Forex-Dreamer: EUR/USD Strategies on July 16, 2009

Rain's Quote

My first interaction with forex was GBP/JPY, but more deep involved with forex, I learn that it's not about how you make a lot of profit, it's not about how fast you will gaining hundreds of pips. It's all about how you dealing with your psychological factors, how you manage your risk and stabilize your profit. It's true that GBP/JPY could give you hundreds of pips in an hour or less but it could take your all margin either.A fiew month ago, I decided reduce my trade in GBP/JPY and try to play in EUR/USD,It's hard time when I must learn new behaviour becouse trading in EUR/USD is not same thing dealing with GBP/JPY. EUR/USD has own rhythm. Based on that I decided to make this blog, I want to share with everyone about my journey to change my behaviour and I hope,you can feel the same thing, that it's not too late to learn something new and there is always new things to learn in forex market. Don't stop learn,once you stop it is same thing that you are dead. There is a lot thing I want to write but my limitation in english make it hard to me to wrtite, but I don't want give up. I believe, someday english would not be my constraints to write and share with you. My motto : Learn First, Wealth Will Follow.

Thursday, July 16, 2009

EUR/USD Strategies on July 16, 2009

12:19 PM (GMT+7)

My last OP not hit it target, not yet, but I'm sure it will soon, so I will keep it running as my first plan. Meanwhile, my pending order that I've been set yesterday already canceled. I will keep on eyes follow market move and decided what I have to do latter. Now I just stay at the plan.

UPDATE: 02.02 PM (GMT+7)

My last position already clear, target hit. Now I'm looking for todays chance, and here is it:

EUR/USD - Time Frame 30 minutes
Indication weak bullish but it stay hold aslong as EMA 5 (blue) and EMA 20 (green ) could not through EMA 66 (red), and price action already crossdown EMA 66, this could be a warning, would price go down or bouncing back and bullish trend will continue. I will wait smaller time frames give sign, sell or buy I will decided it from TF 15 and 5 minutes act.

UPDATE: 02.22 PM (GMT+7)
I already entry buy EUR/USD at 1.4081, with open target, here is it my reason:

EUR/USD - Time Frame 15 minutes:
RSI hold above 50 ( so do TF 30),bullish already come back. It can be seen from candle's pattern and also Parabolic SAR wich is already formed first/nearest suport at 1.4055-1.4044. From these, and also EMA's pattern in TF 30 I already buy at 1.4081, my SL at 1.4044, and I let it with open target, I will decide my target later on US market.

UPDATE - 07:37 PM (GMT+7)

I've seen there is potencialy deep reverse on EUR/USD based on shooting star candle on TF 5 minutes, I closed my position at 1.4146 (+65 pips) and try to catch another pips if I'm sure it give me nice sign.

UPDATE - 08:08 PM (GMT+7)

Now I already take one short, I've got at 1.4130, I will write my reason but later, I have very close to watch it....

Here we go, my base reason why I take short:

EUR/USD - Time Frame 15 minutes
Candle pattern shows bullish getting weak, RSI also give a sign downward to EMA 50, EMA movement getting curved down, in my opinion it will try to push 1.4105, I already take short at 1.4130, my SL at 1.4168 and my target at 1.4115

UPDATE 09:02 PM (GMT+7)

Target hit all clear. I think time for stop, for EUR/USD, today pretty good, I don't want greed will ruin everything I got. Now I just wanna chat, surfing, etc, doing something 'light' and fun. I will catch EUR/USD next day.