Closed Trades o.O

Yosh!

What a bad start in this week. My supporting trades, EUR/USD, 2 positions hit their respective stop losses.

As I expected, right now I'm going to cover the loss. I'm still in the mood of buying EUR/USD. Why? Because the price is more than 200 pips cheaper than I bought last week.

But this time I'll add additional 2 positions, so there will be 4 positions, buying EUR/USD. The additional positions will be use to cover the losses I suffered earlier. Another 1 position to steal some pips from the market, last one is the ace up to my sleeve :)

Other than that, I still keep positions since last week. Short GBP/JPY and long Gold.

That's all for the time being. Thank you for visiting :)

Weekly Wrap o.O

Yosh!

Information below was copy-and-pasted from here:

Currencies: The U.S. dollar depreciated against most major currencies for the week, with investors anxiously waiting for lawmakers to make a decision over the proposed $700 billion financial bailout. As policymakers continued to debate the fate of the financial bailout plan, investors sought safe-haven bets, buying government bonds, and selling high-yielding currencies.

• Increased risk aversion and uncertainty in the markets due to the financial turmoil has led the greenback to fall against the Japanese yen, euro, and pound sterling. The dollar index fell nearly 1% for the week to 76.92, as investors remained hopeful that a deal to aid the troubled financial sector would soon come to terms.
• Currency traders unwound riskier bets against high-yielding currencies, pushing up the yen as high as 105.06 versus the greenback. During the afternoon trading session in New York, the yen traded at 106.01 per U.S. dollar, from 106.54 yen late Thursday, up about 1.3% for the week.
• Deteriorating housing data in England and Wales showed a 1.9% decline in home prices for the month of August, marking a 4.6% decline below their level a year ago, according to Thompson Reuters. The pound sterling hit a one-month high of $1.8667 against the U.S. dollar on Thursday; however, it was lower on Friday trading at $1.8417 per pound.
• The euro was little unchanged during Friday’s afternoon session, trading at $1.4610, from $1.4607 late Thursday, up 1% for the week. The Australian dollar traded at $0.8302, from $0.8350 late Thursday.
• Central banks across the world prompted up efforts to increase liquidity, with the ECB, the Bank of England and Swiss National Bank injecting $74 billion into the markets, as the financial crisis has led banks to tighten their lending practices. The Federal Open Market Committee authorized the establishment of swap facilities with the Reserve Bank of Australia, and three other banks in an effort to improve U.S. dollar liquidity in amounts ranging from $5 to $10 billion. It is the first time that the Australian Central Bank launches a U.S. dollar repurchase action. The sum represents a $30 billion addition to the previous $247 temporary reciprocal currency arrangement with various central banks around the world.

If you are interested to read more, feel free to visit here.

That's all for the time being, thank you for visiting :)

Closed Trades o.O

Yosh!

I changed my mind. My emotion was disturb when I was monitoring my trades yesterday. I had some doubt in my trades, so I closed all positions except GBP/JPY.

Right now my trades are divided into two, main trades - I want to hit big in these trades (more than 500 pips); and another one, supporting trades - Just want to steal some pips (10-100 pips) from the market, low risk.

Main Trades
Short
GBP/JPY

Supporting Trades
Long
Gold
EUR/USD

Each has around 200-500 pips stop loss. Even if they hit their stop loss, my trading bias maintain.

That's all for the time being. Thank you for visiting :)

My Trades o.O

Yosh!

Below are my open trades for the time being :)

Long-term trades
Long
EUR/USD @ 1.4110
GBP/USD @ 1.7810
NZD/USD @ 0.6652
AUD/USD @ 0.7880

Short
USD/CHF @ 1.1230
USD/JPY @ 107.60
USD/CAD @ 1.0690

Short-term trades
Short
GBP/JPY (6 positions)

That's all for the time being. Thank you for visiting :)

Weekly Wrap o.O

Yosh!

Information below was copy-and-pasted from here:

Currencies: The U.S. dollar was weaker against most major currencies on Friday, as investors sought riskier trades in higher-yielding currencies, following the news that the U.S. government would spend several billion dollars in an effort to aid the battered financial sector.

