Me and Forex

Hello to my blog!!! The last i wrote a post was 1.5 years ago! I really dun have a habit to blog :P

Back to the main point i have started Forex training for awhile! I on slow progress i have improved but still not to the standard where i can trade real account. For now what i need is sort of a daily or weekly diary keep track of my mistake and success! i was thinking why not making it for friends to view to and probably learn about Forex!

Originally i going write an introduction to Forex explaining Forex from my point of views but i am to lazy! u can read it up online its all over the internet. If u need help just ask me i will try to explain your queries if i know! I am still a beginner! Honestly i read about other people reviews and road to success, but trust me is not easy, dun believe in the advertisement out there , i have been failing daily (you will see later what i meant.) Some people take a year to get pro, some take half a decade, i haven find anybody who could beat the market w/o hard work! Trust me! to succeed you need to fail u need persistence  and to learn and understand! It is equivalent to a marathon or getting your honors/degree/masters/PHD requires time dedication, effort and lastly EXPIRENCE.

[Disclaimer]

PLEASE READ! This disclaimer will appear for all my future Forex blog posts.

  1. Anyone reading the Forex tag post please do not share them, you are welcome to read and comment!
  2. Secondly all materials, comments, post written/given are my personal opinions they are not advice or reality!
  3. I am not going mention company, people & platform. Dun ask!
  4. I am no expert my knowledge on forex is still limited as i said it just a diary to keep track of my trades and learn!

An fast introduction

More words!!!

Basically i am trading demo account. I am following inputs given by the chief trader, he explains the daily news that might affect today’s trade. Give directions of the trade, resistance,  support but does not tell u go into time and place to trade so do your own analysis and capture the timing on your own!

I normally do scalping trade or spot trade.
Scalping trade refers fast trades which basically identify price action and trades following the identified trend. My aim less than 30 seconds and 1.5 pips profit per trade.
Spot trades are normal trade with My aim less than 90 seconds and 3 pips profit per trade.

What is pips?
SGD1.3000 to SGD1.3001 is 1 pips baciscally 4 decimal place,
Standard lot in Forex is USD100,000, 1 pip profit will give USD10
Mini lot $10,000, 1 pip profit =$1
Micro lot $1,000, 1 pip is $0.10 Doing the math scalping trade 1.5pips less brokerage 0.5 gives 1 pip. 300 pips monthly give u $3,000 from 1 standard lot and $6000 from 2 standard lot.

I use very simple trading technique/tecnical analysis.
Trading technique used:

  • Price action
  • Double bottom/top reversal pattern
  • Triple bottom/top reversal pattern
  • Head and shoulder reversal pattern
  • Flag Continuation pattern
  • Triangle Continuation pattern
  • Break out of resistance/support/trends
  • Fibonacci Retracement

I practice my trade on Monday to Thursday night 8pm to 11.30pm. Currently on DEMO account.
I trading 0.5 pips entirely as i am aiming to get 90% profit rate (1 loss in 10 trade) per night for consecutive week before moving to 1 pip then 1.5 pip. This is to get experiences and train my timing correct. Also a restrain of 1 trade per 15 min (even if its is a lost). This is to train me to look for best trade in given time frame and also not to take every single trade possible and trade in all market conditions. I am trading euro america currency.

Finally to my diary yeahhhh!!!!!

Trade Diary 1 (Monday 5th February)

Market News

Japan weakening YEN, A week ago news, America also announced continuity oF QE3 printing money till its economy turns better. Weakening currency (ie. print $$$) help boost export thus better GDP and growth and ability to pay for the fiscal policy. Age of Currency war! Most currency are devaluing itself. Euro made up of several countries is hard to get an agreement of majority to devalue its currency thus, going face tough competition (currency become higher) ahead. I would say same for SG? ( i have no prove :P )

USD-JPYEUR/JPY

EUR/JPY(left) USD/JPY(right): Daily chart.

SGD-JPY

SGD/JYP(Daily), Holiday to Japan?

Analysis Before trading

EUR-USD(Daily)
USD/EUR daily chart is Bullish, has higher high and lower high(circled in blue), significantly bullish!

EUR-USD(hourly)
In the hourly chart we can see the  first triple top formed before the 3rd leg of the up channel (daily chart), and successfully broke the triple top resistance. Once broken top side The triple top resistance became support for the new accelerated trend. A triple top was formed again and couldn’t break the new resistance and formed the second leg for the accelerated . which broke the resistance of the second  triple top. The resistance turned into support for the third leg of accelerated up move. hourly chart is also significantly bullish.

