Live Trade Update

Took some bad trades on Thursday in the Aussie & Euro thus reducing return for the week - both were shorts but entered at the wrong time, as price later came back to my entry and would have been profitable. I am grateful that the week was still profitable with a 1.45% return and cumulative for the month 17.49% but compared to last week when return for the week was 12.80% and cumulative for the month 16.05%, we did not do well. Demo account result was however good as these trades were not taken on the demo account. Next week promises to be better but trading will definitely slow down as traders close their books for the year.

I have some potentially good trades I am watching for next week; and the Loonie is one of them - check the H1 & H4 charts and you will find price bouncing at the 61.8FR level. The H4 SMI is at extreme OS level, while the H1 SMI moved slightly above the mid level without corresponding move in price, pointing to possible retest of previous low and I will be ready to buy on failure.

The Aussie & Kiwi also paint a similar but reverse pattern to the above. I am watching to sell a failed retest of previous highs.

Merry Christmas to all, and a prosperous New Year in advance.

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Live Trade Update

Presently short the Cable in the live account, and GBPAUD & GBPNZD in the demo account.

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Live Trade Update

My first week of live trade was slow but positive as mentioned in my last post, and I made more progress in the second week that ended on December 16th with a cumulative return of 16.05%. This week is going well too, although I have been under the weather but still managed to post some good result with cumulative return now @ 23.73% - total of 22 trades with 18 wins and 4 losses. My three positive trades today were in the Cable as shown below

And you can always check my demo trade explorer @ Forex Factory where I still manage to take few trades.

Good trading to all

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Slow Start to Live Trading But Positive Week

I resumed live trading this week although it has been slow as I have been rather cautious but a good start nonetheless. I have taken few trades on the demo too and you can check the trade explorer at Forex Factory for daily update. Took 3 positive trades today in the EURJPY, NZDUSD & EURAUD for a total of 40 pips.

I have decided to be very selective in my trade choices, and take 3 - 5 lots as a way to reduce stress in my trading, if not completely eliminate it. Therefore the above 40 pips is by multiple of 3 lots for a total of 120 pips.

Good trading to all

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Will Be Back Live in the Market from Monday

I have opened a new brokerage account and will be back live in the market from Monday. Meanwhile you can always check my trade explorer @ Forex Factory where you will see details of my demo account.

Remember to plan your trade over the week-end, and trade the plan come Monday. Proper preparation prevents poor performance.

You all have a great week-end, and God bless

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Trading Result for November 23rd

My pending orders were not picked today as I was unfortunately biased towards reversal trades and failed to put in pending orders in the direction of the trend since I would not be present to close my trades in case of any pullback. Not trading is still a position, as it keeps you away from losses :-) I can`t wait to resume my live trading. MF Global trustees will be applying to the court to issue refund cheques by tomorrow. It would have seem like a nightmare but it was a blessing in disguise for me, as I was able to use the period to perfect my trading system. All things work together for good to them that love God, to them who are the called according to His purpose - Romans 8:28.

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EU & UCH Charts

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EU & UCH H1 Charts

I closed the trades for price to either break the trendline/MA support on the USDCHF, and the MA resistance on the EURUSD, and these are counter trend trades too - you take what the market gives you and bail!!!

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Trading Result for November 22nd

It is just 40 minutes into the London session and I'm done for the day. I manually closed my trades as I don't like what the market is doing - price will always do what it wants to do no matter what we think or want. I will stand aside and hold unto my 24 pips per lot gain for the day.

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Trading Result for November 21st

My scorecard for the day - 15 pips per lot in the EU and breakeven on the UCH. You never know in the advance which currency pair will move the most, especially when you are sleeping and trading; and price will always do what it wants to do but thank God, I came out clean.

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EURX Trade - Nov 18, 2011.

Another trade I took in the EURX targeting the 50% Fib retracement level for 48 pips, and was nailed almost to the pip, with the high of the candle being 106.15

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Trade Focus for Next Week

I will be paying attention to the 9184 level on the UCH next session, as I think PA will either close above or below for the next direction.

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Don't Give Up on Your Dream(s)

Thomas Edison once said, "Many of life's failures are people who did not realize how close they were to success when they gave up." Don't give up friends, forex trading is difficult but it can also be easy. Pray for divine inspiration; read; research and practice - spend quality screen time in the market as there is no shortcut to success. Nobody is going to do it for you, and neither can you learn everything from one source - you have to pay the price for your own success.

I love this quote from Thomas Paine. He said, "The harder the conflict, the more glorious the triumph. What we obtain too cheap, we esteem too lightly; it is dearest only that gives everything its value. I love the man that can smile in trouble, that can gather strength from distress and grow brave by reflection. It's the business of little minds to shrink; but he whose heart is firm, and whose conscience approves his conduct, will pursue his principles unto death."

Read the Psalm below and encourage yourself in the Lord just as David did, and refused to allow his situation to control or defeat him; and you will come back praising God like he did.

I also thought this market was insurmountable but continued to pray for divine inspiration while reading, researching and practicing until I could read price action with and without indicators. Now I can setup my trades and go to sleep!! But it never was so, and neither did it come easy. I failed, and I failed; and failed again and again, but never gave up. I refused to listen to people who said it was impossible, and continued praying for divine inspiration. Is it going to be easy? No but tell yourself it is possible, don't sow negativity into your life - those trading successfully don't have two heads :-) People got to the moon!! Some people developed the airplane. Doctors cut and operate on humans, and they live after the surgery!!! If those people gave up trying, we won't have the success stories we have today. Always remember, failure teaches success but not without God, as least for me.

Psalm 42

 ¹As the hart panteth after the water brooks, so panteth my soul after thee, O God.

 ²My soul thirsteth for God, for the living God: when shall I come and appear before God?

