last post..its because i am very busy with my last year Honour thesis for my engineering degree...

Btw, i have good result trading the river on GJ TF H1 with TP 100 pips..rules remain the same

1. River trend
2. Signal bar
3. 6-SMA

here is the example:

The only breakout trade i just took tonight (for some of you who want to know how i trade breakout), Only based on S/R..

Alex

Trading mindset Quote

2009-06-27T23:35:00.001+10:00

Trading quote of the day:

"The longer I live the more convinced I become that life is 10 percent what happens to us and 90 percent how we respond to it."
Charles Swindoll

"There are no limitations to the mind except those we acknowledge."
Napoleon Hill (1883-1970)

"The dictionary is the only place where success comes before work. Hard work is the price we must all pay for success."
Vince Lombardi (1913-1970)

Current Position opened..

2009-06-18T11:49:00.002+10:00

Hi all...!!

This is the position i opened yesterday night..

All the best

Alex

Good day....

2009-06-15T23:46:00.002+10:00

Hi all..!!

GOOD DAY to you all...^^

Yuhuu...Do best on both Exam and Trading....!!

you should be in profit if you trade UC today...well u can lock some profit if you want to..

Still got another exam tomorrow..wish me luck again..^^

Exit and Cut loss..

2009-06-06T17:13:00.005+10:00

So...for the exit strategy...

Open 2 position once signal occurs:
* Target for 200 pips for 1st position.
* Target for a bigger profit ( ex as bellow)

S0 how much do i get for this pair alone last week?
* 1100++ pips

Next....Not all the trade will go smooth....so this is how you cut your losses SHORT...!!

So, now do you know what make this strategy alive?
* Its the basic principle of Cuting your losses short and Let your profit run

So what is hard here...everything looks so nice, simple and easy...
* DISCIPLINE...this is the toughest one..

Well...hope you enjoy it...gotta study now...OMG next week is final exam...!!! arrgghh..!! Wish me luck my friend....!!

AX River Trading Performance

2009-06-05T20:22:00.004+10:00

Yeap...this is the current AX-River Trading Performance.

Based on 2 months Forward Testing trading with 0.1 lot = $1/pips on every opened position.

Sorry for the delay, but i will surely post my EXIT and CUT LOSS strategy in my next post...!! bear with me as my final exam is coming soon..its a tough one...^^

Positions i am holding

2009-06-03T17:36:00.002+10:00

Here are some of the positions i am still holding...The current positions i added was USD/JPY

River Trading (Part 2)

2009-05-24T18:25:00.006+10:00

ENTRY RULES

BUY ONLY:
* First indication, River MA trend is UP (preferable) or FLAT.
* Entry Signal after first Bar OHLC (open,hi,lo and close) above the river + SMA 6 is above the river.
* TP1 at least 200 pips & let another run

