(This is a mini-series of Forex Trading
tips and tricks by Eric Lye in his Forex Trading Blog. Our
objective is to help traders learn how to trade Forex properly, be
educated and excel in their career)
Play this in full screen mode
Monday, August 30, 2010
Thursday, August 26, 2010
2010-08-26 EURUSD Live Trade
(This is a live trade shared by Eric Lye in his Forex Trading Blog. The
purpose is to share how we trade and provide the learning points. Note
that there is no absolute right or wrong about a trade, it is all about
managing it well)
This is not my trade. It was a trade being done by one of our member in our meet up group. The position was already taken to sell EURUSD at 1.2715. We talked about the confirmation of the sell but it did not happen. Instead, invalidation sets in.
Thus, by identifying invalidation. We can get out of trade with smaller loss than plan, which contributes to our bottom line.
This is not my trade. It was a trade being done by one of our member in our meet up group. The position was already taken to sell EURUSD at 1.2715. We talked about the confirmation of the sell but it did not happen. Instead, invalidation sets in.
Thus, by identifying invalidation. We can get out of trade with smaller loss than plan, which contributes to our bottom line.
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| ERUUSD 2010-06-26 |
2010-08-26 GBPUSD Live Trade
(This is a live trade shared by Eric Lye in his Forex Trading Blog. The
purpose is to share how we trade and provide the learning points. Note
that there is no absolute right or wrong about a trade, it is all about
managing it well)
We had a online practice session with our meet up group at 8.30pm, saw the market did not react negatively to the news. And I presented the idea that there might be a possible long position. Didn't have to wait until midnight, the entry was at 9.45pm, and scaled out in 1 hr. Position is risk free and see how far it can go.
We had a online practice session with our meet up group at 8.30pm, saw the market did not react negatively to the news. And I presented the idea that there might be a possible long position. Didn't have to wait until midnight, the entry was at 9.45pm, and scaled out in 1 hr. Position is risk free and see how far it can go.
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| GBPUSD 2010-08-26 |
Wednesday, August 25, 2010
Forex Trading Tips and Tricks - Fibonacci Expansion (Extension)
(This is a mini-series of Forex Trading
tips and tricks by Eric Lye in his Forex Trading Blog. Our
objective is to help traders learn how to trade Forex properly, be
educated and excel in their career)
Many traders are confuse with Fibonacci Expansion and Extension. The primary usage is for projection of price target and below picture explains the concept of the two.
Many traders are confuse with Fibonacci Expansion and Extension. The primary usage is for projection of price target and below picture explains the concept of the two.
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| Explanation of Fibonacci Expansion and Extension |
Tuesday, August 24, 2010
EURUSD 2010-08-24 Analysis
(Technical
analysis done by Eric Lye in our Forex Trading Blog. The purpose is to
share how we analyze the market and put ourselves on the side of higher
probability of things happening.)
Tracking this pair for the week. The day candle closed at 1.2630. It is a confirmation of the continuation pattern and we might look at price going down to 1.2400 region. There would be support levels in the LTF that need to take caution. Trade with care.
Tracking this pair for the week. The day candle closed at 1.2630. It is a confirmation of the continuation pattern and we might look at price going down to 1.2400 region. There would be support levels in the LTF that need to take caution. Trade with care.
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| EURUSD 2010-08-24 Analysis |
2010-08-23 EURUSD Live Trade
(This is a live trade shared by Eric Lye in his Forex Trading Blog. The
purpose is to share how we trade and provide the learning points. Note
that there is no absolute right or wrong about a trade, it is all about
managing it well)
It was really a struggle yesterday trying to get into this pair. I think other traders in my group fared a lot better than me. They went in early, hang on with lots of conviction. I was in but came out and waited for the break before I find my entry again.
It was really a struggle yesterday trying to get into this pair. I think other traders in my group fared a lot better than me. They went in early, hang on with lots of conviction. I was in but came out and waited for the break before I find my entry again.
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| EURUSD 2010-08-23 |
Monday, August 23, 2010
EURUSD 2010-08-22 Analysis
(Technical
analysis done by Eric Lye in our Forex Trading Blog. The purpose is to
share how we analyze the market and put ourselves on the side of higher
probability of things happening.)
