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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 30, 2009

EUR/USD Strategies on July 30, 2009

04:32 PM (GMT+7)


After calculating the results that I made in EUR/USD by using the Time frame of 30 minutes, I concluded I was not suitable to use only the time frame of 30 minutes. Now I will use TF4 H as my based with other time frames as support.And it might not everyday I made a trade. My main Idea on my next trading plan is short. I will tell you why. For now I just wait and see. This idea for short it is my plan, it might will change as market change. But the fact is, now I just sit and watch all EUR/USD's movement


This is TF 4H chart which is I'm used as my basic plan to trade, click to see:






From that chart, EMA 5 (Blue) and EMA 20 (green)already crossed down EMA 66 (red)and RSI fall bellow 50 wich mean bearish already comfirm.Neverthles,there are several reversal candlesticks pattern ( watch 5 previous candle) indicated bearish lossing the momentum and need to pull back to collect more power to make another penetration.Price action will try to push and carry out with it ema 5 to ema 20 wich is 1.4230 area where there are several barrier that have been formed by Parabolic SAR. If I am right then price will try to push EMA 250 (purple) in area 1.3988 and next if RSI hold below 50 it will continue to push EMA 365 (pink) in area 1.3871


CORRECTION:
I make mistake when type, it should be like this:
....carry out with it ema 5 to ema 20 wich is 1.4130 area where ...




UPDATE - 07:33 PM (GMT+7)

ALready Sell EUR/USD at 1.4052, detil from my decision will be update soon, after I completed set my TP and my SL



and here are my considerations:




EUR/USD TF 1H,after price climb to 1.4096 it fail to hold and next candle forming dark cloud bearish candle. EMA 5 (blue) already try to cross up EMA 20 but failed to break it, in my basic reference (cornflower method) it is the best time to open re sell.RSI also stay below 50.







EUR/USD TF 15 minutes, EMA 5 (blue) and EMA 20 (green) alredy cross down EMA 66(red) wich mean bearish cofirm continue,RSI and Parabolic SAR also boost it down. It's in line with TF 1 H so I decided to sell it. Possibility it has a chace to 1.4130 but I hope it's not happen so I don't need to make locking or averaging. I already take one short for EUR/USD at 1.4052 with open target, and no SL, I just will watch it if EUR/USD moving up to 1.4130 area I will set new plan.

at 4:32 PM  

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DISCLAIMER

Trading of financial instruments involves substantial risk, including complete possible loss of principal plus other losses and is not suitable for all members of the public. This blog discusses my experiences and my style of trading. This blog is for entertainment and educational purposes only. The trades discussed here are MY trades. You make your own trades and you and only you are responsible for your trades. Ideas and opinions discussed on this blog are not in any way recommendations to buy or sell securities or investment advise.

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