SELL ONLY:
* reverse from above

Example:

~~~ALL CHART IS IN TF H4~~~

TO BE CONTINUE.....

River Trading (Part 1)

2009-05-22T11:01:00.009+10:00

WHAT IS RIVER TRADING?

First, get a glance at forexfactory forum http://www.forexfactory.com/showthread.php?t=27991 , that is the originator of the river trading and this gave me an idea of developing 'my new simple method'.

Dont forget to watch the VIDEO, this is the link http://www.divshare.com/download/436759-6f3

Finally, the originator template looks like this:

Its involve too many lines and indicator, therefore i try to modified the entry and exit strategies such that it's simple to me and everyone... after doing some back-testing and forward testing seems like what fits me the most is this:

Simple,Nice and Clear...

SO WHAT IS THE ENTRY RULES..!!

Nahhh...., before that i will tell you on the concept on how i develop this new trading system. The heart of river trading is to BUY on a candlestick which has an open, highest, lowest and close above the river and to SELL on a candlestick which has an open, highest, lowest and close bellow the river.

Almost forget, the originator suggested this method to be used in TF M15, but it seems like TFH4 works better for me as i have a student life to live..So all of the chart of mine is on TFh4 and only backtest it with TFH4.

As you can see, there will always be losses and gain in this business, but the aim is to make more than what you lose. If you stick long enough with river trading i bet you can profit from this wonderful system.

But, river trading only is not enough, we will need some sort of filter to filter out the good trade from the bad trade. Therefore i add a daily moving average into our chart which is
(SMA6 to the close on TF-H4), result is even better now...

TO BE CONTINUE.........

By the way...this is last 3 days result on AX RIVER TRADING with a profit of 200 pips and floating of +600 pips.

River Trading

2009-04-20T22:59:00.011+10:00

Hope you guys had a great easter breaks...!! well i filled up my breaks doing some backtesting and forward testing on my new strategy beside of all the stupid physic and maths that cant make me RICH..!!

Yeappp short introduction...^^

Hmm..let me make things clear...testing other method doesnt mean i left candlestick and S/R totally ^^, i still love candlestick and S/R, i think they are the easiest way to trade..BUT, its kinda irritating when i saw S/R being broken and price rise/drop hundred pips away from my Take profit target, therefore i am trying to find another way to trade this Forex market...which is instead of against the trend...now i follow the trend...( Sound nice huh?? ^^)

Okay...this strategy is still very new to me ( i dont know will it be profitable in a long term or not) therefore i start backtesting and forward testing it ,in demo account of course, a few weeks ago..but the result is really amazing most probably because of the market is trending smoothly...

Ok...to pump you up abit.. here is the results of 2 days 'FLOATING' trade...

and 500 pips closed trade...

Not a bad huh...500++ pips for about 20 minutes analyzing the market..in just 2 days...
UPDATE..!!

CUT YOUR LOSSES SHORT & LET PROFIT RUN..!!

OF COURSE..!! u cant get this everytime...market is not always trending..but the problem is how to catch this kinda move when the market does trending..This is the concept that i came up with when i develop this Trading system...

So....wat u need to know to be able to trade this system?? Well.. i tried to make it as simple as possible..but i seriously cant..!! so what u need to know murray math, fibonacci, moving averages, bollinger band, Standard deviation and candlestick pattern..!!

Nahh..just joking...!! this is pretty simple system based on Envelope and moving average to close the trade(NOT ENTRY)ONLY...

So wat the system all about??

1. To catch a nice trend, medium to long term move, therefore H4 TF is used.
2. Setup wont come oftenly...maybe 1 or 2 in a weeks/pairs.
3. No Stop Loss is used...but..there will be an exact rules when to cut your losses.
4. Its absolutely CUT YOUR LOSSES SHORT & LET YOUR PROFIT RUN

Detailss... NEXT POST...!!so stay tuned...gotta go do some homeworks..Cheersss

WELCOME..!!

2009-01-25T17:18:00.003+11:00

HI ALL...!! FOR THOSE WHO ARE CELEBRATING THIS COMING CHINESE NEW YEAR.. including myself...

GONG XI FA CAI...^^ WISH YOU ALL HAVE A NICE HOLIDAY & PROSPEROUS NEW YEAR..!!

LASTLY, I HOPE THAT THIS BLOG CAN HELP YOU IN ANYWAY...^^

THANKSS..!!

ALEX

19/01/09

2009-01-19T20:02:00.005+11:00

Hi all...i will try to post all my Open position for this week though i am not sure i can post tommorow...but i guess i will try..

Did some scalping for about 40 pips on EUR/GBP & AUD/USD but since its not based on this system i am not going to post anything about it.

USD/JPY ( +48 pips)

When price formed a hammer ( long lower shadow) i manage to put my Stop Loss on BEP point because HAMMER is definitely not a good sign for going short..

Update: CLose at 50% of TP target 43 pips

EUR/JPY( +120 Pips )

Same reason as USD/JPY a series of long wick candle was not good for my short position therefore i set my SL to BEP, i am risking a BEP for a continual down trend..

Update: TP HIT 120 pips

Cheerss..

Hi all...!!

2009-01-17T23:47:00.000+11:00

Has been stop writing for about a week while trying to enchance my trading system...well..hope i can start blogging again next week..!!

CHEERSS..!!

Thrusday 08/01/09

2009-01-08T21:30:00.004+11:00

USD/CAD (+1 pips)

USD/JPY ( + 69 pips)

AUD/USD (+2 pips)

Not a great day...!!

06/01/09

2009-01-08T02:22:00.005+11:00

Been busy this afternoon, Okay..my first trade tonight start with a losing..a quick one..!!

AUD/USD (-20 pips)

EUR/USD ( -20 pips )

USD/CHF (-20 pips)

Wow...3 losing trades in a row..!! I AM OUT for today..!!

CHeersss

09/01/09

2009-01-06T19:47:00.006+11:00

GBP/USD ( -20 pips )

Get stopped with GBP/USD ( - 20 pips ) before it went up

AND GOSHH..this really makes me feel bad...i am out taking my mom for a walk and when i came back..i saw this beautiful pattern occured in EUR/USD. Well i missed it, but i hope you guys get it right..^^

NZD/USD ( -20 pips)

USD/JPY ( +104 pips)

Reason i entered the trade:

1. Saw beautiful double top
2. Price break through this pattern and just before it retest this S/R line i placed a BUY LIMIT (thanks to Mr.William) almost missed this trade as well ^^

* Price moved 50% of my TP target, moved my SL to BEP+1 pips

*Reached 75%, moved SL to 50%.

*HIT TP

USD/CHF ( +78 pips)

Reason i entered the trade:

1. Saw beautiful Ascending Triangle Pattern which indicates there are strong buyers.
2. Price break through this pattern and just before it retest this S/R line i placed a BUY LIMIT

* Price moved 75% of my TP target, moved my SL to 50% of my TP target

*Price hit SL

Cheerss....

Today's Trades ( 05/01/09)

2009-01-05T19:53:00.011+11:00

First trade USD/CHF ( -20 pips )

This is a very valid trade... double top formed, broken, retest and rocket up...damn i losed this trade for 2 pips... look at my chart...