EUR-USD(30min)
In the 30 min chart we can see than every time the up side is broken is consolidates side ways buts after the peak of 1.3700 i started to dip down, and broke the 2nd accelerated up trend line. With this we can foresee a retracement. Reason being if it was still a bullish pattern it will try top side before breaking further  down. As u can see the zone is extended as it is a support for the trade day.

EUR-USD(10min)
The 10 min chart show a possible down trend and has broken the previous support zone in blue.

EUR-USD(1min)
The vertical line is where is started trading after the analysis. In this 1 min chart we can see before i start trading the price was trading in a small zone(grey rectangle).

My Trade day

4FebTrade
7 profit and 3 loss Stop lost at 2 pips, 70% pass rate This is  bad, aiming for 90% to 100% is far away, 70% is alright or just pass i must say. A good trader would be at around 85%.

Trade 1

Trade1-0
My first trade is a sell trade located at the pink rectangle in the 10sec chart. The reason for the trade,2 Higher low at top in red at the top and 2 lower low in orange, followed by 2nd leg acceleration down trend(3rd red bubble).

Trade1-1

This trade was done because a pull back after testing the bottom which did not cross the previous high(black line) and a possible 3rd leg of acceleration.  The pink box is where my exact profit  is 1.35513 to 1.37707 =0.5pip. It is a sell trade. My exact order was at 1.3552 but deal to slippage it got to 1.35513. This was a decent trade but selling at 1.2552 was at wrong level. Timing was correct. It would be best if the selling was at 1.3553 (blue line). Both spot(2.5 pips) and scalping (1.5 pips)trade is possible. Another point, the down move i traded on only lasted 30 sec after the 1.3553 level. Closing in 30 sec = profit.  As seen longer holding time = more risk! 1 min and the profit is missing. 9.15pm to 9.30pm trade done on 9.17pm, 13 min to look for next trade.

Trade 2 & 3

Trade2

Trade 2 was at 9.44pm, the pink square on the right, a sell order at 1.35568 to 1.35563. It was done caz a lower high was form, 2 black circle which did not break the peak.  also not after the consolidation in green rectangle the move lasted 30-40 seconds.

Trade 3 was at 9.46pm  a lose shown at the blue rectangle. I ordered a sell order after thinking it might form a third leg for a further down move. First note the time difference in first and second trade 9.44pm and 9.46pm, that why i need 15 min interval for each trade so i would not rush into every possible trade there is and do a proper analysis.  Secondly I should wait for a pull back to test the upside (if upside cant be broken) which will form the third leg before entering a sell order. Honestly looking at this trade make me feel dumb, i was to eager and impatient. If i would have waited, i would have seen a higher high(pink bubbles) and lower high(blue lines) signaling a build up to break the red down trend.(red dotted channel).

Trade 4

Trade4 Trade 4 a buy trade which i made another loss, shown in the blue box, I have no idea why i made this stupid move. A proper order would be at where the green rectangle is higher high and 3 lower high(green lines) attempting the upside, with a time limit of 30 sec again. Quite similar mistake to previous,  should always wait for a pull back which is supported before trading. Another stupid mistake here.

Trade 5

Trade5
Trade 5 sell order after the break of a consolidation above pink line. supported my 3 lower high and 3rd leg acceleration which cant break the top of the consolidation. This is what i call a good trade, can be a spot trade to, 5 pips in 60 secs.

Trade 6

Trade6
Trade 6 is located at the pink box. this trade is done caz a test upside(right most red bubble)  fail to even reach the previous consolidation, forming a accelerated leg for further down move. Also lower lows and 3 lower highs were form(3 pink line) suggesting a further test of downside. A decent trade, can also be a spot trade with 5 pips in 30 seconds. Also A perfect trade would be at green rectangle mark. It is supported by 3 lower high (3 blue lines) and a break of the dotted accelerated trend, 2 mins, 10 pips

Trade 7 and 8

Trade7
Trade 7 located at the first pink box, i would say this is not a decent trade just a lucky trade, the no pull back to try the downside, same mistake as previous two losses might have happen, i was just lucky. A decent trade would be where trade 8 is, tho not fantastic

Trade 8 located at 2nd pink box, Higher lows (3 blue bubbles) and higher highs were form, not a fabulous trade still okay i guess.

