Chocolate Pips

2011-12-05T20:51:00.001-08:00

December 2011
Will probably trade until the 15th of Dec.

2011-11-30T20:46:00.001-08:00

Live Account

Trading System :

SEFC in Forex Factory (70% trades)

Invictus in Forex Factory(10% trades)

Price Action Scalping System (PASS) (20% trades)

Doubled my account in less than a month.

Will continue testing this systems.

Scalp

2011-10-07T19:44:00.000-07:00

Scalping is my newest strategy which i have been using for 2 months now.

Scalping is fun if you do it right.

Most important factor in successful scalping is using a low spread broker.
I recommend Exness.com - Super Low Spread Broker

Timeframe - 15min
Pair - Eur/Usd

Strategy -
Fade big spikes eg. 30 pips candle in the 15min chart
Fade when price reach support/resistance areas
Practice practice until you get a hang of it

Take Profit - 4 pips

Stop Loss -
No stop loss
If there is a losing position either :
1. Average to get out at breakeven
2. Keep scalping and reduce the losing position's lotsize

Scalp Scalp

2011-10-07T18:58:00.001-07:00

24/03/2011

2011-03-24T17:13:00.000-07:00

Confirmation Buy Setup

Euro bounce of the Fibo support and RN support at 4050. Great day ~

Euro needs to break the trendline and yesterday high for an assault at 1.4280.

Just another day

2011-03-23T18:18:00.000-07:00

Confirmation Setups

2 trades yesterday, 1 long and 1 short in Fiber.
Great setups great trades.

Retest Sell Setup

Nothing much happening in FKLI, i am still waiting for a good setup.

Euro Climbing Up

2011-03-17T21:59:00.000-07:00


Confirmation Buy Setup

Took 2 Long trades yesterday.

1st one was a Breakout Buy at 1.3950. The breakout was strong and i was aiming for price to fill the wick of the previous's days M15 spike in the chart ( during the JPY flash crash).

2nd trade was taken with a Confirmation Buy Setup. A fairly straight forward trade with R:R of 1:1

Long FKLI and EURO

2011-03-17T02:01:00.000-07:00

Long FKLI at 1489 today. The Black Swan event last Friday has subsided. Risk is back.

Also long EUR/USD at 1.3950. Partial take profit at 1.4000. Remainder letting it to run.

Wild Swings Day

2011-03-16T16:46:00.000-07:00

Wild Swings

What a wicked day! I took 2 days off from trading and this is what i saw this morning. 796 pips drop in GBPJPY, 636 pips drop in EURJPY, 416 pips drop in USDJPY, 296 pips drop in USDCHF.
Euro is a non mover. It feels like Oct 2008 today.
Stay safe in trading, trade smaller lots and remember to cut loss when things don't go your way.

Change

2011-03-15T23:49:00.000-07:00

Typically USD would gain strength in such situations, but lately market sentiment is shifting. Insted of USD, EUR & CHF are now treated safe havens.
This is a very recent development and could last long if conditions in US dones't change

Correlation between Euro and FKLI

2011-03-11T06:23:00.000-08:00


Inside Bar Sell Setup

The Inside Bar Sell Setup at 1515 for FKLI did really well. It yielded 20 points profit from the breakout sell.
Currently FKLI has reached a significant Support level, i would not take any trades in FKLI on Monday.
I will be looking for a new setup whether its a Buy or Sell setup. Do not allow today's event to have a BIAS on your trading. Always trade what the market give you, not what you think the market will give you.

I LOVE IT when there is correlation between Euro and FKLI, both dropped because of Risk Aversion events on Friday. This really confirms and give me more confidence to hold the FKLI on Friday. However booking all profits on the significant support is the safest way as i do not want to be stopped out by a gap on Monday.

Confirmation Buy Setup

This is a countertrend Buy trade taken on Euro when it confirmed. Quick +20pips profit .

