GJ - still going upward

The target is 157 area.

But the movement is weak (slow at the moment)... 

I wonder it can goes even to 154 tonite

Nevertheless, we still have a few hours to see whether GJ can continue upward or reverse the movement. Good luck. 

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Look like a retreat now, GBPJPY / GBPUSD

I think there is a slow retreat of the market from now on...

The bottom has been formed on daily chart and if everything goes well, we can see the uptrend from today onward.

Left - GJ's bottom LWP

But this slow process is scarry though, it goes flat maybe all day long, or just swinging around without direction as it likes.

So What the next target like? GJ - the 158 area.

Gud luck anyway

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I'm upgrading my blog...

Sorry for any inconvenience for the time being...
I decided to change this dull blog into a more jovial mood with those feed and multicolumns

I think it takes hours to complete.

Thank you for visiting my blog.

UPDATE:

The upgrade process is now completed. Thank you for your patience and understanding

3 September 2009 3.35pm

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GBPJPY / GBPJPY 01 Sep 2009

These are My Daily trading preference which is valid from 2300GMT - 1100GMT (0600 - 1800, GMT +8)

GBPJPY:

Overall Bearish Daily Configuration
Strong support at 149.97
Minor resistance at 152.80

My View:
Until the market breaks resistance, it will remain bearish all day long.
My preference for today:
I will open Sell position at 151.26, TP: 149.90, SL: 153.95.

Result: _______

GBPUSD:

Overall Bearish Daily Configuration
Medium support at 1.6150
Minor resistance at 1.6295

My View:

Sideway at the moment Until the market breaks resistance, it will remain bearish all day long.

My preference for today:
I will open Sell 1.6274, TP 1.6150 SL: 1.6385

Result: ________

I will post my trading result tomorrow, wish me pips :^)

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GJ / GU mild retracement

I think it is only a market retracement, not recovery. The market retraced upward (about 100pips) since the last 2 hours.

For my account with GU, this means it begins to shows some sanity.

Alright, let me tell you the story on how GBPUSD came about. I never wanted to trade this pair actually and how did I come up trading cable was purely accidental.

It was because the smooth talking EA seller in a forum i joined. And I was stupid enough to bought his martingale's.

The truth is, I was really looking for a reliable EA to maintain three of my small accounts. I bought 3 separate robots for that, and the said martingales is one of them.

I contacted him several times, and getting one instruction after another. He assured that this EA works for him for at least 3 months. (getting sleepy its 3.30am , will continue tommorrow... )

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Happy independence Day, Malaysia

Alright, today is National Day, a public holiday in Malaysia. It is 52nd commemoration of independence to be exact.

So again, Happy Independence day.
Also, to all muslims

Happy Fasting and 
Happy Eid-ul Fitr, later.

I wish that everybody's happy. But the truth is, I'm not very happy at the moment., the floats in my trading accounts is HUGE!

All of them, especially since last week

I sometime wanna break loose from hedging trading style. But it has been with me for quite some time, so it kinda automatic thing. Everytime the market gone against my position, I will lock the position by open up the opposite,  instead of closing it.

Huarrrghhhhhhhhh,,,

Some say hedging is stupid, newbie, whatever, cost us more and NFA prohibits it. Well I don't care. First it works for me. Second, eventually what all of us trader wanna see is the absolute figure in their account.

But really, nothing comes easy in forex as well as hedging. It is easy to create, but  took ages to settle them. And it isn't easy to release the interlocking positions.

Try open it in wrong timing, your account gone bye-bye.

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My Trading Pledge

In line with trading day tomorrow, I have to improve my trading discipline if I want trading to become a future career. That's my goal afterall. I want trading as main career and I always believe this can be done.

So I have to update my pledge as trader:

Trading is a job, not a game.
(A job is an act of Devotion to God, while game is an act of Recreation)

Because trading is a job, I have to:

1. Work, Not gamble.

2. To trade with Passion and having Fun doing it

3. Decision making with CONFIDENCE.

4. To understand the situation and ABLE to predict the movement of the market.

5. Will become more skillfull and will not be stagnant without progress.

6. Trading with profit.
That's my pledge.

I believe it is necessary as trading psychology.

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Ikrar saya sebagai trader

Sempena kedatangan hari trading pada esok hari, saya harus memperbaiki displin trading saya sendiri jika ingin menjadikan aktiviti trading sebagai karier saya di masa yang akan datang.

Lagipun memang itulah tujuan saya. Saya ingin menjadikan trading sebagai karier utama dan saya sentiasa optimis bahawa perkara ini boleh dilakukan.

Oleh itu, saya harus memperkemaskan kembali ikrar saya sebagai trader:

Trading adalah suatu perkerjaaan ~ bukan permainan.
(Pekerjaan adalah suatu Ibadah, permainan adalah suatu Riadah)
Oleh kerana trading merupakan pekerjaan, saya harus

1. Bekerja, BUKAN berjudi.
2. Melaksanakan trading dengan Minat dan Seronok melakukannya
3. Sentiasa YAKIN dalam membuat keputusan
4. Memahami keadaan dan BOLEH menjangka arah pasaran
5. Menjadi lebih cekap dan tidak berada di takuk yang sama
6. Mendapat Untung dari kerja trading.

Itu ikrar saya...
Saya rasa ianya perlu untuk psikologi trading.

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Market trend ~ What's your wish for, what you can see

This has to be, I mean the concept, has to be understood well among traders.

It can cloud our mind very strongly, the two.

What you SEE (green pips)
You can see clearly that the market is heading down on the chart, on the screen. But due to some floats in your account, you wish that market movement will clear them as soon as possible.

What you WISH (red pips)

You wish market going up and because the wish is strong, you simply ignore of what is seen on the chart.

You're intentionally ruining your trading account

Right, because you already have some float say, - US200 in your US1,000 mini trading account. Because of this, you really wish that market going up. Instead, market actually going down and the float increasing to -US250. Nope, you think. It will goes up later so you still devout to the belief that the market will goes up.

But the market dip further, and now the float is getting bigger than ever. Say, it eats up to -US500 or 50% of your equity and yet still reluctant to believe of what you see.

Your indecisiveness is killing your account. At the end, after your equity left a meagre sum of few hundreds dollar, you opt for the last resort ~ putting up a lock margin in a terrible state. Lucky that your aren't trading in US brokerage firms, but you aren't so lucky anyway.

This is GBPJPY pair, violatility is high. Your 2 lot BUY position stucked at 162.67 and 2 lot SELL position stucked at 148.84.

You're digging your own grave. Die man ...

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So, GBPJPY settle down at 157.00 for now

I presume that for today, gj already hit the lowest point at 156.83 just now. The support quite clear here by now, so I think it is a wise move to close my deal. its already 11.00 pm in Malaysia. Good nite, lets see where gj will bring us tomorrow. Unless it break this support, gj will rebounce...

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