WEEK ENDED 18.4.2014

Well EURUSD and USDJPY both behave in similar fashion.
Continuing from last week's chart, EURUSD now has a floating loss of 65 pips.
Whereas USDJPY shows a floating loss of 65 pips too approximately. Both surviving its Stop Loss of 200 pips. Let us see where does this zig zag market pattern will continue for how long before a breakout.

WEEK ENDED 11.4.2014

Well, another see-saw zig-zag moment. A Buy signal was triggered. I would write-off the last week signal on sell and focus on this new buy signal with Stop Loss of 200 pips. Entry could be around 1.38685. Let us see how it performs at the end of the day.

Another interesting Sell signal developing for USDJPY, possible entry at 101.71. Previous Buy signal was a failure. It seems Hourly signal is more erratic. 4 Hour and Daily chart signal would be a wiser bet.

WEEK ENDED 4.4.2014 (PART II)

An interesting story for EURUSD.

Our earlier entry was at 1.37660. Price peak to a high (with a Buy signal) of 1.38198 (floating loss of 54 pips) and thereafter it went south to closed at 1.37023 (floating gain of 64 pips). Well, not too bad our Stop Loss of 200 pips was not breached yet.

For those a little impatient, could have entered a Buy at 1.38198. This could happen especially in hourly chart such as this. Be prepared for zigzag multiple false signals.

Let us see if EURUSD can go further south.

WEEK ENDED 4.4.2014 (PART I)

Let us begin. This do not look too good.
It seems to us that GBPUSD, GBPJPY and USDJPY shows sign of a false signal of SELL and reverses.

This week GBPJPY generated a buy signal though it remains where it will goes since week ended  near the Buy entry signal price of approximately 171.68 - closing at 171.09. Remember, set a Stop Loss of 200 pips just in case the market goes into zigzag mode.

GBPUSD behaved in similar manner with a new buy signal but it fails to hold its ground. Entry around 1.6647 and week ended low of 1.6566.

USDJPY fared better with its buy signal maintaining a upward trend with entry around 103.16 and week closed at 103.26. If the price breached its upward trend line next week, we shall see a round of downward trending.

RUNNING A MT4 EXPERT ADVISOR

I am sure most of us in forex trading at one point has dabbled in using MT4 Expert Advisor (EA) to automate our trade. Some EA will worked fine with amazing results, some ofcourse will not do so well.

How many of us is running EA on our own laptop/computer/server with 24 hours 5 days a week? Not many of us will do so nor have the privilege.

Alternate option is to run it on a Virtual Private Server (VPS). VPS are relatively stable platform and ensure your EA stays online and minimise downtime. You do not have to worry about internet connection since you do not need one at all! The execution speed is fast as well.

I would recommend you to check out bluehost. CLICK HERE TO SIGNUP FOR BLUEHOST.COM

Its VPS starts from a low of $14.99 per month. 

WEEK ENDED 28.3.2014 (PART II)

Interesting one for EURUSD shows new signal at Hourly chart.

We probably manage to enter at 1.37660 - a floating gain of 15 pips. Let us wait and see what this pair will do next week. Probability of a slight pull back upwards may happen, but our Stop Loss of 200 pips should be a safe barrier.

WEEK ENDED 28.3.2014  (PART I)

Well bad news, all three of our previous signal for SELL for GBPUSD, GBPJPY and USDJPY is all in deep trouble - 200 pip losses are likely.
USDJPY float loss of 144 pips (entry at 101.36).
GBPUSD float loss of 119 pips (entry at 1.65171).
GBPJPY float loss of 214 pips (entry at 168.89) - so Stop Loss of 200 pips is triggered for this. Case closed.

WEEK ENDED 21.3.2014  (PART II)

Okay we have actually 2 signals for Hourly chart of GBPUSD and GBPJPY.

As you can see from the chart below, GBPUSD has a brand new sell signal.

We probably entered around 1.65171, and the week ended 1.64844 - a floating gain of 32 pips for the time being. Remember to put a Stop Loss of 200 pips just in case.

And for GBPJPY, we have an earlier sell signal around 16 March 2014 - probably entry at 168.89.
Market peaks to high of 169.71 on 20 March 2014 - a floating loss of 82 pips while it closes for the week at 168.53 - a small-ish gain of 36 pips for the time being.

Well, both this pair may have interesting results next week. We shall see!

WEEK ENDED 21.3.2014  (PART I)

Well this week we have some interesting new signals.

But before we jump into that, let us have a look what does our USDJPY signal from last week.
Let us recap, we entered Sell around 101.36, and the market reverses to a high of 102.67 - a floating loss of 132 pips, still far from our Stop Loss target of 200 pips.
Be prepared for another reversal/Buy signal. It seems the market is in sideways mode for this pair.
Let us see what will happens next week.  Part II of this week review will look at new signals for some of our major pair we reviewed.

WEEK ENDED 15.3.2014

Let us continue analyse our last week signal on USDJPY, a BUY signal.

We probably entered near 103.645.

