Last time I used to complain about Celcom 3G speed. Well it seems there is a way to make Celcom 3G fly. With a little tweaking you can achieve the same result and more.This is a recorded speed of my daily broadband unlimited with a cap speed of 384kbps. My max download speed is recorded at 2mbps. Anyone here wants the tweak?

This is a signal that happens on 1st Friday of the month. As usual it is always high risk to trade this early. You may take the signal if you are up to the risk involve

Short USDCAD @ 1.0254 or better

Short USDCHF @ 1.0517 or better

Long EURUSD @ 1.5520 or better

Trade with caution. Btw my final performance for July 08 is as below after taking 3 more trades this week.

Well to be honest there is no such thing as 12 major currency pairs, there are actually about 7 (depends on how you count) major currencies, and well ... many major currency pairs.

So what's with your title, you maybe wondering? Let me justify myself, like i said there is no such thing as 12 major currency pairs, this is my list of currency pairs i like to trade, all my currency pairs are made from major currencies thus the name "12 Major currency pairs", however i do not advice you to use this name in group of professional forex traders, in best case they will get confused ... i do not want to tell what can happen in the worst case here :).

I will give you the list shortly but let me first explain why i choosed this currency pairs. There are few reasons, there are quite big moves on them in short periods of time, small spread, and i find it easy to apply technical analysis to those currency pairs.

Ok here it is:

• EUR/USD - well obvius, there is not a single trader who does not trade this currency pair
• GBP/USD - pretty similar pair to EUR/USD however it is quicker, and the moves are about 50% bigger, 150 PIPs daily is not uncommon for this pair.
• USD/JPY - quite predictible lately, notice that most of the time USD/JPY is bullish it moves slowly up, when there is a correction on this pair, it moves few hundreds pips down in just few days.
• EUR/JPY - pretty much the same as USD/JPY but moves are less predictible
• AUD/USD - good alternative where you have no idea where EUR/USD will go, however moves on this pair are smaller then on EUR/USD
• USD/CAD - pretty predictible, mainly because CAD is highly correlated with oil price, and you know what oil price chart looks like right?
• USD/CHF - very strong correlation between this pair and EUR/USD
• EUR/CHF - the same as USD/JPY slowly moves up and then quickly falls down
• EUR/CAD - high spread, well i do not know i just like to trade, i always find it easy to predict where will it move and how much
• EUR/GBP - very slow currency pair, however sometimes spread can be low on it
• EUR/AUD - this is very personal pick, i like to trade, but spread is very high so i only use it for long term trades
• NZD/USD - yes NZD is not really a major currency, but i like to trade this pair because it has low spread, easy to predict and has weak correlation to any other pair on this list

As of writing, UsdChf is at its peek. It may go up again but I dont think there is much to go. It is time for any of you to take profit and run away. EU, GU, and AU is at the bottom and UChf is at the top.

I am currently holding UJ only @ 107.90. A long wait before it can profit since UChf is at turning point.

I am on my way home now, stop by a coffee shop and they have wifi here. Happy trading everyone.

I wasn't really trading today, I forgot about the news also. I came like 2 minutes after, made 2 little scalps and that's it.
+8 pips

Add on profitable position when it proves correct in the direction of the market. I would hold for fast break down through 900 level, with hesitation I'm out. +15 pips

Right, day trading today. People are very interested in the concept of day trading. And i think there are at least few reasons for this. Before i will go into details, let's define day trading, what it really is.

On Forex day traders are guys who make a lot of trades (like over 10) in a single. Each of the trade is closed by the end of trader trading session, on Forex it usually means turning your computer off. Note that this is not the same as scalping. The only similarity between scalping and day trading is that, a lot of traders fail there.

Main resaon for this is that traders are tempted with huge profits, when doing day trading people are almost always using huge lavereages, like 100:1, it means buying 10 Lots with 10 000$. I think you can easily see how much one PIP is worth then, yeah it is 100$. It seems great at first, looks like a quick cash, but consider the fact that you only need 100 PIP move in the wrong direction to meet mr. Margin Call.

In reality when you trade on such high leverage it looks like everything is happening with a speed of light, while in fact it all happens with a normal speed, it is this ridiculous leverage that makes things harder.