Haha...damn it..!! , okay2 i will stop cursing...^^

Second Trade USD/JPY ( +154 pips)

Well, this USD/JPY pair...it a bit difficult to spot the S/R at starting..but here is some tips always view and drag S/R from larget time frame before going down to a smaller frame.Currently floating on +110 pips, SL has been moved to BEP+20 pips.

EDIT1:Price reached 75% of our TP target, moved SL to 50%, locking for about 90 pips...

Seems like this pair is running out of steam...Closing this pair for +154 pips

Third Trade NZD/USD ( -20 pips)

What i see as a support (red line/sell point) has been broken, and has been retest as a resistance..let see how this trade goes.. risking 20 pips..for TP target about 100++ pips... not a bad trade huh?? ^^

Guess i am wrong..price heading back and pushes above the resistance.. -20 pips

Cheerss..!!

Drawing Support & Resistance lines

2009-01-04T16:47:00.008+11:00

I have few trading friends asking me how to draw a correct S/R lines, well, to tell you the truth..it is not for us to decide whether the S/R is CORRECT or WRONG, its for the BID DOG out there..because they are the one who control the price not us..unless u trade million of dollars account ^^

Let see some example here, if this is my chart...

#1 Draw S/R lines

There is no fixed rules that we have to use candle's wick for our top & bottom, instead i recommend to use combination of it.. this is because there are alot of traders out there that only use LINE GRAPH which shows only the OPEN & CLOSE of the price not the wick.

Back to the chart, assume that I dont know what is going to happen next.. so what i will do next is to draw support and resistance lines. The more the line is being retest the stronger the line will be, no matter it is just being retested by the wick of the candle or open/close of the candle.

Now i got my Support & Resistance line...what i will do next is to wait. Wait untill either one of the line is being broken, if it breaks the support then i will set a sell limit, if it breaks the resistance then i will put on buy limit...

LET SAY...IT BREAK THE SUPPORT...

Set SELL LIMIT at the S/R line, SL about 20-25 pips , TP and you are done...

HERE IS ANOTHER VERSION:

see which line it breaks...If it break Support then look for sell, it resistance look for buy...

but then..it breaks support line...so..look for sell setup..

Sell limit triggered and using the same technique again...you can even add additional position..

See how much you can get while only risking 40 - 50 pips?? that will be at least 200 - 300 pips moves.

TIPS:

This method is good when the market is trending therefore, only trade after EUROPE is open, dont...dont ever trade during ASIA session as there will be alot of false breakout more than true breakout.

Get the highest probability trading setup...look for double top/bottom pattern and wait for the breakout of this pattern...

S/R is the most important tools here..practice practice and practice, you will get used to see this pattern in a while.

Losing trades are inevitable even for the most experienced trader...
If you got wrong..be cool and calm...REMEMBER THAT everyone do get wrong sometime...

I got around 60% -70 % winning percentage, which mean in 100 trades i will get wrong almost half 40 trades. You will definitely do better than me...

CHEERSS...!!

First trade on 02/01/09

2009-01-03T01:13:00.012+11:00

First trade...EUR/JPY ( -20 pips )

This is my setup..

This line has been touched several times which makes me think it is a stong S/R line..SL is always 20-25 pips, i am risking this 20 pips to know what is going to happen next.

EDIT: SL hit 20 pips loss for the day...

Next trade.. USD/CHF ( +120 pips )

This pattern, a double top being broke and price went down to test the previous resistance line, happened quite often and have a high probability of success...

BUY LIMIT placed at support line...SL: 25 pips...

EDIT1: Price when up to half of our TP target...sel SL to Break Even Point + 1 pips

EDIT2: CLOSED POSITION ( Reason: its friday and i dont usually let any position opened till next wekk coz it effects my sleep during the weekend ^^ )

Next Trade....AUD/USD ( TP HIT for +130 pips)

Same as the previous trade....a DOUBLE TOP Pattern being broken..

EDIT1: Price went up and SL moved to BEP+1 pips

EDIT2: TP TARGET HIT 130++ pips

JUST OPENED TRADE..EUR/USD ( -20 pips )

In the larger view...it appears that this line has been retested few times..

In a smaller view...

EDIT1: SL HIT -20 pips...

LAST TRADE....USD/JPY ( +55 pips)

Missed the actual setup..!! but then i managed to buy during breakout, PS: if you use usual system, you will still in profit...

EDIT2: CLOSED coz its friday...^^

That's all i have for today(HOPEFULLY^^)...Have a great weekend..!!

I have to get some sleep..! night..!!

Cheersss

Salah Satu Set-up Favorit saya

2008-12-28T04:56:00.008+11:00

UPDATED...!!!

Yeap, saya akan membahas salah satu set-up favorit saya..Set-up nya simpel banget koq, yang di perlukan untuk setup ini hanyabbrp garis S/R..Tanpa panjang lebar...untuk aspek psychology & disiplin saya serahkan kembali kepada anda sendiri, disini saya hanya akan mengupas cara SET-UP nya.

Perlu diingat bahwa setup ini bukan di temukan oleh saya, Setup ini sudah sering kali di bahas di buku-buku technical analysis, namun saya heran kenapa jarang banget orang yg trading dgn cara ini, padahal ini merupakan pelajaran basic and profitable (menurut saya).OK, saya mulai saja yach..

Saya akan memberikan beberapa chart yang sudah saya bumbui dengan garis S/R. Tugas anda adalah mencari persamaan movement dari chart- chart yang telah saya suguhi kepada anda :)

Chart #1

Chart#2

Chart#3

Chart#4

Chart#5

Chart#6

Bagaimana?? sudahkah anda menemukan persamaan dari chart2 diatas yang mana mampu menghasilkan jutaan rupiah kedalam dompet anda dengan RISK yang bener2 minimum??

Jawabannya adalah bahwa sering kali, saya mengatakan "SERING" bukan "PASTI", setelah price nembus dari Support atau Resistance, maka akan ada kecenderungan untuk price me-RETEST support atau resistance yang telah di tembusinya. jika masih binggung mohon di liat kembali chart yang saya posting diatas.

Trading setup something like this

For Entry:

Setelah price berhasil menembus daerah support atau resistance pasanglah limit order ke support atau resistance sebelomnya..nahh misalnya... di chart#1 kita telah menarik garis support dan beberapa saat kemudian price berhasil break support ini, nah support yang sudah di bobol mempunyai kemungkinan untuk di retest menjadi resistance..nah dengan analogi price akan kembali me retest daerah support tadi, maka kita bisa kembangkan menjadi satu strategy
yang menurut saya sangat bagus di karenakan tingkat dragdown nya lumayan minin ( namun bukan berarti nga ada dragdown sama sekali yach bro) kita bisa menaruh SELL LIMIT pada garis resistance ini..dan selanjutnya kita serahkan aja pada market apa sell limit kita bakal kena atau nga kira2 begitu yach bos2...

maap neh kalo bahasa saya kacau balau...kalau kurang mengerti..liat aja chart di bawah ini...saya jamin pasti ngerti ^^