And the market reverses down to 101.201 region - a lost of 244 pips!
Now with our usual Stop Loss 200, we could have bailed out this one.
Looking at the chart below, we can see we are having a SELL signal. Let us try to enter a sell, around 101.36. We shall wait and see if this entry holds in the coming weeks. Good luck!

WEEK ENDED 7.3.2014  (PART III)

This week no review of EURUSD at all but another pair proves to be more interesting, USDJPY.

We shall watch this baby closely from now on.

1 HOUR CHART

Tell me what do you see from the above? Yep, that blue circle - is a NEW BUY SIGNAL!

Now by the time the signal is up we could have entered only at 103.645.
The pair closes the week at 103.170 - a mere loss of 47 pip - still far away from our Stop Loss of 200 pip.

Let us watch this pair for the coming week(s). Stay tune!

As for Daily and 4 Hour chart, let us not delve into it since no new signal has been flagged. Cheers!

WEEK ENDED 7.3.2014  (PART II)

Okay, let us have a look at our next forex pair, GBPUSD.

Not surprise it behaves similarly to GBPJPY which we reviewed just now.

1 HOUR CHART

Again not much to say about GBPUSD except the price did not drop much. Price still floating a gain of 130 pips plus.


4 HOUR CHART

As with the hourly chart, GBPUSD shows no new signal at all. So, I shall not be spending time writing more. Picture paints a thousand words.

Now, do not be disappointed. Our next forex pair, will be very, very interesting.

WEEK ENDED 7.3.2014  (Part I)

Now, let us do our weekly review - beginning with GBPJPY forex pair.

1 HOUR CHART

Nothing much happens after last week except for a dip to a low of 168.908 - a drop of 130 pip-ish (if you recall last week our review on our buy entry price of 170.11)

Now next thing is interesting as the price rockets skyward ending the week at 172.53 - a gain of 242 pips.
Again as I always mentioned to set Stop Loss of 200 pips - which is still safe today. At this point of course you may move your Stop Loss to breakeven or even set some Trailing Stops. Choice is yours.

Key point is always - ask yourself "How much you can afford to lose?" In my case I am willing and able to lose 200 pips comfortably, and bravely.


DAILY CHART

Nothing much can be said about the Daily Chart, infact nothing much happens with 4 Hour chart as well which is why I am not showing it here at this week's review. Next we move on to our next pair, GBPUSD.

SOCIAL TRADING

Now, today let us touch on some other topic and since it is not the end of the week yet, where I will be reviewing the trades for this week.

All of us may one time come across the word Social Trading. It is whereby we copy trades by some trader who list out their past performance.

There are a few platforms, namely FxJunction, Zulutrade, eToro or even MyFxBook.

Each has their own way of running their 'bridge' or 'copy trade'.

Personally, I have tried demo on FxJunction, Zulutrade and eToro. I think MyFxBook requires you to open a real account with one of its listed brokers.

For FxJunction you need to use an MT4 EA which acts like a 'bridge' to the trader you copied.
For Zulutrade and eToro, so far it is all online.

I strongly recommend you to try out the demo, and have a feel of the system/platform before you commit you real money. You may also take this opportunity to try out/copy some of the traders and see how it performs in real time on your demo account.

You may try it out now yourself by clicking the following link:


eToro - See, Follow and Copy the Best Traders!!

"

WEEK ENDED 1.3.2014  (Part III)

Now for the review of GBPJPY forex pair.

1 HOUR CHART

The earlier sell signal was cool.
Price drops to 163.97 region from the initial trade entry at 168.88 - a whopping 491 pips pocketed.

Okay, now let us focus on the recent buy signal (blue circle).
We could enter around 170.11. (Remember to use a Stop Loss - i recommend 200 pips)
Price dips to a low o f 169.04 on 20 February 2014. - loss of 107 pips - still far away from the 200 pips Stop Loss.

Price has been very choppy until recently.
Recent close is at 170.31 - a measly gain of 20 pips. This is bad. And is sad.

4 HOUR CHART

Wow, we had no chance. The last buy signal was way back in September 2012.
Entry could be around 125.46.
Low of 124.40 on 13 September 2012 - barely touching the 200 pip Stop Loss - 106 floating loss.

At recent close of 170.31 - a massive gain of 4485 pips!!
Bravo to those who have the bravery to held their trade for such a long period of time.


DAILY CHART

Entry could have been at 143.79.
Peaking at 147.91  - a gain of 412 pips.
But the price made a low of 137.85 on 24 February 2013. - a loss of 594 pips.
That shows how volatile this GBPJPY can be. We had a potential gain of 412 pips - but to those who held on tight, a loss of 200 pips (remember we always set Stop Loss at 200 pips) is guaranteed.
Perhaps volatile pair like GBPJPY deserve a higher Stop Loss to be set? Frankly speaking, it all depends on "What can you afford to lose?" - never ever bet on losing what you cannot afford to lose. That is the basic idea.
Now if we assume we are setting a stop loss of > 594 pips - up till recent close of 170.31 - that is a big gain of 2652 pips! Amazing.

* I will not be reviewing the last pair USDJPY as mentioned in my earlier post. I am too tired and sleepy at this moment. Cheers!