Preparing for the new week. We have quite a good indication that this pair is heading lower. I would look for a good sell signal and see if I could hold on to the trade, but it all depends on the market.
Preparing for the new week. We have quite a good indication that this pair is heading lower. I would look for a good sell signal and see if I could hold on to the trade, but it all depends on the market.
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| EURUSD 2010-08-22 |
Friday, August 20, 2010
EURUSD 2010-08-20 Analysis
(Technical analysis done by Eric Lye in our Forex Trading Blog. The purpose is to share how we analyze the market and put ourselves on the side of higher probability of things happening.)
I ought to slap myself for the day. I slacked and did not do my groundwork and thus missing the move that I waited for 1 week.
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| EURUSD 2010-08-20 |
Wednesday, August 18, 2010
Market in Consolidation
Not much to post this week, market in consolidation. Small wins, small losses. No fun. I wait for more range to play... EURUSD, 2 days, 100pips range.
Rather go write up more materials...
Rather go write up more materials...
Friday, August 13, 2010
Close shop for the week
Looks like I can close shop for the week. 313 pips for intraday trades.
Max risk 1.83%, Max Loss -0.86%, Max Win 4.75%
(6 trades, 5 win, 1 loss)
10.4% Return for the week.
TGIF!
Cheers
Eric
Max risk 1.83%, Max Loss -0.86%, Max Win 4.75%
(6 trades, 5 win, 1 loss)
10.4% Return for the week.
TGIF!
Cheers
Eric
2010-08-12 GBPUSD (Student's trade)
(This is a live trade shared by Eric Lye in his Forex Trading Blog. The
purpose is to share how we trade and provide the learning points. Note
that there is no absolute right or wrong about a trade, it is all about
managing it well)
This is a trade done by my student. It's always a happy and fulfilled feeling to see students get back up on their feet and trade well again.
This is a trade done by my student. It's always a happy and fulfilled feeling to see students get back up on their feet and trade well again.
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| GBPUSD 2010-08-12 |
EURUSD 2010-08-13 Analysis
(Technical
analysis done by Eric Lye in our Forex Trading Blog. The purpose is to
share how we analyze the market and put ourselves on the side of higher
probability of things happening.)
Today's plan - Price possibly doing BC leg of harmonic wave pattern ABCD. Look for evidence that price is going up
Today's plan - Price possibly doing BC leg of harmonic wave pattern ABCD. Look for evidence that price is going up
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| EURUSD 2010-08-13 |
Thursday, August 12, 2010
2010-08-12 EURUSD Live Trade
(This is a live trade shared by Eric Lye in his Forex Trading Blog. The
purpose is to share how we trade and provide the learning points. Note
that there is no absolute right or wrong about a trade, it is all about
managing it well)
Entered on M15, scaled out on TP1, waiting for TP2. Trade is risk free, hopefully trade will work out with the news coming out
[8.20pm Update] yeah... TP2 hit before news (done and dusted). 2.4R trade
Entered on M15, scaled out on TP1, waiting for TP2. Trade is risk free, hopefully trade will work out with the news coming out
[8.20pm Update] yeah... TP2 hit before news (done and dusted). 2.4R trade
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| EURUSD 2010-08-12 |
EURUSD 2010-08-12 Analysis
(Technical
analysis done by Eric Lye in our Forex Trading Blog. The purpose is to
share how we analyze the market and put ourselves on the side of higher
probability of things happening.)
In 3 days, EURUSD wipe out the gains accumulated through 3 weeks. 2 scenarios I would plan to play this out, but would need market to provide more information. Watch for fakey if you want to play continuation of the bearish momentum.
In 3 days, EURUSD wipe out the gains accumulated through 3 weeks. 2 scenarios I would plan to play this out, but would need market to provide more information. Watch for fakey if you want to play continuation of the bearish momentum.
