Forex Trading February (updated) Update - xlt forex trading and analysis sessions

Forex Trading February (updated) Update ~ xlt forex trading and analysis sessions

I would not believe ill be saying this at the beginning of the month but..
. "I didnt burst my account!!!"

Whew! Trading is indeed risky and volatile, if you do not manage it properly. I was experimenting different strategies with different indicators and almost went into a losing position. It was a good think my mentor manage to hit me back on the right track towards the end of the month before my trades turn into profits. 

See my roller coaster ride below...

Trades in the beginning of the month.

Some of my better trades above.


Summary of all trades

Currency pair		Total Profit		Total Loss		Balance
audjpyx		143.04		(52.65)		90.39
audusdx		15.59		(11.50)		4.09
eurgbpx		67.85		(83.05)		(15.20)
eurjpyx		11.65		(52.94)		(41.29)
eurusdx		68.64		(26.05)		42.59
gbpjpyx		6.57		-		6.57
gbpusdx		31.97		(34.50)		(2.53)
nzdjpyx		6.17		-		6.17
nzdusdx		33.22		(42.50)		(9.28)
usdcadx		61.51		(20.80)		40.71
usdjpyx		48.45		(78.62)		(30.17)
TOTAL		494.66		(402.61)		92.05

It is interesting to know i spent more time organizing the data than placing the actual trades. And check out my profits and losses! Its like the case of having to score more goals against the opponent than conceding. However, in this very educational month. I learnt that it was better to trade at the times when the market is open for a particular currency pair as there is more volume and is therefore easier to trade. 

eg. Tokyo Stock Exchange opens at 8am SG time, therefore i will pay more attention to JPY currency pairs.
(I have listed the opening times of some major currencies on right side of my blog for easy reference)

New York opens at 10.30 pm to 5 am (SGD Time)

Tokyo opens at 8 am to 2 pm (SGD Time)

Sydney opens at 7 am to 1 pm (SGD Time)

London opens at 4 pm to 12.30 am (SGD Time)


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Breakout entry Pullback entry swing setup examples - forex trading hours good friday

Breakout entry Pullback entry swing setup examples ~ forex trading hours good friday

Breakout and pullback conditions for setups.

Before a stock or currency pair makes our breakout “watchlist,” it must satisfy two key criteria:

Stock or currency pair must be in uptrend

Stock or currency pair must have a valid basing configuration pattern.

How define an up trend (for down trend reverse conditions).

20?day EMA must be trading at or near the 50?day MA when the stock is forming a base and clearly above the 50?day MA when in trend mode.  For pullback trades, the 20?day EMA must be above the 50?day MA.

-20?day EMA must be above the 200?day MA

- 50?day MA must be above the 200?day MA

-Both the 50 and 200?day MAs must be in a clear uptrend for at least a

few months. 

- The price action should be in an uptrend with a series of higher highs

and higher lows in place over the past 3 ? 6 months (at the very least).

- Current price should at least be 30 ? 40% above the 52?week low

Trend qualifier – rules for breakout setups in the picures the examples.

rules for breakout setups

rules for breakout setups

rules for breakout setups

Valid basing pattern for breakout entry

- A base (or zone of congestion) is anywhere from 1 month to 1 year in length. For our style of trading, we prefer bases that form in a 1 - 3 month period that find and hold support of the 50-day

MA.

-We want to see “tight” price action in the base, especially during the last two weeks before the breakout.

-A valid base should pullback anywhere from 10 - 30% off the swing high. Once a stock retraces 40 - 50% or more, we begin to question the strength of the uptrend.

We must see a “higher low” form within the base. This is crucial to the pattern. Without a higher low forming, we have no way to set a stop and therefore can not define the risk.

- Volume should be declining during a base, or at the very least, not heavier than average. If there are too many days of heavy volume selling in a base, the base could be faulty.

Main characteristics of a valid base

Main characteristics of a valid base

The Breakout Entry examples.

    

Breakout Entry the trigger

Breakout Entry

A pullback setup occurs when a stock breaks out from a valid basing pattern and then pulls back for 3 – 7 days:

Pullback setup

Pullback Setup

Pullback setup step by step

Reference Deron Wagner

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This Is When You Know Times Are Bad - xlt forex trading course

This Is When You Know Times Are Bad ~ xlt forex trading course

There are reports indicating that Singapore is in a technical recession but you know times are really bad when you see people selling The "Pai Tan" ramen. Lol

Soon we will see other variations. Who wants to make some ramen with me? We can do the  "Jin Pai Tan ramen", "So Pai Tan Ramen" or how about "Lagi Pai Tan Ramen!" 

(Pai Tan is loosely translated as "hard to make a living " in hokien)

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