PRD day trader

Mentoring program

2009-12-19T09:26:00.004+11:00

Market seems light in volume heavy in spread,therefore no trading before 2010..I have to update my books and i have some writing to do in the mean time.I will be posting regularly keep in touch.
I want to launch a mentoring program and a chat room ,if anyone have any positive suggestions please contact me.Chat room will be free of charge.

No trades

2009-12-18T15:02:00.003+11:00

No trades for me ,Asian session had big sell off and i wasn't sure about the move ,when i realized that the market is in the selling mood,it was too late.

No trades

2009-12-17T09:59:00.001+11:00

Market was extremely choppy and i decided not to trade in this market condition.

How to identify a trend

2009-12-16T09:57:00.005+11:00

I was away from my computer in the European session and missed opportunities in EUR/USD and EUR/GBP pair. Clean breakdown from the consolidation gave us good short opportunities in both pairs. If you are new to trading, I will suggest a few important things to clearly identify impulse and consolidation mode of a trend.
1. Size of candlestick: Usually when the market is trending it will make wide range candles with small shadows
2. In a consolidation period we will see mixed candles which mean bull and bear candles and small in sizes.
3. Usually one directional or impulse candle will cover most of the consolidation range..
4. Usually first candle will close with no or small shadow, which shows strength of the trend.

3 small trades

2009-12-14T21:56:00.004+11:00

Todays Market is very choppy and boring. It’s really frustrating to trade after big sell off days. Most independent traders lose their gain on this kind of days. I was cautious with my position and stop placement.

News trading

2009-12-12T10:57:00.003+11:00

It’s Unbelievable that I couldn’t get any thing out of the EUR/USD short. This is the problem with news trading, you have gamble, and I never gamble with my money (may be with other stuff).I made some money in news trading before but never felt comfortable trading news. Since I missed the opportunity in EUR/JPY I was already frustrated and tried to get some money out of news trading. I usually follow the sentiment even its news related trading and enter long before news release, well it worked for me .After the news release price dropped 20 pips and I thought it was enough room for the trade to breath ,but when price failed to contain in the range and I had to close it manually.

No trading

2009-12-11T09:32:00.003+11:00

Most of the pairs trading inside the yesterdays rang forming inside bar. It makes the trading very difficult. This is second day in this week, I had no trades.

$813 profit

2009-12-10T09:24:00.002+11:00

Martingale principle is popular in FX trading; its works very well if you have a high provability system. High probability means more the 70% winning ratios in trading. my trading strategies are able to produce 70% winning rates in any given time frame ,I was following Martingale principle. Any fundamental news related trading will consider only 50% winning ratios. Yesterday I lost three consecutive trades, though USD/JPY was up 200 dollars, I was not active enough to put it in a break even trade. After three losing trades I was sure that my system will produce a winning trade and I just follow the principle. Here is one problem if you don’t know what’s your system probability is, you shouldn’t be using this principle.

Boring day in trading

2009-12-09T09:10:00.003+11:00

What a boring day! No set up that i liked. Maybe I was a little too cautious .One set up in EUR/USD drewn my attention but at the end I let it go. I don’t usually jump in the long unless the price already moved above the higher high and for short the opposite.Trading in the range is hard and doesn't not always get the best results.

229 dollar profit

2009-12-08T08:19:00.005+11:00

Monday is always quiet and choppy and I am always aggressive in my stop and target. Mistakenly I set target at only 3 pips instead 30, which could have made me another 150 .Other than the mistake not a bad trading day.

The unemployment news

2009-12-05T10:47:00.003+11:00

US dollar jumped after the surprise in the unemployment news. Federal Reserve might increase the Interest rates long before the traders are expecting it. I wasn’t interested in news trading; just watched the market from the side line. In the European session market was almost dead there wasn’t any opportunity for me.

Change in the emotion of the market

2009-12-04T09:38:00.002+11:00

Pattern couldn’t co-op with market sentiment. Strong price action was the reason to enter long in the EUR/USD but sudden shift in the emotion hit my stop. On the other hand the weakening of the market helped my short and I gained almost 50 pips.

