952 - cancelled after 2 minutes

Placed a Buy just now, but cancelled it. I placed it because it had some reaction on the support zone. And I was also looking to buy, due to the overall bullish trend.

But after thinking for a few minutes, I remembered it does not follow one of the theory of the price action.

The engulfing candlestick should only be applied to peaks and valleys. The above is more like happening in a consolidation range.

954 - something important

Other than the 3 important logic, which is overall trend, resistance/support and price actions, there is also another surprisingly accurate indicator. It is Fibonacci.

In an uptrend, you just draw it, and retracement is like to stop at 38%,50% and 62%. 

Anyway, with so many theory, nothing counts if I don't make bucks out of it. So, prove it with results.

Another thing I learnt today, why does resistance becomes support, and vice versa?
Because people buy at support. But the price keeps dropping. So that wait until the price retrace back to where they bought, which is the support, then sell away their holding.

954 - refine

First, ask yourself whether you are looking to buy or sell (see overall trend).

After that, usually price action traders like Nial Fuller will wait for it to retract it back to the previous resistance/support line.

When it reaches the previous resistance/support line, observe the Price Actions. Enter when there is a strong signal.

954 - some stuff

Sometimes, I get intimidated about my business.

What if no one likes the product?
There are so many products already to choose from.
What if a bigger brand copies me and people buy them because of their brand?

The thing I try to remember, and should always remember, is the main purpose I am doing this thing in the first place.
My business is trying to contribute to the world in some ways. Because, there may be someone out there like need, who wants the product as much as I do. So when in doubts, forget all things, and remember that I am just doing a humble business, trying to offer something which someone else might need.

Switching to the topic of trading, below are the main principles which I am thinking of following.

1. Follow the long-term trend
2. Use Resistance/Support zones
3. Observe Price Actions at these zones

For step one, it should arm you with the theory of "looking to buy", or "looking to sell".

954 - kana jialat jialat

It seems to be going to surge above the resistance line soon.
Maybe I should try being a trend follower, on Forex that is.

First major rule I should remember before any trade, is to follow the trend.

999 - Virgin IG trade

Placed my first ever IG trade. It is more expensive than GFT, as the smallest is mini contract, not micro. It is $1 per pip. Surprisingly, for my first time, IG market is very easy to use. It is very intuitive, and feels better than the GFT platform.

Reason I sell is because there is a pin poking out of the resistance line. And also there is a Big Shadow that followed. I placed a Stop, but no limit.

I am doing the opposite of trend following, and acting like a contrarian. Will see how it goes. I will have to watch the behavior of the Price actions more carefully.

944 - start from basic

go back to price action basics.
they are simpler, and less ambiguous.

i want to just take note of long pins, and support/resistant zones.

upward long pins at the top means that the upward pressure is exhausting.
same goes when inverted.
they will be more meaningful when they occur in support/resistance zones.

944 - how bout this

strategy is still to see the trend in the bigger picture.
The time to enter is when it hits a resistance/support zone and retract a bit.

994 - Suddenly remembered

I suddenly recall a chapter in Kathy Lien's book and picked up to find it.
I got a pretty good and clear idea about how I can trade simply. She mentioned that this method is one of the most popular among fund managers.

• Use daily charts to determine overall trend. Go for those charts which are trending, rather than in a range. Lets say like the current EUR/USD, it is on an uptrend.
• The next question is like what I mentioned in the previous post. How do I enter?
• Switch to hourly charts. Buy on dips. Quite simply, when the price hits a strong resistance line, you can consider entering the trade.

Hopefully it will not be 994 for too long :P

994 - still nothing

I am getting confused with Forex, after more data enter my head.
But I have to remember, my number one criteria is to go with the trend.
So the other thing that matter is, the timing to get into the trend.

Because going with a trend is already an advantage by itself.
Think of it as an upward pressure or downward pressure.