so, untuk simplified:

#1 Draw garis support/resistance
#2 Nunggu sampai garis ini di break
#3 Set limit order pada garis ini
#4 Set SL kira2 20-25 pips lalu set Take profit( akan saya bagi2 cara saya TP di post berikutnya)

Chart #1

Chart #2

Chart #3

Chart #4

Chart #5

Chart #6

Hopefully these little demonstration help to clear things up..., for the exit strategy i will talk more on next post...stay tuned...!!

Perlu di ingat bahwa ini bukan lah teknik yg di ciptakan oleh saya, ini adalah basic dari segala technical analysis, namun sering sekali di lupain oleh trader2 baru...tujuan saya adalah untuk memberikan inspirasi kepada trader2 baru kalo trading itu nga harus susah koq..pake teknik paling jeblok n dasar sekalipun anda bisa profit...saya yang dulunya bego banget...udah pernah kena MC beberapa kali aja bisa profit masa anda kaga seh??

so, jangan patah semangat yach...!! saya lebih menyarankan anda untuk membaca buku psikologi daripada buku yg memberikan cara2 entry n exit...well...cmn pendapat saya doank...

Cheers...

MERRY CHRISTMAS TO ALL.....!!!!!

2008-12-24T03:47:00.004+11:00

I LOVE CHRISTMAS....!! HAVE A NICE HOLIDAY TO ALL MY BLOG READER AND THANK YOU FOR YOUR SUPPORT...WISH YOU HAVE GREAT GREAT TRADING NEXT YEAR AND YEARS AFTER..!! LOVE YOU ALL..!!

AND

C YA NEXT YEAR...!!

2008-12-19T03:59:00.001+11:00

I have 3 losing trades for today which cost me -60 pips...but this one GBP/USD trade gives me about 300 pips...and thats what i need to survive..

Cheerss...

Positions opened today...

2008-12-18T01:36:00.006+11:00

Some of the positions opened for today...

Losing trade of AUD/USD ( -20 pips )

Losing trade GBP/USD ( -20 pips )

Floating position EUR/JPY locked on BEP + 1 pips

EDIT1: TP HIT for about 270 pips

USD/CAD trade

EDIT1: SL HIT FOR 1 pips

Cheerss...!!

Trade for today

2008-12-17T02:56:00.004+11:00

Well, i only open 2 trades today cause i have a life to live as well..

one of the trade is from NZD/USD ...i set a pending buy limit at the Red Line (S/R AREA) once it broke the resistence...and after i came back from my movie..it hits my Take Profit

The other one is USD/JPY, i short this pair once i saw it broke the support, and i put a sell limit order on the previously a support line...thats it... now it is still floating and SL has been set to BEP + 1 pips...here is the picture

Take profit level hit...

Cheersss

Positions opened today..

2008-12-15T23:27:00.012+11:00

Here is my positions opened today..some are in profit and some are in a losing position...

The key is to trade your system FLAWLESSLY regarding of your commonsence or news...Just trade according to you system...!! let the market decide what happened next...

EUR/JPY

EDIT1: SL moved to BEP + 5 pips... Free ride now..

EDIT2: Price move far north & Stop Loss moved to FIB 50%, locking about 85 pips

EDIT3: Take Profit HIT for 182 pips..

USD/CAD

EDIT: HIT SL for + 82 pips ( Fib 50% )...Not bad at all...

AUD/USD

EDIT1: SL MOVED TO BEP + 1 pips ..Free ride...!!

EDIT2: Price move to our favor so i moved Stop Loss to FIB 50% locking about 55 pips..

EDIT3: Near to our target...^^ go go go...!!!

EDIT4: Take profit (fibs 0%) 91 pips HIT...!!

I am done for today..

350+ pips for today...

CHEERSS..!!

SEE MORE LIVE EXAMPLES HERE

Trading is 80% psychology & 20% system

2008-12-14T17:09:00.002+11:00

'Trading is 80% psychology and 20% system" that is what the writer of THE DISCIPLINED TRADER & TRADING IN THE ZONE, Mark Douglas wrote in his first book.

I have never thought that psychology is such an important factor that contributes great success in forex trading until i have read his books. The PSYCHOLOGY that i assumed i knew in my earlier stage of trading was way diferent from the real psychology of trading.

I totally recommend his works to all of the trader who wish to enhanced their trading perfformance..

TRADING IN THE ZONE

IF YOU HAVE A SYSTEM BUT YOU ARE STILL LOSSING MONEY ALTHOUGH THE SYSTEM IS PROVEN TO BE PROFITABLE YOU DEFINITELY NEED THIS BOOK..NOT OTHERS..!!

You can always download the ebook for free in my blog or you can also purchase this book in ebay or amazon...

All the best for your trading..!!

GBP/USD & USD/CAD trades

2008-12-13T02:43:00.006+11:00

First GBP/USD Trade resulting in -20 pips...Put a buy limit at the red line & SL at 20 pips bellow the red line...

Second GBP/USD trades Hit my Take Profit of 100+ pips just before i am about to capture the image for my trading journal..

USD/CAD trade

Clean trade...price break through the resistance and heading back to test the level before heading up ( most likely)...Still floating..!!

SEE MORE LIVE EXAMPLES HERE

Another good trade early in the morning

2008-12-12T14:50:00.001+11:00

Lucky day...bank in 120 pips this morning...and this is my trade...

Cheersss

Great day...

2008-12-12T02:18:00.006+11:00

Great trades on EUR/USD & USD/CHF

Bank in around 150 pips for EUR/USD by simply using the theory of Resistance becoming a support.

And USD/CHF still running, locking for around 80 pips so far...

Update...Take Profit 160 pips HIT..

Cheerss...!!!

See more live example HERE

One of my favorite setup Part 2

2008-12-10T14:47:00.010+11:00

Yeap a detail example on how to enter and exit a trade...

EURO VS USD CHART...!!

See the chart above...and try to plot the S/R line & you will get this...

A Resistance that has been broken...and it MAY have a possibility to serve as a support later on.As you can see from the chart bellow, the market is unstable around the NEW support area, and this indicates us that this level is indeed being watch by the big trader..!! This is a good time to buy this pair...there are alot of ways to do the entry..

1. BUY LIMIT ( Recommend )

I recommend you to put a buy limit on the White Line ( S/R) where the stop loss will be 20 pips bellow the White Line, I will cover take profit later on.

Why i choose BUY LIMIT is because you can lower down your Stop Loss ( if you dont have much capital this is definitely important) & Secondly, i dont view the candlestick signal such as ENGULFING PATTERN in M30 time frame is important, even tough i still use doji & Spinning top to show me the market is indecision before i put on a trade ( we need the market to show any reaction in the S/R area)

2. BUY AFTER CANDLE SIGNAL

Or you can use our old way by seeing a candlestick signal...there is nothing wrong with it. Both will gives you green pips...!!

Now the EXIT strategy...

Remember to use your money management system, once it reached to 50% fibo put your SL to BEP+1 pips, if it continue to go further put ur SL to Fib 50% and let the rest run to TP, REMEMBER TO TRUST YOUR SYSTEM..!! NEVER QUIT before it reached your TP or SL...!!

Psychology is more important than any best system...trade without fear...!! READ TRADING IN THE ZONE... TOP RECOMMENDED..!! GOOD LUCK..!!

One of my favorite setup

2008-12-10T13:18:00.008+11:00

One of my favorite setup is to make and entry when the Support become Resistance or vice versa..