Next thing you need to consider when you want to do day trading on forex currencies, is that not every broker will be happy with what you are doing, they may close your account or limi your leverage if ... you will start making money. So chose your broker wiseley checkout Forex forums and read brokers reviews make sure they allow day trading.

You may now think, wow day trading is hard. Well in fact it really is harder then you think. I am not saying it cannot be done, i am not saying you cannot earn like 200% a month. I am just saying that success with day trading want happen overnight, if you focus on it and commit to becoming day trading the success will come with time and experience.

I was sitting in the trade 2.5 hours. There wasn't really short signal for me watching all pairs so I didn't want to hit s/l. It was all some kind of retracement. US didn't pickup trend from earlier. I wasn't too anxious about the loss and the trade, I didn't want to play "save the trade" game with averaging. Nothing was really clear for me. Finally break out through high was slow and heavy and it wasn't suppose to be like that. I decided that it's better 5 pips than b/e.
+ 5 pips

Currently staying at Belmont Marco Polo. Room is ok but have wifi. Guess what, I brought my laptop along.

Early morning open the chart and couldnt resist looking at UsdJpy doing double top. Now shorting UsdJpy from 107.90.

At the moment EurUsd is also turning and will continue its journey down. Something to look for tomorrow morning. No signal for this week coz I am on holiday.

To all you guys out there, happy trading everyone and btw short GbpUsd on next high

The market wasn't responsive for my style of trading today. I was looking for a breakouts and fast moves but I didn't get much. In the end b/e.

The main reason for US Dollar volatilities in the next week according to the news updates by FINEXO are.……

1. The continued drop in oil prices added up to $20 from the all-time peak of $147 hit on July 11. Furthermore, President George W. Bush threatened to veto a bill meant to salvage the housing market. These factors contributed to the reinforcement of the dollar.

2. The dollar received further support from the president of the Philadelphia Federal Reserve Charles Plosser who stated that the Fed might have no choice but to raise interest rates to counteract inflation. According to senior traders, this reflects that market sentiment is now inclined to dollar buying.

3. The fact that the dollar managed to hold its position after breaking the 200 day moving average against the yen was considered a great supportive factor by analysts who stated that if the dollar manages to break the 108.59 barrier of mid June, it could reach up to 110.00 yen.

4. Furthermore, U.S. Treasury Secretary Hank Paulson emphasized the importance of a strong dollar. These statements provoked speculation among traders, and reinforced the dollar. Yet analysts explain that these statements represent the minority's opinion, as the rest Fed members give a higher priority to ending the credit crisis first.

5. According to analysts, the dollar broke through some key levels and has upside momentum; however Japanese exporter selling could emerge at these levels and further weaken the dollar.

As of writing I have closed all position and I may not trade again for this month. Tomorrow morning I will be going to Tawau by road. It will take 8 hours of driving and will be in Tawau till the end of the month.

I hope all of you had a good month of trading this month. My system generated a total of 17 signal this month with accuracy of over 90%. Attached is my statement for this month. Feel free to study it.

I expected meltdown through previous support but it didn't happen.
+5

My thought process in first eur/usd trade was something like this: We have now run towards 720 which so far was support two times. Something got to happen it will break down and I will short it from 720 or we are just testing strength of support and we will have bounce up and possible reversal to the up side. So when it stopped around 725, I was also watching unsuccessful break on usd/jpy pair. That is the point where market can't stay on current level it's going one side or another. I decided for a bounce and I got it. It was great opportunity to stay long with good buy price but I chose not to go for it.

Second eur/usd trade was break even. There was all set up for break of yesterdays low to the upside but it just didn't have force for it. It did break few minutes later but I was busy in gbp/usd trade. Break in the end failed.






Maybe not so good idea in gbp/usd was to short it because all other pairs were reversing dollar weakness. The thing is that was strongest pair for a whole day. It's attractive because it's stretched so profit covering can get nice opportunity but it also can be very costly if it goes on the other side when it's so strong. I was watching 025 level which was R1 pivot so when price touched it and fall back I short it.
When it finally started to fall it was very slow compared to other pairs. It went 20 more pips down after my exit but it also came back for the whole move. I didn't want to risk my scalping profit when I was second guessing my decision of shorting it in the first place, so I was happy to take home profit on that trade.

+18 pips today


Catch up with great posts on Simon Super Trader blog, I had nice conversation with him from post "The reversal in thinking" toward the most current post.

