MY FoReX
August was a good month , closing 2nd week of Aug with profit . No change in strategy , still using RSI to determine TREND and find ENTRY .
Use higher TF – DI and H4 to determine TREND
Use lower TF – M15 and H1 to determine ENTRY
Choose PAIR currency - RSI currency that going down and the other going up .
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What is 3rd week look ……………….
It seems JPY will move down at TF H4 , if it really cross the 80 point mark , then should put BUY for JPY crosses .
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Into 3rd week of August – WW34
JPY currency really turn South on H4 TF . I put BUY for AUDJPY at 0.7785 on Wednesday nite during NY open . Put a 110 pips up , see whether it can move up .
BTW – USD currency also indicate down at H4 TF but not at D1 TF yet . So I just standby see if the Trend confirms before putting any Entry .
……………….Hmmmmmmmm , using RSI in combination with PTM is not a bad idea after all .
BUT , PTM setup is important ie. what currencies pair to combine to determine trend .
Eg For JPY , PTM set up used was = EURJPY + GBPJPY + AUDJPY .
Therefore IF JPY currency goes South and PTM trend goes North , confirmed JPY weaken and the other 3 currencies strengthen .
If still would want to select one currency only to trade , then refer to RSI of individual currency . Let say of EUR , GBP and AUD , AUD is the strongest moving North , then select pair currencey of AUDJPY for BUY position . Thats what I’m doing today . Let’ see , I already on the ride and hope the ride is smooth . My personal target USD100 for this week , then the weekend will be an enjoyable weekend for me . DONT be greedy but be PATIENT with FOREX . There always Forex Market for you to make money BUT it you loose your shirt there’s NO forex market for you ……………. Till then , stay tuned on my update of AUDJPY .
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19/Aug
Uufortunately during London open , JPY reverse direction and got stronger thus AUDJPY goes South and I was stopped by the SL that I set . Very sad , I was up with 30 then lost with 15 . Regretted should have close when it was up with 30 but thought it can further moves up based on the strength and trend .
Lesson : Fundamental News will rule out the Technical Trend ………………………..
In order to use Technical Trend Analyis – PLEASE ensure there is no BIG NEWS ahead , its better to get out of the market with small profit rather than facing the waves and it goes against us .
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Closing 3rd week of August with profit with still 3 pending pairs opened .
The look into 4th week :-
D1 H4
USD Below 2o & about to turn up Turn at 20 and now at 40
JPY Going down and below 40 Below 20 and about to turn
Strategy :
- USD strengthen for next week , look for weak currency pair AUD and GBP . But use USDCHF as an indicator pair . Forecast this pair will go up . Now at 1.0581
- JPY , if it really turn at H4 and up , put SELL for JPY crosses but not for long as at D1 JPY is going down .
- OTHERS : Expect EUR currency to further strengthen .
Conclusion – Standby to BUY USDCHF and watch to SELL USD crosses and reserve for JPY crosses .
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25th Aug .
Place BUY for USDCHF at 1.0600 . Lets see how far this pair can go up . Once we put ENTRY we need to monitor the strength of 2 currencies using RSI indicator – USD UP and CHF DOWN . If this holds true , dont close the order until reversal happens . T
The other point to note when USDCHF goes up , EURUSD goes down because they are negatively correlated . Use PAIR verification to find EXIT for USDCHF .
And one more method is to use PTM – Price True Movement , a combination of EURUSD + GBPUSD + AUDUSD . IF this chart shows down means USD really strong .
Filter Indicators to use are – MACD and Stochastic oscillator .
USDCHF with MACD bar graph on the positive side and Stoc with blue > red and moving up .
Thats all the tip for today . Really hope this pair USDCHF could further go up thru out this week.
YES – make profit for USDCHF but CHF still move strong , so I close my position .
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4th week of August , not too good for me . Make a mistake to put BUY for GBP pair where the signal is not that promising . This is a mistake that should be avoided .
The RULE is : Use trigger currencies USD and JPY , then choose a pair . IF both USD and JPY moves in the same direction this indicates very strong correlation of both . Use PTM for both currencies to further confirm of the strength . This is a better strategy and easier to spot strength .
At D1 – GBP is moving up so as EUR , whereas USD and JPY moving down . To really watch this moves .
EURUSD weekly open – 1.4330
GBPUSD weekly opne – 1.6285
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GBPUSD – It start the week by moving down to 1.6150 and then close the week at 1.6390 whereas EURUSD moves down to 1.4220 and then close the week at 1.4300 .
This was due to USD get a stronger early of the week and then starts to weaken on Wed onwards .
What is it for next week .
USD and JPY going down and AUD going up but already into 80 OB line . So what is the pair to watch ? EURUSD and EURJPY .
EURUSD – 1.4300 and EURJPY – 1.33 . So watch EUR strength .
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