Please scan through the charts that i posted bellow and as soon as you have done please think of a way to profit from this pattern.

Chart #1

Chart#2

Chart#3

Chart#4

Chart#5

Chart#6

These pattern happens all the times in every pair and every time frame..Dont believe me? go ahead and look back to your chart history ( preferable TF M30 ) you can see this pattern happen over and over again...

So, the only things we need to do now is to think of a way to get in and get out of the market...

Trading setup something like this

For Entry:

I recommend you to put a limit order once the Support or Resistance has been broken..ok, here is the example by using the charts above that i have showed you before..

Chart #1

Chart #2

Chart #3

Chart #4

Chart #5

Chart #6

The best of this system is that you will have a very low dragdown ( 25 pips max) while the reward if the trade goes your favor will reached to few hundred pips...

Hopefully these little demonstration help to clear things up..., for the exit strategy i will talk more on next post...stay tuned...!!

Cheersss...

Hi there...

2008-11-25T16:57:00.000+11:00

USD/CAD position

AUD/USD & GBP/CHF 20 Nov 2008 Outlook

2008-11-20T20:40:00.003+11:00

AUD/USD is heading to a potential support from Bucket Pattern

Here is a TF H4

GBP/CHF

Still long way to go...but keep in mind the range of GBP/CHF ....if the price drop then we have a bucket pattern that serve as a potential support....and if the price rise we have a Fibs 50% + Historical S/R as our main resistence...here is the picture...

EUR/CHF Outlook

2008-11-20T01:38:00.004+11:00

The price now is currently around the Strong Resistence area, can be seen from the chart bellow why i say this is a strong level...

Not only that, if you zoom out to Weekly time frame you can see that this level has been used several time...

So, what we need to do now is to wait for confirmation from the candle..or else we are not going to do anything....

Cheerss..!!

Timing Membaca Pola Candlestick

2008-11-19T20:01:00.000+11:00

Jika anda mampu mengingat 108 dari pola candlestick, apakah itu suatu jaminan anda akan profit?? Tidak, yang penting dari candlestick itu bukanlah seberapa detil anda mengingat polanya tapi bagaimana cara anda menyikapinya...plg tepat "KAPAN" anda menyikapinya...!!

let me show you an example,

Setelah downtrend ( terlihat dari tanda panah dari chart diatas ) sebuah pola piercing yang menandakan bahwa downtrend sudah berakhir terbentuk apakah anda akan buy pair tsb??

The answer is NO, Kenapa? Ini saatnya semua peralatan yang telah kita pelajari sebelumnya ikut ber-partisipasi. kita TIDAK PERLU membaca pola candlestick jika TIDAK berada pada tempat yang benar, yang saya maksud kan dengan 'tpt yg bnr' itu adalah daerah Support & resistance. so kesimpulannya kita hanya perlu membaca pola candlestick jika harga berada dekat dengan Support atau Resistance, itu doank...

Coba liat gambar dibawah ini, setelah kita menarik garis horizontal (S/R) apakah anda masih berani membeli pair ini??

Harga baru saja menembus Support dan ingat apa yg saya katakan di posting pertama? kalo sering kali price menembus support maka level tersebut berpotensial menjadi resistance begitu juga sebaliknya...

nah..saat ini, Support telah ter-tembus dan saat ini pula kemungkinan besar daerah tsb menjadi resistance...dan ini jelas bukan timing yg bagus untuk buy pair ini.. malahan ini menandakan ada kesempatan buat jual..

Setelah itu...kita melihat adanya bearish engulfing terbentuk di daerah resistance, bener2 saat yang tepat untuk jual....

RESULT IS...!!

Semoga tutorial singkat ini membantu anda untuk lebih cermat membaca candlestick...

Cheerss...Happy Trading

Candlestick pattern paling penting Part 2

2008-11-19T17:18:00.000+11:00

5. DOJI / SPINNING TOP

Doji & spinning top menandakan kalo market tidak mempunyai arah ( sementara ) biasanya setelah doji atau spinning top, market akan stall mementara dan menunggu pasokan supply dan demand sebelom market lanjut bergerak lagi.

Live example:

6. PIERCING

Kondisi: Harus terjadi setelah downtrend + Bull candle harus cover setidaknya setengah dari bear candle.

Kegunaan Pola Piercing mirip dengan pola bullish engulfing, menandakan kalo seller sudah kehaisan tenaga untuk menekan harga lebih jauh lagi.

live Example:

7. Dark Cloud Cover

Kondisi: Harus terjadi setelah uptrend + Bear candle harus cover setidaknya setengah dari bull candle.

Kegunaan Pola dark cloud cover mirip dengan pola bearish engulfing, menandakan kalo buyer sudah kehaisan tenaga untuk mendorong harga lebih jauh lagi.

Live Example:

Itu doank pola candlestick yang perlu diingat...7 doank..!! tapi segalanya tidak berakhir hanya dengan menghafal pola candlestick, kita harus tau kapan untuk mengikuti sinyal yg di berikan candlestick tersebut dan kapan kita nga perlu peduliin sinyal dari candlestick.

Cheers..!! please keep on read as in the next post i will write on WHEN to read the candlestick signal...!!

Candlestick pattern paling penting Part 1

2008-11-19T15:57:00.000+11:00

Ok...Ini neh yang paling penting dalam trading tools kita, candlestick pattern..!! kalo candlestick bilang 'NO TRADE' yah udah NO TRADE deh...Nunggu konfirmasi dari candlestick itu penting banget...soalnya kita nga bakal tau resistance atau support level mana yang bakal di tembus hari ini...ingat...!! nga ada Support & Resistance yang bakal sanggup untuk nahan price selamanya kecuali level 0 (kosong) ^^

kalau nga salah ada sekitar 108 candlestick patterns, tapi yang kita amati cuman 7 doank koq n yg menurut saya paling kuat sebagai reversal pattern...gampang kan..^^

1. Bullish Engulfing Pattern ( gimana terjemahkannya yach? pola Kerbau menelan beruang?? kakaka...jk2...)

Kondisi:

Setelah downtrend + BULL candle ( candlenya pembeli ) lebih gede dari BEAR candle ( candle penjual) dalam arti kata bull candle menelan bear candle. Psikologinya begini neh...saat downtrend ( penjual menang ) lalu pembeli masuk dalam jumlah yg sangat besar ( candle pembeli menelan candlenya penjual) dari sini bisa dilihat kalo sudah saatnya seller kalah jumlah dan kemungkinan bakal terjadi reversal ke atas.

live example:

2. Bearish Engulfing Pattern

Kondisi: kebalikan dari Bullish engulfing pattern. harus terjadi setelah uptrend + bear candle lebih gede ari bull candle.

Live example;

3. Hammer

Kondisi : Harus terjadi setelah downtrend + wick/ bayangan dari candle tersebut setidaknya 2 kali lebih panjang dari real body candlenya sendiri, kalo nga..bukan termasuk hammer...

Psikologinya, seller menekan harga kebawah lalu pembeli mencoba menahan dan mendorong harga keatas ( tercipta lah bayangan dari candle tsb) disini artinya pembeli mulai masuk pasar.

Live example:

4. Shooting Star

Kondisi : Harus terjadi setelah uptrend + wick/ bayangan dari candle tersebut setidaknya 2 kali lebih panjang dari real body candlenya sendiri, kalo nga..bukan termasuk shooting star...

Psikologinya, buyer mendorong harga keatas lalu penjual mencoba menahan dan menekan harga kebawah ( tercipta lah bayangan dari candle tsb) disini artinya penjual mulai masuk pasar.

Live example:

Next Tool : Fibonacci