Last week signal for GU, EU, AU and Ucad is still holding. This week a short term trade signal is generated

Short Gbp/Jpy @ 213.90 or better

Trade with caution

I didn't know how much attention was drown away with managing order windows in crammed up space with several charts. Now when I have it on a left side 1-click away I can react in an instant and catch really good price. I notice that I'm really much more focused, funny how little things change a lot and you don't even know it beforehand.

Market isn't much suitable for trading in the morning, but I did catch some volatility and ok profit. That second trade was mistake, I wanted to go in in gbp/usd but I clicked on wrong box, it wouldn't do me much good anyway.
+15 pips

Well isn't it really nice that I spent boring summer morning watching forex screens and scalping. Now it's time for lunch and beach :)))

First I had a mess with gbp/usd long which was breakout buy that turned on me. Bad thing that I didn't stay, I was to much concentrated on 10sec and it would be better if I watched 1min. I just expected stronger break so I was afraid of another turn.




Again in first eur/usd trade I was glued to 10sec and didn't want to let market go against me.
Third trade in the day I decided to stick around and not get out again too soon. I had nice opportunity to close the scalp so I did.




I was ready to quit trading for today but at 13.00 market started to move with speed. With nice new feature 1-click trading on OANDA I managed to have two trades in less than one minute.

+15 pips today

OANDA finally gave us 1-click trading now on fx-trade beta. Well today I had opportunity to really use it as my edge. In really short term trading, scalping, speed is everything. So when opportunity arise there is no time for messing around with order windows. As you can see on that 5 sec chart I had sell than cover because it started coming back and than again sell and quick cover. If I had to open order windows and change it from sell to buy I wouldn't be concentrated on the screen and I probably wouldn't be so quick. Now it's enough just to click on buy or sell field on the rates window and I'm in or out in a second. So this is great new tool and with ultra small spreads OANDA is just great for trading forex.

Its Monday again with Forex entering super slow motion. Last week position of UJ has been closed with 280 pips profit. Position of GU, EU, AU is still holding.

This week I will be looking to short Jpy pairs with no.1 choice of Gbp/Jpy. GJ is expected to reach last week high again and thats is where entry point begins. As of now I would short GJ @ 213.50 or better. Meaning you dont have to enter at the exact point, just watch the strength and enter when market is turning.

I will post signal later for confirmation. In the mean time go do something else. Its monday, no forex magic happens on monday.

I was all ready for Bernanke and at exact minute I was interrupted on my work so I had to move away from screen for a moment. So I entered late for a scalp.

Second trade was scalp looking for a bounce of 900 level. I did exit too early but you never now with this kind of trades. It fall too much in the first place on all time high day so I didn't want to risk much of the gain. I for sure didn't expect 40 pips bounce that happen at the time I write this.
+21 pips

Finally, entry is here

Short AUDUSD @ 0.9720 or better

Short GBPUSD @ 1.9950 or better

Short EURUSD @ 1.5940 or better

Short GBPJPY @ 211.75 or better (Same signal as last week)

Another entry has present itself

Long USDJPY @ 104.00 or better. Closed @ 106.80

At the moment these are the best possible entry. Need I remind you that my style is for me to take top and bottom. This style may not suit some of you. Trade according to your own style and margin. Manage your money and risk properly.

Update: Entry has been chosen




In case some of you are wondering. Here is my performance for this month up till today.

Its Monday again with Forex entering super slow motion. Last week we saw a decline in USD despite double good news on friday. It is what I call pushing the market. Someone or a group of people with lots of money is pushing the market opposite of the direction of economic news. This sometimes happens and there is nothing we little fish can do about it but there is a good news. No matter how much you push, it will eventually follow its direction. Forex is an economic instrument afterall. It is influence by supply and demand as well as speculators.

Last week we saw Eur and Aud being the strogest of them all. As a result both has gain over Usd and Jpy making new high but the way I see it, it is a temporary move. The main move is for Usd and Jpy to go higher resulting a fall for Gbp, Eur and Aud being Gbp will be the most affected.

So this week I will be looking to short all Gbp/Usd, Eur/Usd, Aud/Usd, Gbp/Jpy, Eur/Jpy and Aud/Jpy. The question remains is the entry point. From my currenty view entry would somewhere around last week high.

Happy trading and remember to manage your risk at all time. If you are a scalper you may take entry on the downhill movement. As for me I will take top and bottom.