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| EURUSD 2010-08-12 Analysis |
Wednesday, August 11, 2010
2010-08-11 EURUSD Live Trade (Update)
(This is a live trade shared by Eric Lye in his Forex Trading Blog. The
purpose is to share how we trade and provide the learning points. Note
that there is no absolute right or wrong about a trade, it is all about
managing it well)
Market is kind today. Finally got to sleep early. EURUSD already stretch close to 300 pips day range, time to get out of market. This would serve as a good mental booster, don't want to risk it. Has been some time, not having a 3R multiples return trade.
Market is kind today. Finally got to sleep early. EURUSD already stretch close to 300 pips day range, time to get out of market. This would serve as a good mental booster, don't want to risk it. Has been some time, not having a 3R multiples return trade.
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| EURUSD 2010-08-11 Trade Closed |
2010-08-11 EURUSD Live Trade
(This is a live trade shared by Eric Lye in his Forex Trading Blog. The
purpose is to share how we trade and provide the learning points. Note
that there is no absolute right or wrong about a trade, it is all about
managing it well)
Managed to open the trade around 5pm and the continuation setup was confirmed by end of candle. Hold on to the trade and managed to scale out with 92 pips profit after 4 hours. Position is risk free now, hopefully can create an edge for me to add and ride this down flow to around 1.2738 region. (estimated level)
Managed to open the trade around 5pm and the continuation setup was confirmed by end of candle. Hold on to the trade and managed to scale out with 92 pips profit after 4 hours. Position is risk free now, hopefully can create an edge for me to add and ride this down flow to around 1.2738 region. (estimated level)
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| EURUSD 2010-08-11 Entry |
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| EURUSD 2010-08-11 Scaled Out |
2010-08-09 AUDUSD Live Trade Follow up (FOMC Spoiled the plan)
(This is a live trade shared by Eric Lye in his Forex Trading Blog. The
purpose is to share how we trade and provide the learning points. Note
that there is no absolute right or wrong about a trade, it is all about
managing it well)
It was a good decision to close off the trade first and waited for FOMC. At least I still got a decent 83pips profit. If price remained at this level, market might go into tight consolidation again or the chances of price going down should be higher than going up.
It was a good decision to close off the trade first and waited for FOMC. At least I still got a decent 83pips profit. If price remained at this level, market might go into tight consolidation again or the chances of price going down should be higher than going up.
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| AUDUSD 2010-08-09 Follow up (Trade Closed) |
Tuesday, August 10, 2010
2010-08-09 AUDUSD Live Trade Follow up
(This is a live trade shared by Eric Lye in his Forex Trading Blog. The
purpose is to share how we trade and provide the learning points. Note
that there is no absolute right or wrong about a trade, it is all about
managing it well)
Even if we have missed the earlier entry as posted by me, there would be opportunities after price has confirmed its immediate direction. It gave us indication that we should follow through with plan.
Even if we have missed the earlier entry as posted by me, there would be opportunities after price has confirmed its immediate direction. It gave us indication that we should follow through with plan.
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| AUDUSD 2010-08-10 Follow through with plan |
2010-08-09 AUDUSD Analysis
(This is a live trade shared by Eric Lye in his Forex Trading Blog. The
purpose is to share how we trade and provide the learning points. Note
that there is no absolute right or wrong about a trade, it is all about
managing it well)
Following the plan I have laid out in the morning for AUDUSD, shorted when price complete its retracement (since my assumption is price is going down)
Following the plan I have laid out in the morning for AUDUSD, shorted when price complete its retracement (since my assumption is price is going down)
 |
| AUDUSD 2010-08-09 |
Monday, August 9, 2010
AUDUSD 2010-08-09 Analysis
(Technical
analysis done by Eric Lye in our Forex Trading Blog. The purpose is to
share how we analyze the market and put ourselves on the side of higher
probability of things happening.)
AUDUSD is potentially in the PRZ. We can identify a rising wedge, if it tip over, price would head south till the next support. I would plan to look for opportunity to short.
AUDUSD is potentially in the PRZ. We can identify a rising wedge, if it tip over, price would head south till the next support. I would plan to look for opportunity to short.
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| AUDUSD H4 2010-08-09 |
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