• The dollar index fell 1.65% for the week, trading at 77.67 Friday, from 78.02 late Thursday. The dollar index was poised for its first weekly decline since the week ending August 23.
• As some European exchanges prohibited short selling of financial companies, many central banks stepped in on Thursday to infuse $180 billion dollars into money markets through currency-swap agreements. The euro strengthened 1.77% for the week, rising as high as $1.4538 per euro on Friday. During the afternoon trading session in New York, the euro was at $1.4466, from $1.4266 late Thursday.
• The pound sterling gained ground against the U.S. dollar, rising 2.31% for the week. The pound traded at $1.8356 Friday, from $1.8178 late Thursday. August retail sales data in the United Kingdom released on Thursday showed an unexpected increase. However, U.K. mortgage lending figures fell 12% in August, marking a 36% drop for the year. August public sector net borrowing in the United Kingdom jumped to 10.4 billion pounds, its highest increase for the month since 1993, according to Thompson Reuters data.
• The U.S. dollar strengthened 1.39% against the Japanese yen, its highest one-day percent increase since August 22 of this year. The U.S. dollar rose as high as 108.00 yen on Friday, from 105.42 yen late Thursday.
• The high-yielding Australian dollar jumped 3% on Friday, trading at $0.8315 per Aussie, while the New Zealand dollar appreciated 1.71% to $0.6883 per kiwi.

If you are interested to read more, feel free to visit here.

That's all for the time being. Thank you for visiting :)

Trading Bias o.O

Yosh!

Right now my trading bias is only one - sell USD. That means, I'm going to go long EUR/USD, GBP/USD, NZD/USD and AUD/USD, and short USD/JPY, USD/CHF, and USD/CAD.

I'm planning to trade for long term for a few months. I have no spesific entry right now, but basically general rule applies - buy dip, sell top. And of course, with huge stop losses.

If you are interested to follow, do your homework first, don't follow blindly. It's for long term, not intraday, not even for trading within a week.

That's all for the time being, thank you for visiting :)

FOMC Statement o.O

Yosh!

Below is the statement released by the Federal Open Market Committee after its September 16 meeting on interest rate policy:

The Federal Open Market Committee decided today to keep its target for the federal funds rate at 2 percent.

Strains in financial markets have increased significantly and labor markets have weakened further. Economic growth appears to have slowed recently, partly reflecting a softening of household spending. Tight credit conditions, the ongoing housing contraction, and some slowing in export growth are likely to weigh on economic growth over the next few quarters. Over time, the substantial easing of monetary policy, combined with ongoing measures to foster market liquidity, should help to promote moderate economic growth.

Inflation has been high, spurred by the earlier increases in the prices of energy and some other commodities. The Committee expects inflation to moderate later this year and next year, but the inflation outlook remains highly uncertain.

The downside risks to growth and the upside risks to inflation are both of significant concern to the Committee. The Committee will monitor economic and financial developments carefully and will act as needed to promote sustainable economic growth and price stability.

That's all for the time being, thank you for visiting :)

Trading the Gap o.O

Yosh!

I did my assignment just now and I was surprised I managed to finish it 1 hour earlier. So I update this blog o.O

One of my favorite way to trade is to trade the gap. What is the gap? Look at the chart below:


The gap occur when the is too much buying (or selling) power in that period of time. In forex, usually it happens on Monday. When there is a lot of buying power, then later, there will be increase in selling power to stabilize it - which cause the gap to close.

However, it is not necessary for the gap to close but usually it does. When there is gap, I would go the opposite. Sometimes the gap will close on that day, sometimes within a week or a month.

What ever it is, trade at you own risk. It might look simple and easy, but that does not mean there is not risk at all.

That's all for the time being, hot tips for today. Thank you for visiting :)

Weekly Wrap o.O

Yosh!