Trade 9 and 10

Trade9
Trade 9 was a buy order above red line but i made a lost located at blue box. I was trying trade a head and shoulder reversal pattern shown in pink lines with neck line at red line, obviously it did not work. To note, never assume a head and shoulder pattern till it is form, as it could easily turn into a double bottom. Also A buy trade should only be enter after test of grey circle is held forming a third leg and higher high, clearly it did not hold.

Trade 10 was a sell trade located at the pink box. Traded because a fail breaking the upset and a break of up trend(dotted blue line) with no higher high. A place for a spot trade too, 40 secs 8 pips.

Conclusion

As u can see most scalping trade if u scout for the best place to enter can be a spot trade, scalping trades requires better technique and time precision, training with 15 min interval help me identify a which best trade i should enter in the given time frame. Also not this trade is a side way consolidation no a trending day, as seen it did not break the blue support zone drawn in 30 min chart extend into 10 min chart as a support zone. we traded a range of 1.3548 to 1.3578, 30 pip range and there still a lot of opportunity.  I will work hard to night :D

Life in Sydney Australia

Its about time i should at least write A post on my Blog since i arrived in Australia, Sydney.
This going be 1 long post. I will break in down to few paragraph.

Sydney

Its Winter now so its Cold here but i guess i more or less use to it. Although i cant be like local wearing shorts, T-shirt and walk around.
Sydney is the most crowded city i ever been to in Australia. Even after 6pm the street still have ppl walking around although still not as crowded as Asian countries.
I live in suburb about 20km away from Sydney where my school is. Its pretty much colder than in the city, most likely because there are many tall city building blocking the cold winds.
Many ppl told me sydney was a place u could experience 4 season in a Day. Was pretty true. Once during 7am while i was still asleep i suddenly woke up because i was perspiring non stop. I step out when for breakfast immediately i took out my jacket. the weather was so warm><. But when night came i was chilling till i camp beside the heater the whole evening.
Things in Sydney is ridiculously expensive. Train Tix from my place to city (2way) is bout 10-12 Australian dollars. So sorry Huzaen dun think i can visit u often. Food too is expensive. the trick to eat out is dun look at the price… But i guess i will make sure I eat back at dorm everyday. I think back in SG i am spoilt, If i wait more than 10 min for a bus i will be cursing and swearing. Here if the bus.train arrive in 10 min u r lucky!!!
Oh yar i found a stall in city that sell Roti Prata. The price of 1 Prata is 7 australian dollar, total rip off!!!! even the portion is small i heard. Mutabak is 10$ serving smaller then my palm. and best part is it always have ridiculously long queue everyday.
I hate raining days. Time to get a sturdy umbrella wind so strong here.

Macquarie University

So my school is pretty much big and interesting place although not as beautiful UniSyd and UNSW. when walking in the school compound u will find more International student then Australian. Feels like i am in Asian UNI. I have Joined  the Singapore Association. think there a barbecue coming up soon. Lecturer are weird, some like include their own bias opinion, some like go on talking about themselves and some just like to go on and on on 1 topic till they realize time is up. There are also prankster who suddenly open lecture doors and shout in to ongoing lecture and run away. And 1 rule in lecture never sit beside hong kong and chinese ppl. they just like to talk and talk non stop very distracting. And if they ask u understand mandarin say NO! cause they start talking to u in middle of class non stop. In Australia u can always see older people studying, like few days back i met a 50+ guy, he was studying Master for Ancient Histories. He said it was his interest how cool!!

My Dorm
OK basically I stay at Robert Menzies College 5min walk or lesser to UNI. About 350AUS per Week which include 3 meals, 1gb data per month, free laundry of beddings, Free TV, sports. Not very cheap nor Expensive. The college next door is at 475AUS per week, Newer, 3meals, unlimited internet, free uni gym membership. But is expensive. >< but i wan unlimited internet!!! I heard my Uni GYM(include swimming pool, basketball court, tennis court, badminton court and etc) is the cheapest in NSW cost 180 for 4 months. Yea Sadly in NSW everything need to pay. SO daily activity for me is table tennis, pool and TV. My neighbor has a 26 inch TV and XBOX 360!!! Woots…. And his friendly!!!!!!