Late entry

2009-12-03T09:37:00.001+11:00

My entry was too close to the round number 1.6700, it was kind of a novice play, didn’t pay off. I had little chance to get out of the trade break even but my greed got hold of my logic. I was frustrated that I missed the strong move and was desperate to get in to GBP/USD long. After the breakout from the base in the five minutes chart, there wasn’t any good set ups that got higher R:R ratio, more interestingly round numbers always act as S/R. My entry totally violated my set of rules, I am not proud of it.

Quick $147 profit

2009-12-01T23:41:00.002+11:00

Nice move in the GBP/USD pair and I was happy to get some small move from the rally. Since I was out all day, I wasn’t expecting much after the opening rush in the European session. I tried my best to get home as quick as possible to trade.

Long EUR/USD,EUR/JPY short

2009-11-30T16:42:00.005+11:00

1.5034 level was working as a support (previous swing high) and after the Doji Candle I decided to jump in to the long trade.20 pips quick profit in the range bound Asian session gave me something to start the week with.Let’s see what the European session got to offer.

Cost of trading:

2009-11-28T10:11:00.001+11:00

Best way to describe the losing trades is that they will come and you have to accept it. That’s what makes trading so different from any other business. But running any other business involve different kind of cost, it can be rent, paying employees, installing equipments and lots more. It is important that we understand the market and react accordingly, in a choppy market, you have to take profit quick, otherwise you will only take loses. In a trending market you have to let your profit run, then your money has real time to grow. In the last three days I was busy in the European session, which had been trending. When I started trading, market started to trade in the range .My risk and risk ratio was 1:2, I usually risk 20 pips and my target is 40 pips. In the ranging market it was unable to move more than 20 pips and I was reluctant to take small profit.

Dollar hits 14-year yen low amid Dubai debt fears

2009-11-27T11:06:00.002+11:00

Dubai debt fears, dollar slide hit world markets hard

2009-11-26T23:23:00.001+11:00

Mt4 crashed

2009-11-26T15:01:00.001+11:00

My mt4 crashed, trying to re-install it. I had the same losing day yesterday; I will post charts as soon as my mt4 mixed. After two losing day I am up $2103.

Sluggish day

2009-11-25T10:02:00.004+11:00

I was sluggish in my decision and that’s why I had a losing day after three weeks. As a day trader you have to be sharp as a blade to survive in this market condition. I was a bit tired and didn’t react fast enough to take the $140 off the table. EUR/JPY moved more than 20 pips in my direction but my target was 15 pips away at the 133.00 and price was reluctant to move up,it stopped me out without any profit.

Quick $257 profit

2009-11-23T21:49:00.004+11:00

Look like correction is over and bullish sentiment is taking over the bear. I was closely watching Asian session and it appeared to me that, EUR/USD Found support on 50 EMA in the daily chart.This was the reason behind my long entry,exited after 20 pips gain.

GBP/USD short

2009-11-20T09:02:00.002+11:00

Not much for me, just one trade with some success. Bearish market sentiment grasps the whole market all day yesterday and I had no reason not to follow that.

Support and resistance

2009-11-19T15:47:00.005+11:00

Support and resistance are probably the most talked elements of technical trading. Some trader’s only trades using S/R, they buy the support and sell the resistance. Of course nothing is fool proof, some days even the best of the best set up wont work, that’s trading. Cost of trading is some losing trades, you have to accept it.

Facts that you need to know:

The more times the old support/resistance levels are tested the more forceful it is if it is violated.

After a support level has been broken, it often acts as a resistance level; this is because traders want to limit their losses and will sell later,when prices approach the former level.

Easy way to trace historical support or resistance is to look for V shape pattern in the chart.
In the chart above we can see that price made several V shape patterns.

Profit is the bottom line

2009-11-18T22:51:00.005+11:00

Quick scalping in the EUR/USD pair in 15 minutes chart is the highlight of the day. I was away from my computer and missed the big run in the EUR/USD, my two other trades stopped out without asking me lol.

Valid trend line

2009-11-18T11:00:00.006+11:00

New traders, who want to make money with high probability set ups, should get used to drawing trend lines. Tend line could be the simple tool to profit from the market, but please draw it on the bigger time frame and move to smaller time frame to execute the trade. Some Of my fellow traders send me e-mails about a valid trend line. From my way, when we are able to connect to points (HH,HH and LL,LL) we get a trend line and when the price touch the line third time and bounce back to the original trend we can say it’s a valid trend line .