I refreshed my blogroll with new additions

Orion Machine - my biggest comments contributor and trader with similar style to me. I only wish that he blog more often.

Proprietary Trader - Great view from longer term perspective.

Bzbtrader - I enjoy to read how easy trading look when he trade QQQQ with pivot levels, it's not easy but he is good.

Tokyo Trader - He recently take over running VO from Dinosaur Trader


And two new journal type blogs:

Trader Ghost

Hunt for the daytrade

Currently my Streamyx connection at home is making me sick. Everytime there is a change in temperature the line disconnect. I have done a lot of complaint to their customer service and nothing has been done to rectify the problem. At the moment no point complaining, nothing can be done to save Malaysia monopoli broadband company Streamyx by Telekom Malaysia.

As for celcom, I am currently using it everytime Streamyx fail, which is most of the time. Sorry to say, Celcom is not much better than Streamyx. Service is below satisfaction with data coming in at a very slow rate and is not constant.

Looks like I am going back to stone age here in Malaysia. With the current political warfare, dont know what will happen. Just can watch and see and pray.

This week is a good week for forex. Huge profit in the bag. Currently looking to short GU, Eu and AU. Entry point is already here but its friday. Better wait for next week for reentry. I will post reentry next week and hope for profit as this week.

Good luck to all of you

Market is in the nice mood but I'm not. I just wait for my summer vacation that starts at the end of next week. I don't feel about doing anything, working, trading... In today's rally I was just looking where to go against the trend. So it's great that I didn't trade more. Too bad off course that I didn't stay in that first long trade. To be honest I don't know why did I exit, but for sure I wouldn't stay in 100+ uptrend. On the other hand week is positive and why should I ask for more. I need rest from it all.
+10

Short Usd/Jpy @ 107.40 or better
Short Gbp/Jpy @ 211.75 or better

This may be a short term trading signal.

Previous signal still holding and in profit.

Update 11/07/08

Short Eur/Jpy @ 169.00 or better

All GU, EU and EU post closed. Looking for reentry point.

First trade I patiently waited for long signal and 30 sec before I had to reconnect internet connection, than I finally got in about 10 or 20 seconds later. Market didn't move, I was waiting and than I had to go because of job related emergency and I didn't want to leave it on unattended. When I came back after 10:00 I was angry when I saw nice uptrend. Than I had that trade in yen that was emotional, it was to early for reversal to late for a scalp.
Than I entered short in eur/usd, I had close stop in mind. It was nice situation where something got to happen, new high or reversal.

Later I go long in gbp/usd because it looked strongest and ready to break out on it's own. It didn't move in my favour but it didn't show signs of reversal. So I was again patient. There was a major fight across the board at the attempted break out. Again gbp was strongest but others start to go back and I was because of it out. I did hope on brutal break out from 800 level but it didn't happen in the end.

+13

I wasn't really accurate today but in the end it all went well. I was in new mind setup of close stops. It's ok but it's whole different way of trading. If I know in advance that I will not average to save the loss I want get out of loser as quick as possible. On the other hand I got to give it a room to disprove idea if it's totally wrong and if not to come back. There wasn't much going on. I hoped that new push down will follow after Asia session big fall. There wasn't one really and I didn't belive in upside potential.
+10 pips

I used Sunday afternoon productively. I researched my April and May trades through my blog posts trade by trade. Basically a lot's of my scalps go in the profit immediately, going against me less than 5 pips usually. On those scalps my holding times are 1-3 minutes sometimes up to let's say 6 minutes. It's a scalp so if I see that something is happening my idea should be proved right immediately, if not it's not right idea. I had some trades that lasted 30 to 60 minutes, there were no need for close attention for them. Simple s/l and t/p would be enough. I just use my attention and drain it for no reason.

The majority of bad trades in which many of them I used averaging would get to b/e with stop of -20 without taking out the stop. The ones that gone beyond -20 were disasters with risky averaging and in best case b/e result with heavy averaging. So there is no need for me to hold any trade beyond -20. I do use small t/p so it's not idea to let every trade to go to -20 but to have it as last line of defense. I really want to take averaging out of my repertoire. Only valid case would be in -15 trade where I have good idea for average there, let original trade to -20 and add on to -5. It's big IF for that kind of averaging also. I'm not saying that I will not average from now on because I know myself. This are guidelines and I would be very happy if I could trade by them.