Information below was copy-and-pasted from here:

Currencies: Friday, the U.S. dollar was lower against the euro and pound sterling, as uncertainty over the future of Lehman Brothers, Washington Mutual, and American International Group, ignited profit taking among currency investors. Interest rates futures priced an approximately 34% chance of a rate cut by the end of the year, according to Thomson Reuters.

• The dollar index was down 1.43% against a basket of six currencies, trading at 78.96 Friday. However, the dollar index hit an intraday high of 80.38 on Thursday, its highest level since September 7, 2007.
• The euro rebounded from a year low against the greenback, trading at $1.4207 Friday, from $1.3995 late Thursday, while the pound sterling was 2% higher versus the U.S. dollar, trading at $1.7932 Friday, from $1.7580 late Thursday.
  ** The European statistics agency released a report on Friday indicating that July industrial output in the euro zone fell at its fastest annual rate in five years. The euro zone GDP fell 0.2% during the second quarter; it was the economy’s first contraction since 1995 when the data was first recorded.
• The Japanese yen was lower against the dollar, trading at 107.85 yen Friday, from 107.16 yen late Thursday.
  **Recent comments by Japan’s Economic Minister Kaoru Yosano, have pointed to a further economic slowdown in Japan, due to a global slowdown, high-energy costs, and unstable financial markets in the United States. The Bank of Japan is expected to leave interest rates unchanged at 0.5%.
• As the U.S. dollar strengthens, governments around the world are stepping in to support their currencies from further depreciating against the greenback, according to an article by the Wall Street Journal. South Korea, Thailand, Argentina, India, and Russia are some of the countries tapping their reserves to support their currencies. Russia spent approximately $14B in August in an effort to defend its currency from weakening, while South Korea has spent over $21B in the past five months, the article stated.
  ** The U.S. dollar has appreciated 8.94% in the past three months versus the Russian rouble, trading at 25.5386 per dollar on Friday, while the Korean won has weakened 5.30% during the same period, trading at 1106.5 won Friday.

If you are interested to read more, feel free to visit here.

That's all for the time being. Thank you for visiting :)

Closed Trades o.O

Yosh!

Below are closed trades this week:

Closed Trades
USD/CHF sell @ 1.1195, closed @ 1.1185 (10 pips)
GBP/USD sell @ 1.7930, closed @ 1.7655 (275 pips)
GBP/USD sell @ 1.7920, closed @ 1.7655 (265 pips)

Total: 550 pips
Pips Count: 820 pips

The House of Pain
GBP/USD buy @ 1.9600
NZD/USD buy @ 0.7300
AUD/USD buy @ 0.9300
USD/CHF sell @ 1.0500
USD/CAD sell @ 1.0300

That's all for the time being, thank you for visiting :)

Forex Trading Personal Coaching - Malaysia Tour o.O

Yosh!

It's early Monday and the market is not open yet and my fingers are itchy to post something in this blog. It has been more than a year I teach forex to the public, and now I'm expending my service to whole Malaysia.

Malaysia Tour:
Min. 3 persons, RM 400 per head
Seremban
Melaka
Johor Baharu

Min. 5 persons, RM 400 per head
Kota Bharu
Ipoh
Butterworth
Alor Setar

Min. 10 persons, RM 450 per head
Sabah
Sarawak
1. Sofri Tegong
Singapura (coming soon)

If you are interested, feel free to contact me, I'll put your name in the quota and then we shall discuss the date, time and place.

It will be much easier if someone organize in that state and I'll come and teach :)

Closed Trades o.O

Yosh!

Below are closed trades last week. My trading bias was to go short USD/CHF, long Gold.

Closed Trades:
USD/CHF sell @ 1.1130, closed @ 1.1030 (100 pips)
USD/CHF sell @ 1.1120, closed @ 1.1020 (100 pips)

Pips Count: 270 pips

The House of Pain
GBP/USD buy @ 1.9600
NZD/USD buy @ 0.7300
AUD/USD buy @ 0.9300
USD/CHF sell @ 1.0500
USD/CAD sell @ 1.0300

That's all for the time being, thank you for visiting :)

Weekly Wrap o.O

Yosh!

