802.45 - heavy commission

This is how it went.

One sad thing is that the spread eats up a big portion of it. Now I am on profit of around $7, and the spread costs around $2.5.
I might have to reconsider if day trading is the way to go, as the bigger the lot, the more I pay for their commission.

796.36 - O dumb

I just realized that the below 2 trades contradict each other. Both are against the USD, so I will either win or lose one!

I closed the EUR/USD since it is not following the rule of confluence.

799.27 - Anyhow wack

10 mins charts, there is big shadow red candle. Only set a Stop Loss, and will monitor it manually.

Longer term 1 hour chart. Saw a Big Tail and jumped right into it, even though there is no resistance/support line.

805.42 - Starting my day trading

Sick of lack of trades, and also inspired by some youtube videos on day tradings. I will start trying. Below are the steps I will undertake.

1. Look for a range chart, rather than a trending one.
2. Draw resistance/support using 1 hour charts.
3. Once done drawing the lines, switch to 10 min chart.
4. Observe Price Actions around the drawn lines.

803.17 - Home with balcony

Firstly, in case I am confused about what is Contrarian trading, it is basically believing the price will bounce off a resistance/support line rather than proceeding through it.

The above chart shows what I traded in office today, through my aging Samsung S2 phone. Actually it is not exactly following the Naked Forex book. The reason why I entered the trade was because I saw a pin, (3rd Candle from right) around a support zone. Naked Forex states that the left side of the chart is supposed to be clean, meaning it should be the lowest point for some time. But I entered anyway. I hope it gains enough momentum to move up to the next resistance zone.

The above is a very nice looking home. I hope that my future home in maybe 7 years time will look like that.

The reason why I love it is because of the balcony. I like moving air in my home, and a balcony really makes your home feel spacious, connecting it to the outside world. Having a windy home is also good for Feng-Shui. But I am not sure if HDBs look like that. I prefer my HDB home to be at least Full Window, but a balcony is definitely better than that.

Well, lets get rich first before shopping for a home!

802.52 - Contrarian

Something I learnt from reading Nial Fuller's website today, Price Action strategies are mainly used for contrary trades. Meaning the opposite of breakouts.

I think that is what the Naked Forex book taught as well. The logic is simple. Breakout happen a lot less often than contrary trades. Price tend to bounce a few times away from support/resistance lines first before finally breaking through.

802.52 - Big Shadow forming at SGD

Some activities going on around the resistance zone.

I started following SGD because I can relate to it, as it is my country. I recently read a report from Singapore Business Review that on the long term, SGD will strengthen against the USD. But for now, and for awhile, I believe USD will fall due to the recent rejection to tapering of the QE.

The below resistance line is not obvious because I drew it from looking at Weekly Candles. A Big Shadow seems to be forming on the Daily chart, suggesting that the trend will continue to going downwards.

Another thing I read about today is that the Australia Central bank feels that its currency is over-valued. They might be taking action to pull the value of their currency down against the USD, which is welcomed by their exporters. So on the long run, you might be seeing AUD finally falling after a long period of rise.