AU manage to hold its level when both EU and GU fall down dramatically. Do look at the daily chart to see what I mean.
Some of your might not understand what it means and so do I :) Dont worry, the longer you are in Forex the more info you will filter out. This is coz some things are not worth understanding.
The reason I am pointing this out is when a pair is making a stand like AU, you can actually use it to your advantage. Advantages such as:
1. The next time AU decide to fall down there is a high probability the EU and GU will crash but there is a limit to everything.
2. The next time EU and GU start to climb, AU will fly.
Keep that in mind coz I do. I am waiting for the AU to fall or fly.
Thursday, March 18, 2010
Tuesday, March 16, 2010
LOST IN FOREX
Have you ever been lost in Forex? Some of you might be thinking, how do i get lost in forex?? Let me ask another question. Have you ever open a trade in one direction, after some time open a trade in the opposite direction?
Im sure that happens to all of us, myself included :). That is lost in Forex, where we are unsure of direction of trade. Some people even hedge in the situation.
I have a few tips when you are lost in Forex.
1. If you are lost and dont know which direction to trade, the most important thing is to stop trading and do something else. Go plant a tree or play games. Dont even look at the charts anymore to avoid confusion.
2. Is to take a trading system and put it on multiple time frame. I trade using the same system on 3 timeframe. 15m, 1h, daily. When all three is pointing at the same direction then I trade. If 2 timeframe is pointing at the same direction then i scalp.
3. After sometime, your brain will start to imprint patterns of Forex. Forex has the same pattern over and over again. In our mind, that pattern has been imprinted and it influence our decision making subconsciously. Once you reach that state you will rarely get lost in Forex. You will know the exact time to trade or to get lost (do something else).
I will try to update this blog. Been so long and so busy with new place. As for Forex, USD pairs are going nowhere at the moment with a high probability to go down further. Good luck on your hunt for pips
Im sure that happens to all of us, myself included :). That is lost in Forex, where we are unsure of direction of trade. Some people even hedge in the situation.
I have a few tips when you are lost in Forex.
1. If you are lost and dont know which direction to trade, the most important thing is to stop trading and do something else. Go plant a tree or play games. Dont even look at the charts anymore to avoid confusion.
2. Is to take a trading system and put it on multiple time frame. I trade using the same system on 3 timeframe. 15m, 1h, daily. When all three is pointing at the same direction then I trade. If 2 timeframe is pointing at the same direction then i scalp.
3. After sometime, your brain will start to imprint patterns of Forex. Forex has the same pattern over and over again. In our mind, that pattern has been imprinted and it influence our decision making subconsciously. Once you reach that state you will rarely get lost in Forex. You will know the exact time to trade or to get lost (do something else).
I will try to update this blog. Been so long and so busy with new place. As for Forex, USD pairs are going nowhere at the moment with a high probability to go down further. Good luck on your hunt for pips
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