Currently i am still trying to transit back into a student. I cant seem to sit down for long and study, i get easily distracted. Lack of discipline.

Photos
Here are some photos i took. U can always find my latest photos HERE as i dun always blog about them. You also can find it on the Link Bar

Bondi Beach

Bondi Beach LIFE Guard House- Look the water Temp is 17.4 ><
Thats y i dun want go in to the water its cold!!

Left to right: Andre From Indonesia, Me and Jae From Korea.


Left to Right: Joe(Korean), Daniel (HK), Evan and Chris (Indonesian)


Left to Right: Imran (bangladesh), Sophie(Mexico), Fariha(bangladesh), Dennis (SG).
Nice Sand Castle!!!!


Left to Right: Alda and AG (Indonesia)

Other Photos but for more look at my photo album.

Photo before we left.

Look at how big the wave is compared to the surfer!!!!
I dun understand how ppl can swim in winter!!! Jae, Joe, Alda, Daniel and Andre went swimming. After they get out the scene was hilarious. they where practically hopping and running around! Not good advice to swim in Winter.


Nice Beach!! Very soft sand!!!! and the sand is ridiculously cold!!!
Blue Sky! Blue Sea!


But the beach is really small!! heard Manly beach was extremely huge cant wait to go see.

Lastly Jia Hui This specially for you!!!!

Two Korean Friends, Need me intro them to you just tell me! xP.

Studies

Though i should update stuff about my Studies oversea.

Many people ask me, you Ord already so What are you doing now or going to do?
My Ans, I lazy bum useless to society Slacking now, No School want me.
Tell the truth people’s first reaction Rich! -.- and it is troublesome answering their millions of question following next.( Not referring to OPP and BI0501 pals)

For benefit of  people for read my blog i shall blog all about my studies in this post. But most people who read my blog knows about it already.

I am going study at Macquarie University.
The Course I am Studying would be Bachelor of Applied Finance.
Please dun ask me why i didn’t choose IT.

MQ university is located in north Sydney.
Just 16 kilometers from Sydney’s CBD.
Pretty Far!!! Here is a Map.

Far Right? But If anybody ever come Sydney within this 2 years remember you must give me a call!

And Now a Map of the university.

Shaded red is the University Compound.
Green Icon is where i study at Faculty of Business and Economics
Red Icon is where my hostel.  Robert Menzies College.
Blue Icon is Train Service
Yellow Icon is A Shopping Centre!!!

OH Yeah! I have added my google calender link on the Right Panel. I have Updated it with school Schedules and flight date. I will Try to update it in detail once i get more information.
20th July my flight
22nd July Orientation
2nd August School Start

Here is my Rough Proposed Study Plan.

Year 2010 Semester 2

  1. Econ 110: Macroeconomic Principles (3)
  2. Econ 111: Microeconomic Principles (3)
  3. Stat 170: Introductory Statistics (3)
  4. Accg 106: Accounting Information for Decision-Making (3)

Year 2011 Semester 1

  1. Asct 101: Techniques and Elements of Finance (3)
  2. Econ 203: Microeconomic Analysis (3)
  3. Econ 241: Introductory Econometrics (3)

Year 2011 Semester 2

  1. Accg 252: Applied Financial Analysis and Management (3)
  2. Acst 201: Financial Techniques, Instruments and Markets (3)
  3. Econ 334: Empirical Finance (3)
  4. Econ 335 or 360: The Economics of Financial Institutions (3)  or International Finance (3)

Year 2012 Semester 1

  1. Fin 310: Issues in Applied Finance (3)
  2. Econ 350: Money and Finance (3)
  3. Accg 329: Security Pricing and Hedging (3)
  4. Acst 300: Insurance and Superannuation Practice (4)

That is Total of 46 Credit Points.
Total credit points to Graduate 68
68-46=22.
I have exemption of 24 credit point which all use on electives subjects.

Study Hard i want good grades. ^^

Reviving my Blog

OK!! I have decided to Blog again!!!!
Changed the layout hope every1 like the new layout.

Guess i will have more things to blog soon,
Rather than old boring rants about Army!!!

Ord-ed for 1 month and 1 week!
Have been Doing practically Nothing

A present for all ORD personnel

A 25hr Customized watch.

With My Rank, Name, Ex Attended Carved Behind.

My Awards!