 ³My tears have been my meat day and night, while they continually say unto me, Where is thy God?

 ⁴When I remember these things, I pour out my soul in me: for I had gone with the multitude, I went with them to the house of God, with the voice of joy and praise, with a multitude that kept holyday.

 ⁵Why art thou cast down, O my soul? and why art thou disquieted in me? hope thou in God: for I shall yet praise him for the help of his countenance.

 ⁶O my God, my soul is cast down within me: therefore will I remember thee from the land of Jordan, and of the Hermonites, from the hill Mizar.

 ⁷Deep calleth unto deep at the noise of thy waterspouts: all thy waves and thy billows are gone over me.

 ⁸Yet the LORD will command his lovingkindness in the day time, and in the night his song shall be with me, and my prayer unto the God of my life.

 ⁹I will say unto God my rock, Why hast thou forgotten me? why go I mourning because of the oppression of the enemy?

 ¹⁰As with a sword in my bones, mine enemies reproach me; while they say daily unto me, Where is thy God?

 ¹¹Why art thou cast down, O my soul? and why art thou disquieted within me? hope thou in God: for I shall yet praise him, who is the health of my countenance, and my God.

Cheers, and God bless 

George

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Trading Result for November 18th

What a way to end the week? 149 sweet pips, all while sleeping :-) I finally got my reversal entry on the UCH after another failed attempt to continue its uptrend; and hit target for 84 pips. The EU was not so lucky as it missed the mark by just 0.5 pips and had to manually close it for 65 pips.

And thank God this is my scorecard for the week.

Have a great week end

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Trading Result for November 17th

I basically could not find a safe entry point today, as I was looking for breakout and/or reversal points from prior levels. Finally got one in the USDCHF this morning, after initially picking the EURUSD as the symbol and missing some 8 pips on the move. Had to close the trade for just 4 pips when price was finding it difficult to close below 9149 and the pullback started showing weakness; and it was good I did as I was on my way out for an outside appointment. Price has since resumed its uptrend but need to close above the prior high for continuation.

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Trading Result for November 16th

No trade today as I saw my focused pairs approaching support they  needed to break, and next reversal points were too far away and therefore waited for the market to show its next move before placing any trade. I however suffered another 68 pips loss yesterday when my pending USDCAD short was executed late in the session but we are still positive for the week. Hoping for better result tomorrow, and I can't wait to return to fulltime active trading from next week.

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Trading Result for November 15th

51 pips loss for today. High of the day was supposed to be 5930 and my pending order was executed at 5931:-) I checked another broker and high of the day was 5931 - should have added 3 pips to my reversal level and would have avoided the loss, just as my EU, UCH & UCA orders were not executed. Again, all while I slept!! Hope to commence active live trading again early next week, to see how we can consistently pull 50+ pips from market on daily basis!!!

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Trading Statement for November 14th

Good start to the week with average of 160+ pips in the Euro & Cable in my demo account, again while sleeping :-)

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Trading Statement for November 11, 2011

This ends my trading while sleeping experiment as the result shows it is better to be in front of my computer. I will still continue the experiment for another week while waiting to complete opening of a new account after the MF Global debacle. Fulltime trading will therefore resume by next week Thursday or thereabout.

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Trading Statement for November 10, 2011

Net loss of 25 pips for today. My EU pending order was filled before Lndn open, and price went to retest the previous low hitting my stop before continuing its upside retracement. Unfortunately, I was sleeping and could not re-enter the trade, which could have given 70 - 80 pips. The GU was however filled after Lndn open and did get 25 pips to cut in half the 50 pips loss on the EU. I'm still learning - maybe a higher stop could have kept me in the trade but I don't want to use stop of more than 50 pips.

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Trading Statement for November 9, 2011

I manually closed the GBPUSD, USDCHF, AUDUSD & NZDUSD but all made the profit target, which would have doubled my profit for the day if I did not chicken out!! Others were breakout trades taken while I slept, as I am testing something!!

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Trading Statement for November 4, 2011

Breakout trades taken while I slept
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Potential Loonie Short Trade

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EURAUD Trade Update

Price currently at 3419 for 100+ pips

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Potential EURAUD Trade Setup

I see potential reversal for continuation of the uptrend and we have similar pattern on the GBPAUD chart.

Check out the trade focus report for the next trading session on 28 currency pairs, USDX, EURX, Gold and Silver on our website. It is an alternative opinion to compliment your analysis in case we're thinking the same way.

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Potential Trade Setup - AUDUSD & NZDCHF - Update

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Potential Trade Setup - AUDUSD & NZDCHF

I see possible short trades in the AU & NCH. Divergence on the H1 with potential bullish slingshot for retest of previous high, and it is the failure of these moves that I want to be positioned to sell as you will also find bearish slingshots forming on the M15 charts and hinting of that possible failure.

Similar patterns are also developing on the NZDUSD & AUDCHF.

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EURO REVERSAL TRADE

Took this Euro reversal trade after seeing a failed slingshot (SS) on the H1 chart supported by bearish divergence on the M15 chart. Trade already up 34.2 pips with 20.8 locked in and therefore in a free trade; PT1 @ 4464 (38.2% FR of last move) PT2 @ 4438 (50% FR) & PT3 4327 (the prior low of 8/26/2011).

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USDCAD Trade

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GBPJPY. CADJPY, AUDJPY & GBPUSD Potential Trade Update

See update of potential trades posted over the week-end - GBPJPY moved 100+ pips, CADJPY 70+ pips, AUDJPY 80+ pips and GBPUSD moved only 50+ pips.

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Possible Trade Setup - GU

Another possible hidden bullish divergence in the Cable

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Possible Trade Setup

Potential hidden bullish divergence in GBPJPY, CADJPY and AUDJPY.

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