2008-11-19T12:49:00.000+11:00

Hmmm..bukan pengemar Fibo neh tapi saya jelasin az deh singkat az yach^^

sama seperti tools kita sebelumnya ( S/R & Trendline), Fibs digunakan untuk menentukan level2 penting dimana harga pasar di perkirakan akan berbalik (biasanya sih di daera fibs 50%,61.8%)

Fibs bukanlah alat utama kita, jadi jangan terlalu bergantung sama fibs. Namun jika fibs bilang 'IYA" pada saat S/R line & Trendline juga 'IYA', bukan kah trade kita bakal lebih mulus ^^

OK, Seperti biasa ini chart nya...

So, yang kita lakukan setelah melihat chart diatas adalah menentukan titik atau level dimana kita memperkirakan harga akan berbalik...Masih ingat dunk sama S/R & trendline yang baru saja kira pelajari...nahh apply disini...!!

Setelah menetukan titik2 dimana price kemungkinan berbalik, kita tambahkan fibonacci retracement...so jadi gini deh...

Noh, garis merah yang saya tebalkan itu adalah garis support + Fibs 50%, seperti yang saya bilang tadi, jika ada 2 alat bantu kita yang setuju kalo ini level adalah level yang kuat...berarti ini level emank kuat... ^^

Setelah itu kita tinggal nunggu sinyal dari candlestick az ( akan dibahas di posting selanjutnya)

udah...gitu doank...^^

2008-11-19T12:24:00.003+11:00

What is trend line...?? trendline adalah garis lurus yg menghubungkan beberapa point dari is a straight line connecting multiple points on a chart. A trend line is used in technical analysis to determine the direction and strength of a trend. An up trend line has a positive slope and connects at least two low points on a chart. A down trend line has a negative slope and connects at least two high points on a chart.

Here is the latest chart of Eur/Jpy ( 15 November 2008 )

what if....i draw a sloping downward trendline??Does this help you on mapping the market movement?? Trendline can be used as a guideline on the market movement, for a sloping downward trendline you expect the market to drop everytime it reaches the trendline and so do a rising trendline, you expect the price to bounce back everytime it hits the trendline.

Thats all, it is very easy to draw a trendline...however the bad news is, it is hard to know which trendline will hold and which one will not, therefore it is best to take a trendline that has hit few times and in addition if the trendline and horizontal line intersect each other at the same level then it will give you a higher chances on winning...here is the example...

Well, once you have two tools telling the same thing ( intersect point) , the winning edge is on you.

The best system is a simple system, most of the best trader worldwide use very less or even no indicator in their trading system.

Knowing S/R line, trendline and mastering them, you will have the advantages over tons of the trader outside who blindly follow those green and red indicators and systems that they have bought for $1000s of dollars...!! Trust me..you do..!! all you need to do it MASTER IT..!!

Trendline

2008-11-19T12:24:00.001+11:00

What is trend line...??

Trendline adalah garis lurus yg menghubungkan beberapa point dari suatu chart, trend line digunakan untuk memonitor trend & pergerakan harga pasar. up trend line mempunyai sudut kemiringan yang positif dan menghubungkan 2 titik terbawah dari suatu chart, dan downtrend line mempunyai sudut kemiringan yang negatif dan menghubungkan 2 titik teratas dari suatu chart.

Ini adalah chart dari Eur/Jpy ( 15 November 2008 )

Melihat chart kosong diatas apakah anda bisa menentukan trend pasar saat ini?Bisa, cuman sedikit susah..haha...^^

Bagaimana jika saya menarik 1 garis trendline seperti yg terlihat di chart dibawah ini? apakah ini membantu anda untuk me-meta kan pergerakan pasar??terlihat jelas bahwa price sedang berada dalam tekanan downtrend ( setidaknya sampai price menembus donwtrendline)

So, apa gunanya trendline ini? Trendline berguna untuk menentukan dimana anda akan entry dan exit,sedangkan candlestick ( akan di bahas setelah ini ) digunakan untuk menentukan KAPAN kita masuk pasar ...

Jika anda telah menarik sebuah garis downtrend maka harapan anda adalah harga akan turun setiap kali harga berada di daerah trendline.

Itu doank, gampangkan menarik garis trendline? Namun berita buruknya, kita nga tau trendline mana yang bisa menahan price movement dan mana yang nga.. So untuk itu kita perlu lebih dari sekedar trendline, kita perlu bantuan dari tools laen nya seperti garis S/R ( yang saya ceritakan di posting sebelumya) dan juga Candlestick Signal....( lanjut next time )

dari chart diatas, bisa terlihat bahwa adanya level resistance + down trendline mengisyaratkan bahwa ini adalah daerah yang kuat dan kemungkinan besar price tidak akan mampu untuk menembusnya(setidaknya untuk semantara waktu)

Cara Menentukan Support & Resistence

2008-11-19T11:49:00.000+11:00

Support & Resistance adalah analisa teknikal paling penting dalam day trading, S&R juga adalah salah satu dari TOOLS ( alat ) kita untuk menganalisa pergerakan pasar. Singkat cerita,

Support adalah level dimana harga pasar stop jatuh (setidaknya untuk sementara) dan berbalik mengarah keatas.

Resistance adalah kebalikan dari Support, level dimana harga pasar sudah tidak sanggup lagi menembus keatas dan berbalik jatuh...

Bisa di umpamakan support sebagai LANTAI dan resistance sebagai ATAP.

See the chart bellow...

Dengan melihat chart di atas, mampu kah anda menentukan level dimana harga selalu terhenti sejenak, kesulitan menembus level tersebut atau bahkan berbalik arah ( jatuh ) ?? Itu lah yang dinamakan RESISTANCE. Coba perhatikan gambar di bawah ini....garis putih menunjukan level resistance..

Lalu, Support itu yang bagaimana dunk....?? nah..di bawah ini adalah support....terlihat bagaimana harga pasar mental(BOUNCING) beberapa kali setelah berada di daerah tersebut.

YUP, itu adalah S&R, simple memang dan ini adalah alat bantu utama kita untuk menganalisa pergerakan pasar..!! sebisa mungkin KEEP IT SIMPLE & STUPID ^^

1 lagi yang perlu di ketahui mengenai S/R, sering kali setelah support tertembus, maka level support tersebut ber POTENSIAL dijadikan resistance begitu juga dengan resistance, sering setelah resistance di tembus ber POTENSIAL dijadikan sebagai support. Lihat contoh di bawah ini.

Here is the example of a clear Support and Resistance on EUR/JPY last week...

TIPS:

S&R bisa di tarik dari time frame manapun, namun perlu di ingat time frame yang lebih tinggi akan memberikan dampak yang lebih pula. Jadi, biasakan menarik garis Support & Resistance dari time frame yang tinggi terdahulu lalu pelan pelan menuju ke timeframe yang lebih rendah.

AUD/JPY 18 Nov 2008

2008-11-19T11:37:00.000+11:00

Hi all, A bucket pattern occured yesterday on AUD/JPY. If you know how to use it, then u should be bagging 120 pips...here it is...

I trully recommend you to learn how to use this pattern as it is a trully money making pattern...it is very easy to observe and profitable as well...please look on to the "how to use bucket effectively" posting...See you there..!!

When To Read Candlestick Signal

2008-11-17T21:56:00.000+11:00

