(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 |
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