Finally My Certificate of Service!

P.S The watch retail price is $280, Ours was bought in bulk @ 45$ fully customized :X ..

Training

This whole week was pretty relaxing.
Had on JOB training which means hands on. YEAAA!!!
I always prefer practical to lectures.
nth goes into my head during lectures!
Lots of experiences shared by seniors,
lecturers and with people working in the field.

LEARNED something interesting..

Which is for those eligible for IPPT.
IF i pass IPPT and the course i taking now,
i be able claim my 3rd SG rank after the course.
I am eligible for IPPT just that i always fail.
i have 3 months to train.
But i am to lazy too….

Wanted go jogging today and yesterday but end up to lazy too….
Wonder when will i start.

Another thing i need start on is to think before i talk.
always wanted to change my habit of talking unnecessarily
but it seem to be a instinct of mine which i cant change.
BUT i am living with a platoon of people some people
are sensitive, some are serious and some are not. haix..
OR maybe i just think to much.

Update

Guess time for me to update.
i have stay in for a week +.
Monday night book in, Friday evening out
Wednesday night out 7pm – 10.30.
Wed & Fri 3/4 KM run
Darn i must say it is boring
lectures and lectures. for 1 WHOLE WEEK.

probably another week of lectures,
then hands on time.

i have 1 weird lecturer 30+
As u noe my name tag on my uniform printed Y L Lim.
He would call every1 by their sir Name.
he goes LIMMMMMMMMM dragging the last alphabet!
eg. CHeeeeeeeeeeeeeeee, CHuaaaaaaaaaa
worst he will call me and say this!

LIMMMMMMMMM, Close your mouth! -.-
i noe my mouth always slightly open but ….
worst during one morning run he joke with me!

LIMMMMMMMM dun fall a sleep when u run later!
What The …… i wasn’t even sleeping in lectures!!!!
my mouth was open slightly tats all!!
and from then on i sat at the side of his lectures so he
wont call my name and ask me close my mouth!
but he still does!!! SIGH

worst part last Friday
he shouted LIMMMMMMMMM! and was looking
for me. before he even found/look at me he
said CLOSE YOUR MOUTH!!! Haix i then realize
he JUST CALL MY NAME FOR THE FUN OF IT!!!

now any course mate ask my name i would say
LIMMMMM! lol although there are 2 LIMs in the course

Stay In!

Hi! realize i haven update my blog for quite some time.
some things happen and i dun wish to think about it.

Anyway here is an update.
i am posted to STC for course.
Supply Supervisor Course for 4 months.
And its a STAY IN course.
STAY IN start tml which means,
from tml onwards i only free on weekends :(

After completing i would be either CQMS or
Store IC in some other unit.

Things seem to be less strict and more freedom,
But more responsibility!

Back in Action

Just came back from my trip to Taiwan yesterday and today i have to report back to army. Very pack up didn’t have time to blog. Good thing is i get to book out everyday this week only but hell with the traveling time. Need some time management and time to try out the different bus routes to see which route is faster! Sorry with the previous post some army stuff. so i pw protected it. i will post some the Taiwan photos i took hopefully, some time soon. Had a week of fun and rest now back to army. Hope i survive my 4 month course!

POC

I am running short of time here
need to book in soon and i haven had my dinner!
guess i will blog a short post.

10 more days till i grad from tekong
time flies BMT ending soon.
Guess i wont miss tekong!
Its a bad place to be in!
Long traveling time to reach!
Far from civilization! and
feel like a foreign place.
BB Tekong in 10 days!

Yest had a long day,
Went out with abao strolled orchard road.
i was Looking at gals for me while
abao was do shopping on his anime stuff!
Tekong has no chio bu to see!
every weekend must come out
walk walk to relax my eye :X

Also visited my bunkmate at night, with other
platoon mate, he had a minor incident
during training and is resting at home.

Think the only thing i miss after i POC
would be my bunk and platoon mates.

For pass few week we have been
disturbing each other, making fun
of 1 another and exploiting each other
weakness. i think i shall stop all the above
and help each other. 10 days left! wish
every1 would be friends at the end of
BMTC! and we would meet up and crap
about army then!

2 more week

Left 2 more weeks
before i graduate my basic military training
Clear all my impt training left afew more to go!

1hr our more to book in!
cant wait for the next book out already :X

time do packing.. bb