This morning, when I was busy finding my way through the new Penang Court Building, I was able to long USDJPY at price 101.75 on 2/4/08 at 10.35 a.m with initial stop-loss at 100.60 seeing that Dollar is making a comeback against Yen.Reason to long : Ema cross + rsi protuded 50 - indicate a strong uptrend.
However, knowing that there will be a news on USD at 8.15 pm (Malaysian Time) - US manufacturing report which forecast negative for USD, I decided to take profit at 102.00.The news however turned suprisingly positive.
This was not a good decision though, because I was advised by a good friend, I'm trading on daily chart and catching up trend, I should have given the market more room to move and shouldn't take profit early.
The USD then making its progress trending up. Should I wait, a lot of potential profit would be in hand.
Then at 9.28 pm (Malaysian Time), by looking that the market is moving higher, I decided to jump in and long at 102.50. The market then retrace to 102.04, seeing this, I jump in again at 102.29.
This two order is a classic example of greed and fear. I was too greed to catch the market and to fear that I might experience losses. This is one thing which I never been able to contain..yet! When emotion comes in, a trader would be difficult to have a clear head in making decision.
*****
EURUSD
Pending order has been cancelled due to the reason that the price has move lower after several attempt to try the initial resistance at 1.5903.
Don Fizi anticipated that the market is moving south, and making a wave c as how he put it.
I'm waiting for my signal triggered to short eurusd.
*This analysis is only for Pipkeeper and not for public usage.
5 ulasan:
Salam my friend.
Nice blog. I'll visit it more often, insyallah.
You rightly pointed about Greed and Fear. 2 things that you should always remember:
1)You've to ask for opinion, don't trade.If you are 2nd guessing your system in the middle of the trade, exit and only then do the anaylsis objectively. You have your system i.e entry, money mgmt etc, then why you have to ask and being influenced by someone else. Don't second guess your system when you're in the middle of the trade. It's a recipe for disaster.
2) Nobody can predicts (at least consistently) where the market will be heading. Elliot or Fibs of TAs is only a guide. Market is too chaotic to be predicted by this fixed algorithm. Take trades as your system dictates and insyallah you'll be in the winning cycle.
My 2 cents' opinion. Toss it out if they're not helpful to you.
salam aipul..
bg2 la info skit kat abg arul kt sini how to make money in this market .. skang dok invest kat public mutual ..
Salam Khairi.
Thank you for the profound advise and comment. For sure I will remember these two things for the rest of my trading life. After all, it is from you that I could learn & have desire/passion to trade - as you are the living proof of trading for a living.
My system is just a simple analysis of the market. Just want to have a simple one - so that I would not cluster my mind.
Your 2 cents worth 2 mill for me. I wouldn't toss it anywhere except in my mind. Thank you again.
Salam Abg Arul,
InsyaAllah, boleh...nanti Abg bagi info - how to trade. Ni pun banyak belajar espceially dgn kawan baik - Khairi. Investing in Public Mutual is good though, ROI dia banyak la jugak. Cuma investing in trust fund tak sama dengan trading in currency market. Trust Fund - Fund Manager yang invest untuk kita. Trading - any market - kita yang tentukan sendiri. Profit / Loss - sendiri tanggung.
Apa-apa nanti, abg akan contact abg arul.
Salam.
Salam Abg..
tu la pasal invest dlm Public Mutual.. tak mau lagi dah tanggung loss mcm dulu2 tu ... serik dah.. hihi..
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