23 Apr 2009

I managed to close all trades, leaving a less than 2% loss.

Gains was made back during Darling speech and during US opening, adding an addition 6% increment from last weekend.

I expect not much movement during the morning and expexted the FSTE to loose ground. But whether GU will follow down, depends of the list of news at 1500hrs from France and Germany.

I will take small profit, trading in the range 1.441 and 1.466.

After 1.441, it should be a clear down to 1.43, while a clear off 1.455 will be a up to the next resistance at 1.466

22 Apr 2009

Further loss is taken, after the unexpected sprang up. I did not expect the run in DOW.

But one thing I learn is that should the trend be down but when it break the resistance line at 1.458, I should have let go of short position.

Today, the hinge is on the 1630hrs news UK unemployment.

Trading range is from 1.452 to 1.475. As so, should it break the resistance all short position go.

I currently have short positions and heop to let go before the news start.

21 Apr 2009

I have to give up gains after GU failed to rebound after hitting support at 1.460.

I expect GU to continue to slide, given the second round of fear that plagued by US banks. In addition, UK has not give much better news to offset. CPI is expected to be below 2.9% and that will push GU down.

I have place a short at 1.450 and TP at 1.43.

20 Apr 2009

Last Week Performance:
First, I close all open trades and that work out to a overall increment of 18.1% in capital, average of 3.6% for 5 trading days.

Key lesson learnt:
During dispersion, do not enter trade as direction is not clear. 1 position was stuck at Wed because it was entered when EMA21 cut EMA55. Instead of a rebound up which could happen it shot through. So the best was to wait for clear indicative direction before enter trade.

Today play:
Trend down, but cautious as CCI may reverse.

I will place a short at 1.48, TP 1.472 and
long at 1.4655, TP 1.472.

If from the 1H chart, EMA200 is to go below EMA200, I will play shorts until EMA21 shows signs of weakening.

17 Apr 2009

Mistake!
First instead of a up candle, it went down. I have 1 position caught at 1.4977. This was silly as it was entered after EMA21 cuts EM55 transition. I should have waited for the transition to complete and that will set the trend - down!

The market will continue to move side way, only giving signs of direction after the band of 1.487 and 1.495.

With the paper loss at hand (which I try to close the position but has not done so last night), the gain is 2.2%.

Target - close this open trade and increase the capital by at least 2% from current balance as at 0900hrs.

16 Apr 2009

I decided to blog again and keep again of a dairy of my daily trades.

I set my daily target to be 2% of the captial.

Yesterday results:
I managed to close 3.5%.

Today play:
Support at 1.4920, 1.486
Resistance at 1.51, 1.53
Range 1: Long 1.4996 to 1.5005
Range 2: Long 1.4974 to 1.4991
Range 3: Long 1.4930 to 1.4965