Also I will stop using "half size - full size" terminology. I don't trade in full size except when I average so it's not using me well. From now on size is size. I can add new trade if I want. I will gradually up my position size because of intention to allocate more capital for my trading. That is process in the development so I don't have much to say about it. Real return can easily be seen on the monthly result post in percentage terms until new size and allocation would be fully implemented.
My basic profit target is 50 pips per week and I would like to size position so those 50 pips represent 2.5 - 3 % return. It's little to big position sizing for me right now. The thing is with my half size positions I was making 50, 100 up to 170 half size pips per week in my ten profitable weeks period. Size was small so it was easier to have big weekly return. I don't know which proportion is optimal for me yet.

Scalping suits me and no matter what other opportunities be out there I can always find nice scalps and make my profit only with them. My "swing mood" as I call it brings more problems than averaging. I don't take nice scalp profits in that mood, I ride losers and worst let winners turn to losers and than average more in a losing side. Swings can develop from successful scalps and trailing stop. If I don't want to trail the stop, fine just take the profit.

In a press conference held by the European Central Bank President Jean-Claude Trichet, the highly anticipated rise in interest rates to 4.25% was revealed, the first rise since June of last year. He added that the current interest rates will contribute in achieving price stability in the region.

Analyst believe that this statement means that only the next set of economic data will determine the possibility of further interest rate rises, which are not expected anytime soon.

This increase follows the release of data showing that the European inflation had reached 4%, a 9-year high, doubling the inflation rate the ECB had planned to keep when the euro was first launched in 1992.

The euro stood at $1.5890 before the Trichet's statement, which brought about a fall of 0.5%, leaving the euro at $1.5803.

Things seam today like the day before yesterday, but they weren't exactly. First I had two little trades. If I didn't exit second trade where I did I would at the bottom of the spike after.





Than I had attempt to go with break of high. Break didn't happen and I was suckered in with very slow action after my entry that it will go up and not down. Place where I add next trade was very good for it with bottom of channel and fibonacci level but I made mistake of not getting out when that setup failed.

I remembered what I was talking about with fellow traders in comment section so I was accepting risk and wasn't just emotion ruled.

I was waiting for break down to reverse but there were no acceleration at all. That was odd to me. So I stayed in long trade because it didn't start to fall like mad. Finally I reversed (on chart: -1-1) with full size position. Break started and bounced so I closed that trade and reversed with double size now up (+1+2). Than range started. I was ready again for reversing to short but it was all just watered down. There were few attempts to go up and it sure did look like bottoming. I was on the trigger to close when break down came, but when it stooped and reversed I add one full size position which I intended to use as a scalp. I did got about 5 pips on it. I wasn't sure will it go up or down and I wasn't just blindly averaging. Break up came but I didn't like it much so I just exit it before my target of 713.
Euro was pretty much weak while gbp/usd was showing nice strength and bounced nicely from the lows. So I wasn't sure in possibility of uptrend in eur/usd.
Result today is exact b/e. I didn't know it until the end




Well I don't like all of this. I risk too much, add too much. I think that there is possibility that I'm trading with to small size and leverage. Problem is that losing side is relatively too small for me money wise until it's too late. In the end when I was trading with double of full size I wasn't prepared at all to average. If I'm wrong I'm wrong. It would be to costly to average and lose. On my trade around the high I had plenty of opportunity to get out but I didn't. I was ready to bet a little. It isn't good for my style. When I'm right I'm right fast, other times I lose more times than win.
You can say that it's probably unwise to take leverage and size up without clear indication of profitability. It's all in psychology. I proved myself with 10 positive weeks that I can be profitable. Any way I had plan of allocating more money for trading purposes any way but I was waiting with that. I planned to add it gradually. Maybe I should just start trading with targeted size and not wait. I think that I would be more afraid of losses and that I wouldn't do crazy things because of it. I'm not entirely sure, I will see. My size would be 4 times bigger so it would be serious for me. Now it's only serious when I gather few averages and it's the worse time to have size in the market because than I'm against the trend and down a lot.

I will not trade any more today because I want positive week which is so far.

In the morning I tried for a meltdown trade but when it immediately stop I was out. I got my piece of action after the news. It was wild later also but I got to be happy with scalp just as I like it. + 10 full size pips