Most of the traders are good at recognizing a candle pattern but they still lose money, why? simply because they read the candlestick at the wrong time..

let me show you an example,

After a short downtrend ( shown with arrow on the graph above ) a classic piercing pattern formed, THE QUESTION IS....WILL YOU BUY THIS PAIR KNOWING THAT PIERCING IS A BULLISH PATTERN??

The answer is NO..Why? this is when all the tools that we have learned before come in.. We have to use the tools as a SET not an individual item.

So, first what we need to do is to draw all the S/R lines...and it looks like this...

After seeing the chart above, will you still dare to buy this pair? the price has just broken through the support and remember what i told you before? A resistance will tend to become a support once it is broken so does a support will tend to become a resistance once it is broken..

Now, our previous support has been broken and it has a high chance that this previous support will become a resistance and THIS IS DEFINITELY NOT A GOOD TIME TO BUY regardless of a piercing has formed. At this time...it is best to look for a candle that signaling sell rather than buy ( UNLESS the candle after this formed a big bullish engulfing pattern that close above the resistance then i will consider to buy this or else NO ).

Move on, we saw a bearish engulfing pattern at the resistance level, what does this signaling us to do? YES...SELL THIS PAIR...!!

RESULT IS...!!

I seriously recommend you to get a copy of Japanese Candlestick Charting Techniques by Steve Nison. And i promise you this book is worth every penny of your investment.

Cheerss...Happy Trading

src="http://pagead2.googlesyndication.com/pagead/show_ads.js" type="text/javascript">

Most Important CandleStick Pattern Part 2

2008-11-17T21:20:00.000+11:00

5. DOJI / SPINNING TOP

i don't really differentiate between a spinning top or a doji , both of them have similar pattern and both of them are telling the same thing which the market is in indecision stat.

Live example:

TIPS:

You have to be aware that a spinning top/ Doji that occurred after an uptrend doesnt indicate that the market is going to fall, it is just an indication that the market is now in INDECISION stat, you have to wait for next candle for a confirmation whether to enter a trade or not, and vice versa.

6. PIERCING

Condition : after downtrend + bull candle has to cover at least half of the bear candle.

A piercing pattern act almost the same with bullish engulfing pattern, it indicates that the seller is running out of steam and most probably market is going to reverse, piercing has to occur after downtrend or else it is not a piercing pattern.

live Example:

7. Dark Cloud Cover

Condition : after uptrend + bear candle has to cover at least half of the bull candle.

dark cloud cover pattern act almost the same with bearish engulfing pattern, it indicates that the buyer is running out of steam and most probably market is going to reverse, dark cloud cover has to occur after an uptrend or else it is not an ideal dark cloud cover pattern.

Live Example:

That's it...!! this the 7 most important candlestick patterns that you need to know..!! You will make money just by knowing this 7 patterns forget other 101 more candle as they are merely a combination of this 7 patterns.

Cheers..!! please keep on read as in the next post i will write on WHEN to read the candlestick signal...!!

Most Important CandleStick Pattern Part 1

2008-11-17T13:45:00.000+11:00

Candlestick pattern is one of our most important tools that determines whether we enter a trade or not. If candlestick is not telling us anything...DONT OPEN A POSITION..!! yeahh..we will miss good trades sometime, but we will avoid a lot more bad trades...!!

There are approximately 108 candlestick pattern out there ( If i am not mistaken ) but to simplified we will use approximately 7 patterns and i consider them as the strongest candlestick pattern...

1. Bullish Engulfing Pattern

Condition : Downtrend + BULL CANDLE completely engulf ( bigger than ) BEAR CANDLE

As long as the bull real body engulf the bear real body, i will consider it as an engulfing pattern ignoring the wick/shadow of the candle. This pattern have to occurred after a downtrend or else its not a bullish engulfing candle.

live example:

2. Bearish Engulfing Pattern

Condition : Uptrend + BEAR CANDLE completely engulf ( bigger than ) BULL CANDLE

As long as the bear real body engulf the bull real body, i will consider it as an engulfing pattern ignoring the wick/shadow of the candle. This pattern have to occurred after an uptrend or else its not a bearish engulfing candle.

Live example;

TIPS:

DO NOT TRADE every pattern that appears to be ENGULFING PATTERN, Remember..IT IS NOT an engulfing pattern that does not occur at a right place. What i mean by right place is at a Resistance, Support or Trendline.

3. Hammer

Condition: Have to occur after downtrend so that it can hammer the price up ^^

To be considered as a hammer the shadow/wick has to be twice or more longer that the real body it self, black or white doesn't matter as long as it has a long lower tail ( this is showing that the buyer is starting to taking control over the seller ).

Live example:

TIPS:

The main usage of candlestick is not about how much you can memorize a pattern but more to how the candlestick can show you the psychology of the market, take HAMMER pattern as an example the long shadow bellow the real body shows that the seller ever tried to push the price down but the buyer manage to push the price up later on. By knowing this we know that buyers are stepping into the market and the trend is about to change ( from downtrend to uptrend or from downtrend to consolidation).

4. Shooting Star

Condition: Have to occur after uptrend so that it can shoot the price down

To be considered as a shooting star the shadow/wick has to be twice or more longer that the real body it self, black or white doesn't matter as long as it has a long lower tail ( this is showing that the seller is starting to taking control over the seller ).

Live example:

Fibonacci tools

2008-11-17T00:35:00.001+11:00

I am not a big fan of Fibonacci numbers, but if it can helps why not ^^

Same as our previous tools ( S/R & Trendline), Fibonacci shows us the possible market turning point. There is a little bit different in how we are using fibonacci, this is not our main tools so we shouldn't rely to much on it, fibs just serve as an additional tools.

Here is a chart as usual....

So, what we do next is to define all the potential turning point...

Same time frame but i ZOOM IN a little bit and in this case add alittle bit of fibs touch in it...and the result is....tada...

we have got a potential market turning point now...!! This shows us that in this case the price will most probably bounce when it hits this level...and it does..!!

This is how I use fibs, hopes thing is clearer for you..good luck on your trading..!! CHEERS..!!

Drawing Trendline

2008-11-16T23:52:00.000+11:00