FKLI Trade is not too bad

2011-03-10T02:06:00.000-08:00

Inside Bar Sell Setup

FKLI Inside Bar Sell Setup posted yesterday is doing well.
Take profit when i see a bounce in the hourly chart.
Correlation between FKLI and EURO is back.
When EURO correlates with my FKLI trade, i am more confident in it.

EURUSD Setup 9/3/11 - Trade Closed

2011-03-09T03:55:00.000-08:00

Retest Buy Setup

EURUSD Retest Buy Setup trade closed with profit of +53pips.
Euro got a boost from funny-mentals news.
Euro garnering some support from news that ECB has stepped in to buy Greek and Portuguese bonds.

EURUSD Setup 9/3/11

2011-03-09T02:40:00.000-08:00


Retest Buy Setup

EURUSD Setup - Long Euro on the break of 1.3875.

FKLI Setup 10/3/11

2011-03-09T01:57:00.000-08:00

Inside Bar Sell Setup
FKLI Setup 10/3/11 - Sell on the break of 1515.

FKLI Trade Setup 9/3/11

2011-03-08T15:55:00.000-08:00

Setup - Sell on the break of 1514.

Pips banked in GBPNZD

2011-03-08T15:41:00.000-08:00

Pips banked in my GBPNZD trade yesterday with 100+ pips profit.
Setup - Price created a new high on Monday but closed below Friday's open. Sell when price broke below the Monday's low. Bears were in control as shown in the inverted bearish hammer.

Trading on Micro

2011-03-07T17:23:00.000-08:00

Trade Setups on others (anything besides EU,GU, EJ, GJ, USDCHF, USDJPY)

Taking trades on other pairs in my micro account.
Sell GBPNZD on the break of previous day low.

FXDD live account contest

2011-03-02T09:35:00.000-08:00

FXDD live contest in the ranks. lucky for me i guess.

nov 2010

2010-11-29T08:14:00.001-08:00

November 2010 was a profitable trading month for me. My entries example in this post.

long time no blog

2010-10-18T15:17:00.000-07:00

My post after such a long pause. Took 2 long entries yesterday in Euro.
Waited for the 15mins candle to confirm before jumping in.

one of my screen FX Dashboard

2010-09-11T02:33:00.000-07:00

One of my screen with FX Dashboard. Includes currency, commodities and stock market meters.
Also in this dashboard is the Forex Calendar news.

9 Sept 2010

2010-09-10T18:30:00.000-07:00

Textbook trade on 9th Sept 2010. Long and Short both gave some nice pips. : )

Merdeka

2010-08-31T11:38:00.000-07:00

- My 20pips chatter -

Month of August was a profitable month for me.
Stick to trading 15min confirmation.
I need to improve on my discipline and risk management.

- Trading hours 3pm -12midnight only
- No trading during Asian session
- Avoid news trading
- Always wait for confirmation

My daily target is 20pips or 1% of my account.
Monthly goal of 400pips.

Pic below is my last trade for August. Entry at 1.2700 TP at 1.2784 for +16pips.

FKLI 26-08-2010

2010-08-26T09:54:00.001-07:00

Ok, besides EUR/USD charts. Here is my 2 cents on what trade could have been taken on 26/08/2010 for FKLI. Although i don't trade FKLI, i just want to share my trading ideas and strategy.

As you can see from the chart, FKLI filled the gap at 1390 and formed support in this area.
In other words, price filled the gap, formed double bottom and blew right up.

My trading idea would be to wait for a 15min candle to close above the previous candle.
After closing i would wait for the next 15min candle to pullback and enter buy on the pullback for a better price and a smaller stoploss.

As you can see from the chart, this is a trade with good Risk : Reward ratio in hindsight.

All i want to say is, Trade Naked aka without indicators. You will definitely become a better trader. Remember Price is King. Screw those indicators, throw those MACD, RSI, STOCHS away.

Freshly squeeze quotes

“Every winner needs to master three essential components of trading; a sound individual psychology, a logical trading system and good money management. These essentials are like three legs of a stool – remove one and the stool will fall, together with the person who sits on it. Losers try to build a stool with only one leg, or two at the most.”

- Alexander Elder