Forex-Dreamer: EUR/USD Strategies on July 27, 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.

Monday, July 27, 2009

EUR/USD Strategies on July 27, 2009

09:56 GMT +7

Here we go, I started again. After take several days holiday. I hope this time I will not make a mistake. From my last performance, I found that it's not efective to take more than 30 pips as my target just using 30 minutes time frame. I need expand my view on bigger time frame. However, I'm try to stay at TF 30, so I will take 30 pips or less as my target. I have plan to enlarge my view but not now. Soon after I'm realy sure with my performance in TF 30 and gain steady profit for more 3 month, I will expand to TF 1 Hour and 4 hour.

Today I saw EMA 5 and 20 still hold above EMA 66, RSI steady above 50,and pasabolic SAR already make several barrier wich presented small support at 1.4183 - 1.4171. Upper side, resistant seems like formed on last friday's Hi at 1.4254, break it would bring EUR/USD try to test last week's Hi at 1.4291.

I already take one position, buy at 1.4216, SL at 1.4186 and my target at 1.4246

UPDATE - 11:27 (GMT+7)

EUR/USD - Time Frame 30 minutes

My original position already clear, after Dow Jones opened seems like EUR/USD realy test last week high but EUR/USD failed make significant break and failed to hold bullish momentum. For me now EUR/USD shows bearish patern. RSI fallen below 50,EMA 20 (blue) already crossed down to EMA 66 (red) and I believe EMA 5 will follow soon. Candlestick patern also shows bearish pattern, possibility price will try to push 1.4234 area ( see TF 15 ) and resistant already seen at 1.4254, next would be previous Hi 1.4298. On opposite movement, downward try to push 1.4196 and support already formed at 1.4170.

EUR/USD - Time Frame 15 minutes

EMA 5 and 20 already crossing down EMA 66 and that comfirm bearish. But 2 previous candle shows possibility upward movement. Based on both 30 minutes and 15 minutes, I already set pending order. Sell Limit at 1.4230, SL at 1.4260 and target at 1.4200. I will check it tomorrow morning in asia's session, if not executed I will cancel it

Update: 1:55 PM, July 28, 2009

SL hit, loss 30 pips