What is trend line...?? A trendline is a straight line connecting multiple points on a chart. A trend line is used in technical analysis to determine the direction and strength of a trend. An up trend line has a positive slope and connects at least two low points on a chart. A down trend line has a negative slope and connects at least two high points on a chart.

Here is the latest chart of Eur/Jpy ( 15 November 2008 )

what if....i draw a sloping downward trendline??Does this help you on mapping the market movement?? Trendline can be used as a guideline on the market movement, for a sloping downward trendline you expect the market to drop everytime it reaches the trendline and so do a rising trendline, you expect the price to bounce back everytime it hits the trendline.

Thats all, it is very easy to draw a trendline...however the bad news is, it is hard to know which trendline will hold and which one will not, therefore it is best to take a trendline that has hit few times and in addition if the trendline and horizontal line intersect each other at the same level then it will give you a higher chances on winning...here is the example...

Well, once you have two tools telling the same thing ( intersect point) , the winning edge is on you.

The best system is a simple system, most of the best trader worldwide use very less or even no indicator in their trading system.

Knowing S/R line, trendline and mastering them, you will have the advantages over tons of the trader outside who blindly follow those green and red indicators and systems that they have bought for $1000s of dollars...!! Trust me..you do..!! all you need to do it MASTER IT..!!

Defining Support & Resistence

2008-11-16T22:48:00.000+11:00

Support and resistance are by far the most important day trading technical analysis elements you will ever find, Simple words, support is where the price stop falling ( at least temporary ) and resistence is where the price stop rising ( at least temporary), THAT'S IT..!!

See the chart bellow...

by seeing the chart can you tell where the price start to fall once it hits a particular value (RESISTANCE)...Here is the resistence level if you don't.

That was resistance, pretty simple huh. OK now, what is support...??

THATS IT..!! ITS SIMPLE YET VERY POWERFULL..these are our main tool for profitable trades..

Ok, you have got the idea of Support & Resistance, now you have to know that it is often a support area can serve as a resistance area once it has been broken and vice versa. Let me show you..!!

Here is the example of a clear Support and Resistance on EUR/JPY last week...

TIPS:

Support & Resistance lines can be drawn in any Time Frame and the higher the time frame the more significance the level will be. Its better for you to view the larger time frame (monthly) plot all the resistance and support line that you saw and slowly go to lower time frame (H4) to adjust your lines in a more precise level.

Fibonacci Number + Candlestick

2008-11-16T16:29:00.001+11:00

Hi again, today i am going to show you how to trade using Fibonacci + Candlestick + Bucket pattern + S/R level

Nothing is special about all of these techniques they are merely basic tools that are used to spot the possible support & resistence in the market chart..

If you saw this chart, what will you do first?

of course trying to define the most possible support/resistence lines, add a fibo tools ... and what obvious pattern can you see from above chart?? if you say BUCKET, you are definitely correct, a very beautiful bucket pattern occured at EUR/USD pair few days ago...

And by see-ing the historical data on the graph bellow, the thick red & thick yellow line is the 'marked possible bucket pattern(see graph above) + fibo 76.4% ' . As you can see, price often bounce in this particular area which makes this bucket pattern and Fibo 76.4% strong..!! there was a valid bucket pattern using the same line as well in the historical data..!!

So, now we know that we have a strong possible support, what we need to do next is to wait for candlestick signal around that particular area before we enter our position, if candlestick is not telling us anything, abort this trade..REMEMBER that not all support can hold and not all resistance can resist..!!

BUY SIGNAL generated by bullish engulfing pattern..!! So, when do you close your position?? you can either close a position on previous resistence or a reverse candle pattern are forming...if you are an conservative trader, you should stop your position after the doji position was formed ( see chart bellow )

If you are a little bit aggresive trader, you should put your Stop loss area on Break Even Point + Few pips (depend on you) and marked all the available resistence. Next, wait for the market to swing again after profit taking. and see what is going to happen around the resistence area, will the price break through or collapse...

Hopefully it helps...!!

HAPPY TRADING...!! CHEERS...!!

Bucket Trading

2008-11-16T03:43:00.000+11:00

What is BUCKET PATTERN? if this is your question..well, let me tell you that bucket pattern is one of the best pattern that i have ever met (of course after Candlestick pattern ^^).

You can trade very well just based on this BUCKET PATTERN, i am not sure who was the first to invent this pattern but i knew this pattern from BRV ( a trader from NY ) in his thread in ForexFactory NO BRAINER.

Just to cut this short, Bucket pattern occurred after a trend, consolidation and counter trend. Well, i am not good at words so here are some of the examples of bucket pattern and how to use it.

First, what you need to do is to spot the pattern of trend, consolidation and counter trend (downtrend, consolidation , uptrend OR uptrend, consolidation, downtrend) and marked the potential turning point.
( the top of the consolidation as the potential Support/ Resistence YELLOW DOTTED LINE)

As you can see in this chart, a strong rising trendline can also be drawn just to add a clearer view on where most probably the market will turned. It looks messy & hard but seriously, it is not...this is all i have in the chart...

What we do next is to wait for Candlestick Signal (VERY VERY IMPORTANT STEP) at the line, it can be either Yellow line ( bucket pattern) , RED LINE ( trendline) or even both.

ONCE ITS CONFIRMED, all you need to do is to OPEN A POSITION, and see what will happen. Obviously not every trade is going to be profitable but by knowing this extra portion you will add a significant winning percentage on your portfolio...

Here are some of the bucket pattern and hopefully can make things clearer for you..

Well...BUCKET pattern can be found almost in everytime frame and every single day.

HERE IS THE BAD NEWS, NOT ALL BUCKET PATTERN IS VALID, all i can say is always trade bucket by viewing the historical price action at that particular level, the more it get hits and reverse the stronger that point will be, but stronger doesnt mean that it will never being broken, all support and resistence will be broken one day. So, trade this pattern effectively...!!

ALL THE BEST...!! AND HAPPY TRADING...!!

THANKS TO BRV FOR HIS EDUCATION...!!