I will be working on 2 different methods of trading in the next few weeks. 1 would be solely relying on long term trends as well as world news that I will read and analyze daily. The other will be a full 100% graph analyzing strategy.
From this I hope to see which will yield more profits, or less losses. Do keep posted here for the results.
Note to self AGAIN: Always play safe
Always. Always play safe. I thought i’d try my luck with opening my lock before the weekend just because I didn’t want to pay swaps. Boy did I regret it.
Before i get any messages on how FX is NOT simple and is VERY difficult, yes i do not claim FX to be simple. I’m just stating that i personally am sticking to a more simple analysis as i strongly believe that over analyzing is more often than not used to confuse newcomers intending to venture into this investment vehicle that has long existed but is severely controlled here in Malaysia.
I will be sharing my simple strategies here, and everyone is welcomed to view, criticize and chip in your own comments.
Here’s what i have been doing in the past week
My 1st earnings came from a crazy drop in the EURUSD and the next day i earn some quid through a 30minute hit and run. After which i predicted the market to start bouncing back up, which it unfortunately didn’t.
To cover for this “mistake” I’ve been locking and unlocking throughout the next few days, gathering about 7k as the market went opposite of my prediction. The result? Slightly above 8k in profits from the EURUSD market to cover for a 7k floating loss right now.
The downtrend has been going on for the past 2 weeks now and only on friday would u see a more “stable” market with the opening and closing rates nearly identical. It might turnaround, but there is a possibility on a maximum drop of about 300 pips to the next support line which can be seen way back in Sept 07.
If you’re not already in the market, i would sit back and wait just awhile. But if you’re like me, I’d b trying to cash in on good fluctuations due to the current world economic instability that has made really nice aggression in this pair.
Though i actually prefer to analyze the GBPJPY, it seems that I’ve been less active in this pair. Back in early Sept, it bounced up from a 3 year low at above 184 but at the end of last week it started going down as much as 1300 pips reaching the same low just above 184 again.
2nd mistake of the week, I predicted the bounce back a little to early, but all is good. This pair may go sideways for awhile, but up looks like the only way after that =]