WEEK ENDED 1.3.2014  (Part II)

Let us have a look at GBPUSD

1 HOUR CHART

Looking at the sell signal on the far left corner (yellow circle) - this is clearly a failed signal.
The price did not trend downwards by a lot.
I consider this a Stop Loss 200 pips guaranteed.

The next buy signal fares better. (blue circle).
Entry could have been late on 1.6574 on 12 February 2014.
Price peak at 1.6821 on 16 February 2014 - a gain of 247 pips
Price later drops to 1.6582 on 24 February 2014 - still no sign of Stop Loss 200 being triggered.
Recent price closes 1.6734 - a floating gain of 160 pips for those who still hang on to their trade.

4 HOUR CHART

A more favourable signal from the 4 Hour chart.
Entry was on 15 August 2013 at price of 1.5591
On 28 August 2013 price dips to low of 1.5423 - a drop of 168 pips - still safe from Stop Loss of 200 pips.

Other than this dip, there was not any major dips until todate, which the price closes recently at 1.6734 - Oh My God! - a massive gain of 1143 pips!! Congratulations to those who can held it for so long with no adjustment of Stop Loss or setting Trailing Stops.

DAILY CHART

First signal shown - the sell - not a bad one as market kept trending downwards.
Trade could have entered around 1.5617.
The price went on to a low of 1.4830 - a gain 787 pips.

Let us focus the recent buy signal
Entry is around 1.60145.
Price eventually drops to 1.5853 - a loss of 161 pips - which is still safe from our Stop Loss of 200 pips.
With the recent price closes at 1.67345 - which results in floating gain of 720 pips!

Not bad for GBPUSD. Seems better than EURUSD.

WEEK ENDED 1.3.2014

Let us have a look at a few major forex pairs, namely EURUSD, GBPUSD, GBPJPY and USDJPY.
But provided I have time to do a review on all four pairs.

First forex pair up for review is EURUSD.

1 HOUR CHART

As you can see, it has quite a few signals for entry, due to the recent 'side-way-ness' of the EURUSD pair.

The first buy signal (blue circle on the far left) was a failed signal.
Entry could have been around 1.36340
Price dips to a low of around 1.3480 - a massive drops of 154 pips!
Now, my normal trading way is to set a Stop Loss (SL) of 200 pips, so in this case I have survived.
Is a bit of a mental game, once you set your SL, please forget it. If you keep going back to check your position most likely when your trade drops more than 100 pips - you will be in panic mode and bailed out manually.

Looking at the next sell signal (the yellow circle in middle), I consider this a failed signal as well.
Entry could have been around 1.35410
Price dips to low of around 1.3480 - a small gain of 61 pips.
Being greedy like most of us do, which means we will be holding on tight and hoping for more gains.
And then tragedy strikes...prices rebound upwards and trending upwards which bring us to the last buy signal (blue circle on far right).

The last buy signal occurs on 11 Feb 2014.
Entry could have been late since this is a manual entry strategy.
Let us assume entry at 1.36805
Last price closes at 1.3798 - a small gain of 118 pips.

Now as usual, my advise is to move your Stop Loss and Trailing Stops once you are in the pips (gain).

Overall, could have been a net gain of > 118 pips (assuming the first two signal we bagged in some pips from our Trailing Stops/Stop Loss.

4 HOUR CHART

 

 
Again, we can see 4 Hour chart gave us similar bad signal for entries.

The first blue circle on the far left, consider this as a average entry, not perfect as you can see prices reverses down shortly after.
Entry could have been on 1.32680
Price peak to around 1.34000 - making a gain of 132 pips

Thereafter prices make a reversal and drops to 1.2809 triggering a sell signal (yellow circle).
Price drops further to 1.2758 - a small gain of 51 pips
But it made a sudden reversal and has been trending up since then.

The last buy signal (blue circle on right) on 22 July 2013
Entry could have been on 1.3235
On 6 Sept 2013 prices dips to 1.3104 - represents a drop of 131 pips - missing our Stop Loss of 200 pips.
At recent price of 1.3798 - that will be a massive gain of approximately 563 pips!

So in fact, having Stop Loss of 200 pips is sufficient.
For those who are more risk-adverse, by setting Trailing Stops - your entry could have been exited long time ago before it reaches today's target of 563 pips.

DAILY CHART

Daily chart shows a recent buy signal on 20 September 2013.

We probably entered late at 1.35080.
Price did a massive drop of 215 pips on 7 November 2013 - wiping out this trade.
But of course, it did made a peak of 1.3832 on 25 October 2013 - a potential gain of 324 pips. For a few lucky and less riskier trader - this will be their exit point.
For those who are greedier, the 200 pip loss is guaranteed.

Next, we will review GBPUSD!

MY JOURNAL - INTRODUCTION

This blog will be my journal on my forex strategy.
My earlier blog can be found on: http://eff-axsquare.blogspot.com

In between my weekly review of my journal, I will be posting some general information and/or topics related to forex.

Strap your seat belts and enjoy the ride!