Information below is copy-and-pasted from here:

Currencies: Friday, the U.S. dollar was modestly higher against most major currencies during midday trading in NY, as investors shrugged off a weaker-than-expected unemployment report. Falling crude oil prices, down 7.99% for the week, added to the greenback's bullish momentum.

• The dollar index was at 78.86 during midday Friday, up 2.11% for the week. The dollar index hit an intraday high of 79.08 on Thursday, its highest level in nearly 12 months.
• The ECB left interest rates unchanged at 4.25% during Thursday's meeting, as it was widely anticipated. ECB President, Jean-Claude Trichet, remarks during the meeting hinted at a continuing economic slowdown in the euro zone. The euro hit an intraday low of $1.4200 on Friday, its lowest level since October 2007. The euro recovered from earlier losses during the afternoon trading session to $1.4253, down 3.64% for the week.
• The pound sterling depreciated 4.78% for the week versus the greenback, heightened by views that the United Kingdom's economy is rapidly deteriorating. The Bank of England left interest rates unchanged at 5% on Thursday, as inflationary pressure persists. However, some investors expect the Bank of England to cut interest rates in order to stimulate the sluggish economy. The pound sterling traded at $1.7632 on Friday, its lowest level since March 2006.
• Highlights: Japanese yen
  Against the yen, the greenback was down 2.63% for the week, trading at 107.13 yen per dollar on Friday. The yen has appreciated against the U.S. dollar as some investors avoid risk aversion in carry trades, which consist of borrowing from low-yield currencies to buy assets in higher-yielding currencies. The yen appreciated about 6.75% for the week against the New Zealand dollar, and 7.34% against the Australian dollar, trading at a two-year high versus both currencies.

If you are interested to read more, you can read it here.

Closed trades will be posted tomorrow :)

That's all for the time being, thank you for visiting o.O

Closed Trade and Managed Account o.O

Yosh!

First, I want to talk about managed account. There are few people requested to me to manage their accounts. I have no problem with that, as long as my schedule permit. But there are basic stuff these people should know, when they want to ask someone to manage their account:

1. Don't dictate.
Never ever dictate your account manager to do what you want him to do. He knows better than you, his own strategy, money and risk management or what not. If you want to do so, trade your account yourself. By dictating your account manager, it defeat the purpose of why you ask the manager to trade your account in the first place - because you know lesser than he does.

2. Don't ask.
This is an extension to the no. 1. Don't ask you account manager "Why did you buy this? why do you sell that?". Basically every manager is expected to have their own way and strategy to trade. They have their own risk reward ratio, and their expectation on their trades.

Some managers might have lost 10 consecutive trades, but the 11th trades, covers all the previous losses. They have their own reason to execute a trade, or else, if they don't have any, you can fire him straight away.

But there's one question you should always ask, why his performance is not up to expectation. For how long? At least within 6 months. Maybe every quater of year.

3. Don't hijack.
It is your account, you know the account number, the password, and you can withdraw the money from it anytime you want.

But never hijack the account until the agreement expires - even though it is just an oral agreement. Let the manager to the trades. If you want to do so, inform him first.

4. Don't be greedy.
Look at local newspaper, look at the performance of the investment funds managed by various financial institutions. Some might have doubled the money, but it takes time.

Forex trading is not similar with get-rich-quickly scheme. But many think that way. It is double edge sword. You can make money, you can lose money. And every account managers are aware about that. If you want to make 200% a week - do it yourself, don't force your manager to do so even if he is capable to do so.

These are few basic things you should know before you ask someone else to manage your account. Think about it.

Next, closed trades. Somehow one of my bad trades turned green o.O

Close Trades
USD/JPY sell @ 108.00, closed @ 107.90 (10 pips)

Pips Count: 70 pips

I'm targeting 1000 pips (as usual) to be sacrificed.

The House of Pain
GBP/USD buy @ 1.9600
NZD/USD buy @ 0.7300
AUD/USD buy @ 0.9300
USD/CHF sell @ 1.0500
USD/CAD sell @ 1.0300

That's all for the time being. Thank you for visiting :)