Good day~ the above is how much I have left. It changed a little from my previous post after some re-adjustment from my unrealized P/L. And I have no idea why too lol. But I bothered to talk about it because the number is nice. 9-huat-huat-huat!
(Huat means prosperity)
Today is a boring day, needless to say in terms of my work, and also for the currency market. Not very volatile, but I am waiting for something that might be developing. See the graph below.
From the simple chart above, I am waiting on the reversal of the upward trend. In idiot terms, I am betting on the trend going downwards after sloping up for so long.
It has already cut the 50 period SMA line (the blue smooth line) already, which might be an indication of a reversal. But the point I will enter the trade is when the last candle stick turns green again.
After losing most of the S$650 which I invested in the forex account, the only 2 methods which gave me real results is actually betting on reversals (such as the above) and betting when there is a break through. I will talk about break through when there is a very classic example that develops in the future.
For now, this USD/JPY trade is really setting up to be a very nice reversal example. No one can predict how the trend will go, and the above being said might not happen. But what separates the winners from losers is that when a prediction really comes through, you have to really profit from it. If it doesn't comes through, just stop your losses and wait for another time. Sooner or later the fish will bite the bait. You have to be prepared for the fish fight when the time comes.
Stay tuned to see how the trend develops the next few days.
:)
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